The catastrophe view of risk is validated on a risk basis. Baseline: validation of external or internal models as Solvency II requires, with a documented validation process; for non-natural perils also back-testing against claims, validation against emerging risks and changes in the risk landscape, and sensitivity testing of key assumptions. Higher levels add consideration of alternative models and assumptions, understanding of uncertainty, a model change programme driven by validation, and validation feedback into pricing, reserving and risk management.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.