What is Model risk management?
Also: AI risk management
Model risk management, management of model-related risks. The English/synonymous equivalent: AI risk management.
Scope and application
AI-based concepts provide prediction and decision support by uncovering patterns in data, but do not replace decision-making.
Role in decision support
Model risk management is related to the approach of transforming data into insights and decision support in AI supported healthcare processes. The goal is not to make decisions on behalf of humans, but to make the right data visible at the right time.
What is its practical use?
Model risk management, beyond being an abstract title; when working with real patient and operational data, can translate into tangible gains in time, cost, and quality.
To see this concept in context, you can check the AI Supported Hospital Management guide, and return to the Digital Dictionary page for other terms.
Sık Sorulan Sorular
What is model risk management?
Management of model-related risks. (Also known as AI risk management)
How is model risk management used in AI-supported processes?
Model risk management plays a role in transforming clinical and operational data into insights; it does not make decisions but supports the decisions of relevant teams.
Who is concerned with model risk management?
Model risk management concerns teams working in the field of Artificial Intelligence, primarily data/analytics teams and managers seeking decision support.