Validating AI/ML Models – Lessons Learned from the Banking Industry
Validating AI/ML Models – Lessons Learned from the Banking Industry

Abstract: 

In today’s financial services industry, competitors are rushing to enable the AI-driven enterprise by making strategic investments in AI and machine learning technology, financial institutions not investing in AI and machine learning technology risk losing their competitive edge. However, due to an increased reliance on AI and machine learning models with everyday business processes and for strategic decisions, model risk must not be ignored and must be effectively managed. If left unchecked, the consequences of model risk can be severe; where model risk is defined as the risk of financial or reputation loss due to errors in the development, implementation or use of models.
Therefore, AI and machine learning models require constant monitoring and effective validation. This is not only a regulatory requirement, but it is also sound business practice. In this session, Seph will present the cornerstones of effective modern model risk management in the age of AI and machine learning by first providing an overview of AI and machine learning in the financial serves industry, summarizing the regulatory background and the machine learning model lifecycle, and then finally presenting the challenges and emerging best practice for the validation of models, in an ever-changing world of AI and machine learning.

Bio: 

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