5A.1 For firms with permission to use the standardised approach to CVA risk (SA-CVA), the PRA expects an appropriate individual in an SMF role to provide to the PRA on an annual basis written attestation that:

• the firm’s internal approaches for which it has received a permission comply with the requirements in the Credit Valuation Adjustment Risk Part, and any appropriate PRA counterparty credit risk supervisory statements; and

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

5A.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 SA-CVA approaches, as described in the Credit Valuation Adjustment Risk Part.