24.5.3. The board of directors for Old Crow, a regional bank, meets once a quarter. John Jones is the secretary and recorded the details of the last meeting. Key credit risk items discussed at last quarter’s meeting include:

• The board discussed new loan offerings and staffing of the credit management team.
• The board discussed risk measures, including variance and VAR levels of loans, and whether the levels of risk taken are indicative of risks being taken by the bank.
• Board members then reviewed the accuracy of the probability of default, loss given default, and exposure at default assumptions, along with the accuracy of external ratings models.
• After reviewing external ratings model, the board of directors reviewed the security of income from its loan portfolio.
• Board members then reviewed stress tests of loan portfolios and discussed the process of working out problematic loans.
• The board then looked at a series of reports that discussed concentration risk from numerous perspectives.

Which of the below answers most closely describes items the board of directors should have or should NOT have discussed relating to credit risk management at their meeting?