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Ai Augmentation For Large-Scale Global Systemic And Cyber Risk Management Projects: Model Risk Management For Minimizing The Downside Risks Of Ai And Machine Learning

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Abstract

This article discusses how model risk management in operationalizing machine learning (ML) or algorithm deployment can be applied in national systemic and cyber risk management projects such as Project Maven. After an introduction about why model risk management is crucial to robust AI, ML, deep learning (DL), and neural networks (NN) deployment, the article presents a knowledge management framework for model risk management to advance beyond “AI automation” to “AI augmentation.

Suggested Citation

  • Malhotra, Yogesh, 2019. "Ai Augmentation For Large-Scale Global Systemic And Cyber Risk Management Projects: Model Risk Management For Minimizing The Downside Risks Of Ai And Machine Learning," Journal of Financial Transformation, Capco Institute, vol. 49, pages 94-99.
    • Handle: RePEc:ris:jofitr:1627
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    More about this item

    Keywords

    Business Objectives of the Firm; Econometrics; Mathematical Methods; Methodological Issues; Operations Research; Neural Networks; Criteria for Decision-Making under Risk and Uncertainty; Information and Internet Services; Computer Software; IT Management; Cyber Law;
    All these keywords.

    JEL classification:

    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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