Responsibility of the management board; involvement of third parties

(1) The management board is itself responsible 1. for the application to use the internal model under section 111(3) and the application for approval of later major changes to the model, 2. for the introduction of systems ensuring that the internal model functions properly on an ongoing basis, 3. for the continuing appropriateness of the design and operation of the internal model, and 4. for ensuring that the internal model at all times adequately reflects the risk profile of the insurance undertaking.
(2) The full or partial provision of the model or of data by third parties does not relieve the insurance undertaking of the duty to ensure that the internal model satisfies the requirements of sections 115 to 121.