Model Assurance by Governing Boards
Errors in models have demonstrated limited assurance processes, now supported by updated guidance in the Magenta Book, but the weakness, and disinterest in my view, in assurance at board level remains a problem. So it is encouraging that NAO is going to produce guidance, and I hope in future more boards, and their auditors, will be looking to see higher standards.
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Is the NAO also concerned with modelling associated with AI?