1310

Generally, validation would where relevant involve qualitative and quantitative aspects. Validation requires an assessment by the validator of the (conclusions of) the assessment by of the model developer or the person who has carried out the assessment of the criteria.  In order to ensure independence of the validation process, the persons or organisational unit carrying out the validation, shall be free from influence from those responsible for the original assessment of the criteria, or for the development of the financial model and have no potential conflicts of interests. An external audit is not required. Where the governance structure allows, the undertaking itself can conduct the validation Alternative 1 would be inappropriate in this respect as there would be no validation.