Model risk in safety-critical ML applications can be evaluated under an ALARP test by combining decision analysis, Bayesian classification uncertainty, and value-of-information analysis, demonstrated for weld radiograph inspection.
URL: https: //www.bankofengland.co.uk/prudential-regulation/publication/ 2023/may/model-risk-management-principles-for-banks-ss
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Is Your Model Risk ALARP? Evaluating Prospective Safety-Critical Applications of Complex Models
Model risk in safety-critical ML applications can be evaluated under an ALARP test by combining decision analysis, Bayesian classification uncertainty, and value-of-information analysis, demonstrated for weld radiograph inspection.