Preparing validation reports

Use the ValidMind Platform to prepare detailed validation reports in adherence with your organization’s guidelines. Link evidence and findings to your reports and assess compliance status at a granular level.

Prerequisites

• You are logged in to ValidMind.
• The model you are documenting is registered in the model inventory.¹
• A model developer has marked their model documentation as Ready for Validation.²
• Validation guidelines are aligned with your organization’s requirements and added to the correct validation templates.³
• You are a Validator or assigned another role with sufficient permissions to perform the tasks in this guide.⁴

¹ Register models in the inventory

² Working with model documentation

³ Manage validation guidelines

⁴ Manage permissions

Key concepts

A validation report is a comprehensive review that evaluates a model’s accuracy, performance, and suitability for its intended purpose. It encompasses the process of model risk assessment, identifying areas of potential error or risk within the model’s components, such as data inputs and algorithms. The report follows established validation guidelines to ensure consistency and adherence to internal and regulatory standards.

model risk assessment

The process of identifying and evaluating risks associated with the use and potential errors in a financial model.

model risk areas

Specific components or aspects of a model where risk might be present, such as data inputs, algorithms, or implementation.

validation guidelines

Established standards or procedures for conducting thorough and consistent model validations, usually aligned with principles within specific models or AI risk frameworks.

findings

Observations or issues identified during model validation, including any deviations from expected performance or standards.

actions

Recommended steps or measures to address findings from model validation or risk assessments.

evidence

Material provided by the developer and reviewed by the validator, such as model documentation, source code, datasets, monitoring reports or previous validation reports.

ongoing monitoring

A periodic report assessing the model’s performance and compliance over time, ensuring it remains valid under changing conditions.

Get started

1. In the left sidebar, click Model Inventory.

2. Select a model or find your model by applying a filter or searching for it.⁵

3. In the left sidebar that appears for your model, click Validation Report.

   You can now jump to any section of the validation report by expanding the table of contents on the left and selecting the relevant section you would like to view.

4. You can now add any Risk Assessment Notes, as well as assess compliance⁶ for each section of your validation report:

   • Validation guidelines are displayed under the header of each section of your report to help ensure that you are compliant with your organization’s requirements.⁷
   • Whenever you make a change, a log of the action is recorded under Model Activity.⁸

5. For any Risk Assessment Notes, save your edits to retain your changes:

   • Clicking on the icon in the editor toolbar.
   • Select Save current revision and enter a name.
   • Click to save the revision.

   You can also suggest changes and leave comments.⁹

   Compliance assessments and linking evidence and findings are both saved automatically after selection.

⁵ Working with the model inventory

⁶ Assess compliance

⁷ Manage validation guidelines

⁸ View model activity

⁹ Collaborate with others

What’s next