PGGM Investments operates in a continuously demanding and rapidly changing world. Risk management therefore is a highly material topic for us. We check whether our clients' investment policies are properly implemented and ensure that all internal and external regulations are strictly adhered to. We also assess whether the investment policy matches the ambition of the pension fund and the risk appetite of the participants.
We make a distinction between risks to which our institutional clients are directly exposed via their investments and risks to which PGGM Investments is exposed. In order to determine whether and to what extent there is exposure to specific risks, the risk appetite of each client is determined annually. This risk appetite constitutes our framework for decision making and contributes to an active and conscious risk culture. In this chapter we reflect on the most significant risks of 2021 and how we dealt with these risks.