Navigating the MRM framework shift From SR 11-7 to SR 26-2

The issuance of SR 26-2, "Revised Guidance on Model Risk Management," on April 17, 2026, marks the most significant regulatory update to the model risk management (MRM) landscape since the introduction of SR 11-7 in 2011. This revised guidance, issued jointly by the Federal Reserve, the OCC, and the FDIC, supersedes and replaces both the foundational SR 11-7 and the specialized SR 21-8 (which focused on BSA/AML systems). Joint issuance by three agencies, instead of two, alone signals broader institutional alignment across the regulatory landscape – a point worth taking note by the industry.