c © World Scientific Publishing Company TIME VARYING SENSITIVITIES ON A GRID ARCHITECTURE

We investigate the gains obtained by using GRID, an innovative web-based technology for parallel computing, in a Risk Management application. We show, by estimating a parametric Value at Risk, how GRID computing offers an opportunity to enhance the solution of computationally demanding problems with decentralized data retrieval. Fur-thermore, we also provide an analysis of the risk factors in the US market, by empirically testing, on the Fama and French database, a classic one factor model augmented with a time varying specification of beta