The latest addition to the Experian Assistant product family enables financial institutions to quickly, transparently and auditably document, validate and monitor models.
Experian has officially launched a new tool, the Experian Assistant for Model Risk Management, designed to help financial institutions better govern and manage their models. This solution, which is integrated with the Experian Ascend Platform and powered by ValidMind technology, aims to speed up the model validation process and make audits more transparent. By doing so, it can help financial institutions reduce regulatory and reputational risks.
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Vijay Mehta, Executive Vice President at Experian Software Solutions, noted that traditional manual documentation, separate validation processes, and slow performance monitoring can increase risk and delay the deployment of new models. He emphasized that financial institutions that can quickly create, review, and validate documentation at scale will gain a strategic advantage, which is exactly what this new solution is designed to provide.
As financial institutions increasingly use generative AI, they must also comply with global risk management standards. Experian’s new assistant helps them do this efficiently by providing customizable templates, a central repository for model governance, and transparent workflow approval mechanisms. This allows institutions to meet regulatory requirements with confidence.
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Jonas Jacobi, CEO of ValidMind, commented that by embedding ValidMind’s technology into the Experian assistant, the solution helps financial institutions accelerate their development while still meeting regulatory expectations. Sid Dash, Chief Researcher at Chartis, added that this collaboration between Experian’s market influence and ValidMind’s technology will create a foundation for scalable and explainable AI in the credit and risk sector.
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The new solution offers several key benefits, including the potential to reduce internal approval times by up to 70%, which allows for faster model deployment. It also replaces manual operations with automation, significantly improving the efficiency of creating and maintaining complex documents. Additionally, it provides access to consistent reports and deep insights for monitoring model performance. This launch expands Experian’s award-winning Assistant product line, bringing trusted automation and generative AI to the entire model governance process.
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Source : businesswire