{"id":15698147,"date":"2025-09-10T13:43:55","date_gmt":"2025-09-10T11:43:55","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=15698147"},"modified":"2025-09-16T16:25:01","modified_gmt":"2025-09-16T14:25:01","slug":"drivers-of-risk","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/drivers-of-risk\/","title":{"rendered":"Drivers of Risk"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><div class=\"wp-block-cover is-light has-custom-content-position is-position-bottom-right\" style=\"min-height:430px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"1700\" height=\"716\" class=\"wp-block-cover__image-background wp-image-11752681 size-full\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover.jpg 1700w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-320x135.jpg 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-640x270.jpg 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-1536x647.jpg 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#ab9c9b\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-right has-medium-font-size wp-block-paragraph\">Drivers of Risk in relation to Stress Tests &ndash; Pension Companies<\/p>\n<\/div><\/div><div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">It is important to differentiate between the pension company and the investment and risk-sharing group (IRG) regarding drivers of risk. The largest drivers of risk for pension companies are expenses risk, as well as market and macroeconomic developments. For IRGs, market and macroeconomic developments dominate, followed by underwriting risks. In both cases, operational risk also plays a role.<\/p><p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is important to differentiate between the pension company and the investment and risk-sharing group (IRG) regarding drivers of risk. &#8230;<\/p>\n","protected":false},"author":20,"featured_media":11752677,"parent":15697817,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-15698147","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Drivers of Risk - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/drivers-of-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drivers of Risk - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"It is important to differentiate between the pension company and the investment and risk-sharing group (IRG) regarding drivers of risk. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/drivers-of-risk\/\" \/>\n<meta property=\"og:site_name\" content=\"FMA \u00d6sterreich\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-16T14:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Teaser.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1320\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@FMA_AT\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/\",\"name\":\"Drivers of Risk - FMA \u00d6sterreich\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"datePublished\":\"2025-09-10T11:43:55+00:00\",\"dateModified\":\"2025-09-16T14:25:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"width\":1320,\"height\":440},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/drivers-of-risk\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pensionskassen\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Stress Tests &#8211; 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