mlsanityData to 14 Oct 2026

Risk Aware Benchmarking of Large Language Models

arXiv 2310.07132 ↗First posted 11 Oct 2023cs.LG math.ST q-fin.RMcited by 2

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Abstract (arXiv)

We propose a distributional framework for benchmarking socio-technical risks of foundation models with quantified statistical significance. Our approach hinges on a new statistical relative testing based on first and second order stochastic dominance of real random variables. We show that the second order statistics in this test are linked to mean-risk models commonly used in econometrics and mathematical finance to balance risk and utility when choosing between alternatives. Using this framework, we formally develop a risk-aware approach for foundation model selection given guardrails quantified by specified metrics. Inspired by portfolio optimization and selection theory in mathematical finance, we define a metrics portfolio for each model as a means to aggregate a collection of metrics, and perform model selection based on the stochastic dominance of these portfolios. The statistical significance of our tests is backed theoretically by an asymptotic analysis via central limit theorems instantiated in practice via a bootstrap variance estimate. We use our framework to compare various large language models regarding risks related to drifting from instructions and outputting toxic content.

Key facts. Cited by 2 papers in the map (data through 14 Oct 2026). Builds on 14 of its 30 references that are in the map. First posted on arXiv 11 Oct 2023.

Builds on

14 of 30 references.

References · 14

  1. 2021On the Opportunities and Risks of Foundation Modelscited by 4,033
  2. 2023G-Eval: NLG Evaluation using GPT-4 with Better Human Alignmentcited by 2,276
  3. 2022Beyond the Imitation Game: Quantifying and extrapolating the capabilities of language modelscited by 1,998
  4. 2020RealToxicityPrompts: Evaluating Neural Toxic Degeneration in Language Modelscited by 1,255
  5. 2023A Survey on Evaluation of Large Language Modelscited by 1,242
  6. 2023LLM-Blender: Ensembling Large Language Models with Pairwise Ranking and Generative Fusioncited by 564
  7. 2023Are Large Language Model-based Evaluators the Solution to Scaling Up Multilingual Evaluation?cited by 88
  8. 2023TrustGPT: A Benchmark for Trustworthy and Responsible Large Language Modelscited by 58
  9. 2023SummIt: Iterative Text Summarization via ChatGPTcited by 54
  10. 2017An optimal transportation approach for assessing almost stochastic ordercited by 33
  11. 2022deep-significance - Easy and Meaningful Statistical Significance Testing in the Age of Neural Networkscited by 28
  12. 2015A Test of Relative Similarity For Model Selection in Generative Modelscited by 25
2 more
  1. 2014A contamination model for approximate stochastic order: extended versioncited by 1
  2. 2016Fast Non-Parametric Tests of Relative Dependency and Similaritycited by 1

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Cited by year (2026 to 14 Oct)

Citing papers per year: 2025: 1; 2026: 1.

2 papers.

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  1. 2026QuantEval: A Benchmark for Financial Quantitative Tasks in Large Language Models
  2. 2025Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges
  3. 2025Standard Benchmarks Fail -- Auditing LLM Agents in Finance Must Prioritize Risk
  4. 2026Are Large Language Models Reliable Reviewers? A Benchmark for Error Detection in Financial Documents
  5. 2026FinRiskAtlas: Decision-Aligned Evaluation of Large Language Models for Financial Risk Review
  6. 2025LLMs Meet Finance: Fine-Tuning Foundation Models for the Open FinLLM Leaderboard
  7. 2026BiasMix-Finance: Post-Generation KYC Guardrails for LLM Portfolio Advice
  8. 2025Evaluating Binary Decision Biases in Large Language Models: Implications for Fair Agent-Based Financial Simulations