Nine working groups, led by representatives of LMA member firms, have been formed for specific areas where guidance is required. These are:
- System of governance
- Model scope and use
- Statistical quality standards
- Calibration, validation and profit & loss attribution
- External models and data
- Technical provisionsSupervisory reporting and disclosure
The members of the Committee are the group leaders of the above working groups and two representatives from the LMA Executive. Three representatives from Lloyd’s have been co-opted onto the Committee.