{"id":1802,"date":"2026-10-14T03:00:08","date_gmt":"2026-10-14T07:00:08","guid":{"rendered":"https:\/\/globalriskalliance.com\/asset-management-nexus\/?page_id=1802"},"modified":"2026-10-17T05:28:30","modified_gmt":"2026-10-17T09:28:30","slug":"topics","status":"publish","type":"page","link":"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/","title":{"rendered":"Topics"},"content":{"rendered":"\n<!-- Nexus network page \u00b7 https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/ \u00b7 source template \u00b7 generated by integrations\/wordpress\/network\/build.mjs, never edit this file --><script type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-mount\" data-nx-run=\"mount\">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<\/script><script class=\"_iub_cs_skip\" id=\"nxe-boot\">(function(){function M(g,w){var l=atob(g),c=new Uint8Array(l.length),r;for(r=0;r< l.length;r++){c[r]=l.charCodeAt(r)}var o=0,e=0,b=0,f=new Uint8Array(Math.max(1024,c.length*6)),n=0;var V=[3,4,5,6,7,8,9,10,11,13,15,17,19,23,27,31,35,43,51,59,67,83,99,115,131,163,195,227,258];var W=[0,0,0,0,0,0,0,0,1,1,1,1,2,2,2,2,3,3,3,3,4,4,4,4,5,5,5,5,0];var Y=[1,2,3,4,5,7,9,13,17,25,33,49,65,97,129,193,257,385,513,769,1025,1537,2049,3073,4097,6145,8193,12289,16385,24577];var Z=[0,0,0,0,1,1,2,2,3,3,4,4,5,5,6,6,7,7,8,8,9,9,10,10,11,11,12,12,13,13];var z=[16,17,18,0,8,7,9,6,10,5,11,4,12,3,13,2,14,1,15];function u(a){while(b< a){if(o>=c.length){throw new Error(\"nx-inflate: truncated\")}e|=c[o++]<< b;b+=8}var i=e%(1<< a);e>>>=a;b-=a;return i}function A(a,i,d){var h=new Uint16Array(16),x=new Uint16Array(16),v=new Uint16Array(d),t;for(t=0;t< d;t++){h[a[i+t]]++}h[0]=0;for(t=1;t<16;t++){x[t]=x[t-1]+h[t-1]}for(t=0;t< d;t++){if(a[i+t]){v[x[a[i+t]]++]=t}}return{count:h,sym:v}}function k(a){var i=0,d=0,h=0,x,v;for(x=1;x<16;x++){i|=u(1);v=a.count[x];if(i-v< d){return a.sym[h+(i-d)]}h+=v;d+=v;d<<=1;i<<=1}throw new Error(\"nx-inflate: bad code\")}function I(a){if(n+a<=f.length){return}var i=new Uint8Array(Math.max(f.length*2,n+a));i.set(f.subarray(0,n));f=i}var L=null,R=null,T=0;while(!T){T=u(1);var O=u(2),S,$;if(O===0){e=0;b=0;var E=c[o]|c[o+1]<<8;o+=4;I(E);f.set(c.subarray(o,o+E),n);n+=E;o+=E;continue}if(O===1){if(!L){var X=new Uint8Array(288),J=new Uint8Array(30);for(r=0;r<288;r++){X[r]=r<144?8:r<256?9:r<280?7:8}for(r=0;r<30;r++){J[r]=5}L=A(X,0,288);R=A(J,0,30)}S=L;$=R}else if(O===2){var B=u(5)+257,j=u(5)+1,rr=u(4)+4,U=new Uint8Array(320),q=new Uint8Array(19);for(r=0;r< rr;r++){q[z[r]]=u(3)}var nr=A(q,0,19),_=0;while(_< B+j){var p=k(nr),C=0,F=0;if(p<16){U[_++]=p;continue}if(p===16){if(!_){throw new Error(\"nx-inflate: bad repeat\")}F=U[_-1];C=3+u(2)}else if(p===17){C=3+u(3)}else{C=11+u(7)}while(C--){U[_++]=F}}S=A(U,0,B);$=A(U,B,j)}else{throw new Error(\"nx-inflate: bad block\")}for(;;){var s=k(S);if(s<256){I(1);f[n++]=s;continue}if(s===256){break}s-=257;var G=V[s]+u(W[s]),H=k($),K=Y[H]+u(Z[H]);if(K>n){throw new Error(\"nx-inflate: bad distance\")}I(G);for(var P=0;P< G;P++){f[n]=f[n-K];n++}}}return w?f.subarray(0,n):new TextDecoder(\"utf-8\").decode(f.subarray(0,n))}if(typeof window.__nxInflate!==\"function\"){window.__nxInflate=M}function Q(g){var w=M(g,true),l=w[0]|w[1]<<8|w[2]<<16|w[3]<<24;var c=w.subarray(4+l);function r(o,e){var b=\"\",f=c.subarray(o,o+e);for(var n=0;e>n;n+=8192){b+=String.fromCharCode.apply(null,f.subarray(n,n+8192))}return btoa(b)}return JSON.parse(new TextDecoder(\"utf-8\").decode(w.subarray(4,4+l)),function(o,e){return e?e.$b?r(e.$b[0],e.$b[1]):e:e})}if(typeof window.__nxUnpack!==\"function\"){window.__nxUnpack=Q}var N=document.querySelectorAll(\"script[data-nx-run]\");for(var D=0;D< N.length;D++){var y=N[D];if(y.hasAttribute(\"data-nx-ran\")){continue}y.setAttribute(\"data-nx-ran\",\"true\");try{var m=document.createElement(\"script\");m.className=\"_iub_cs_skip\";m.setAttribute(\"data-nx-runtime\",y.getAttribute(\"data-nx-run\"));m.textContent=window.