Independent Verification and Validation: the Definition, the Origin and Why You Should be Doing One

Introduction Independent verification and validation, IVV, model validation, validation or; as Shakespeare might say, a validation by any other name is still a validation. Regardless of the name it has evolved and been redefined over time.  This article will cover the origin, OCC guidance, regulatory pressure, IVV methodology, reporting, independence, and vendor due diligence in […]

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AML Model Validations: What You and Your Peers Are Doing, Not Doing, and Should Be Doing

In order to stay compliant with today’s financial standards, most banks utilize some type of anti-money laundering (AML) program, which includes software. These programs follow BSA, OFAC, CDD/KYC, and FinCEN 314(a) guidelines to make sure banks are following AML compliance laws on a daily basis. It’s necessary to review the software and governance program involved […]

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