‹ PIB A4.3.20 PIB A4.3.22 › PIB A4.3.21 An Authorised Firm must ensure that the model used to estimate volatilities captures all the material risks run by it. Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12] ‹ PIB A4.3.20 PIB A4.3.22 ›