ERM concepts and Risk categorisation [54]

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Bullet points include: Non-systematic risks (aka idiosyncratic and/or specific risks)  Not ‘correlated’ with other sources of risk Largely diversifiable Systematic risks (aka industry-wide and/or market and/or undiversifiable risks) Not diversifiable, or not fully diversifiable E.g. Market interest rate risks for a group of pension liabilities, mortality/longevity trends if entity exposed to such risks

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