What's the cost of model risk management failure?

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Banking Alert! What's the cost of model risk management failure?

The Securities and Exchange Commission (SEC) announced charges against four Transamerica entities for misconduct involving faulty investment models and ordered the entities to refund $97 million to misled retail investors. Additionally, the responsible executive managers received personal fines in total amount of $90,000 , that will also be distributed to affected investors. 

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