Model risk management continues to increase in importance, as banks rely on models more than ever. Recent global events such as the COVID‑19 pandemic have also revealed the weaknesses of our models and model risk management practices when the environment around us changes quickly. A mature model risk management framework creates insights into the entire model landscape of a bank and across all steps of the model lifecycle, and it enables awareness and mitigation of model risk within banks. What do these frameworks look like across the different banks and what are the main challenges and next steps?