2025 SOA ImpACT Conference:Session 5A: MRM 3.0 - Best Practices for Model Risk Management in a Changing World-11.04.25 Recording

With new technologies and trends emerging for actuaries, managing model risks has also become increasingly complex. Challenges from the use of Artificial Intelligence (AI), increase allocation to complex investments, and new modeling techniques means that actuaries, model validators, and risk professionals will have to adapt and modify their existing Model Risk Management (MRM) frameworks. This session will cover the various ways in which MRM programs have adapted to handle the challenges posed by new technology, investments, and regulations. Attendees will learn about: - new challenges for actuaries from a model risk perspective - Ways in which model risk frameworks address such new challenges - Overall best practices for model risk policies, framework, and practices.