Richard Pace
May 21, 2024
753
Richard Pace
Mar 12, 2024
112
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FAIR LENDING ANALYTICS
AI / ML RISK GOVERNANCE
EXPERIENCED. INNOVATIVE. TRUSTED.
SERVICES
ADVISORY
SERVICES
Ric serves as a senior-level advisor providing strategic advice and training to his clients in high-stakes analytical areas related to consumer lending and algorithmic governance.
FAIR LENDING ANALYTICS
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Create fair lending analytics strategy / design for compliance monitoring, regulatory investigations, and litigation.
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Draft fair lending monitoring policies and procedures.
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Train fair lending analytics staff.
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Design fair lending remediation approaches and associated financial calculations.
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Advise on the use of demographic proxies for race / ethnicity and gender.
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Advise on strategies / approaches to identify and remediate algorithmic bias (model disparate impact).
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Assess design and execution effectiveness of fair lending monitoring systems - including scope, methodologies, interpretations, remediations, other corrective actions, governance, reporting, and documentation.
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Assist with vendor selection and due diligence for fair lending compliance tools.
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Custom fair lending training for fair lending analysts, risk and compliance officers, senior management and Board.
AI / ML
RISK GOVERNANCE
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Advice on AI / ML model risk management program design and enhancements.
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Assess design and execution effectiveness of AI / ML model risk management programs.
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Custom AI / ML model risk governance training for risk officers, senior management and Board.
WHO
WE ARE
Ric, a retired Big 4 analytics and AI consulting leader with 25 years of experience in the financial services industry, now advises clients on complex risk and compliance challenges in consumer lending. His expertise spans AI/ML credit model development, model risk management, explainability, fair lending analytics, and algorithmic fairness.
Ric's unique ability to provide senior-level perspectives and insights in deeply technical areas, his ability to communicate effectively between technical and non-technical audiences, and his ability to simplify technical topics for key stakeholders, makes him a key trusted advisor for high-stakes matters involving your company's advanced analytical loan origination tools - whether developed in-house or sourced from third-parties. For example,
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On the compliance side, Ric has been an industry leader in the application of data-driven analytical methods to identify potential disparate treatment risks in loan pricing and credit decisioning, as well as the identification and remediation of algorithmic bias in credit decision models. Ric has also advised clients in their response to federal- and state-level fair lending investigations and enforcement actions – including matters before the Civil Rights Division of the US Department of Justice, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the FDIC, the Federal Reserve Board, and the NY Department of Financial Services.
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On the safety and soundness side, Ric has worked with numerous banks throughout his career - including 8 of the top 10 banks - to evaluate the design and operating effectiveness of first, second, and third line of defense model risk management functions.
In addition to his advisory services, Ric freely shares his perspectives in his popular AI LendScape Blog and eBooks where he dives into many of the thorniest risk and compliance issues currently facing industry participants and regulators - such as risks in AI/ML credit scoring, algorithmic fairness, bank-fintech partnerships, and biases in race/ethnicity proxy methods.
Ric earned a PhD in Economics from the University of Rochester and a B.S. in Finance and Economics, summa cum laude, from the State University of New York College at Oswego.
Richard R. Pace, PhD
Senior Advisor
ABOUT US
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