Chiara Francesca Capelli, graduated in Statistics and Economics, after a short experience in a German bank located in Frankfurt, joined UniCredit in 2003 working on the first version of the Group Credit Var model. After an experience in IRB models development, mainly focusing on Italian PD and LGD models, she was one of the founder of UniCredit validation function. First focus was on Italian models and, after a period with a further activities on Germany, she was appointed head of the unit taking care of the validation of all local rating systems used to calculate regulatory capital over more than ten countries. Dealing with both models and rating processes, she contributed to the improvement of the risk management system within the Group also through internal benchmarking activities aimed at assessing the actual comparability of parameters estimates. Thanks to the highly detailed experience on the topic she was involved in important regulatory activities such as the comprehensive assessment and the following stress test. During the period in validation she was guest teaching for some universities (SDA Bocconi and Politecnico di Milano) as well as speaker in some conventions such as Eurobanking 2005 in Copenhagen, European Credit Risk in Paris (2008) and 6th Annual Credit Risk in Banking in Barcelona (2013). She is currently facing a new challenge in the Group Rating Governance department as head of the newly set up unit in charge of the homogenization of all rating systems, both regulatory and managerial, all over the Group. The aim of the recently launched project is the definition of a Group standard leveraging on the important experiences made by every single Legal Entity over time, also in light of the regulatory changes and especially of the recently settles Single Supervisory Mechanism. In this context, analysis and interpretation of the new regulation are a fundamental pillar. The unit is also responsible for supporting the Group position on the consultation papers issued by the EBA, also through the active participation to regulatory exercises such as QIS and EBA benchmarking. She is actively participating in national and international round tables organized by ABI, EBF, AFME and IIF. Another fundamental project concerns the new accounting standards, specifically IFRS9 and IFRS13, which are being developed based on a consistent framework at Group level under her coordination. Finally, she is supporting and coordinating local development activities especially in those countries which are supposed to roll-out to IRB approach in the next few years.