System dynamics may amplify A/LM (Asset/Liability Management) methodology capability to being risk oriented. Conceptual issues assigned to A/LM variables are described and a dynamic A/LM approach based on SD principles and risk factors in pension funds is examined. Risks must be defined in tangible operational terms. Pension Funds need to produce a high-income return to correspond to actuarial expectations and to pay benefits of different kinds. Its non-financial nature of the underlying assets and long-term liabilities dictates the nature of risk management processes and approaches that a pension fund must take. In a changing and complex environment, the wealth of the organization need a management of its investment assets with better tools than the static mean-variance analysis. ALM provides many advantages this way. Finally, since the decisions under uncertainties become complex specially because of the low comprehension of the long term best interests of the system as a whole, System dynamics methods may provide an holistic overview to the analysis of ALM results. The combination may improve the managers hability to explicit tacit knowledge, understand complexity and design better operating policies enhancing, this way, the discussions and learning about businesses strategies.