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Ethics and Model Governance
This chapter provides a detailed overview of Model Risk Management (MRM) and the best practices for governance in organizations to reduce costs and increase efficiency. The primary objective of this chapter is to demonstrate MRM techniques by ensuring adherence to the right model metrics, along with using tools from both the model and data perspectives that can enable us to nurture the right risk mitigation and governance practices. You’ll learn how designing and formulating risk management scorecards can help prevent businesses from losing additional money.
In addition, this chapter highlights how the right tactics and knowledge of data or model change patterns are effective in identifying a model’s risks. This ...
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