How do you value or price liquidity because I think we all took liquidity for granted and right until it’s not there and it happened so broadly and you can see what that did in bond market as an example. There is the whole examination of what is next-generation enterprise risk management. Most of us were in probably a phase emergent as far as ERM movements, while the industry is clearly moving into a third phase of that now because there were a lot of assumptions in the bond models in that. We have a lot of data in many of the sectors, you’re much more able to go back and back test and run everything from your liabilities, investment scenarios, back to the period that '07, early '09, and see what it does.
流動性というものをどう評価しているだろうか。私たちは流動性を当たり前で正しいものだと思っているが、失われて初めて、それが広い範囲におきていて、株式市場で一つの事例としての役目を果たしていたことに気がつく。次世代のリスクマネジメントとは何か、という調査がある。ERM（欧州為替相場メカニズム）が機能する限り、おそらく私たちのほとんどは緊急フェーズにいたが、今や産業が第３フェーズに移行しようとしているのは明確である。そこには多くの株式モデルがあるからだ。多部門に渡る多くのデータがあるので、自分の責任で様々な投資シナリオを試したり、実行したりすることが可能である。07年や09年初期に戻って、その投資シナリオがどんなだったか見ることもできる。
I think the ERM is getting a much more requirement. All the prospects in the risk front, I think, it’s important that organizations reflect, are honest with what worked or honest what didn’t work and also where capabilities needed to change issue 1. Issue 2 is regulation. Clearly now is, I think, a time to be engaged because I think we’re resetting the regulatory table at the low end for 20 years and at the high end for 30 or 40 years. There’re all these guidelines that our standard focused on and I think it’s important to be engaged in them and not be an observer on that front.
You can see what happens if you don’t, I think in some cases, there are a few issues where there was a little bit slower engagement on the insurance industry because the banks were at the forefront and then there was a bit of a catch-up , if you will.
I think in this area, though, there is always this tendency that’s lessened later on more regulation. I think what one has to be reflected about is where were regulations adequate but they just weren’t executed well. Execution is a lot different than just lettering on and I think – I know that it’s sort of like a train moving on the track but slowing that down and looking at that is time well spent for our partners.
