ERM concepts and Risk categorisation [52]

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Bullet points include: Focuses on ERM for pension funds and highlights risk categories such as market, credit (including sponsor covenant), liquidity, longevity (and other mortality/morbidity/insurance), expense, operational, group, strategic, project, legal, political, regulatory, reputational, employment (i.e. human resources) and accounting risk Also explores model risk, including following: Model selection risk (N.B. “all models are wrong, but some are useful”) Model construction risk Parameter risk Model output misinterpretation risk

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