A midsize bank specializing in residential mortgages and credit cards is planning to offer a new commercial loan product. The bank has an existing credit rating model for its residential mortgage products which has performed well and has been successfully backtested over several years, but the CRO considers whether the bank should develop and implement a new model for the commercial loan product. In addition, the CRO wants to ensure that the bank follows best practices for the development, validation, and implementation of any models that it uses. Which of the following actions should the CRO recommend that the bank take?