2007 REGISTRATION DOCUMENT

Contents >13 RISK MANAGEMENT233.1 Risk factors 69Risk categories 69Credit and counterparty risk 69Market risk 69Operational risk 69Asset-liability management risk 69Liquidity and refinancing risk 70Insurance subscription risks 70Business risk 70Strategy risk 70Risks related to the bank and its industry 713.2 Risk management framework 74Credit and counterparty risk 74Market risk 75Operational risk 75Compliance and reputation risks 78Asset-liability management risk 79Liquidity and refi nancing risk 79Insurance subscription risks 793.3 Risk exposure in 2007 80Credit and counterparty risk 80Market risk 80Value at Risk (VaR) 80Stress tests 81Operational risk 82Asset-liability management risk 82Liquidity and refi nancing risk 82Movements in the consolidated balance sheet 82Change in off-balance sheet financing commitments 82Regulatory liquidity ratios 82Internal medium and long-term liquidity ratios 82Insurance subscription risks 8345678910112007 Registration document - BNP PARIBAS 67