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DA-2.2.3

Licensees providing digital financial advice must maintain and document the policies, procedures and controls to monitor and test their algorithm. They must ensure that, at a minimum, the following process are in place:

(a) have a documented test strategy that explains the scope of the licensee's testing of algorithms which should include
i. test plans,
ii. test cases,
iii. test results,
iv. defect resolution (if relevant), and
v. final test results.
(b) establish robust testing of algorithms to occur before digital financial advice is first provided to a client, and on a regular basis after that; and
(c) conduct stress tests at least once a year under various scenarios including extreme adverse and unpredictable market conditions.
Added: April 2019