Public Accounts committee  Yes, thank you. During the time of the examination we confirmed that the procedure was in place and that procedures specifically addressed the requirements for model validations. However, we found that the procedure did not include risk assessment methodology that would enable classification and assessment of criticality and materiality of the models.

Public Accounts committee  It's fairly important. It's a good governance process. What we have confirmed through a special examination assessment is that a model validation process is in place. It's conducted by a risk management group, and all models that are critical material are subject to model validation, which is independent verification.