Model inventory
A firm-wide record of the models in development or in use, with enough detail to understand their risks.
A model inventory is a firm-wide record of the models under development or in use, with enough information to understand their risks individually and in aggregate. The US agencies' revised guidance describes it as common industry practice that supports effective model risk management, and the PRA's SS1/23 also expects firms to identify and record their models. Agents belong in the same inventory, with their underlying models, tools, mandates, owners and versions.
Agent Minute explains this term on 7 December 2026.
Related terms
Model riskThe potential for adverse consequences from decisions based on model outputs, including misuse of a sound model.Change managementControlling changes to a model or agent so each change is assessed, approved, recorded and reversible.Third-party risk managementManaging the risks of relying on outside providers across the relationship, from due diligence to exit.AI management systemAn organisation's policies, processes and controls for developing or using AI responsibly, as specified by ISO/IEC 42001.