Risk Management And The Pension Fund Industry

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Risk Management and the Pension Fund industry

International Monetary Fund. Monetary and Capital Markets Department
Risk Management and the Pension Fund industry Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 44 pages
File Size : 42,6 Mb
Release : 2004-10-14
Category : Business & Economics
ISBN : 9781451939293

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Risk Management and the Pension Fund industry by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper looks at the longer-term challenges pension funds face as population age and key issues to address to enhance their risk management practices and their role as long-term investors. The paper focuses primarily on Japan, the Netherlands, Switzerland, the United Kingdom, and the United States, where funded pension plans are most developed. The size of pension savings in these countries, their projected growth, and the recent development of funded pension schemes in other countries highlight the fast-growing importance of pension funds for international capital markets and to financial stability.

Pension Fund Risk Management

Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala
Pension Fund Risk Management Book PDF

Author : Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala
Publisher : CRC Press
Page : 766 pages
File Size : 46,6 Mb
Release : 2010-01-25
Category : Business & Economics
ISBN : 9781439817544

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Pension Fund Risk Management by Marco Micocci,Greg N. Gregoriou,Giovanni Batista Masala Pdf

As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr

Risk-Based Supervision of Pension Funds

Greg Brunner,Roberto Rocha
Risk Based Supervision of Pension Funds Book PDF

Author : Greg Brunner,Roberto Rocha
Publisher : World Bank Publications
Page : 236 pages
File Size : 43,9 Mb
Release : 2008-04-01
Category : Business & Economics
ISBN : 082137494X

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Risk-Based Supervision of Pension Funds by Greg Brunner,Roberto Rocha Pdf

'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined–Australia, Denmark, Mexico, and the Netherlands–provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.

Risk Management for Pension Funds

Francesco Menoncin
Risk Management for Pension Funds Book PDF

Author : Francesco Menoncin
Publisher : Springer Nature
Page : 239 pages
File Size : 43,8 Mb
Release : 2021-02-09
Category : Business & Economics
ISBN : 9783030555283

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Risk Management for Pension Funds by Francesco Menoncin Pdf

This book presents a consistent and complete framework for studying the risk management of a pension fund. It gives the reader the opportunity to understand, replicate and widen the analysis. To this aim, the book provides all the tools for computing the optimal asset allocation in a dynamic framework where the financial horizon is stochastic (longevity risk) and the investor's wealth is not self-financed. This tutorial enables the reader to replicate all the results presented. The R codes are provided alongside the presentation of the theoretical framework. The book explains and discusses the problem of hedging longevity risk even in an incomplete market, though strong theoretical results about an incomplete framework are still lacking and the problem is still being discussed in most recent literature.

Retirement System Risk Management

Olivia S. Mitchell,Raimond Maurer,J. Michael Orszag
Retirement System Risk Management Book PDF

Author : Olivia S. Mitchell,Raimond Maurer,J. Michael Orszag
Publisher : Oxford University Press
Page : 256 pages
File Size : 53,7 Mb
Release : 2016-11-10
Category : Business & Economics
ISBN : 9780192512321

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Retirement System Risk Management by Olivia S. Mitchell,Raimond Maurer,J. Michael Orszag Pdf

In the wake of the worst financial crisis since the Great Depression, lawmakers and regulators around the world have changed the playbook for how banks and other financial institutions must manage their risks and report their activities. The US Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the European System of Financial Supervision (ESFS) is also crafting a framework to supervise regulated financial sector institutions including banks, insurers, pension funds, and asset managers. The implosion of the financial sector has also prompted calls for accounting changes from those seeking to better understand how assets and liabilities are reported. Initially banks were seen by many as the most important focus for regulatory reform, but other institutions are now attracting policymaker attention. There is logic to this in terms of managing systemic risk and ensuring a level playing field that avoids arbitrage between institutional structures. Yet the nature of pension and insurer liabilities is so different from that of bank liabilities that careful attention is needed in drafting appropriate rules. The new rules are having both direct and spill-over effects on retirement systems around the world. The first half of this volume undertakes an assessment of how global responses to the financial crisis are potentially altering how insurers, pension plan sponsors, and policymakers will manage risk in the decades to come. The second half evaluates developments in retirement saving and retirement products, to determine which and how these might help meet shortfalls in retirement provision.

