---
term: "Model inventory"
category: "Governance and model risk"
url: https://agenticopenfinance.com/glossary/model-inventory
source: AgenticOpenFinance glossary
---

# 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.

Related terms: [Model risk](https://agenticopenfinance.com/glossary/model-risk.md), [Change management](https://agenticopenfinance.com/glossary/change-management.md), [Third-party risk management](https://agenticopenfinance.com/glossary/third-party-risk-management.md), [AI management system](https://agenticopenfinance.com/glossary/ai-management-system.md)