131203MSAD_e
17/26 Capital Management (3) Enterprise Risk Management to Deal with Financial Crises, Natural Disasters, and a Tightening of Regulations
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00:13:46.6
Let's move on to page 14. Now I would like to explain ERM, or enterprise risk management. In ERM, we calculate total risk exposure through quantitative analysis using the in-house model and qualitative analysis and regularly monitor the difference between total risk exposure and net asset value to secure capital adequacy. In preparation for a sharp deterioration in market indicators and natural disasters which is increasing the uncertainty, and the tightening of capital requirements, the Group aims to achieve a adequate level of capital in the medium term that is enable us to invest into risk assets to achieve growth and a solvency level based on economic value that is equivalent to that of the world's top players. As shown in the graph on this slide, the difference between total risk exposure and the net asset value has been expanding sharply since the end of last year, reflecting the strong stock market. The sensitivity of our assets to stock prices, however, remains high, and we will continue to prioritize sales of strategic equity holdings.
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