model inventory
What It Means
A model inventory is essentially a comprehensive catalog or database that tracks all the AI and analytical models your organization uses. It's like a detailed registry that records what models you have, where they're deployed, who owns them, what data they use, and how they're performing. Think of it as your organization's master list of all computational models, from simple spreadsheet calculations to complex machine learning algorithms.
Why Chief AI Officers Care
CAIOs need model inventories to maintain control and oversight of their AI ecosystem, especially as regulatory requirements like the EU AI Act demand detailed documentation and risk assessments. Without knowing what models exist across the organization, CAIOs cannot effectively manage risks, ensure compliance, prevent model drift, or coordinate AI governance. It's fundamental to responsible AI deployment and prevents the chaos of shadow AI implementations.
Real-World Example
A large bank discovers through their model inventory process that they have 347 different predictive models running across departments - from credit scoring algorithms in lending, to fraud detection models in payments, to chatbots in customer service. The inventory reveals that 23 models haven't been updated in over two years, 15 are using deprecated data sources, and 8 lack proper documentation, allowing the CAIO to prioritize remediation efforts and prevent potential regulatory violations.
Common Confusion
People often confuse a model inventory with just a simple list of AI projects or assume it's only needed for machine learning models. In reality, it should include all quantitative models including traditional statistical models, rule-based systems, and even complex spreadsheets used for business decisions.
Industry-Specific Applications
See how this term applies to healthcare, finance, manufacturing, government, tech, and insurance.
Healthcare: In healthcare, a model inventory tracks all clinical AI models, diagnostic algorithms, and predictive analytics tools ac...
Finance: In finance, a model inventory serves as a centralized registry tracking all quantitative models used for risk management...
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Includes:
- 6 industry-specific applications
- Relevant regulations by sector
- Real compliance scenarios
- Implementation guidance
Technical Definitions
NISTNational Institute of Standards and Technology
"in the context of Risk Management, [...] a database/[management information system] developed for the purpose of aggregating quantitative model related information that is in use by a firm or organization."Source: ORM_model_inventory
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