1. Inventory
Identify material models, spreadsheets, calculators, vendor models, rating tools, workflows, and decision rules.
2. Materiality and tiering
Use decision impact, complexity, data sensitivity, financial significance, regulatory use, and dependency to determine control intensity.
3. Documentation
Require purpose, scope, data, assumptions, methods, limitations, users, outputs, controls, and operating procedures.
4. Validation and review
Define who independently reviews the model, what testing is required, and how findings are resolved.
5. Change control
Record versions, requested changes, testing, approvals, emergency fixes, implementation dates, and rollback considerations.
6. Monitoring and escalation
Set ongoing performance, assumption, data, override, incident, and finding thresholds that trigger review or escalation.
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