Abstract: A model validation system is provided. The model validation system includes a memory having computer-readable instructions stored therein and a processor. The processor is configured to execute the instructions to enable a model validator to select a model for validation from an assigned set of models, each including a plurality of pre-defined attributes; assist interactions between a model developer and the model validator by defining a set of questions related to the selected model and identify a plurality of model risks for the selected model; design a validation work plan using a set of statistical tests and execute a set of selected statistical tests for the validation work plan to generate a set of validation results of the selected model and categorize the plurality of model risks into one or more categories. The categorization is performed based upon set of validation results obtained during the validation of the selected model.