Empowering Financial Institutions: Experian Assistant for Model Risk Management Wins 2026 BIG Innovation Award
Experian has introduced the Experian Assistant for Model Risk Management, an AI-powered solution that has been honored with the 2026 BIG Innovation Award in the Innovative Products category. This tool, integrated into the Experian Ascend Platform™ and driven by ValidMind technology, aids financial institutions in expediting model validation, enhancing auditability, and reducing regulatory risk. By providing standardized templates, centralized documentation, and streamlined workflow approvals, the solution enables financial institutions to comply with regulatory guidelines amidst the rapid evolution of AI-driven model development.
Financial institutions face challenges in meeting regulatory requirements, as highlighted in a 2025 study by Experian involving over 500 global financial institutions. The study revealed that a majority of institutions find it difficult to comply with regulatory requirements, with regulators expressing concerns more frequently than before. Additionally, many institutions still rely on manual processes for compliance, involving a significant number of personnel. Experian Assistant for Model Risk Management addresses these challenges by offering scalable and explainable AI solutions across the credit and risk lifecycle, enabling institutions to modernize their model documentation and risk practices.
The 2026 BIG Innovation Awards recognize exceptional innovation that shapes the future of work and culture. Experian's AI-powered solution was evaluated by a panel of business leaders based on measurable performance, responsible implementation, and its potential to influence the industry. This recognition underscores the value that Experian Assistant for Model Risk Management brings to financial institutions by automating model documentation and facilitating compliance with evolving AI technologies and regulatory requirements.
Experian is a global data and technology company that empowers individuals and businesses worldwide by redefining lending practices, preventing fraud, simplifying healthcare processes, delivering digital marketing solutions, and providing insights into the automotive market. With a focus on data, analytics, and software, Experian operates across various industries, including financial services, healthcare, automotive, agrifinance, and insurance. The company invests in talent and advanced technologies to unlock the potential of data and drive innovation, with a team of 25,200 employees across 33 countries. Experian's commitment to excellence and innovation positions it as a leader in the data and technology industry, helping individuals achieve their financial goals and save time and money.