Coming Soon: The Death of Black-Box Models, Technologies
Industry experts discuss how their firms are less inclined to use black box vendor models.
Jon Hill heads market and operational risk model validation at Morgan Stanley. Model validation has been an area of focus for Hill for most of his professional career, so much so that he even teaches a class on it in his free time.
Hill has a simple piece of advice in today's regulatory environment: Avoid validating vendor models if you can. And if you have to buy a vendor model, write it into the contract that they have to provide documentation proving that the model has been independently
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