Experian has officially announced the launch of Experian Assistant for Model Risk Management solution, which happens to be a first-of-its-kind platform, geared towards helping financial institutions govern and manage models more efficiently across the entire modeldevelopment lifecycle.
According to certain reports, the stated technology arrives on the scene as fully integrated into the Experian Ascend Platform™ and powered by ValidMind. As a result, it is able to accelerate model validation, improve auditability and transparency, as well as possibly aid financial institutions in the context of reducing regulatory and reputational risk.
Building upon the Experian’s award-winning Experian Assistant and its AI-enabled model-lifecycle features, this new innovation is capable of delivering at your disposal customizable, pre-defined templates, centralized model governance repositories, and transparent internal workflow approvals, each component making it possible for them to meet regulatory guidelines with confidence and efficiency.
“Manual documentation, siloed validations and limited performance model monitoring can increase risk and slow down model deployment,” said Vijay Mehta, EVP of Global Solutions and Analytics at Experian Software Solutions. “Adhering to model-risk-management guidelines can be a tremendous strategic advantage for financial institutions when they can create, review and validate documentation quickly and at scale, and this new solution offers these capabilities.”
Talk about the whole value proposition on a slightly deeper level, we begin the promise to accelerate time-to-market, something which is achieved on the back of streamlined model documentation and approvals, reduced internal approval time by up to 70%, and a better platform for financial institutions to deploy models more quickly.
Next up, there is a bid in play to replace manual processes with automation, all for the purpose of speeding up the creation, maintenance, and validation typically associated with complex documents for data collection and model development.
“Our partnership with Experian represents a major step forward in operationalizing AI for governance and model risk management,” said Jonas Jacobi, CEO of ValidMind. “By embedding ValidMind’s automation and governance capabilities into the Experian Assistant for Model Risk Management, we’re helping financial institutions move faster and satisfy regulator expectations.”
Another detail worth a mention is rooted in the potential for quickly accessing and creating consistent reports so to streamline validation team’s efforts.
Joining the mix, from here onwards, would be a facility to monitor models through comprehensive insights that tread up a long distance to ensure confidence in a model’s performance and value.
Hold on, we still have a few bits left to unpack, considering we haven’t yet touched upon how Experian’s latest brainchild further brings to the fore model-risk management excellence. This involves simplifying model documentation efforts via automation, guided workflows, and seamless tool integration.
Almost like an extension of it, the underlying technology also scales up consistency to better align with evolving regulatory guidelines, while simultaneously mitigating the risk of compliance failures and fines.
Rounding up highlights would be an aspect focused on fine-tuning connectivity. Here, users can basically come expecting a seamless access to Experian analytics experts and Ascend Ops™ for model registration and deployment, model monitoring, and scenario planning, thus ensuring robust oversight and operational efficiency.
Founded in 1980, Experian’s rise up the ranks stems from advancing a range of critical domains. The company’s portfolio, for instance, is currently well-equipped to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market,
Thanks to its far-reaching solutions, Experian has managed to make a name for itself in more than 32 different countries.
“The combination of Experian’s commercial expertise and presence with ValidMind’s technology provides the foundation for scalable and explainable AI across the credit and risk lifecycle,” said Sid Dash, Chief Researcher at Chartis. “This partnership addresses a growing industry imperative – the need to establish proper AI governance that aligns with an evolving technology and regulatory environment and provides a framework for institutions to modernize their model risk practices.”