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rewrite this title Experian Selects ValidMind to Help Banks Manage AI Compliance – Finovate

Julie Muhn (@julieschicktanz) by Julie Muhn (@julieschicktanz)
February 12, 2025
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rewrite this title Experian Selects ValidMind to Help Banks Manage AI Compliance – Finovate
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Experian is integrating ValidMind’s AI governance and risk management tools into its Ascend Platform to help banks automate and streamline AI compliance.

The collaboration enables financial institutions to automate model validation, risk tracking, and audit readiness.

The combined solution will not only simplify AI adoption in financial services, but will also ensure compliance with key regulations like SR 11-7, E-23, SS1/23, and the EU AI Act.

Today’s environment of ever-changing regulations and technological developments in AI is making it difficult for banks to stay on top of AI compliance. To help banks manage these challenges, Experian is integrating its Ascend Platform with AI governance and risk management platform ValidMind.

Experian Ascend helps organizations make better decisions by providing them with access to extensive data and advanced analytics tools. The tool combines information from various sources, including credit and market data, and leverages AI and machine learning to offer insights to help firms better understand their customers, manage risks, and identify new opportunities.

Integrating ValidMind will help Experian automate model development and validation documentation using customizable, pre-built templates for credit, fraud, and other models. It will also enhance risk governance with robust racking, monitoring, and audit readiness features, ultimately enhancing regulatory compliance.

“Our collaboration with ValidMind complements our Ascend Platform and offers our customers innovative technology to automate and accelerate their model risk management processes,” said Experian Software Solutions President Keith Little. “This partnership empowers financial institutions, insurance companies, and fintech organizations to meet regulatory challenges with confidence and agility.”

The new combined solution, which meets compliance requirements including SR 11-7, E-23, SS1/23, and the EU AI Act, integrates AI into templates to ensure that banks generate consistent, high-quality documentation organized to streamline regulatory submissions.

“This partnership is poised to establish a new industry standard for scalable, automated model risk management,” said ValidMind CEO Jonas Jacobi. “Together, we can help financial institutions reduce risk, improve efficiency, and accelerate the adoption and implementation of AI, Gen AI and statistical models.”

California-based ValidMind was founded in 2022. The company’s enterprise platform helps organizations document, validate, and govern models at scale. ValidMind also offers statistical models, AI models, and GenAI models to streamline documentation, simplify compliance, future-proof existing models, and unlock new business models in a transparent way. The company raised just over $8 million in its first funding round last year.

Photo by RDNE Stock project


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