1. Raw Data to Derived Data ––Data cleansing and preparation ––Curve construction (“derived” risk factors) 2. Derived Data to Scenario Data –– Risk factor “time series” management –– Scenario generation (risk factor projections) 3. Scenario Data to Simulated Data ––Model configuration –– Simulation (valuation over session data) 4. Simulated Data to Risk Data –– Aggregation and session creation –– Risk measures (Statistics, descriptors portfolio distributions)