Compliance
Model Validation
Processes to verify models perform as designed.
Definition
The set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses. Includes evaluation of conceptual soundness, ongoing monitoring, and outcomes analysis.
Sources
- •SR 11-7
- •OCC 2011-12
Related Terms
Independent Validation / Peer Review
Objective review of model assumptions and performance....
validation
Clinical validation of AI models....
Model Documentation
Records of model development, assumptions, and validation....
Validity
Confirmation that an AI system performs as designed....
Model lifecycle stages
Phases of model development: training, validation, deployment....