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Project Assignment This project assignment requires modelling work whose scope and complexity are essentially defined by the students themselves. The predefined topic version defines an application environment for a model to be developed . Predefined Topic Version Assume you have been approached by the Guardians of the New Zealand Superannuation Fund in charge of managing this fund (Superfund). They are unhappy with the risk models in place. Accordingly, they intend to hire a skilled risk modeller who will guide the redesign of their risk monitoring and management system. To identify the suitable expert for this task, they require the candidates to develop a prototype risk model accompanied by an explanatory report. It is not a requirement that this model be a comprehensive risk model for the whole fund but it can simply be a model to evaluate one specific risk faced by the fund (e.g. foreign exchange risk, interest rate risk, market risk, credit risk or other). It can be built as a illustrative model without direct connection to the particular risk exposure of the Superfund but ideally the model’s application should at least be discussed in the report and, even better, use some data on the fund’s risk exposure, to derive some preliminary results (e.g. a sensitivity analysis on the impact of a particular risk factor). Information on the NZ Superfund are available through their website www.nzsuperfund.co.nz, in particular their annual reports which give details about the fund’s risk exposure. For clarification, it is not a requirement to analyze the financial statements of the Superfund but to select a risk element relevant for this entity and then apply an appropriate risk model to measure and monitor this risk. No proposal is required for the predefined topic version. Project Report / Model As a minimum, the report should be an outline of the model structure and results, as well as an account of practical problems encountered during the i