We begin with a brief introduction to the most common types of long financial liabilities and their risk attributes, as well as to the risk attributes of potential funding assets, and quantify how these risk attributes can compound or counteract in terms of the associated effects on risk to economic capital. These general ideas will then be illustrated in detail with two examples. The first example will focus on risk assessment and management for a Long Term Care (LTC) insurance block, focusing on an interest rate "hedging" model. Specifically, we illustrate an attempted interest rate hedge of a closed LTC block acquisition, evaluating the strengths and shortcomings of potential hedging approaches, and discuss the additional challenges associated with the issuance and hedging of incremental new business. The second example will address risk assessment and management for a Pension Plan, focusing on a "non-hedging funding" model. We begin with a hedge model assessment of risks, but focus on risk assessment within various typical “non-hedging” funding models. Within this framework, the focus is not on hedging the risks associated with guarantees, but on estimating the risk of plan failure.