Model Risk Management: Five Key Questions to Ask Your Fraud Prevention Vendor

Today, most financial institutions are using AI and machine learning models for fraud detection. With this reliance on technology comes the imperative of effective Model Risk Management (MRM) so models remain steadfast in their reliability to assess and mitigate risk while keeping false positives to a minimum. Fraud prevention vendors must also be prepared to provide support to the financial institutions they serve to ensure the requirements set by internal policies and external regulations are being met.

The MRM process can create unexpected delays in technology deployments if a vendor lacks the knowledge and experience to navigate this complex landscape. This guide is designed to help you prepare for common challenges encountered in the MRM process and ask vendors the right questions to avoid delays down the road.