Article 11 1

(a)

the validation process is conducted by staff that is not nor has been involved in any way in the development of the internal model subject to validation;

(b)

the validation process is conducted with sufficient resources, including experienced and qualified staff;

(c)

the variable remuneration of the staff and senior managers responsible for the validation process is not dependent on the performance of the tasks related to the institution’s risk control or business areas in a way that hinders or impedes their independence;

(d)

all necessary corrective measures resulting from the validation process are reflected in the validation report referred to in paragraph 2, and implemented in a timely manner;

(e)

a decision-making process is in place to ensure that the senior management of the institution takes into account the findings and recommendations resulting from the validation process;

(f)

the reviewer referred to in Article 10(1), point (a), regularly assesses the compliance with the conditions referred to in Article 10(1), points (e) and (f).