Model Governance
Enterprise framework for oversight, approval, and lifecycle management of AI/ML models.
Definition
Practices covering the full lifecycle management of models and AI deployments, including design, training, validation, deployment, monitoring, and decommissioning; intended to ensure models meet safety, performance, and accountability expectations. NAIO guidance frames model governance as a central component of risk mitigation and regulatory alignment with sectoral regulators.
Related Terms
Model Risk Management (MRM)
Financial services framework for managing risks from quantitative models including AI/ML....
AI Governance
The policies, structures and processes that assign responsibility, manage risk, and ensure lawful, ethical, and accountable development and use of AI....
SR 11-7
Federal Reserve guidance on model risk management applicable to AI/ML in banking....