Glossary

What is Model Specification?

Model Specification definition
January 21, 2025
Model Risk Management

Model specification is a description of the model behaviour.

Each item in the description can be mapped to a collection of one or more model expectations.

As one example, an item in the specification of a valuation model will be that the NPV produced by the model should move smoothly with varying inputs.

About the

Author(s)

Yields logo
Yields

Behind Yields is a team of experts in risk, regulation, and technology. When we write as Yields, we share our combined knowledge to make complex topics clear and actionable.

Yields Model Risk Management (MRM) Suite

Staying compliant with evolving regulations, especially across different countries, is challenging. The Yields MRM Suite provides advanced tools specifically designed to help with Model Risk Management regulations, ensuring you meet these specific requirements effectively.

Related Articles

Glossary

What is a Model?

Read more
What is a Model?
Article

Chartis RiskTech AI 50 Honors Yields for Leadership in AI Governance and Model Risk Innovation

Read more
Chartis RiskTech AI 50 Honors Yields for Leadership in AI Governance and Model Risk Innovation
Customer Story

hireEZ and Yields: Building Audit-Ready AI Governance for the EU AI Act

Read more
hireEZ and Yields: Building Audit-Ready AI Governance for the EU AI Act
No items found.