Experian and ValidMind Forge Partnership to Revolutionize Model Risk Management for Financial Institutions

Experian and ValidMind Forge Partnership to Revolutionize Model Risk Management for Financial Institutions

(IN BRIEF) Experian and ValidMind have partnered to provide an integrated solution aimed at transforming model risk management for financial institutions. The solution combines the power of Experian’s Ascend Platform with ValidMind’s model governance and documentation automation tools to help institutions streamline compliance, reduce operational risks, and enhance model governance. The partnership enables the automation of documentation, validation, and governance processes, ensuring regulatory compliance and efficiency. The solution also supports AI/ML models and customizable templates, helping institutions improve audit readiness and accelerate the adoption of AI technologies.

(PRESS RELEASE) DUBLIN, 13-Feb-2025 — /EuropaWire/ — Experian, a global leader in data and technology solutions, has joined forces with ValidMind, a pioneer in model risk management, to create a transformative partnership that aims to revolutionize the way financial institutions address regulatory compliance, operational risks, and model governance. The collaboration integrates the advanced capabilities of the Experian Ascend Platform with ValidMind’s cutting-edge model governance and documentation automation solution, providing an integrated approach to some of the most pressing challenges facing the financial industry today.

The combined solution offers financial institutions a powerful tool to automate and streamline key aspects of model risk management, including documentation, validation, and governance. By enhancing consistency and reducing the time and complexity required to comply with regulations like SR 11-7, E-23, SS1/23, and the EU AI Act, the solution significantly improves efficiency while mitigating operational risks. Leveraging AI-powered customizable templates, financial organizations can ensure high-quality documentation and efficient regulatory submissions.

Keith Little, President of Experian Software Solutions, commented, “Our partnership with ValidMind adds significant value to the Ascend Platform, giving our customers the tools they need to automate and expedite their model risk management processes. This collaboration empowers institutions across the financial, insurance, and fintech sectors to navigate regulatory challenges with agility and confidence.”

The integrated solution provides a range of innovative features designed to transform model risk management:

• Automation of Documentation: Clients can leverage customizable templates for models across various domains, including credit and fraud models, with the option to incorporate Generative AI (GenAI) for even more tailored solutions.
• Enhanced Risk Governance: The seamless integration with the Ascend Platform ensures comprehensive tracking, monitoring, and audit-readiness across model development processes.
• Regulatory Compliance: The solution includes performance monitoring tools, independent validation testing, and bias detection capabilities to ensure adherence to industry standards.

Jonas Jacobi, CEO of ValidMind, added, “This partnership is set to redefine the industry standard for scalable, automated model risk management. Together, we’re enabling financial institutions to reduce risk, improve operational efficiency, and accelerate the adoption of AI and GenAI models.”

The Experian and ValidMind solution has already demonstrated its value, with early adopters reporting substantial reductions in documentation timelines and significant improvements in audit readiness. This collaboration positions both companies to lead the way in modernizing model risk management practices and delivering essential solutions to financial institutions around the world.

About ValidMind

ValidMind is the only centralized, purpose-built platform that streamlines and integrates model risk management activities for model developers, model validators, and auditors working on traditional AI, GenAI, and statistical models. Based in Palo Alto, Calif., ValidMind is changing how regulated businesses approach AI governance and model risk management, helping them achieve unprecedented efficiencies, cost savings, and risk reduction associated with all model types. Learn more at www.validmind.com.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

Media Contact:

Gerry Tschopp
Head of Global External Communications
+1 714 830 7756
+1 949 677 3377
gerry.tschopp@experian.com

SOURCE: Experian