The ALM process is constantly evolving with new developments in modeling methodology, risk measurement, the financial markets, and the regulatory approach toward risk management. The regulatory environment as it relates to ALM in particular has changed dramatically over the past decade.  On-going ALM education for both management and the Board is also important as both the interest rate and competitive environments change.  For example, in recent years many institutions have found that mortgage lending has emerged as an essential, core business.  This complex and highly technical business requires on-going education in the mortgage lending area in order to properly manage the underlying risks associated with the wide range of new mortgage loan products.