Governance
Model Risk Management (MRM)
Lifecycle controls for development, validation and use of models.
Definition
A risk-focused lifecycle framework for the development, validation, deployment, monitoring and retirement of AI models, encompassing governance, documentation, independent challenge and operational controls to manage model-related risks in financial institutions.
Related Terms
Risk Management
Systematic process of managing AI-related risks....
Model lifecycle
Phases from design and data curation to decommissioning....
Responsible AI measures
Risk assessment, documentation and mitigation aligned with law....
Materiality Assessment
Risk-based determination of an AI application's significance....
AI RMF (Artificial Intelligence Risk Management Framework)
Voluntary NIST guidance for identifying and managing AI risks....