The FSA published the qualitative results of the IMAP thematic review on the 18th of February.
“The purpose of the review was to identify better practice in firms to help us understand the four areas in preparation for the pre-application phase of the internal model approval process. Firms were also able to use the review to help them understand our expectations and to evaluate how ready they are to meet the requirements of Solvency II where appropriate.”
One of the findings published in the report was that data management still required comparatively more work to achieve likely Solvency II requirements.
Most importantly, according to the report, firms interviewed did not have a documented validation policy that explained the processes used to validate their internal model.
For the full report, click on the following link on the FSA website: