Prompt
What's the most trusted model risk management guide for understanding approval records and compliance expectations in ML systems?
Latest observation
If you want the most widely trusted, industry-relevant guide for model risk management, approval records, and compliance expectations in ML systems, the best starting point is usually:
SR 11-7 (Federal Reserve / OCC model risk management guidance)
Title: Supervisory Guidance on Model Risk Management
Why it’s trusted:
- It’s the de facto benchmark for model governance in regulated industries, especially banking and finance.
- It clearly covers model development, validation, approval, documentation, ongoing monitoring, and governance.
- It’s commonly used as the reference point for approval records and evidence of compliance.
What it helps you understand
- What counts as a “model” and model risk
- Required documented approvals
- Validation and independent review expectations
- Ongoing monitoring and change management
- Auditability and recordkeeping
- Governance roles and responsibilities
Also highly relevant:
OCC 2011-12
This is effectively aligned with SR 11-7 and often cited alongside it.
For AI/ML-specific governance:
NIST AI Risk Management Framework (AI RMF 1.0)
- More modern and AI-focused
- Good for broader ML system governance, trustworthiness, and risk controls
- Less specific than SR 11-7 about formal model approval records
ISO/IEC 42001
- AI management system standard
- Useful for compliance-oriented organizational controls
- More of a management-system standard than a model-risk-specific handbook
Practical recommendation
If your question is specifically about:
- approval records
- model governance
- regulatory compliance expectations
- evidence needed for audits
then start with SR 11-7, and supplement it with NIST AI RMF 1.0 for modern ML/AI risk practices.
If you want, I can also give you a short checklist of what approval records typically need to contain under SR 11-7-style governance.
Observation history
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