ERM frameworks [39]

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Bullet points include: Risk-based approach. applied consistently to both assets and liabilities, integrating technical provisions and capital requirements. Requires firms to implement comprehensive risk management framework. Emphasis on modelling interdependencies. Market consistent, i.e. mark-to-market (where possible & ‘risk margin’ where not). Standard formula or internal models. Large firms encouraged to measure/manage risk based on group-wide internal models

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