Mitigating Model Risk in AI: Advancing an MRM Framework for AI/ML Models at Financial Institutions
Financial institutions’ growing use of artificial intelligence (AI) and machine learning (ML) models introduces challenges that require significant updates to existing model risk management (MRM) frameworks. This paper compares key AI/ML risks and risk cultures between Silicon Valley and the financial services industry, exploring the nature of AI/ML models and the nuances of model risk. It also provides practical guidelines and best practices for firms integrating AI/ML capabilities into their MRM frameworks.
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