ERM for Pension Funds [6]

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Bullet points include: Enterprise in ERM has two potential connotations: Holistic (‘enterprise’-wide, i.e. ‘entity’-wide) management of risk. Management of business/portfolio as an ‘enterprise’ (for profit). But not all entities are ‘for profit’. DB pension funds do not exist solely to make money for shareholders. Instead have a special purpose, to pay liabilities to beneficiaries as they fall due. Kemp and Patel (2011) explore this issue. And argue that actuaries offer right blend of qualitative (governance) as well as quantitative (modelling) skills to help

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