When assessing and documenting circumstances under which the internal model does not work effectively, insurance and reinsurance undertakings shall take all of the following into account:

(a) the risks which are not covered by the internal model;

(b) the limitations in risk modelling used in the internal model;

(c) the nature, degree and sources of uncertainty connected with the results of the internal model including the sensitivity of the results for the key assumptions underlying the internal model;

(d) the deficiencies in data used in the internal model and the lack of data for the calculation of the internal model;

(e) the risks arising out of the use of external models and external data in the internal model;

(f) the limitations of information technology used in the internal model;

(g) the limitations of internal model governance.