On 28 March 2018, the European Central Bank (ECB) published for consultation the general topics chapter of its draft guide to internal models. The general topics chapter of the ECB guide to internal models is intended to inform institutions of how the ECB aims to ensure a uniform understanding of the general topics relating to internal models (e.g. internal model governance, internal validation, and internal audit). In this regard, the ECB will take each institution’s particular circumstances into due consideration when applying the relevant framework. The deadline for comments is 28 May 2018.