217. For the purpose of regular reviews of estimates, institutions should have a framework in place …

For the purpose of regular reviews of estimates, institutions should have a framework in place which includes at least the following elements:

• (a) a minimum scope and frequency of analyses to be performed, including predefined metrics chosen by the institution to test data representativeness, model performance, its predictive power and stability;
• (b) predefined standards, including predefined thresholds and significance levels for the relevant metrics;
• (c) predefined actions to be taken in case of adverse results of the review, depending on the severity of the deficiency.

In their regular reviews of estimates institutions may rely on the results of independent validation where such results are up to date.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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