Undertakings must show the internal model is widely used in governance, risk management, decision making and capital assessment including the ORSA, at a consistent frequency, with the AMSB responsible for its ongoing appropriateness. The model's probability distribution forecast must rest on adequate actuarial and statistical techniques consistent with technical provisions, current credible information and justified assumptions, accurate complete data updated at least annually, cover all material risks, justify diversification and risk mitigation, assess options and guarantees, and may include realistic management actions. The SCR must be derived at 99.5 percent over one year or an equivalent protection; profit and loss must be attributed annually by major business unit; a regular validation cycle must test performance, stability and sensitivity; the design must be documented, including where it does not work; third-party models or data give no exemption.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.