Ireland-based business services company Experian has partnered with US-based ValidMind to improve the way financial institutions manage their model risk and regulatory compliance.
The collaboration will combine Experian’s Ascend Platform with ValidMind’s model governance solutions for model governance and documentation automation.
The integrated solution is expected to automate key aspects of model risk management, including documentation, validation, and governance.
The automation would enhance consistency and reduce the time and risk associated with compliance requirements such as SR 11-7, E-23, SS1/23, and the EU AI Act.
By incorporating AI into customisable templates, financial institutions can ensure consistent documentation and streamlined regulatory submissions, said Experian.
Experian software solutions president Keith Little said: “Our collaboration with ValidMind complements our Ascend Platform and offers our customers innovative technology to automate and accelerate their model risk management processes.
“This partnership empowers financial institutions, insurance companies and fintech organisations to meet regulatory challenges with confidence and agility.”
Key features of the integrated solution include automation of model development and validation documentation, enhanced risk governance, and regulatory compliance tools.
It allows clients to customise pre-built templates for credit, fraud and other models with the option to leverage GenAI.
Building on its integration with Ascend Platform, the solution offers enhanced tracking, monitoring, and audit readiness.
Also, it offers tools for ongoing performance monitoring, independent validation testing, and bias detection that adhere to industry standards.
The Experian-ValidMind partnership has already delivered value to financial institutions, insurance companies, and fintech organisations.
It has reduced documentation timelines and improved audit readiness for early adopters.
ValidMind CEO Jonas Jacobi said: “This partnership is poised to establish a new industry standard for scalable, automated model risk management.
“Together, we can help financial institutions reduce risk, improve efficiency, and accelerate the adoption and implementation of AI, Gen AI and statistical models.”
