Value at Risk provides an independent, objective and robust picture of the Downside Risk for any investment manager's portfolio over the next twelve months. The Committee can now put a limit on Fund Losses going forward. For example, a Committee may opt for a 5% Maximum Expected Loss / Worst Case Scenario. Using the Value at Risk methodology, we calculate the Fund’s Risk. If the Downside is too great for Trustees then API will derive less risky scenarios using our optimizer.