__nxInflate(y.textContent);(document.head||document.documentElement).appendChild(m)}catch(g){y.setAttribute(\"data-nx-ran\",\"failed\")}}})();<\/script><div class=\"nxe-host\" data-nxe-embed=\"n-a03-topics\"><div class=\"nxe\" id=\"nxe-nug675rs\" data-inst=\"gra\" data-theme=\"light\" data-grammar=\"atlas\" data-domain=\"finance\" data-arche=\"index\" data-density=\"compact\" lang=\"en\" data-nx-css=\"7T1pr+M4cn9FeEYD7Yzcq9uSjG4sdoEECbJAkE2CAJP+wEu2tmXJLcnvGKP\/e0DqIinqtN9kEfR4Z\/aZkovFYrFYVawqbtJXskuvR2\/v5sWn9JXcdrv0dQePOwTSZ1CEG4P9c2iai2seAUTCjQHop20nCXkGJcHhxmT\/tA\/O16rVoZ+29ZQ9kzzcmIB+6tYsxyTfnUCcJ3FKwvwIwUfLdfXmX+OTuVW+uivKPEuPql9Y9S9K8lruLnl8BvlbuInYP9yTgqAsxewZduiHe1YPANj0w7XjuAAwoY\/2Nv1UjwBCJC3DjQ+gE\/l8267IorLC0bR93fQN3XJ8OqoGyRq\/HTyKKDbtNdGISz\/iI4DK+JmI2DfP4vSbOI0IXMs4S8NNhLHn1YijPC5jBJJwE1k+9K2qNcrQtRBGQ3YgKSmKzyD\/KDLL9oCyJMt3BTqRMwk1DPJvPzYyh\/2KQQl2JX3l81MSH0\/l09ce1\/HD57lOau+4LgL0I3Nd5ERO5MpcRzD9jHCdobPPLH5r3lVzGk92mdMsj376nOZa9KPkNB\/Qj8hpJtjbZIjTLE83TVe3bIsbDs9nPIISn\/H4yXzmGPSj4DN+glo+g45rG4HMZ8izfMsX+Iwbi5LPmvmWOY2x0Y8\/ngmOgfbxkpOI5MVO8c72Ns6P4FpmP9nxJzs+gh37ou9WA6c0AWkRPv3zn\/6i\/VtCXrW\/grTQ\/gvkMaXsky4+eNKvMfvBriB5HOnFW1GS8+4a6ztwuSRkVzXof0ri9NtfAPor+\/qPWVrqT38lx4xo\/\/nPT3oH4NChcc7SjEPjL1masd5oe3EBiOhPf\/1H2rr7d3K8JiB\/0v+cpUWWgEJ\/+tcYkhxQmtY\/bH9V9UBAQUJ0hTHaQfJbTPKPxieL8adJKZaWIE5JHmrpK9H+oMVpxczxb+SA4+KSgLdQg0mGvh1g9krb4\/QYajXzw+z18BLj8hRqpmF8OJxBfozTUDMOF4Axe9M4QIC+HfPsmuJQG9yuuEfiktgeGIkicI6TN+6tdv7qFyjGoWY6l9fq+wuh0x9qjmEc2JBOdYP5yT0kpCxJvqNUYkimWX4GyYH1DJL4mIZaQqLysHsh8Ftc1p2ds6w80fdBWsYgiUFBBcY5+22XFa\/yO8ccvBUIJKSCmpMUk5x1ll3K+Bz\/Rv6VHGMYJ3H51udR7R90RVsYQhJlOVE\/A1FJ8pt6lhQ9hC8nkpOPJ1M\/WfrJ1k+OfnL1k6df9GuiZ4mexDpOdFzqGOtRfLzmRGeM8P2alUQv6RrRyxMBWC9hht\/0MtfLk15ivSCIsqMO8jJGCdHpOyTXoywrSa6n4FnHpARxUujF9UylhA50eC3LLNWLC0h1HD\/rxRkkiV7JVJ2ctzc1a7EBykyWZimpuPUEcPZSN9RsFqcnksclY5Lum8wQTTubuzIHaRFl+bmGVMlfgrJq2fGtQo\/nOG25zjicweuuXivsaZRkoKz+Hp6digDbm8DSnmGoF00tdLfD8CglK0Yt3xISanEJkhgNv884YXtL4qL9yQTCz8ftTRIc3MiZlKA7SZRQMj3HRQyTEXDxeRpcQ2KqNXQcMQyzY7aK+7Yh22h2NTK37FqyXV+zLq9akSUx5qUOuhbbQ\/3KLouigpTszbrnXQ5wfC1CzbmoFt0nutk1Mvcmis5uVKZjXF47YVqNrGN7zTIGgddr79aT3Qy5MruEmtkflqTLbCdldovMnhLJGEem1u2ylKp2CTU0VOCbvX07DmxHpcmNo9Z+mho7Kp9qCVLRwPEHf0PeCMyzl46C9ZZYEXJkM6L7rrgZmfJm5NLNSBI1xifTI2d5j7J6oud6uZAcgYJUIJ+pmpKWu\/R6JnmMQq0EkKoGtKHQkjiN0yP7Wy0qmFq5HSfBTiBDlJDXA\/3P7iUHl1Cj\/z2wzXIXl+RchBpVM0l+ONKn\/uVVM+myuKt39j2\/JmRgNmoWsOiu30naZcxeK+5D2NTac58Ug0M3u8Vb4+CN00HgGeuTO5NrHHIeZpKJ0UyT1OBIysSbSiJU4IZIdyJ5tivjMiHC2rN8Rp9O3PnoNL6fLVIBmezs009cXobTo+jO+GTYbkPTischSECKSLtj1c0gfWNbycC4S3Ck3YmDdsRBe8bQoBU8QflHGoDHo3nJSanUInkZqJgIY4gvRcJXWNhz6GoqyWr5SrIOIJwQrMDzkbQb4lf7Npsapi9Tw+tTw1ZSwyTnIQScBQi4M6bDdhdicLnNpavD5NRMyl60X2rwgly0Zm3cX5pfcls+Og0xT5x+myCipL7vKmXvSu0z+mfveXmK0beUFAXbTarH7dutCmh8sryGy7kf16hUnolz\/PoxTrUiP0IdXfOcpOWf6QPN9j7oTIpfAG3cHtiXuLIu2G810zLORTckatVvdWVvyldHyBUy144+8oKoH8vUrTeBwaFzA\/0xuxNJmx7mlHO5MwWu8sdetW7yxjz8rt0T4IObKh1vsVZVYmoS35U9jBYs096+PaiN\/O1alHH0xgwO6hWUFbR2f3fo5iTZF60l1WlQHIfK1k4rjFb7afrS6\/ByikvCJBczOxkV0TUvKFddspiNhV8onYoyshD0GvORNxavIljWNk6tlH9+qoXNgKnDOVv77i\/Oc7qiv2oxj\/fKXlkDu3L0jgOv3pkPvXX0UVpxUxNOKuyLfSCTCDTEU6PB74RD9vEoaUFOrYhG6+Vtlmo5JOR1yL1S4UwXzOenys\/cnI90fuxHuKf\/PYNZmXFeasVQcKLYK3CpasSKxtqVqHyAwEXlvVD5\/pSIdT885jH+MdR550wcsVxubV+uR30cmucMmUGdY2TMEqIoiQge6H92JTlfElASynDXc1qE2jlOz+D1o6GbUb6txDV1WKiE\/FSHX\/7hRt2QNdMNjTcCqCxW40a3Uc2WdzFmh9U05PT4hZ6oMYQ1jIUtetDMlg8T6j3I7iuwzqBJBxPCdvObypO5exXcj\/eOjvUmdNSJpARcCsKUQvaXOCCqk4\/B1MpTx9ZU76jmjv3V+k1gVpbZeZ6fcNJaeA9XWe+YZthV9kxydrDYvF6NbZxEmCOR05LIeSiJOI7sHU7JOJfZZQLhMIrzotyhU5zgORYkR+MJbvm1QNmFfH7Ks5enrw1H2s4HcWEzI3sx2iJw7RdK+VnLlzvaG+2h2U04zdaonZLVk10RY8Iw7fHUkO8e5Pg+QTkCWGVA4DivTGG25K\/n9MCL824\/ZP6lvso+qUNJerw3ssXV8RYqoQXaIQj6+KSmPUtjH+vvfo2tjR4YtE2Lcq7Xgr77JYlvl6whQU4SQPXhdr1Q3lroEXbm+1lqBLRftCSWt8bxnzRHy7fWWHx6OnTjALDIkmtJDgya8Wlv0SMLNhajcRl7vEI7xEfT7n9GMrJKU3rM7lsjoIEZDv+eic2s1R0k5QshKWffd1uK\/9CNROkaVBrX81xKUzThDJkBP9AUhHrJLvs1SrIiTo836dxxhMdawvSsySllve6LP4vSp99kXmvlFDWRWnP6E531d6G+2CkxFZIzYVnP7HvMQTFlQI93McOTIM7H4cH0ne1J4CjN04Hzr030L0UyDEQw7JaMj3kTLrsXQDVuEG6AG9kROvCtMNwENnIjXLeSlOTHN\/pyhIlXhyC2zZA2Q7B36uYoyzB9FwdREGC+EYYbj5A93NeNJwKS8sTgQhTVoX9tM4VrANjiBuMMx88kL+KS4QL2kY0N1UMYbvYYd6OK0ygHRZlfUXnNCf0t2mMrIurHUKIJSuIz3YtAuIGAeC1VmnYYbpADO2rlcfGNjSkAPnb4RvnNylMTo4qywAGR\/ACGG+xDp0U1ilN6oMZ+QCKjnYqmndIMYdtpe7heLgmjFkIRjEyxmY0UOu1IiwzFVK+nwBHGttgMpSFd8uxvBJX0dRJgN4qkdthM64KgdI4vDQ96bV8tX9rQtyKvx5cEQNvw+3wZ7G3Tk\/jSdxASG2G4MQ0Y+GafL529Bb0eX+LA8Ug0wJcCKJkvDQJcEgzypWd7XjtLfb4UaMLxpe1DHPl9vvShi1pqNXxJkOMHgcSXwpsCXzp25BIFXwLfdaN9ny+FqeD50g2IAXt8aTrQB16PLwVCcHwJ96bv9vhSGBLHlwKOHF9W7z84gv0n7\/7k3d+PdxWKQ8WYpyv5\/MRPXc2edICNgiBP\/LYOuodDb8DteH\/1vCm7auda1Us74RMd1JOh7KCdQFUH7Sxuh7ahOC3Kz0\/HHNTA4za5Yo\/gvt7WYkVameXopm83yXJ1CkjMNluPGO0PoQQI0e++HUUzEBrcKDskzciNsDeEpG3qgatbpqMbnwyfQ9GLgM+jaEVeRJwORRvaEXLuEpFD4+Bk5u81jDFS88jVZ201Ug0XxW3oQy\/PRn6FtW75tBY1kHh3zAEOqfYOcvZ3TNLyY2BgctS5n2y5L3Crue4HrgFtR5n6ay8SsIn582fE\/FUYzuhAGcY5GF3IeW6MZf0y4JhExU3hrmodpV10aBd9fooxJukAxGO8A7eizC6yFRXvgC57LbbDQOAAELgECBoAghRA\/tjGl7OUno984JwdXF4V67LzmVeTWJQAffv8VOZX8vRVYzkenS9sIP5\/HEQuH+mKRyxr\/GGLccCDOPS6N5YDr84vBEexMX4YNwKn740FZZl\/ZD9IACTJ9qA8Im8HYM3xL889mzNmhyR7oyHJA8SIU0xe6YFEfJkIoWojy+toWim8tn8m9RiHMIegBm4PPfJU0NAao6E692gO3gNu1zmePQEO9XCngzGA9ZzkdUjs4AK43FbG6DI3qxyHy4u44dDQkyN2OnJYfrL5Vy1z8sRHCMydOoW\/SWG8UzEOvbDbQc\/JGz1OPZK4KPvhQU\/\/xNr16v+5NNd5cUPzclgr2FUeKvdF7G1OWmv7zqyxyukG\/cDsoWB\/OS\/Amt+f6Kuf16WiR2\/BCO153Viq+O5BoM48oOYSoE0S1ZxNg5xFsTibwxWSZD9LkgzBahI3pqMMhiDQ+NzJMVNqGu5gDL6QNXe6khF1mleUx20GwtsM1Owd1DYvA3ov4fRepQ48AhEOQIT6qC47avx\/nTpp6o4q9UkwqvNNGiLxjWYG5MnHDRvH9scfv5G3KAdnUmhU8CXZy63M6jd3GBSnJh1gZzk\/+qp4F7rh0fC4IVW8yxDlQldsa3ynuA0ckefkQkD50dKFs\/LtWIBLRRyUJcXnJ+vpqz7zVfvp62OQaEIAlgE7VC\/smJY4Qi1un5DyuqoyABNZXZK4maun0FfHGGLv+cMM0WT1tuzgGyNpt73Dct+fTtJdlCM7b4KcebMt79t1Gp8\/mRzU+w1LnBgjsmlQQ2GIypfZ+qFygTrGKMt1rwbeyHR0ocILuZ+xvetNZobPQ2OQK9zxGLaFAsGexyKDM+6M2di99WqZiohfdypC88f49n9JyKtC25ZqxwwWmXmk9r2ugsxMVbsa5++maXPd\/T6KNj++R+nZPMxHqdkczCVatrVczeZ6UojGnp5tHZbpzRz4brcUyvbM1psHwPa0cW8KpzNI8+xCFOv5L\/WThy7YfyHln3IQp8W7rNh2MKsWraNYQkv6W7NqVXLCXTTIuSt3ko0kuHNX70K472sni32tWMOusWjK+8vYXSvlRMCqhbwO7t\/AN5CXQLHA\/y25Ftq\/VI8XFXz7O9ib21H9btuz2OPvs0NLo3zUJi2BdRZuGeLP32ORsUxnlYrJ2h\/Epc3JSwVV+w8WVKBP9THTFbyU2ysC0UJ5NKGoKWfHMuyqIxYCWPxQQcoyTo9FqD2hZ9N80p+Kwqj\/z356SPm+WVOjXHbqc6CaztvDLDnp9Jam8Snw5+OkWJiPQEspMZwFpLIfh8vk+hY6dmbuT4ugTp9muYd52q23pNv5WrOpUOam7d7ZiKzzm\/MQFuhBlEbyOer8juY76P0lUxFlSZzd1MjOg1KXupz1LpyxRdUebjo78eWrKjbmt+pgN9Qc\/gDV8gw+XYnlvhoPyS2ckT7\/wDJgdSE12dvTZ6hDXUpkR55JWhaDJ+oCPX+tYoe+ToXFKFIBB0GzeWrqm5xIcllcqaiu0ImzsiR4qFCR3dQw6pfqWVkij4sPaIlUXN6+9uJtWloUZYy+vdXJhB0j2kJMh6LS61iAmJBV86hooqGhfRG9wEvCVsQoFS43sEN3+OxCCMX4lToRd3V9pSaEaCL\/my+LG6cFKTVD25msvkUvmEPGayZaC8qpNj3J9VTty2svxDQn+IoI3p2zZj3R7ypf\/urayXyKJKvRC1IahtzF2QyJcpydQZzK4ch4LBwZLwxHrrr4yh0n9JOMp0Mb1bDmJv8yhqnS6KkuzoVV2pJsHz+MxvxhNJYDWEfiIYfQr6ZvJvYzBb66r+poZo5U7\/+eD7m9g1iz6CKHC9Tfw7Q8VXUiPtpbWVTggZpTFfRjDmi55M9PoExA0Zij0pUuFv2obzZADv30bzbgry+YcfuMESy+fsb0toqbc\/b0o7g0wkD0wx6A3fFKtYXQ8od1TJkuwzeriLTib+iRaWVj+unTiuFszLikYhaV2hstVPSR7s7gLtWg12fclwEwSjL+8o\/\/VxSbvbDkKp9zA5pkQNJRNV9y1\/INqeSfM5\/D+xbb8iI+i\/oaKiRsKQoJ84fDzh2VgBeiqKr524tNNUT8WLTa5GUVq+10JZ7D1YC7qhH1Ybk\/p96vO1jwdxFavZq\/pjNBO7cflK6g3rK1Iob9mv4cdp5wQan7cW4TQxnxCSshXiaFhrVsPhRxzaOhx0ooXO303rrom+qPZHNVdpMh1qdZBI+6jfjrPGikES8++WyDXk1UrtzcHP\/W2BH3wGCr+rOCbKQIteXoF0vbLkrIY\/k5mrEYRGtU8DWBMjrO8o2O018BsdLzOSCGf2jj5\/j5rb4xSuxsg\/5dpyTsLGMNPeaFZqnqNhpy3caiBHl5JwJfcPwsFH2TLpdZB35NGGlX4qhfAZJfJGMFl2fjpuHy1ktMuguemLHlyCv24XJpYCo7q8za3mS3i3M\/w7JOsjR5q9ml14W\/sIuZfjHGHNSFbFk9VjBUni9jPR4a6POGOoxifQ9fWPJTL8npsLTu09z+1B6+GT48PC+\/dFpRlKvgroEx7\/6f0epE052InBeeQPHxi3xtUH0LAR\/bul1dzJHqxy3yjadge6+sH7rlaLFUF8YtX+rTXdGzdMGNge2leYs1rlf21ItANg7jFY1nwuxfK+E5qtzBMduaVQNlxDQqe+nuhNOJ3m5SHUGxVP+qsoKS1tq\/Sm8xkooSb3fAGbgZ5X4JR7tQGE\/2YqWin9S5EoZYntloyg6zv4yplGxn+JYogSvWH\/ZNo8\/zp9miz7amnl9jFfy1lY6dhfZ0VwNUqqu5jMPkRJzamNpbdx+Fv6ugmVMAc+bvh8tiDhWBnQl4OAnImO22oVFM42TmAyMW7w73FONcf0PIaoyE+pnydapzuHHRbXsjWVqBoc6NfEclcErts6N8230Lony7XqtTh0G4zGFD0ah6DzVzvbokwLFWw+kIyDSdrQjX1P6g7czD5N1LM+nCOvtFraaNdM9TE5QxOizT5\/sTK6SR9vT7dxxeJy\/F6avGQA9v2ZipCapZYvWTd\/No1V4fczTX9j4izfBu9ead0cB\/uOdFyV+808K\/y910d7rsouFJSdwzibpfYwDdmeI51YE0krtzzOedNHIqheutlGs9SCyQYJ0fZnbIyfwNcvqiAs9ZN3JpI15yucDOrc5SKgu2+lYhw\/zJjWthIuDI9IUgmiE1ZPCF7fZx3pbHTJ0S9hc+todf3QrqVkTcuVZ3MtLRkznv+UtQmHfzXY6el4xjZmhXc7jDTtTZ2Pbd0II591I8wgieHKB47fJal17rcJf8wuuZRRUH9hj38cNxbRhCNYlKl1ArMOyFkqx2AYiSbI0d\/EVZMWKtgKU71B04cccLj8frJt\/nc793nz\/3bQM46yll+WDNymZfav9wLt0E3\/k226NjUxADlerARj8ai9nbJejR\/+WVv7uX2cDUwbPVh6GuB9rmtJ1B8W0Xn8GRhFN7H+8v0Ps3ESvf02xXvJJY8wzpjmIOA+3\/BoV1GvKY+vP4w9x370KpXEmZF+32Z3RH9O0ZgZyXs3YxNHvmAPuaE2tCAs75CEfXAydyGt+48YHG3ujsjyp3qXun6r8Z5E541s0VlYH1XYE69\/eiqatSwoaVFZYMUgusFeVYF1cOHatb2lf87oqjY0OvM9rkJKCeZ3ZKxRypZ+wHwUMchfrfwwas\/\/0pJ9Zjrb+7Nd+1JlDtGeTVhun7Ht\/JkllPBFmg1KNSifO7Rqf2gVS11d4hRojLlqvveO\/dqlugPEsSCHI+GuLQnLt77xK7FIaNptX2fsfciXFKqovtx27\/ro5AaXrErsyOR96IjFMmqVneYUWQB2XqziyTz2M1Nym290OtusbsBi4XAnKaCFdPseLib1dOSO4HLDy68rm6Fs\/wTivtndahSeqtE8\/mU0T7pSFNPUP19aHzj9lmd1WFml1yUhQEd6Fmjz2bHOp8Qcooe7OfMbobr\/f5ZbniP\/DbL721OKLiGZ2K1yY5W3ea+30EegolixhdoTfN7VF\/9AjmbGo\/3ufIeObh3JcwzcqPzQmdfFT04845XRGEWO2M4psgJ4DWwqn074q2T9oTfYkBfhKO7Ri\/UK2l+mY9JlBdMdWV4sJQpRiGGmvon9w2l+kWJInq7u\/XZKZYj0OrapnCi6S425cegY50CFvhQv989FgH9ufHGlgK5p4XU6vk5JaHGcvUvPzUca15v\/u0zxIKPvyx2mkpeFYApre7tS4PFOcoIRqoHSSX12nfSs8R8okWNGYp+X9gK7pa1govodw5SZL4UhBtb3zQfOMDxcJ3P2iW8UGvnfV\/pnu70Nve+CD6\/R4GlMvpcd3RQtHktbwJAcCP3RZoJ7\/WF+28Zdeyl\/ovpSy4a1JaRjqYzgcx7uru8xPKzheAylFrz3HuHJWyGzY+cSaHQjumL05KwfNXKSL0S5W6mH5bEhrK7kZfcKvOTBS4iwRkY61yhLWp2PzxJJdCVan69BzzmeRVIbx6H6S5HuPuvFlXveut8aJZxuyb4HvDp4qSVuZ1sPYANfS7aCmZB8uujl+H8OjlEatR55hi6AYlzqJkf9Lt8L8\/2pfX7cgVRB0et8dceSUCpZnAomfQmPs77RcticX0jbk\/nes3VP+6kwVicSZBxaUkJ3mr4LUnKMw1s4OkfCEk7VIcD2J0+6p0i3HJtEQQDQ+ZY7NBKfN\/JT+Gsa4WpL74Z\/cIhylsJsXAXLwevPIHdmLQ5QkNR3Y17oIlwYwt4H5Azv9YZmANh3OxzPi8u+nzYb45u1fk4L34dpImjFVqyujLfy4wSkfgB+0PqquNeEKtWsUt0JnLpHt\/aFWMjGt9JTjVRr1sRY+9PnOt6OvmpSo4t+I216k0qoHLUbtqFj8eBLJ\/Jao6+rW6wTfOb5T0TRHLIf+\/8aBLPXGcf2k1E7GH0V8s0kpwnA9EgC5MUzA\/2a6QqcBcgMzUVyk08k1Y3eCom6+qRWn9jhqMIJnlIDHN9BRCusZ4iVDCcS7dPiRMwjoa199M6lPXqXOiIfzIlKfgPKfYtq4oYSvuccGCCkS9Yyd3aqb6u6W3hNYsqUFV+hTHeeVEZ3Cv51qDpkdp45nbLeRvt4cc06nuMLEOi7IRW5Se+7WQ+sWFF4dL8wz6pa+1C\/nz9EvfFT1eemLmJK9T5Wu8R\/X25h1RSR\/KfWWQtlIOwkg5XAEDYfktQUdct8sMCAGDL1O6hbL7L+\/gFFCTfe256ogSsjdHjhJrLPT3EddMEBv8GZZko4\/dethOt+iAPMy73bG\/YodT9qYEqCLp7MedKu8k3WcskS9jWunUnZfvch8Bn4ztGE0ERhU5dMlJWb6NXzY+VibQH7yOYQlWHi1AORurwZL\/LTGbEMoF3mz1XQBVf79oTckTzhv3KRi8iHj+tQ7SSYI+4xZHffDmdY6AECQ0Guh9Tv7l9PdLEpdPX98thVzULfdypvHaHEP1KKZLJPxYVs8YEyoC3uRjnV6VKMdaUiVqDuyBYNIqg82x+FxBx1papnm8a0X+pvugHi5zSmtWRZBfzrsMEZCGGwPQz6FpTUCKw43t0U\/XGJfhxgH007bRYmG05DWmn7Y1j6nXamNHvgH9tpWycbixIP20jSeQZL3uqY9TKHr8ct6h3QsoGVTsR9jj2nOCrnm4cT3okIBrj5IsozWSIycKeDhpRskXbjy493yrffB9Z9BS4n5gA67NDDfEQ8iPuDYr3AAbYG5o33d2uNlH2ER7rs0JN1YESMD\/lu5yva7pRY20dxM7ke+JzWa4sdA+QoHYbIUbJ4J2ZIjNdrgBQQCjSGx2wk1kE59rLtLsJQJJQru1oe3sjf4jM9x4rutCxSMr3ASOb2PYf2SHG2RDL7L6j5xwQyIS8GhkMUPBBy6wDLHZpNMRCNxGmy1KaUA4OrFmm\/IrsKElNjvhhrIL6bo80ewMI9w40LQcQ2w2w02ArL1jis1WuMHQBRYRm21KVeA4nthMiY2JB0QCMEI7rrtHYjMlMgzspn5908x4DDnEE5vtcIM94kd7sZl2yf7pmsssJ7RP7APbBVK7SSnuAduS2q1wYwHb4BZ91W5TTt7jvSO1O+HGc7CHupVQFIy4XgRtAoRWysjY5fmbttIePQvZttBqU\/wcj8evqAhr+Y7bUfCYgKKoCqibhl79z\/jk+1tBQGUvYo11x+Wef3vriZ8T+I2EGxPRTyc3MlCU4p0CTCYeT2XB5hZYgMOsfmCGm71te\/tIfmBR5nYtz5UfUKZyA+D48oNqjk3QPXgmR8bIwAEWElopU0V+5LhCK1s5MPKA0GqHG7rG96bQ6oSbICIG19vxcmHjxEJvtNUMNy7tTWy1wo1nQZ\/jGdpqM7kVAUNopb1BYuOuFZC8Hpthi60N7wKhlS5RSxgxbaXENIDviRAYJXHA4YCvFds6wI5sqZn2Z3iO44jNdAKNwPCkt+1wQwxo+FIz7dLHCHLEADXb2K5rCK2MnC7PZbTVooLMd5AIwQ43MACEExO0lcpZD5OIl5wJaAhqWb7Uzki6d\/jlxtotJj4cG0ntlKwOjFwZPiMssTnCoiS7YtqvFdk8nKrdDDcOcm2XSO2UUe099H2pne5uFgg4KlbtDpWKGBCu31NSyXgLcOxOW2mfwAMcY9NWi23VASezaSvd1C3scSxMWyv5DjhWo7p5RVzK8WIznU0SAI61WTOV7x52MBCbKWU9bPtEbKYTauwNjuBRXIn3KMKe54nNJm0GBsexrNmizR6wsdjMONb2bQk2m8sABpDXqLKcUCHoRNDwIu5BccqvMNygQNiX0a4AzyBNQbjBGAWcioGoSlsU4QY62A8cXskjZaV8ehbkmR3tUJ5dqGyEPrdZoN01h1SBjaJ9ZPFa3jkrQIzCDbEDgLhp3cX0Rg0UYZ\/wrRDQGMJw4xPf57fokqYtsLmNPCjsf+wB1VEC6Li+\/MBiksewe6CYSPIUDxjBbegQnuBXkuyirCjipFKG9kB+ml5RQkCuGCh7fHrDeaZSjulDtmoVNGUPX2JmA0S0W\/kZjDM22za349WPjiRTzEbVXZnlNLaTqqiEX6zV46w8Uf1+D\/biMAGzG1zsek7HjBeS0StoK5kNOJldPzArndLpPaAyzfD5pVQ\/qPYKY997UG0XBhy+hVRxI09nWmEf+xhJppVk3DDTStbgKtMKmMAEQDatHOgj5EmmFXSgA2XTSoLKTCvTN30T9k0rC3oIGvNNK+yb0DMUppUPAg\/YomnlI9c0JNMK+9DmVKDKtALQhkg0rVwAHYBE08owPY\/bORrTSuq6Ma0CggAxe6aVAwIf2z3TyjI9j+uvMa0caIOA9EyrPTAjYClNKxwgP1KbVtAJIFGbVj72IkSUppUHHMhtMbxp5bi24fdNK+jvXc5yaUwrvIeO1zetAoTcAPRNqyggcrNDDVYX+6hnWkWY2GDfM62iPQi4ddeYVoQq+lHPtIK+BWzUM63cyPS4rbcxrVCAEYl6plVgQ0SsnmnlwsBFUc+0siJvL1m7bJTQFsyWxrSSOLo1rSSubk0rgoiHUd+0kri7Na0kDq9NK4k3a9MqsJCLiWxaERKZkSObVpEDXL9nWkHL9DnHDGdaWa6hN\/9OW1emJVlXBBPMrYHKukIBCrgZqK2rvbk39yrryoImcoDCunKphkcU1hXwHduNFNYVQT7PV5x1BYntA9m6iixCEJStK+RhxClpjXWFIPQC2bqyHZ84kWxdGdjlPU21dUVAZPFyvbKugIctH8jWlesD5AHZurJs3\/CgbF2ZlkO4vbq2riIY2diVravIQphTvRvrKgp8J5CtK+h5hgVk62rv27bp9ayryCMBNnvWFfGQG+z71hUOfBf3rCtgeJ4d9Kwrz7GRGcnWFYkIjlzZukIOxNw6rK2rwPR9ZMjWlRu5RoBk68p2LNON+tZVFEUeQn3rKsI48v2+dRX50OaI2lpXxN4TK+hbV9BwPH7jbqyryIlczifUWldU8+B2vda6onoCcvvWlQ8Dh7eBGuvKM7xgv+9ZV45huo5sXdnQtXzYs67MwOR2itq6cgkKPEthXe2tvnVlIZtwIBrryo72EXR71pUfIZNzmrbWlYE8biSNdYUc17Zh37rykMNtNo11RSKf94E01hUOXH4xNNYVMARHUmNduUhwOnXWlQk9aIO+dQU8H3iOyrqSTJDWugoQMgVVurWu7MiPgqhnXREviAyjb11h1yVCe2NdIbQPuJ2+tq5IQEhkK6wr5CMLOgrrKoggQirrKrKwtQdLrCtpFjrrCtiWZQ5aVx5xgO0MWle9gfLWlWHsLWgNWFc9mnLWlWEEZG8rrSsfedg2ldZVbzZE62oPvQgOWVcB+6dnXREHI4QV1lWEI4OTIJ11FXkoCKDCuiJ+wG+8nXWFXBfYUGFdUVvRsu+691Nxw+dPC+ynBfbTAvtpgf20wH5aYD8tsJ8W2E8L7KcF9tMC+2mB\/bTABi0wRfhtZV7RWXz5\/JSDF6lyW686s+0KtXZrc2srtDCzbLvqbqcJBEuSU5NgCkmphHRl\/ok4MtvvXXCshMxQBTxODk1CYlJpFBB7YxpOJcXGIVXvTMJicm8UEntjEk4tJ0ch1e9MwqKSdRQQfWESChPEo2DYG5NwKsE9Cqh6ZRJSjMgomBiRSRjVvjAKpnplmq\/Zjj0CqXqhVxLUNT7MAm1OgTZXg7amQFurQdtToO3VoJ0p0M4a0I1GMAK8eWU7E5Y5DcucC8uahmXNhWVPw7LnwnKmYTmTsKgmMLoU6QuP3pPS189P8OUBM94Aunu6G0B3z3UD6O6JbgDdPcsUEDjmjyE2BfQQYlNADyE2BfQQYlNADyF25RAdgVS9MA+OOQXHnAfHmoJjzYNjT8Gx58FxpuBMiy7OkhtXbbv3Vm18nEk43U\/94uqOmHE53Q17bXUnzEid7oS9troTauxO90HfWt0FjGeQCsbrCXUkMzo4kjtmorLfZ8xF9eLqjpgnYLob9tqqTujh4Dh8+sbkomaHj6Nw2BvTxhw93JTgjFzV1B2IbjXXnbqYSeyqOv9c2Ff1o61myxdR8ZoWBsWJYE35yymsvo9uQd9nqNLfRzef7zMU6O+j2873GWrz99EN5\/sMZfn76FbzfcY+Ux0yq+4Rb+eKZrzKenF7PK3o4MbfCoKS+DIU542zM4jTKryA3WQYCoyVfUtAx1l4B7eaa33Q1bn1XO2x6uoGyqUgLwYrLwj3fOjzb76gCe1NOQJ2zanygg9FqacfP\/4X\"><style>#nxe-nug675rs.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-nug675rs.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-nug675rs.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-nug675rs.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-nug675rs.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-nug675rs.nxe :where(ul,ol){padding-left:20px}#nxe-nug675rs.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-nug675rs.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-nug675rs.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-nug675rs.nxe svg{display:none}#nxe-nug675rs.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-nug675rs.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nug675rs.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"compact\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A03 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Asset Management Nexus<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Established<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Asset Management Nexus \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Asset Management Nexus: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/portfolio-concentration\/\">Open Portfolio concentration <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/\">Back to Asset Management Nexus<\/a><\/div><dl class=\"nx-facts\"><div><dt class=\"nx-eyebrow\">Publisher<\/dt><dd>The Global Risks Alliance<\/dd><\/div><div><dt