Model Risk Management Lifecycle Overview

Model risk management is a critical process for financial institutions to manage the risks associated with their decision-making models, impacting areas such as pricing, credit scoring, and fraud detection.
Modelscape is a model risk management solution by MathWorks that can be used to manage these risks, particularly when handling numerous models at different lifecycle stages. Learn about models’ potential risks, such as errors, biases, and misuse which can lead to unreliable business decisions.
Model risk management can be broken into six components: development, validation, testing, deployment, monitoring, and governance, each addressing different risk aspects in a model’s lifecycle. By watching this video, you will gain insight into how risks are introduced at each stage and the necessity of an enterprise-level framework for managing these risks effectively.
Learn more about Modelscape: bit.ly/3G9BQ0y
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TIL Model Risk Management