Answer:
Part of sound model risk management is ensuring that there is adequate oversight of those in charge of the system and that there are adequate backups to ensure program continuity. Internal audit should be reviewing system logs to ensure the BSA Officer does not make unauthorized changes to the model parameters and a back-up should be trained to manage the system in the BSA Officer’s absence.
-----------------
Learn more about Brian Crow’s Anti-Money Laundering Model Risk Management webinar.