Experian’s Assistant for Model Risk Management enhances how financial institutions oversee complex credit and risk models, crucial for loan and credit decisions. This automation tool accelerates model validation and improves auditability by generating documents, identifying errors, and monitoring performance, potentially reducing internal approval times by up to 70%. Integrated into the Ascend platform, it combines Experian’s data with clients’ insights for AI-driven analytics spanning the credit lifecycle, including fraud detection. Recent enhancements to Ascend include Mastercard’s technology for identity verification and fraud prevention, benefiting over 1,800 clients. Compliance with regulatory guidelines—SR 11-7 in the U.S. and SS1/23 in the U.K.—is simplified with customizable templates and centralized repositories. This innovation aids in minimizing regulatory risks and ensures responsible model usage amidst the rise of generative AI. Overall, Experian’s model risk management tool empowers institutions to efficiently handle documentation and validations, ultimately streamlining model deployment and enhancing strategic advantages in compliance and risk management.
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