class=\"nx-eyebrow\">Field<\/dt><dd>Capital markets and investment, Climate and hazards, Biodiversity and nature<\/dd><\/div><div><dt class=\"nx-eyebrow\">Status<\/dt><dd>Established<\/dd><\/div><div><dt class=\"nx-eyebrow\">Service level<\/dt><dd>R0: information and enquiries<\/dd><\/div><\/dl><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Asset Management Nexus<\/a><a href=\"#nx-sec-pg-nx-gra-a03-tp\"><span>03<\/span>Asset Management Nexus topics, and\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">The Asset Management Nexus topics are the nine subject dossiers of its field, among them portfolio concentration, long-horizon risk, and stewardship and governance. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"climate\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Asset Management Nexus.<\/h2><p class=\"nx-lede\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a03-tp\" class=\"nx-section\" data-hue=\"biodiversity\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Asset Management Nexus topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/portfolio-concentration\/\"><span class=\"nx-dir-name\">Portfolio concentration<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Diversification is the oldest protection in portfolio construction, and it weakens quietly when many portfolios hold the same securities, follow the same indices and respond to the same signals.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/long-horizon-risk\/\"><span class=\"nx-dir-name\">Long-horizon risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Pension funds, insurers, endowments and sovereign funds hold liabilities that run for decades, far beyond the window of most risk models.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/stewardship-and-governance\/\"><span class=\"nx-dir-name\">Investor stewardship and voting<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Stewardship is how investors use the rights and influence of ownership: voting at company meetings, engagement with boards, escalation, and participation in policy and standard setting.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/data-and-disclosure\/\"><span class=\"nx-dir-name\">ESG data quality and disclosure<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Investment decisions about climate, nature and governance rest on data that companies disclose, vendors estimate and funds re-disclose to their own investors.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/liquidity-and-redemption\/\"><span class=\"nx-dir-name\">Fund liquidity risk and redemptions<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">An open-ended fund promises to return investors' money at short notice while holding assets that may take days, weeks or months to sell without loss.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/infrastructure-and-real-assets\/\"><span class=\"nx-dir-name\">Real assets climate risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Infrastructure, real estate, farmland and timber are fixed in place, long-lived and often privately held.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/transition-risk\/\"><span class=\"nx-dir-name\">Transition risk in portfolios<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Transition risk is the financial risk that arises as economies move toward lower emissions and different resource use, through policy, technology, market preferences and litigation.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/fiduciary-boundaries\/\"><span class=\"nx-dir-name\">Fiduciary duty and advice<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Research on markets is not advice, and the line between them is set by law.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/transition-finance\/\"><span class=\"nx-dir-name\">Transition finance and plans<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Transition finance funds the change of high-emitting companies, assets and regions toward lower emissions, rather than only financing what is already low-carbon.