The breadth and type of model usage — and the definition of what a model is — continues to evolve as models become more critical to the business operations of financial institutions.
More users and advanced capabilities often increase the burden on business models, from known anti-financial crime models like anti-money laundering (AML) to model risk management (MRM) tools. Leveraging powerful tech, like AI, to automate compliance tasks and keep pace with regulatory requirements can help save you time so you can focus on higher-level organizational risk challenges.
New technologies, however, come with their own governance concerns. Read Advancing model risk management with emerging tech to learn how you can help build a roadmap to MRM success by:
- Considering how to leverage responsible AI practices in model governance
- Understanding four of the most common MRM pitfalls and their corresponding solutions
- Implementing a well-controlled and efficient MRM program with people, processes and technology