There are assigned people to whom periodic reports are provided about the status of model risk management, who are these people specifically?

Effective model risk management requires robust governance and oversight, which is achieved through clear and consistent reporting to key stakeholders. Periodic reports on the status of model risk management are provided to those with ultimate responsibility for the institution's risk profile and control environment. This includes the risk management committee for functional oversight, the board of directors for ultimate accountability, senior management for strategic direction, and the audit committee for independent review and assurance. This comprehensive reporting structure ensures that model risk is understood and managed at all senior levels of the organization.

B. "Administrators" is a vague term for operational staff who are not the primary audience for high-level governance reports on risk status.
C. This list is incomplete as it omits the board of directors and the audit committee, both of which are critical governance bodies.
D. This list is too narrow, excluding the board of directors and senior management, who are essential recipients of risk management reporting.

1. ACAMS CAMS-RM Study Guide (2023). Chapter 3, "Model Risk Governance," Section: "Reporting," pp. 3-17 to 3-18. (Specifies that reports are provided to the board, senior management, and relevant committees like the risk and audit committees).

2. Basel Committee on Banking Supervision (BCBS). (2011, June). Principles for the Sound Management of Operational Risk. Principle 3, p. 11. (While focused on operational risk, it establishes the principle of reporting to the board, senior management, and relevant committees).