1. An institution using the IMM shall establish and maintain:
(a) a risk control unit that complies with paragraph 2;
(b) a collateral management unit that complies with paragraph 3.
2. The risk control unit shall be responsible for the design and implementation of its CCR management, including the initial and on-going validation of the model, and shall carry out the following functions and meet the following requirements:
(a) it shall be responsible for the design and implementation of the CCR management system of the institution;
(b) it shall produce daily reports on and analyse the output of the institution's risk measurement model. That analysis shall include an evaluation of the relationship between measures of CCR exposure values and trading limits;
(c) it shall control input data integrity and produce and analyse reports on the output of the institution's risk measurement model, including an evaluation of the relationship between measures of risk exposure and credit and trading
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