Transcription of North American CRO Council
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North American CRO Council
North American CRO Council Model validation Principles Applied to Risk and Capital Models in the Insurance Industry 2012 No rt h A me rican CRO Council I nco rporated chairperso n@croco i Acknowledgement The CRO Council would like to thank Towers Watson for their support, guidance, and coordination throughout the development of this work product. ii Table of Contents Section 1 : Executive Summary ..1 Section 2 : Introduction ..3 Section 3 : Core validation Principles ..4 Section 4 : 18 Section 5 : Literature Review and References .. 19 iii This page is intentionally blank 1 Section 1: Executive Summary With the progression of computer technology, model development and use has increased.
3 Section 2:€Introduction By addressing aspects of model validation, the objective of this publication is to provide guidelines to interested stakeholders (i.e. internal management, rating agencies, and regulators) on how to
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