The board of directors of a fast-growing US-based bank is discussing a report of findings and recommendations issued after a recent regulatory review of the bank's risk management framework. A board member notes that the regulators have identified deficiencies in the bank's model validation process, and recommends that the CRO develop a plan for improvement in this area. The CRO consults the Federal Reserve guidelines for examples of best practices, and identifies ways that the bank can improve its validation approaches to conform with the guidelines. Which of the following recommendations is appropriate for the CRO to make?