Institution route · Pension funds
Long-horizon capital needs risk evidence that outlives the committee that approved it.
Performance is reviewed quarterly. Survivability is discovered once. Pension trustees need a second view on tails, liquidity and manager-reported risk before stress arrives.
Founder-direct intake · NDA before data · review-grade evidence
The fund owns the obligation even when managers own the reports. SAA provides deterministic, replayable risk evidence across portfolio tails, liquidity pressure, manager exposures and governance packs for trustee review. It sits beside the existing consultant, custodian and manager stack.
Four risks pension committees cannot outsource completely.
A pension fund may delegate mandates, but it cannot delegate accountability for concentration, liquidity and tail exposure.
The graded and the grader are the same firm.
Pain. External managers often report the risk of the same portfolio they are paid to run.
SAA. Independent challenger output beside manager reporting, with evidence boundaries attached.
Illiquidity hides until everyone sells.
Pain. Private assets, long-duration exposure and gated structures can look stable until cash is needed – or until collateral calls on hedging programmes arrive faster than assets can be sold.
SAA. Liquidity ladders, stress scenarios and concentration flags built for trustee review.
The horizon is longer than the dashboard.
Pain. Quarterly dashboards rarely show whether the fund survives the sequence of shocks that matters.
SAA. Drawdown and recovery views across multiple horizons, not just one snapshot.
The paper trail decays.
Pain. A decision made today may be questioned years later by a different board.
SAA. Replayable output with sources, versions and hashes in every pack.
Four workflows for trustee-grade oversight.
The goal is not another allocation system. The goal is an evidence layer that helps committees challenge what they already receive.
Deep-tail portfolio pack
VaR, CVaR, ES, drawdown, recovery and liquidity pressure across the total portfolio.
External-manager review
Independent second opinion on manager-reported risk, concentration and factor exposure.
Sovereign and macro stress
Country, inflation, rates, infrastructure and supply-chain context when macro risk reaches assets, including rates and inflation scenarios relevant to liability-driven allocations. Asset-side analysis only – liability modelling remains with your actuary.
Trustee reporting file
Board-pack PDF with claim boundaries, assumptions and replay instructions.
Drawdown & recovery
The horizon is longer than the dashboard.
Stress should not end at the next reporting date. SAA packages drawdown, liquidity pressure and recovery paths across horizons so trustees can inspect what survives, not only what performs.
Review exhibit
One mandate, multiple horizons.
A trustee pack should show the path, not just the point estimate: drawdown, liquidity pressure and recovery under the same replayable evidence trail.
Rates · inflation · liquidity pressure · replay manifest
Evidence, not status theatre.
Each institution route returns the same object: numbers, sources, owner, replay path and cannot-claim boundary.
DRCET and deterministic compute
An open method for checking whether a fast risk engine returns the Monte Carlo answer, with deterministic numbers and replayable evidence.
See methodology →Routes to the right surface
Risk Analyzer, Global Risk, ARIN and KOKON are used only where their claim boundary fits the institution workflow.
Open solutions →Independence Charter
No replacement claim, no hidden endorsement claim, no stronger claim than the evidence can replay.
Read charter →Founder-direct intake
Bring one mandate or one portfolio question.
We return a trustee-readable evidence pack and the line between what is proven and what is still pending.