12. Challenge and Adoption of the ILAAP

Effective from 2020-10-17 - Oct 16 2020
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This section should describe the extent of challenge and testing of the ILAAP. Accordingly, it would include the testing and control processes applied to the ILAAP models or calculations, and the senior management and Board of Directors review and sign off procedures.
In making an overall assessment of a bank's liquidity needs, matters described below should be addressed:
i.	The inherent uncertainty in any modeling approach.
ii.	Weaknesses in bank's risk management procedures, systems or controls.
iii.	The differences between regulatory liquidity and available liquidity.
iv.	The reliance placed on external consultants.
v.	An assessment made by an external reviewer or internal audit.