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Helping Banks Achieve SS1/23 Compliance with GenAI: A Smarter, Safer Approach

In the rapidly evolving world of Generative AI (GenAI), British banks face a unique challenge: how to harness the power of advanced AI models while staying compliant with strict regulatory frameworks like the Bank of England's SS1/23. Enter Kosmoy, your go-to platform for ensuring that your GenAI deployments not only accelerate innovation but also meet the exacting standards of SS1/23.


What is SS1/23, and Why Does it Matter for GenAI?

SS1/23 is the Supervisory Statement issued by the Bank of England, focusing on Model Risk Management (MRM). It sets clear guidelines for the governance, validation, and monitoring of models—including those powered by GenAI. For British banks deploying AI to enhance their operations, complying with SS1/23 is non-negotiable. Failure to do so can result in regulatory sanctions, financial penalties, and loss of trust. GenAI models, especially those that analyze risk or help in compliance, fall directly under the SS1/23 framework. That’s where Kosmoy comes in.





How Kosmoy Helps You Achieve SS1/23 Compliance

At Kosmoy, we’ve built a robust platform that ensures your GenAI systems align with the SS1/23 standards, keeping your operations efficient, secure, and compliant.


1. Model Identification & Risk Classification

SS1/23 requires banks to clearly define and categorize their models based on risk and complexity. With Kosmoy, we offer an automated model inventory system that includes risk-tiering questionnaires. Our platform ensures each GenAI model is tagged according to its risk level, materiality, and operational impact.


2. Governance & Accountability

SS1/23 emphasizes the importance of strong governance. Kosmoy’s platform offers centralized dashboards that cover the entire model lifecycle, from development to deployment. This ensures transparent governance with clear roles and responsibilities, making it easier for teams to manage GenAI models while complying with regulatory requirements.


3. Model Validation and Testing

SS1/23 mandates rigorous validation and testing to ensure that models are performing as intended. Kosmoy simplifies this with pre-built templates and an auto-documentation feature that tracks each step of the validation process, ensuring that you always have up-to-date documentation ready for regulatory review. Plus, we provide tools for ongoing, independent model validation to meet SS1/23’s call for continual performance monitoring.


4. Observability and Monitoring

Our platform offers real-time observability, which is essential for staying on top of model performance and compliance. With Kosmoy, banks can monitor for toxic language, user feedback, LLM costs, and more. We also integrate with corporate IT systems and large language models (LLMs) to ensure seamless, cross-platform observability.


5. Post-Model Adjustments (PMA) and Risk Mitigation

SS1/23 requires banks to review post-model adjustments rigorously. Kosmoy enables this with workflows that track and audit every change, ensuring that PMAs are properly documented and reviewed, safeguarding your institution from unforeseen risks.


Why Kosmoy?

When it comes to GenAI in banking, compliance with SS1/23 can feel overwhelming—but it doesn’t have to be. Kosmoy’s platform offers end-to-end model lifecycle management, giving you the tools to stay compliant without slowing down innovation. Here’s how we make compliance easy:- Comprehensive Model Governance: From the moment a GenAI model is conceived to its deployment and beyond, Kosmoy ensures every step meets regulatory standards.- Seamless Integration: Kosmoy works effortlessly with your existing systems, offering pre-built integrations with popular LLMs and corporate IT platforms.- Safety and Compliance Guardrails: We enforce SS1/23 safety guidelines with built-in guardrails, ensuring your AI operates within acceptable limits.


With Kosmoy, banks can confidently deploy GenAI solutions while staying fully compliant with SS1/23. Our platform simplifies the complexities of model risk management, offering streamlined governance, rigorous validation, and real-time observability.


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