Model Monitoring
From Open Risk Manual
Definition
"Model Monitoring" denotes the internal process whereby the outcomes of a deployed (production) model are reviewed by competent individuals to assess the degree to which Model Accuracy or other performance criteria are still being met. Also Model Tracking.
Benefits
The aim of model monitoring is to identify any model issues as soon as possible. To the extend that monitoring is a formal process with associated documentation it can significantly simplify the regular Model Validation process.
