5.1 The PRA expects an appropriate individual in a Senior Management Function (SMF) role to provide to the PRA on an annual basis written attestation that:

• the firm’s IMM models for which it has received a permission comply with the requirements in Part Three Title II of the CRR, and any appropriate PRA counterparty credit risk supervisory statements; and

• where a model has been found not to be compliant, a credible plan for a return to compliance is in place and being completed.

5.2 Firms should agree the appropriate SMF for providing compliance attestations with the PRA, noting that the PRA would not expect to agree more than two SMFs to cover all the firm’s IMM models as described in Part Three Title II of the CRR.