Abstract: The rapid adoption of generative AI in various sectors, particularly in finance, has introduced new challenges and opportunities for model risk management (MRM). This paper provides a comprehensive review of the current state of MRM in the context of generative AI, focusing on the risks, regulatory frameworks, and mitigation strategies. We explore the implications of generative AI on financial institutions, the evolving regulatory landscape, and the role of advanced MRM frameworks in ensuring compliance and mitigating risks. By synthesizing insights from 50+ recent articles, this paper aims to provide a roadmap for future research and practical applications of MRM in the generative AI era