An AI model deployed for customer segmentation has been in production for three years. A risk review reveals no validation has occurred since initial deployment. Under SR 11-7 principles, what is the MOST appropriate immediate action?
Select an answer to reveal the explanation.
Short Explanation
Three years without validation is a material governance gap, so you need to schedule and prioritize an out-of-cycle validation to see whether the model has drifted, become biased, or is no longer fit for purpose. Don’t jump to decommissioning until you know how it’s actually performing.
Full Explanation
The correct immediate action is to schedule and prioritize an out-of-cycle validation to assess whether the model remains fit for purpose. Three years without validation is a material governance gap, so validation must be prioritized by materiality to determine whether the model has drifted, become biased, or is otherwise no longer fit for purpose. Decommissioning immediately is premature without first assessing performance. Documenting the gap for the next annual report does not remediate it. Requiring a 50% reduction in reliance is arbitrary and does not address the root cause.