Glossary term
Glossary term
Governance and Compliance
The person or function accountable for the business use, risk posture, lifecycle decisions, and performance of an AI system. Ownership should remain clear even when models, data, or platforms come from third parties. The owner should have authority to accept residual risk, fund controls, approve changes, respond to incidents, and retire the system when it no longer meets requirements.
Under SR 11-7 model risk management guidance, US banks like JPMorgan and Bank of America assign each model an accountable owner who must approve material changes and review annually.
Cigna assigned named clinical and operational owners for its claims AI after a 2023 ProPublica investigation surfaced systemic denials, requiring documented sign-off on model updates.
Under ISO 42001 clause 5.3, top management must assign responsibility and authority for the AIMS, typically expressed through documented system owner roles for each AI use case.