Council Post: What Is AI Model Governance?

I'd like to take a step back and give a high-level view of what we're observing with our clients before answering the question, "What is AI model governance?" Financial institutions have data scientists who create models meant to improve specific functions of the business, such as the fraud prevention department. A data scientist working there's focused on fraud detection with the goal of reducing fraud and its impact on the company's bottom line. This can only happen if the data scientist's model uncovers fraudulent transactions and the company can then take the appropriate action. Unfortunately, after models leave the lab environment, there's very little visibility on what's happening to them.