Federal banking regulators are set to release new guidelines Monday that they hope will restore the battered reputation of risk models — widely disparaged as a result of the financial crisis — by forcing banks to improve how they design and implement them.

Although previous regulatory guidance had focused mostly on validating whether models worked properly, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board are expected to release a 21-page bulletin detailing extra steps that banks will be required to take to ensure models are being implemented correctly and have proper attention from a bank's management and board of directors.

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