The Future of Pension Management

Keith P. Ambachtsheer
The Future of Pension Management Book PDF

Author : Keith P. Ambachtsheer
Publisher : John Wiley & Sons
Page : 256 pages
File Size : 46,5 Mb
Release : 2016-02-23
Category : Business & Economics
ISBN : 9781119191001

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The Future of Pension Management by Keith P. Ambachtsheer Pdf

A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. Learn how pension management practices are improving Examine the uptick in positive outcomes over recent years Discover why pension investing is turning toward the long-term Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.

Risk Management for Pensions, Endowments, and Foundations

Susan M. Mangiero
Risk Management for Pensions Endowments and Foundations Book PDF

Author : Susan M. Mangiero
Publisher : John Wiley & Sons
Page : 296 pages
File Size : 44,7 Mb
Release : 2005
Category : Business & Economics
ISBN : CORNELL:31924099492484

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Risk Management for Pensions, Endowments, and Foundations by Susan M. Mangiero Pdf

This is a non-technical primer about the risk management process for endowments, foundations and pension funds. The book goes beyond coverage of the risk-return characteristics of derivative instruments to provide decision-makers with practical information.

Risk-Based Supervision of Pension Funds

Roberto Rezende Rocha,Greg Brunner,Richard P. Hinz
Risk Based Supervision of Pension Funds Book PDF

Author : Roberto Rezende Rocha,Greg Brunner,Richard P. Hinz
Publisher : Unknown
Page : 215 pages
File Size : 42,9 Mb
Release : 2008
Category : Pension trusts
ISBN : OCLC:748527983

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Risk-Based Supervision of Pension Funds by Roberto Rezende Rocha,Greg Brunner,Richard P. Hinz Pdf

Risk-Based Supervision of Pension Funds provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined - Australia, Denmark, Mexico, and the Netherlands - provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.

Investment Theory and Risk Management, + Website

Steven Peterson
Investment Theory and Risk Management Website Book PDF

Author : Steven Peterson
Publisher : John Wiley & Sons
Page : 464 pages
File Size : 44,7 Mb
Release : 2012-05-08
Category : Business & Economics
ISBN : 9781118129593

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Investment Theory and Risk Management, + Website by Steven Peterson Pdf

A unique perspective on applied investment theory and risk management from the Senior Risk Officer of a major pension fund Investment Theory and Risk Management is a practical guide to today's investment environment. The book's sophisticated quantitative methods are examined by an author who uses these methods at the Virginia Retirement System and teaches them at the Virginia Commonwealth University. In addition to showing how investment performance can be evaluated, using Jensen's Alpha, Sharpe's Ratio, and DDM, he delves into four types of optimal portfolios (one that is fully invested, one with targeted returns, another with no short sales, and one with capped investment allocations). In addition, the book provides valuable insights on risk, and topics such as anomalies, factor models, and active portfolio management. Other chapters focus on private equity, structured credit, optimal rebalancing, data problems, and Monte Carlo simulation. Contains investment theory and risk management spreadsheet models based on the author's own real-world experience with stock, bonds, and alternative assets Offers a down-to-earth guide that can be used on a daily basis for making common financial decisions with a new level of quantitative sophistication and rigor Written by the Director of Research and Senior Risk Officer for the Virginia Retirement System and an Associate Professor at Virginia Commonwealth University's School of Business Investment Theory and Risk Management empowers both the technical and non-technical reader with the essential knowledge necessary to understand and manage risks in any corporate or economic environment.

