Initial Validation

Definition

Initial Model Validation is the first iteration of the Model Validation process for a particular model or model group that has not been previously validated, either because it is newly developed or because of updates in the Model Governance framework.

Issues and Challenges

• An initial validation is potentially more difficult than subsequent re-validation.
• A successful initial validation can create a form of Anchoring Bias in that subsequent discussions may be pegged on the model outcomes as opposed to challenging the model