This Tuesday Part 2 session (in combination with Monday Part 1) is based on a case study of a fictional insurance company and its efforts to install and then develop its financial model(s) over 3 – 4 years. There are case study materials of internal memos, reports and emails. The sessions involve organizing participants into teams to examine the situation and to role-play the likely discussions internally or between an external validator and the in-house team. We also will make brief instructional presentations on (a) model risk management and (b) model validation.