ERM for Pension Funds [27]

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Bullet points include: Manage funding and investment policy and sponsor covenant risk in tandem. Within a well crafted governance framework. Holistic approach inherent in ERM highly relevant to pension schemes. Approaches elsewhere provide benchmarks, especially in relation to 'governance'. Pension fund risk management is not just about investment risk. However, 'enterprise' aspects of traditional ERM approaches may need some modification. Depending on perspective and choice of 'entity' in question (the pension fund, sponsor and/or the two combined). Many modelling challenges arise when addressing questions where stakeholder perspectives differ, e.g. sponsor covenant valuation

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