Measuring and Managing COVID-19 Model Risk
Abstract: One of the many lessons learned from the financial crisis is the increased awareness of model risk. In this article, I apply the best practices of model risk management found in SR 11-7 (which offers regulatory guidance on the best practices for managing model risk) to COVID-19 models. In particular, I investigate the Institute of Health Metrics and Evaluation's (IHME) model to see if it has been effectively challenged with a critical assessment of its conceptual soundness, ongoing monitoring, and outcomes analysis.
File format is application/pdf
Description: Full text
Provider: Federal Reserve Bank of Atlanta
Part of Series: Policy Hub
Publication Date: 2020-06-18