New model risk management and model validation automation reduces data science and model validation cost and effort by 30% and accelerates AI model productionization
ModelOp, the pioneer of ModelOps software, announced new automated AI governance capabilities that address model risk management regulations identified in the Federal Reserve’s SR 11-7 guidelines, the European Commission’s proposed rules on Artificial Intelligence, along with AI regulations issued by organizations such as the OCC, SEC, and FINRA.
Enterprise leaders are placing big bets on AI to transform their business; however, the AI models that drive this change come with new risks. The Federal Reserve and other governmental agencies in the U.S. and other countries recognize this and are creating and enforcing new regulatory requirements to minimize these risks by outlining practices that ensure fairness, interpretability, accountability, and transparency for AI model operations (ModelOps).
With the new v2.5 release of ModelOp Center, enterprises can
- Automate up to 30 percent of the model documentation effort, reducing the manual work effort of high-cost data scientists and model validators
- Get a 360 view of model compliance across the enterprise informing executives, line of business leaders, compliance teams and risk teams of the compliant state of models
- Create model risk testing in a reproducible and auditable manner, ensuring risk and regulatory requirements are adhered to by automating and tracking the testing process
- Automatically notifying model risk and business teams of a serious business or compliance breach based on model risk thresholds
- Securely and persistently share model-specific metadata and other information across data science, risk, SecOps, and IT systems throughout the model’s life cycle with native integrations
These new capabilities make it faster and easier to comply with regulatory requirements that are designed to reduce risk and ensure reliable decision-making for AI models. Today this work is performed manually by highly paid data scientists and model validators, making it costly and delaying model deployment and use.
“ModelOp Center was created to address the governance and operational scale challenges enterprises face as they go from having tens, to hundreds, to thousands of models driving critical business decisions,” said Dave Trier, vice president of product. “By automating manual risk and compliance steps throughout the model’s life cycle, enterprises can significantly reduce the cost and effort for satisfying regulatory requirements, deploying models faster and ensure models are making reliable decisions.”
“As enterprises continue to use AI models to replace human decision making, we will see more regulations to ensure trustworthy, reliable AI decisioning. Little innovation has been done to modernize and accelerate the time-consuming, labor intensive and expensive model risk and compliance work,” said Avi Kalderon, CEO of Opening Bell Ventures. “It’s great to see ModelOp delivering new capabilities in this area and filling the gap.”
ModelOp Center has designed governance into the model life cycle, enforcing business, operational and governance requirements from pre-deployment to end of life. Automated model life cycle processes rigorously track and capture underlying model lineage, assets and metadata for each and every model, ensuring reproducibility that supports forensic auditing.
Executive compliance and operational dashboards provide a continuous view of model compliance, operational stability and business contribution.
Additional resources:
- Highlights of ModelOp Center v2.5 (video)
- Ensuring the Quality of Your Models (video)
- 5 Ways to Mitigate the Risk of AI Models
About ModelOp:
ModelOp, the pioneer of ModelOps software, enables enterprises to address the critical governance and scale challenges necessary to fully unlock the transformational value of enterprise AI and Machine Learning investments. Core to any AI orchestration platform, G2000 companies use ModelOp Center to govern, monitor and orchestrate models across the enterprise and deliver reliable, compliant, and scalable AI initiatives.
About Opening Bell Ventures:
Opening Bell Ventures provides services to C-level executives helping them shape and successfully execute on their Digital Transformation Programs. Today, more than ever, firms face the imperative of enhancing and aggressively accelerating their Digital Agenda.
Services provided include Data Enablement, Advanced Analytics, Machine Learning & AI, Model Risk Management and Ethics in the age of Autonomous Algorithms.
