“Ensuring Right Models, Built Right”
Independent Validation and Verification (IV&V) are independent enterprise-wide procedures that are used together for checking whether a model meets its requirements and specifications and that it fulfills its intended purpose. Verification of a model ensures that it is a right model for the intended business use and statistical validation of a model ensures that it is built right and is giving the right results.
In recent times government agencies have mandated that any decisioning based on empirical models be thoroughly vetted at a prescribed frequency to mitigate potential business risks arising out of an inaccurate model in production.
Approach and Methodology
PrADS uses a comprehensive approach and methodology that involves business validation, data audit and statistical verification to ensure that you have “Right models that are built right and are working right”.
At the end of the IV&V a comprehensive report is presented along with our recommendation on if the models are fit for production, and/or continued implementation.
Pre production process to ensure model is fit for deployment