Google urges regulators, market participants to clarify risk guidance for AI models
A new whitepaper from Google finds that existing guidance on the use of AI and ML models for risk management is a start, but leaves room for improvement.
A newly released whitepaper from Google Cloud urges financial sector regulators and market participants to re-evaluate the clarity and effectiveness of existing model risk management (MRM) guidance as it relates to AI and machine-learning models.
Traditional MRM guidance, which covers the means of assessing whether a financial institution is using risk models safely, was put together jointly by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board of Governors in
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