Generative AI brings testing times for modelers
Flagstar’s lead model validator offers some tips for safely integrating LLMs into risk models.
When you buy a car, a phone, or a toaster, you expect the manufacturer to have conducted tests to ensure the device is safe and reliable. The same is true for risk models at banks.
These models undergo a strict validation process, and are subject to oversight by financial supervisors. Only then can their outputs be used to make decisions: approve a loan, set a credit limit, or flag a suspicious transaction. The model has earned the trust to act.
The advent of large language models (LLMs) with
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