Risk-Based Supervision of Pension Funds in Australia

Graeme Thompson
Risk Based Supervision of Pension Funds in Australia Book PDF

Author : Graeme Thompson
Publisher : World Bank Publications
Page : 38 pages
File Size : 44,9 Mb
Release : 2012
Category : Electronic
ISBN : 8210379456XXX

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Risk-Based Supervision of Pension Funds in Australia by Graeme Thompson Pdf

This paper examines the development of risk-based supervision of pension funds in Australia. The large number of pension funds has meant that since the inception of pension fund supervision in the early 1990's the regulator has sought to identify high risk funds and focus its attention on these funds. However, the regulator developed a more sophisticated risk-rating model, known as PAIRS/SOARS, in 1992 in order to apply a more disciplined and consistent ratings methodology. Four reasons are given for the move towards more sophisticated risk-based supervision: 1) creation of an integrated supervisor which allowed the use of techniques used in banking and insurance to be adopted for pension fund; 2) the need to better use available supervisory resources; 3) several pension fund failures; and 4) concerns about industry weaknesses. Supervisory techniques used particularly in the banking industry, such as universal licensing, 'fit and proper' assessment, and risk management requirements were adopted for the pension sector between 2004 and 2006. The paper provides an outline of the PAIRS/SOARS risk-rating model which was also adopted. It observes that the approach provides an analytical discipline to risk assessment, strengthens the link between risk assessment and supervisory response, and allows better targeting of supervisory resources.

Risk-Based Supervision of Pension Funds in Australia

Graeme Thompson
Risk Based Supervision of Pension Funds in Australia Book PDF

Author : Graeme Thompson
Publisher : Unknown
Page : 38 pages
File Size : 43,8 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290703109

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Risk-Based Supervision of Pension Funds in Australia by Graeme Thompson Pdf

This paper examines the development of risk-based supervision of pension funds in Australia. The large number of pension funds has meant that since the inception of pension fund supervision in the early 1990's the regulator has sought to identify high risk funds and focus its attention on these funds. However, the regulator developed a more sophisticated risk-rating model, known as PAIRS/SOARS, in 1992 in order to apply a more disciplined and consistent ratings methodology. Four reasons are given for the move towards more sophisticated risk-based supervision: 1) creation of an integrated supervisor which allowed the use of techniques used in banking and insurance to be adopted for pension fund; 2) the need to better use available supervisory resources; 3) several pension fund failures; and 4) concerns about industry weaknesses. Supervisory techniques used particularly in the banking industry, such as universal licensing, 'fit and proper' assessment, and risk management requirements were adopted for the pension sector between 2004 and 2006. The paper provides an outline of the PAIRS/SOARS risk-rating model which was also adopted. It observes that the approach provides an analytical discipline to risk assessment, strengthens the link between risk assessment and supervisory response, and allows better targeting of supervisory resources.

Strategic Risk Management

David Iverson
Strategic Risk Management Book PDF

Author : David Iverson
Publisher : John Wiley & Sons
Page : 213 pages
File Size : 48,9 Mb
Release : 2013-09-03
Category : Business & Economics
ISBN : 9781118176436

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Strategic Risk Management by David Iverson Pdf

A comprehensive guide to the key investment decisions all investors must make and how to manage the risk that entails Since all investors seek maximize returns balanced against acceptable risks, successful investment management is all about successful risk management. Strategic Risk Management uses that reality as a starting point, showing investors how to make risk management a process rather than just another tool in the investor's kit. The book highlights and explains primary investment risks and shows readers how to manage them across the key areas of any fund, including investment objectives, asset allocation, asset class strategy, and manager selection. With a strong focus on risk management at the time of asset allocation and at the time of implementation, the book offers important guidance for managers of benefit plans, endowments, defined contribution schemes, and family trusts. Offers a thorough examination of the role of risk management in the decision-making process for asset allocation, manager selection, and other duties of fund managers Written by the current head of portfolio design for the New Zealand Superannuation Fund Addresses the fundamental importance of risk management in today's post-crisis fund management landscape Strategic Risk Management is a comprehensive and easy-to-read guide that identifies the primary risks investors face and reveals how best to manage them.

