Experian launches AI tool for financial model risk management

Experian (LSE: EXPN) announced the launch of Experian Assistant for Model Risk Management, a solution designed to help financial institutions manage and govern models throughout their development lifecycle. The product integrates into Experian's Ascend Platform and uses ValidMind technology.

The tool aims to address challenges financial institutions face with manual documentation, validation processes, and model monitoring. According to the company, the solution can reduce internal approval time by up to 70% through automation and streamlined workflows.

"Manual documentation, siloed validations and limited performance model monitoring can increase risk and slow down model deployment," said Vijay Mehta, EVP of Global Solutions and Analytics at Experian Software Solutions.

The product includes customizable templates, centralized governance repositories, and workflow approval systems designed to help institutions meet regulatory guidelines including SR 11-7 in the United States and SS1/23 in the United Kingdom.

ValidMind CEO Jonas Jacobi described the partnership as helping financial institutions "move faster and satisfy regulator expectations" through embedded automation and governance capabilities.

The launch builds on Experian's existing Assistant product family, which the company introduced in October with AI-enabled model lifecycle features. Experian operates in financial services, healthcare, automotive, and other sectors across 32 countries with 25,200 employees.

The information is based on a company press release statement.

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