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What is Model Risk and Why Does it Matter?

DataRobot Blog

With the big data revolution of recent years, predictive models are being rapidly integrated into more and more business processes. This provides a great amount of benefit, but it also exposes institutions to greater risk and consequent exposure to operational losses.

Risk 111
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What to Do When AI Fails

O'Reilly on Data

This article answers these questions, based on our combined experience as both a lawyer and a data scientist responding to cybersecurity incidents, crafting legal frameworks to manage the risks of AI, and building sophisticated interpretable models to mitigate risk. All predictive models are wrong at times?—just

Risk 359
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How Big Data Impacts The Finance And Banking Industries

Smart Data Collective

Financial institutions such as banks have to adhere to such a practice, especially when laying the foundation for back-test trading strategies. Some prominent banking institutions have gone the extra mile and introduced software to analyze every document while recording any crucial information that these documents may carry.

Big Data 141
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How to Leverage Machine Learning for AML Compliance

BizAcuity

Anti-Money Laundering (AML) is increasingly becoming a crucial branch of risk management and fraud prevention. In fact, online casinos as an industry carries the biggest risk of money laundering. OCR is widely used to digitize all kinds of physical documentation. Predictive Analytics can help businesses in reducing risk (eg.

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How to Leverage Machine Learning for AML Compliance

BizAcuity

Anti-Money Laundering (AML) is increasingly becoming a crucial branch of risk management and fraud prevention. In fact, online casinos as an industry carries the biggest risk of money laundering. OCR is widely used to digitize all kinds of physical documentation. Predictive Analytics.

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Why you should care about debugging machine learning models

O'Reilly on Data

Because all ML models make mistakes, everyone who cares about ML should also care about model debugging. [1] 1] This includes C-suite executives, front-line data scientists, and risk, legal, and compliance personnel. Model debugging is an emergent discipline focused on finding and fixing problems in ML systems.

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CBRE’s Sandeep Davé on accelerating your AI ambitions

CIO Business Intelligence

As chief digital and technology officer at CBRE, Davé recognized early that the commercial real estate industry was ripe for AI and machine learning enhancements, and he and his team have tested countless use cases across the enterprise ever since. For AI, the high-value quadrant is where you’ll find most predictive modeling.