What happens if the model drifts or starts performing worse over time?

Answered

Monitor for drift. Environments change over time and may require retraining or a new model; catch this early to reduce disruption.

From the guidance

Primary (how) AI Playbook for the UK Government

As systems and environments evolve, the current process may diverge sufficiently from the training period of the AI system. This is known as model drift and may require retraining or implementation of a new model within the AI system. Close monitoring is essential so that you can catch this as early as possible and reduce possible disruption to the AI system.

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