AI Model Validation: The Critical Role of Independent Oversight and Robust Governance

This article emphasizes that the validation stage of AI models is fundamentally an audit function, requiring strict segregation of duties. Internal audit and assurance professionals must ensure that those validating AI models are independent from their developers, possess the necessary technical competence, and are empowered to challenge findings. The piece highlights the importance of documented evidence and predefined acceptance criteria to prevent validation from becoming a mere rubber stamp, drawing parallels with established financial model risk management frameworks.