While duration aspects are commonplace considerations for life & annuity companies in making investment decisions, it has only been very recently that broader aspects of risk have started to be looked at. In this session we look at what best practice companies doing to taking a more holistic approach to strategic and tactical asset allocation. In making investment decisions, are companies taking a wider view on risk and return that genuinely captures the impact on the liabilities as much as the impact on assets? Are capital (economic and statutory) aspects brought into consideration? And from a process perspective, how do Actuarial, Investments, Risk and ALM communicate and keep aligned on investment-related matters?