George Christodoulakis talks about risk model validation.

The area of risk model validation has arisen because of the new regulations. The regulatory initiatives require trading institutions and lending institutions to use internal risk models to compute their reserve capital in a highly analytic way. It is part of the regulatory structure that the risk models have to be evaluated both internally and outside of it. The first collection that focuses on the quantitative side of model validation was collected by Christodoulakis and Satchell. There are three main areas of risk covered in the book.

Risk model validation is a requirement. There is a collection of papers in this area of research. International authors cover model validation.