President Biden’s Executive Order on artificial intelligence issued on October 30, mandates rigorous safety and security testing for high-risk AI systems. This includes requiring developers to report test results and undergo red-team exercises before deployment. The order also directs NIST to refine its AI Risk Management Framework (AI RMF), particularly...

On September 8 2023, Scifn will be hosting the AI and Finance Summit, a full day of educational and insightful panels and lectures on the latest thinking and discussions at the intersection of artificial intelligence, generative AI and finance.  As part of this event,  ValidMind’s Co-Founder and Chief Product Officer, Mehdi...

Due to the overwhelming response and the success of our first gathering, we cordially invite you, or a qualified representative from your organization, to another high-impact roundtable discussion in the iconic financial hub of London, United Kingdom. To express your keen interest in joining this exclusive event, please send an...

The recent AI consultation by the UK Government, which ran from March 29 to June 21, 2023, offered organizations and individuals an opportunity to share their insights and suggestions regarding the UK’s proposed approach to regulating AI. With our experience building validation tools for regulated institutions and knowledge of model...

The Prudential Regulation Authority’s (PRA) supervisory statement SS1/23 Model Risk Principles for All Banks, signifies a major shift in model risk management (MRM) for banks, and emphasizes the need for clear accountability, rigorous governance, and continuous monitoring and validation of models. The role of technological solutions in this transformation cannot...

Throughout history, many human inventions have been democratized as technology has advanced, from the wheel to the printing press, to the smartphone. More recently, advances in the areas of computing power, programming capabilities, and data/information availability have resulted in a proliferation in the development and use of mathematical models in...

Uncertainty plays a critical role in AI model risk management since it can affect their performance, reliability, and ability to make accurate predictions. Practitioners involved with these models, depending on their role within organizations, may not have a complete understanding of the concepts behind model uncertainty which in turn can...

Models deploy into more and more areas of business operations in Finance, Healthcare, Retail, and many other industries bringing benefits to these institutions but also exposing them to greater operational, reputational, and regulatory risks. This is especially true in the Financial Services and Insurance industries, where negative model outcomes can...