BPCE_PILLAR_III_2017

8 MARKET RISKS Market risk policy

Market risk policy 8.1

Risk policies governingmarket transactionsare defined by the Risk Managementdivisions of institutionswith trading activities. These policies are based ona qualitative and forward-looking perspective. For banking book activities, investment policies at Group level are defined centrally for group institutionswith market risk activities. The risk managementframeworkrelatedto this activityis defined inaccordancewith investment policies and is reviewed annually.

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Risk Report Pillar III 2017