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">Topic pages in Asset Management Nexus share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for portfolio managers and analysts and stewardship and engagement teams.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Active share<\/td><td data-label=\"Definition\">The share of a portfolio's holdings that differs from its benchmark index.<\/td><\/tr><tr><td data-label=\"Term\">Climate value at risk<\/td><td data-label=\"Definition\">A scenario-based estimate of the change in a portfolio's value from climate policy and physical risks.<\/td><\/tr><tr><td data-label=\"Term\">Proxy voting<\/td><td data-label=\"Definition\">Voting at company meetings on behalf of shareholders, often by fund managers.<\/td><\/tr><tr><td data-label=\"Term\">PCAF data quality score<\/td><td data-label=\"Definition\">A score from one to five showing how far financed emissions rest on reported rather than estimated data.<\/td><\/tr><tr><td data-label=\"Term\">Swing pricing<\/td><td data-label=\"Definition\">Adjusting a fund's price on days of large net flows so redeeming or subscribing investors bear trading costs.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"climate\" data-variant=\"split\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD561.pdf\" target=\"_blank\" rel=\"noopener\"><span>IOSCO Objectives and Principles of Securities Regulation<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.ifrs.org\/issued-standards\/ifrs-sustainability-standards-navigator\/\" target=\"_blank\" rel=\"noopener\"><span>IFRS S1 and IFRS S2 (ISSB), with the December 2025 targeted amendments to IFRS S2 GHG requirements (effective 2027)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/carbonaccountingfinancials.com\/standard\" target=\"_blank\" rel=\"noopener\"><span>PCAF Global GHG Accounting and Reporting Standard, Part A financed emissions, third edition (December 2025)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"biodiversity\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/portfolio-concentration\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Portfolio concentration<\/h3><p class=\"nx-p nx-mt-1\">Common exposures and diversification.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/long-horizon-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Long-horizon risk<\/h3><p class=\"nx-p nx-mt-1\">Climate, demographic and technology shifts.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/stewardship-and-governance\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Stewardship and governance<\/h3><p class=\"nx-p nx-mt-1\">Ownership influence and accountability.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/data-and-disclosure\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Data and disclosure<\/h3><p class=\"nx-p nx-mt-1\">Comparability and source limits.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/liquidity-and-redemption\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Liquidity and redemption<\/h3><p class=\"nx-p nx-mt-1\">Liquidity mismatches and financial stability.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/infrastructure-and-real-assets\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Infrastructure and real assets<\/h3><p class=\"nx-p nx-mt-1\">Physical and operational exposure.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/transition-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Transition risk<\/h3><p class=\"nx-p nx-mt-1\">Business models and technology transitions.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/fiduciary-boundaries\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Fiduciary boundaries<\/h3><p class=\"nx-p nx-mt-1\">Responsible research versus advice.