Complying with the ISO 26262 functional safety standard requires a level of rigor in verification and validation, traceability, documentation, and tool selection that is higher than the current practice in the automotive industry. Assessing ISO 26262 compliance needs to take into consideration key attributes of Model-Based Design such as executable specification, model-based verification, and automatic code generation. This presentation introduces a framework for gap analysis, as well as a case study conducted using the framework.