📌 Model Governance Framework Summary
A Model Governance Framework is a set of processes and guidelines for managing the development, deployment, and ongoing monitoring of machine learning or statistical models. It helps organisations ensure their models are accurate, reliable, and used responsibly. This framework typically covers areas such as model design, validation, documentation, approval, and regular review.
🙋🏻♂️ Explain Model Governance Framework Simply
Think of a Model Governance Framework like the rules and checklists a school uses to make sure all exams are fair and marked properly. It helps everyone know what steps to follow so mistakes are caught early and results are trusted.
📅 How Can it be used?
A Model Governance Framework helps a project team track model changes, approvals, and performance at every stage of development.
🗺️ Real World Examples
A bank uses a Model Governance Framework to manage its credit scoring models. The framework requires each new model to be tested for accuracy, reviewed by independent experts, and approved by management before it is used to make lending decisions. Regular monitoring ensures the model continues to perform well and does not unfairly disadvantage any group of applicants.
A healthcare provider adopts a Model Governance Framework when deploying an AI tool to predict patient readmissions. The framework ensures the tool is validated with real patient data, all decisions are documented, and the tool is regularly checked for errors or biases that could affect patient care.
✅ FAQ
What is a Model Governance Framework and why do organisations need one?
A Model Governance Framework is a structured way for organisations to manage how their machine learning or statistical models are created, used, and checked over time. It helps make sure that models are accurate, fair, and used responsibly, reducing the risk of errors or unexpected results. By following a clear set of rules, teams can build trust in their models and make better decisions based on them.
How does a Model Governance Framework help prevent mistakes in models?
By setting out steps for designing, testing, and approving models, a Model Governance Framework helps catch problems early. It encourages regular reviews and clear documentation, which makes it easier to spot issues and fix them before they cause trouble. This approach also means everyone involved knows their responsibilities, making mistakes less likely to slip through the cracks.
Who is involved in the Model Governance process?
Many people play a part in model governance, not just data scientists. It often includes business managers, risk teams, compliance officers, and even IT staff. Each group brings a different perspective, which helps ensure that models are not only technically sound but also meet the organisationnulls broader goals and values.
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🔗 External Reference Links
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