What Is Model Governance? The Simple Definition
A set of practices and procedures to guide how organizations use AI and machine learning models. A good model governance program should cover inventorying all models, understanding their risks, setting guidelines for model development and validation, keeping documentation, and more.
The Technical Definition
Model governance refers to the systematic management and oversight of machine learning and statistical models used in various business processes.
It involves creating and enforcing policies, procedures, and controls to ensure the quality, fairness, accuracy, and compliance of these models throughout their lifecycle, from development to deployment and ongoing monitoring.
Explain It Like I’m Five
Model governance is like taking care of and watching over the computers that help us make decisions. We make rules for them, check if they’re doing their jobs correctly, and make sure they don’t make mistakes.
Use It At The Water Cooler
How to use “model governance” in a sentence at work:
“Our company’s model governance framework ensures that the machine learning models we use in our financial predictions are accurate, reliable, and follow all the rules and regulations.”