This session will examine a framework for (non-life) reserve distribution testing and validation and demonstrate its use with real datasets within an Enterprise Risk Management framework. The authors will also discuss the impact that various scenarios of one-year development may have on next year's estimate of reserve variability. Presenters will also discuss progress on a project in which they will have reviewed the ways to immunize a portfolio against interest rate risk. Participants will also hear a talk on the different methods that can be used to assess the liquidity risk premium (LRP) component of credit spreads on corporate bonds.