INVESTORS LOOK AT RISK, RE-EVALUATE PRACTICES: MOST SAY VAR MEASURES REMAIN VALUABLE.

Pensions & Investments, December, 1998 by Barr, Paul G.

Market turmoil in August and September led some institutional investors to re-evaluate and update their risk management practices, especially value at risk. Value at risk might have been getting too much emphasis at the expense of stress testing and other risk practices, said Leslie Rahl, principal for Capital Market Risk Advisors Inc., New York, which conducted a survey on risk management practices.

Executives at some institutions are taking steps to reduce their reliance on value at risk, Ms. Rahl said: ``No one measure is enough in the kind of world we're living in.'' But in interviews with Pensions & Investments, executives at GE Investments, Ontario Teachers' Pension Plan Board, World Bank, New York City Retirement Systems and Commonfund Group said...

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