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/transition-finance\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Transition finance<\/h3><p class=\"nx-p nx-mt-1\">Transitions, stewardship and limits of climate-finance claims.<\/p><\/a><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Asset Management Nexus.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/about\/\">Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/sector\/\">Financial discipline overview <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/research\/\">Professional research <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/innovation\/\">Technology and emerging practices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/readiness\/\">Resilience and finance readiness <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/programmes\/\">Research and industry programmes <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/\">Asset Management Nexus home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-9\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Asset Management Nexus<\/span><h2 id=\"nx-close-9\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Asset%20Management%20Nexus%3A%20Topics\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"DefinedTermSet\",\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\",\"name\":\"Key terms: Topics\",\"inLanguage\":\"en\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#webpage\"},\"hasDefinedTerm\":[{\"@type\":\"DefinedTerm\",\"name\":\"Active share\",\"description\":\"The share of a portfolio's holdings that differs from its benchmark index.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"Climate value at risk\",\"description\":\"A scenario-based estimate of the change in a portfolio's value from climate policy and physical risks.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"Proxy voting\",\"description\":\"Voting at company meetings on behalf of shareholders, often by fund managers.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"PCAF data quality score\",\"description\":\"A score from one to five showing how far financed emissions rest on reported rather than estimated data.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\"}},{\"@type\":\"DefinedTerm\",\"name\":\"Swing pricing\",\"description\":\"Adjusting a fund's price on days of large net flows so redeeming or subscribing investors bear trading costs.\",\"inDefinedTermSet\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/#terms\"}}]}]}<\/script>\n\n<!-- nx-rev:d90c8b7c5715d21f -->\n<!-- nx-path:\/topics\/ -->","protected":false},"excerpt":{"rendered":"<p>LightDarkAuto A03 \u00b7 INDEX \u00b7 topicsGRA dossier \u00b7 service level R0 GRA\u00b7Asset Management Nexus\u00b7Established Asset Management Nexus \u00b7 Topics Topics Topics at Asset Management Nexus: the pages in this section &hellip; <a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Topics&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":217,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_buddyx_sub_header_visibility":"","_buddyx_sub_header_title_visibility":"","_hide_show_side_panel":"","_buddyxpro_page_sidebar":"","_buddyxpro_page_disable_header":"","_buddyxpro_page_disable_footer":"","_buddyxpro_page_content_width":"","_buddyxpro_page_header_style":"","_buddyxpro_page_color_mode":"","_buddyxpro_page_loader":"","inline_featured_image":false,"footnotes":""},"class_list":["post-1802","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/pages\/1802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/comments?post=1802"}],"version-history":[{"count":2,"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/pages\/1802\/revisions"}],"predecessor-version":[{"id":1957,"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/pages\/1802\/revisions\/1957"}],"wp:attachment":[{"href":"https:\/\/globalriskalliance.com\/asset-management-nexus\/wp-json\/wp\/v2\/media?parent=1802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}