Lesson 2: What is Model Lifecycle

A model lifecycle refers the stages a ML or AL model goes through from its inception to its retirement. It encompasses the entire process of developing, deploying, maintaining and decommissioning the model. It is a structured framework based on well-established industry principles and practices to manage AI and ML models.   Each stage of the model lifecycle involves specific tasks and controls to ensure the model remain effective, reliable, tracible, and aligned with business objectives. Effective management of the model lifecycle is crucial for maximizing the value derived from ML and AI solutions and products.   To ensure adherence to responsible AI risk controls and consistency to best practices in managing AI and ML models across the enterprise, CVS Health has published and enforced the Model Lifecycle standard (https://policy.corp.cvscaremark.com/pnp/faces/DocRenderer?documentId=DOC-089624). This standard outlines the seven key stages of the model lifecycle providing guardrails to ensure model robustness, traceability, reliability, and safety. All CVS Health colleagues and contractors involved in the development, deployment, and management of AI systems within the CVS Health network are required to comply with the standard's requirements.