85% of respondent’s pension fund boards had raised risk management as an agenda item in the last six to nine months. The result of this was that several funds made adjustments to their risk management policies. “[We have] discussed and set a new limit for the value at risk [to] make sure that accounting risk (funding ratio according to IAS19) is taken more into consideration, and therefore [we] invest more in corporate bonds,” said a UK fund. A Dutch fund stated their plan was to “improve internal risk control and reporting systems, the assignment of a new independent risk manager, and adaptations in working procedures with more focus on risk management”. Over half the survey respondents (52%) were only partially confident that the models used by their ALM provider took into account current economic and financial market conditions. Some 32% were confident of this, while 16% were not. (FREE REGISTRATION REQUIRED)