Quantitative Validation: An Overview and Framework for PD Backtesting and Benchmarking.

The aim of credit risk models is to identify and quantify future outcomes of a set of risk measurements. In other words, the model's purpose is to provide as good an approximation as possible of what constitutes the true underlying risk relationship between a set of inputs and a target variable. These parameters are used for regulatory capital calculations to determine the capital needed that serves a buffer to protect depositors in adverse economic conditions. In order to manage model risk, financial institutions need to set up validation processes so as to monitor the quality of the models on an ongoing basis. Validation is important to inform all stakeholders (e.g. board of directors, senior management, regulators, investors, borrowers, …) and as such allow them to make better decisions. Validation can be considered from both a quantitative and qualitative point of view. Backtesting and benchmarking are key quantitative validation tools. In backtesting, the predicted risk measurements (PD, LGD, CCF) will be contrasted with observed measurements using a workbench of available test statistics to evaluate the calibration, discrimination and stability of the model. A timely detection of reduced performance is crucial since it directly impacts profitability and risk management strategies. The aim of benchmarking is to compare internal risk measurements with external risk measurements so to allow to better gauge the quality of the internal rating system. This paper will focus on the quantitative PD validation process within a Basel II context. We will set forth a traffic light indicator approach that employs all relevant statistical tests to quantitatively validate the used PD model, and document this complete approach with a reallife case-study.Framework; Benchmarking; Credit; Credit scoring; Control;

Simultaneous visualization of language endangerment and language description

The world harbors a diversity of some 6,500 mutually unintelligible languages.As has been increasingly observed by linguists, many minority languages are be-coming endangered and will be lost forever if not documented. Urgently indeed,many efforts are being launched to document and describe languages. This under-taking naturally has the priority toward the most endangered and least describedlanguages. For the first time, we combine world-wide databases on language de-scription (Glottolog) and language endangerment (ElCat, Ethnologue, UNESCO)and provide two online interfaces, GlottoScope and GlottoVis, to visualize thesetogether. The interfaces are capable of browsing, filtering, zooming, basic statis-tics, and different ways of combining the two measures on a world map back-ground. GlottoVis provides advanced techniques for combining cluttered dotson a map. With the tools and databases described we seek to increase the overallknowledge of the actual state language endangerment and description worldwid

From spinal central pattern generators to cortical network: integrated BCI for walking rehabilitation

Success in locomotor rehabilitation programs can be improved with the use of brain-computer interfaces (BCIs). Although a wealth of research has demonstrated that locomotion is largely controlled by spinal mechanisms, the brain is of utmost importance in monitoring locomotor patterns and therefore contains information regarding central pattern generation functioning. In addition, there is also a tight coordination between the upper and lower limbs, which can also be useful in controlling locomotion. The current paper critically investigates different approaches that are applicable to this field: the use of electroencephalogram (EEG), upper limb electromyogram (EMG), or a hybrid of the two neurophysiological signals to control assistive exoskeletons used in locomotion based on programmable central pattern generators (PCPGs) or dynamic recurrent neural networks (DRNNs). Plantar surface tactile stimulation devices combined with virtual reality may provide the sensation of walking while in a supine position for use of training brain signals generated during locomotion. These methods may exploit mechanisms of brain plasticity and assist in the neurorehabilitation of gait in a variety of clinical conditions, including stroke, spinal trauma, multiple sclerosis, and cerebral palsy

Core Concepts in the Dutch Civil Code: Continuously in Motion

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Discharge of parental authority: considerations regarding the compatibility of the new provision of the Dutch Civil Code with the European Convention on Human Rights.

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Rechtsvinding in een meerlagige rechtsorde

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Rechtsvinding in een meerlagige rechtsorde

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