Practical And Advanced Machine Learning Methods For Model Risk Management
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PRACTICAL AND ADVANCED MACHINE LEARNING METHODS FOR MODEL RISK MANAGEMENT
Author: INDRA REDDY MALLELA NAGARJUNA PUTTA PROF.(DR.) AVNEESH KUMAR
language: en
Publisher: DeepMisti Publication
Release Date: 2024-12-22
In today’s fast-evolving landscape of artificial intelligence (AI) and machine learning (ML), organizations are increasingly relying on advanced models to drive decision-making and innovation across various sectors. As machine learning technologies grow in complexity and scale, managing the risks associated with these models becomes a critical concern. From biases in algorithms to the interpretability of predictions, the potential for errors and unintended consequences demands rigorous frameworks for assessing and mitigating risks. "Practical and Advanced Machine Learning Methods for Model Risk Management" explores these challenges in depth. It is designed to provide both foundational knowledge and advanced techniques for effectively managing model risks throughout their lifecycle—from development and deployment to monitoring and updating. This book caters to professionals working in data science, machine learning engineering, risk management, and governance, offering a comprehensive understanding of how to balance model performance with robust risk management practices. The book begins with a strong foundation in the principles of model risk management (MRM), exploring the core concepts of risk identification, assessment, and mitigation. From there, it dives into more advanced techniques for managing risks in complex ML models, including methods for ensuring model fairness, transparency, and interpretability, as well as strategies for dealing with adversarial attacks, data security concerns, and ethical considerations. Throughout, we emphasize the importance of collaboration between data scientists, risk professionals, and organizational leaders in creating a culture of responsible AI. This collaborative approach is crucial for building models that not only perform at the highest levels but also adhere to ethical standards and regulatory requirements. By the end of this book, readers will have a deep understanding of the critical role that risk management plays in AI and machine learning, as well as the practical tools and methods needed to implement a comprehensive MRM strategy. Whether you are just beginning your journey in model risk management or are seeking to refine your existing processes, this book serves as an essential resource for navigating the complexities of machine learning in today’s rapidly changing technological landscape. We hope this book equips you with the knowledge to effectively address the risks of ML models and apply these insights to improve both the performance and trustworthiness of your AI systems. Thank you for embarking on this journey with us. Authors
Disrupting Finance
This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Machine Learning for Financial Risk Management with Python
Author: Abdullah Karasan
language: en
Publisher: "O'Reilly Media, Inc."
Release Date: 2021-12-07
Financial risk management is quickly evolving with the help of artificial intelligence. With this practical book, developers, programmers, engineers, financial analysts, risk analysts, and quantitative and algorithmic analysts will examine Python-based machine learning and deep learning models for assessing financial risk. Building hands-on AI-based financial modeling skills, you'll learn how to replace traditional financial risk models with ML models. Author Abdullah Karasan helps you explore the theory behind financial risk modeling before diving into practical ways of employing ML models in modeling financial risk using Python. With this book, you will: Review classical time series applications and compare them with deep learning models Explore volatility modeling to measure degrees of risk, using support vector regression, neural networks, and deep learning Improve market risk models (VaR and ES) using ML techniques and including liquidity dimension Develop a credit risk analysis using clustering and Bayesian approaches Capture different aspects of liquidity risk with a Gaussian mixture model and Copula model Use machine learning models for fraud detection Predict stock price crash and identify its determinants using machine learning models