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The document discusses the development of a new framework for evaluating the effectiveness of financial institutions' risk management practices. The framework is designed to assess the quality of risk management practices and provide recommendations for improvement. The framework consists of three key components: (1) risk assessment, (2) risk monitoring, and (3) risk governance. The document also highlights the importance of considering the impact of demographic changes on financial institutions' risk management practices.
The framework is intended to be used by financial institutions to evaluate their own risk management practices and identify areas for improvement. The document provides a detailed explanation of the framework and its components, as well as examples of how it can be applied in practice.
The framework is designed to be flexible and adaptable to the unique needs of different financial institutions. It is intended to be used as a tool to help financial institutions improve their risk management practices and better manage their risk.
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