While systems or products are becoming increasingly complex and new technologies emerge to manage this growing complexity, the potential of virtualized or simulation‐based product development is not yet fully exploited. This is mainly due to the fact that simulation results are still not trusted enough. Therefore, this paper outlines a possible approach to derive and ensure required levels of modeling and simulation credibility from the criticality of a simulation task. Furthermore, a framework is presented for assessing the implementation of a credible simulation process. This framework is based on an existing process reference model, ensuring modeling and simulation credibility, and on a process assessment model, which has proven itself in the German automotive industry in the assessment of process capability. Finally, the introduction to this framework is demonstrated using an example from the automotive domain, i.e., the simulation‐based safety approval for the virtual testing of an Automated Lane Keeping System.