What is the primary role of the Model Inventory function?

• A. Tracking model usage and approvals
• B. Maintaining the repository of models, ownership, and performance
• C. Approving budgets
• D. Data privacy enforcement

Answer: (B)

The Model Inventory function is about maintaining a centralized catalog of all models, including who owns each model, its version, validation status, and performance history. This repository acts as the single source of truth for model governance, giving you visibility into what models exist, who is responsible for them, where they’re used, and how they’ve performed over time. It enables timely revalidations, updates, and retirements, and supports regulatory reporting by providing complete, traceable metadata about each model’s lifecycle. Other activities like tracking usage and approvals, budgeting, or enforcing data privacy touch governance in related areas, but the core purpose of the inventory is to preserve the repository and essential metadata that underpins risk oversight and model management.