The Money Flood

Michael J. Clowes
The Money Flood Book PDF

Author : Michael J. Clowes
Publisher : John Wiley & Sons
Page : 326 pages
File Size : 52,6 Mb
Release : 2000-06-13
Category : Business & Economics
ISBN : 9780471384830

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The Money Flood by Michael J. Clowes Pdf

Praise for Michael J. Clowes and the money flood "What a fine book! As an active participant in the revolution in pension investing, I could almost feel the times and tides of the past half-century shifting beneath me. Mike Clowes's splendid and articulate tour through the era is destined to become a landmark on the bookshelves of everyone interested in this illuminating history of the past, as well as its portents of the future."-John C. Bogle, founder, The Vanguard Group "The corporate pension fund ranks high among the spectacular financial innovations of the twentieth century. Mike Clowes has built a fascinating story about the impact of this flood of money on the theory and practice of investing, the financial markets, the labor force, corporate management, and the general economy. The far-reaching consequences of these changes make this authoritative and lively book must-reading for everyone."-Peter L. Bernstein, President, Peter L. Bernstein, Inc., author, Against the Gods: The Remarkable Story of Risk "The definitive history of the rise of pension fund capitalism in America."-Keith Ambachtsheer, President, KPA Advisory, author, Pension Fund Excellence: Creating Value for Shareholders "Beautifully written, broad in coverage of all the best parts of a great American story, Mike Clowes's new book gives us an easy-to-read and easy-to-enjoy explanation of who did what and when in the investment revolution of the past half-century."-Charles D. Ellis, Partner, Greenwich Associates, author, The Investor's Anthology: Original Ideas from the Industry's Greatest Minds

Investment Risk and Uncertainty

Steven P. Greiner
Investment Risk and Uncertainty Book PDF

Author : Steven P. Greiner
Publisher : John Wiley & Sons
Page : 608 pages
File Size : 51,8 Mb
Release : 2013-03-14
Category : Business & Economics
ISBN : 9781118421413

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Investment Risk and Uncertainty by Steven P. Greiner Pdf

Valuable insights on the major methods used in today's asset and risk management arena Risk management has moved to the forefront of asset management since the credit crisis. However, most coverage of this subject is overly complicated, misunderstood, and extremely hard to apply. That's why Steven Greiner—a financial professional with over twenty years of quantitative and modeling experience—has written Investment Risk and Uncertainty. With this book, he skillfully reduces the complexity of risk management methodologies applied across many asset classes through practical examples of when to use what. Along the way, Greiner explores how particular methods can lower risk and mitigate losses. He also discusses how to stress test your portfolio and remove the exposure to regular risks and those from "Black Swan" events. More than just an explanation of specific risk issues, this reliable resource provides practical "off-the-shelf" applications that will allow the intelligent investor to understand their risks, their sources, and how to hedge those risks. Covers modern methods applied in risk management for many different asset classes Details the risk measurements of truly multi-asset class portfolios, while bridging the gap for managers in various disciplines—from equity and fixed income investors to currency and commodity investors Examines risk management algorithms for multi-asset class managers as well as risk managers, addressing new compliance issues and how to meet them The theory of risk management is hardly ever spelled out in practical applications that portfolio managers, pension fund advisors, and consultants can make use of. This book fills that void and will put you in a better position to confidently face the investment risks and uncertainties found in today's dynamic markets.

Risk Management Issues in Insurance

Martin Bird,Tim Gordon
Risk Management Issues in Insurance Book PDF

Author : Martin Bird,Tim Gordon
Publisher : A&C Black
Page : 221 pages
File Size : 52,9 Mb
Release : 2013-09-26
Category : Business & Economics
ISBN : 9781849300674

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Risk Management Issues in Insurance by Martin Bird,Tim Gordon Pdf

The financial crisis of 2008 had little impact on the insurance industry globally, unlike the solvency issues within other financial sectors. This title looks at the major risk concerns within insurance and how the industry as a whole deals with potential threats to its business in the short, medium, and long term. It will demystify how insurers cope with liquidity risk, counterparty risk, tail-event risk (catastrophe), longevity risk, and the impact of climate change.