(a)

the reviewer is independent;

(b)

the resources assigned to the review are appropriate;

(c)

the process established within the institution to address the recommendations made by the reviewer is adequate;

(d)

the reviewer reviews the internal risk-measurement models on at least an annual basis, and includes the conclusions of that review in a report submitted to the senior management and the management body;

(e)

the report referred to in point (d) provides sufficient information to the senior management and the management body of the institution on all elements referred to in Article 325bi(2) and Article 325bp(7) of Regulation (EU) No 575/2013, and identifies the areas in the annual work plan that require a more detailed compliance analysis of those elements;

(f)

the review is adequate, proportionate to the size and the complexity of the portfolios concerned, and effective in identifying shortcomings.

(a)

the review is proportionate to the nature, size, and complexity of the institution’s business and organisational structure, and in particular to the complexity of the internal models and their implementation;

(b)

the reviewer has resources that are adequate to undertake all relevant activities, and sufficiently experienced and qualified staff;

(c)

the reviewer is not, nor has been involved in any aspect of the design and implementation of the internal model subject to review;

(d)

the reviewer is independent from the staff and management function responsible for the business and risk control units;

(e)

the variable remuneration of the staff and management responsible for the review is not linked to the performance of the tasks related to the institution’s trading business areas in a way that hinders or impedes their independence.