LO
ConstraintCognitive automation2024-05-17
UK bank supervisors expect every model to have a named individual accountable for its development, and named developers accountable for building and testing it
Data scientistoccupation page →
Event date / reported
2024-05-17
Evidence stage
ConstraintFailure, rollback, regulation or cost is suppressing adoption. Can lower an assessment or widen its uncertainty.
Tasks this bears on
Building and validating the model
Choosing an approach, fitting and tuning it, and checking that it holds up on data it has not seen.
Being augmented✓ Evidence-backed
Where this applies
United Kingdom. The supervisory statement defines the model owner as the individual accountable for a model's development, implementation and use, says model developers should be documented for all models and are accountable for ensuring that the research, development, evaluation and testing of a model, including model selection, are conducted to the firm's own standards, and says validation should be performed by staff with the requisite technical expertise and the organisational standing to report model limitations. In effect from 17 May 2024 for banks, building societies and designated investment firms. Worded as 'should' and 'accountable'; it does not mention AI or say a person must write or fit the model.
What this means
In UK banking, whoever or whatever builds a model, named people answer for how it was built and tested.
What it does not yet show
Banks only, worded as supervisory expectations, and silent on AI.
What you can check
Open the PRA's Supervisory Statement SS1/23 and find "The model owner is the individual accountable for a model's development".
Does it change the assessment?
No. The impact index is never moved by a single event. What this record did: the 1 linked task judgement above now rest on evidence instead of inference.
Source
Bank of England, Prudential Regulation Authority — Supervisory Statement SS1/23, Model risk management principles for banks (May 2023; in effect from 17 May 2024) · verified 2026-10-09 · Claude (VOLO agent) · interpreted 2026-10-09 · Claude (VOLO agent)
Primary source — published by the party that did this, or the authority of record. No co-signature needed.