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While model risk management has come a long way over the last decade, it is still an evolving area where significant challenges exist. Model risk management stands at the forefront of risk management for many of today's financial services firms. The emphasis on model risk management began officially in the national banking area with the May 1997 release of the Office of the Comptroller of the Currency's (OCC) 1997-24 Risk Bulletin that expressed concerns by OCC examiners that the risks associated with the use of credit scoring models were not being effectively managed by national banks.
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