Biden’s Executive Order on AI Governance: How ValidMind Enables You to Comply Featured Image

Biden’s Executive Order on AI Governance: How ValidMind Enables You to Comply

Juan Martinez / Nov 9, 2023
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...
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More on Uncertainty: Responding to a16z’s Generative AI Challenge for Financial Services Featured Image

More on Uncertainty: Responding to a16z’s Generative AI Challenge for Financial Services

Mehdi Esmail, Jonas Jacobi / Jun 1, 2023
The team at a16z, which includes Angela Strange, Anish Acharya, Sumeet Singh, Alex Rampell, Marc Andrusko, Joe Schmidt, David Haber, and Seema Amble, recently published their post Financial Services Will Embrace Generative AI Faster Than You Think. In this post, they outline what could be “the largest transformation the financial services market has seen in decades.“ The...
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Quantification of Model Uncertainty (Part 2) Featured Image

Quantification of Model Uncertainty (Part 2)

Juan Martinez / May 31, 2023
Introduction While Model Risk Management (MRM) principles are important, meeting the expectations set by regulators (FED 2011, PRA 2023) and fostering a robust risk management framework can be challenging or even confusing at times. We believe all MRM practitioners must develop a good understanding of these principles and actively implement...
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SS1/23 Model Risk Management Principles for All Banks Featured Image

SS1/23 Model Risk Management Principles for All Banks

Juan Martinez / May 17, 2023
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...
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The Democratization of Models and its Challenges for Model Risk Management Featured Image

The Democratization of Models and its Challenges for Model Risk Management

Saee Joshi / May 3, 2023
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...
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Understanding Uncertainty for Model Risk Management (Part 1) Featured Image

Understanding Uncertainty for Model Risk Management (Part 1)

Juan Martinez / Apr 18, 2023
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...
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Model Risk Management: Evolution, Landscape, and What’s at Stake Featured Image

Model Risk Management: Evolution, Landscape, and What’s at Stake

Mehdi Esmail / Mar 31, 2023
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...
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