# UK bank supervisors expect every model to have a named individual accountable for its development, and named developers accountable for building and testing it

Page: https://flyvolo.ai/en/changes/ev-20240517-data-scientist-9
Date: 2024-05-17 · Stage: Constraint
Can this record move a task judgement? yes
Occupation: https://flyvolo.ai/en/careers/data-scientist

## Scope

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.

## 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) — https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/supervisory-statement/2023/ss123.pdf (primary source)

## 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 show yet

Banks only, worded as supervisory expectations, and silent on AI.

## How to verify it yourself

Open the PRA's Supervisory Statement SS1/23 and find "The model owner is the individual accountable for a model's development".


More: https://flyvolo.ai/llms.txt