From gatekeeper to coach: model risk bids to reinvent itself
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Model Risk Benchmarking data reveals a function in flux, grappling with resource cuts, AI models, regulatory divergence
Some years ago, a model risk manager at a large bank asked an uncomfortable question. The bank had moved its credit decisioning onto opaque machine learning models. But fair lending rules require banks to tell declined applicants why they were turned down, and the reasons given by the bank were generated by a methodology that had not been thoroughly tested for the purpose.
The more the risk
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