(instead over-relying on expert judgment) as a type of model risk.

Types

Emanuel Derman describes various types of model risk that arise from using a model:

Wrong model

* Inapplicability of model.
* Incorrect model specification.

Model implementation

* Programming errors.
* Technical errors.
* Use of inaccurate numerical approximations.

Model usage

* Implementation risk.
* Data issues.
* Calibration errors.

Sources