Experian, a global data and analytics company, has launched a powerful new Generative AI (GenAI) tool designed to help banks and financial firms better manage and monitor their risk models. This tool aims to make model governance and documentation simpler, faster, and more accurate.
The new solution, part of Experian’s Ascend Intelligence Services, allows institutions to automatically generate documentation for complex AI and machine learning models. This can help financial firms meet strict regulatory standards while reducing the time and effort usually needed for manual model management.
According to Experian, managing the lifecycle of risk models is one of the biggest challenges in financial services. These models help banks make decisions about credit, fraud, and lending. But creating, updating, and documenting these models can take weeks or even months. With this new tool, GenAI speeds up the process by automatically summarizing model data and turning it into easy-to-understand documents.
Here are the key benefits of the new GenAI tool:
| Feature | Benefit |
| Auto-documentation | Saves time by generating model reports in minutes |
| Regulatory alignment | Ensures model compliance with changing regulations |
| Risk transparency | Helps teams better understand model risks and performance |
| Scalability | Supports multiple models and teams across organizations |
The solution was developed in partnership with regulators and model risk experts. It’s currently being used by some of Experian’s top clients in North America and the UK, and feedback has been very positive. Financial institutions say it has cut down hours of work and reduced the risk of manual errors.
As regulations become stricter and AI models become more complex, tools like this GenAI solution will be essential for helping businesses stay compliant while improving efficiency. Experian plans to expand the tool’s features to support more use cases in the near future.
