Question
Does IRB documentation need to be in English? Is there any official guideline on what documentation is acceptable in non-English language?
Background on the question
There are many Articles requiring documentation of the credit risk models (e.g. Article 169(1) of Regulation (EU) No 575/2013 (CRR) mentions "a rating system shall be documented and applied in a manner that appropriately reflects the level of risk."), however, it is not specified whether there is any requirement that the documentation of the models is in English. Some of the model documentation is in language different to English. This may be problematic if future ECB missions (e.g. TRIM) are not fluent in the non-English language.
Answer
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