---
title: Initiate a model risk assessment
description: Initiate a model risk assessment by verifying the details, assigning stakeholders, and create an assessment using the Model Risk Management application.
locale: en-US
canonical_url: https://www.servicenow.com/docs/r/australia/governance-risk-compliance/review-and-manage-model.html
release: australia
topic_type: task
last_updated: "2026-03-12"
reading_time_minutes: 3
breadcrumb: [Use, Model Risk Management, Governance, Risk, and Compliance]
---

# Initiate a model risk assessment

Initiate a model risk assessment by verifying the details, assigning stakeholders, and create an assessment using the Model Risk Management application.

## Before you begin

Role required: sn\_model\_risk\_mgmt.model\_governance or sn\_model\_risk\_mgmt.risk\_coordinator

## Procedure

1.  Navigate to **All** > **Model Risk Workspace**.

2.  Select the list icon \[Omitted image "list-icon-mrm.png"\] Alt text:.

3.  From the list, navigate to **Models** > **Initiation**.

4.  Select the model.

5.  On the Details card, review and modify the field values copied from the model intake form.

<table id="table_FloorForm"><thead><tr><th>

Field

</th><th>

Description

</th></tr></thead><tbody><tr><td>

Name

</td><td>

Unique name of the model that reflects its purpose and functionality. The field value is auto-populated from the model intake form entry. You can edit the name as required.

</td></tr><tr><td>

Description

</td><td>

Brief summary explaining what the model does and how it functions. The field value is auto-populated from the model intake form entry. You can edit the description as required.

</td></tr><tr><td>

Purpose

</td><td>

Specific business objective or problem that the model is designed to address. The field value is auto-populated from the model intake form entry. You can edit the purpose as required.

</td></tr><tr><td>

Active

</td><td>

Option to indicate whether the model is in use.

</td></tr><tr><td>

Model classification

</td><td>

Identification of whether the item qualifies as a model or not. The options are as follows:-   Model: Meets the criteria to be treated as a model.
-   Non Model: Doesn’t meet the criteria for classification as a model.


</td></tr><tr><td>

Model type

</td><td>

Classification of the model, such as statistical, machine learning, or rule-based. The options are as follows:-   Statistical Model
-   AI Model


</td></tr><tr><td>

Third party model

</td><td>

Option to indicate whether the model has been obtained from an external vendor or service provider.

</td></tr><tr><td>

Model category

</td><td>

Internal classification based on the model’s use case. The options are as follows:-   **Retail**: Models designed for individual customer products or services, such as personal loans, credit cards, or consumer risk assessment.
-   **Corporate**: Models used for business or institutional clients, typically involving larger exposures or complex financial products.


</td></tr><tr><td>

Model complexity

</td><td>

Estimated level of model complexity. The options are as follows:-   Simple
-   Moderate
-   Complex


</td></tr><tr><td>

Input data

</td><td>

Details about the data sources or datasets the model uses.

</td></tr><tr><td>

Output data

</td><td>

The result or prediction generated by the model based on input data. For example, Value at Risk \(VaR\) or projected cash flows.

</td></tr><tr><td>

Attachments

</td><td>

Option to attach any supporting files or documents.

</td></tr></tbody>
</table>6.  To save the information entered in Details card, select the **Save** button next to the **Mark as complete** button.

7.  Select **Mark as complete**.

    The Stakeholders stage in the Model Workflow playbook opens.

8.  Select **Edit** to define the Persona, Group, and Users.

    **Note:** The **Users** field is auto-populated with the model owner and model developer defined in the model intake form. A user with the Model Risk Governance or Model Risk Coordinator roles can edit stakeholders at any point in the workflow.

9.  Select **Mark as complete** to move to the Assessment stage.

    **Note:** If you update the model owner in the stakeholder list, the model record continues to display the name of the user who submitted the model request as Owner. However, all ongoing activities are assigned to the new model owner selected in the stakeholder list.

10. Select **Create assessment**.

11. On the Model Risk Assessment dialog, fill in the fields.

    |Field|Description|
    |-----|-----------|
    |Assessment template|Predefined template that outlines the structure, questions, and scoring logic for the assessment. This field is auto-populated with the default assessment template.|
    |Assessment assignee|Individual assigned to complete the assessment task. This field is auto-populated with the model owner name.|
    |Due date|Date by which the assessment task must be completed.|

12. Select **Create**.

    \[Omitted image "model-risk-task.png"\] Alt text: This image shows the model risk task in the Model Risk record.

    A model risk task is created and assigned to the model owner.


## What to do next

[Perform model risk assessment](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/perform-model-risk-assessment.md)

**Parent Topic:**[Using Model Risk Management](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/governance-risk-compliance/using-mrm.md)