+Article 12 2

Article 12 2

2.   When assessing the completeness of the internal validation process, competent authorities shall verify whether:

(a)

for the internal validation conducted when the model is initially developed, the institution has performed and documented a complete validation process for all methodologies applied in the internal model;

(b)

for the periodic internal validation, the institution has conducted a complete validation, or has done the validation on areas to be validated following the changes referred to in paragraph 3 on:

(i)

any new methodologies required by the introduction of new products;

(ii)

areas related to any issues identified in the conclusions of previous validations and internal audit reviews.

1. Overview

,

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards