ERM for Pension Funds [9]

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Bullet points include: Holistic element highly relevant. But (for profit) enterprise element of ERM needs some refining when entity (client) is fund in isolation. Which it sometimes needs to be when interests of different stakeholders diverge. Requires effective management of funding, investment policy and sponsor covenant exposure in tandem (for a typical UK DB scheme). And within a well crafted governance framework, that includes, e.g. Clarity / transparency. Joined up thinking.

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