Changes to the internal model

The documentation of the internal model shall include a record of minor and major changes to the internal model, including all of the following:

(a) a description of the rationale for the minor and major changes;

(b) a description of the implications of the major changes for the design and operations of the internal model;

(c) where a major change or a combination of minor changes has a material impact on the outputs of the internal model, a quantitative and qualitative comparison of the outputs before and after the change relating to the same valuation date.