Lloyd’s requires all managing agents to submit a Data Audit Report in line with FSA requirements. In the Solvency II Guidance from Lloyds it states:
The Data Audit Report should be produced as a result of a review conducted by a suitably qualified person, independent from the individuals responsible for the design, build, parameterisation and implementation of the internal model. The author of the Data Audit Report must therefore be independent of the normal operation of the model. For example, Internal Audit may be used or other internal teams or functions which have relevant experience and skills. Managing agents may also wish to consider using the same personnel that carried out model validation, providing they are suitably qualified and remain independent
We are able to produce an independant data audit report for submission to Lloyds based on latest guidance. We have years of expertise in this role and close contact with many managing agents.
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