The Valuation and Risk White Paper provides comprehensive guidance to risk measurement challenges. The aim is to enhance business capabilities by providing process guidance for the internal management of risk within energy trading and hedging activities. The Committee's recommendations include details on risk and return metrics with alternative valuation techniques; fair value; "Value-at-Risk" (VaR), including a complete description of methodologies with pros and cons; an asset valuation framework for all asset types; and sensitivity analysis, scenario analysis and stress testing.