What was strikingly different in Fraser, however, is a strong VBM ethos, which was
instigated in 2000, with implementation well under way by the start of my case study.
Although the risk management department had been in place for some ten years by then, the
VBM initiative led to a complete overhaul of the central risk function. Its mission was
restated in terms of ‘supporting the [Fraser] Group Strategy’ by ‘providing better support to
[business unit] risk management’ in anticipation of ‘a direct effect on economic value
creation.’37 Fraser was aiming for the implementation of a Risk and Value Management
framework, in which the risk people were tasked with the ‘granular attribution of Economic
Capital’38 to business units