There is no one-size-fits-all-ALM. The heterogeneity of European banks requires a tailored approach to the use of risk management techniques. In this chapter, we look at how banks in Europe differ in terms of balance sheet evolution, regional differences, varying business models, and whether ALM is treated as a profit center or a cost center. We then discuss the implications for selecting an appropriate ALM framework. Another practical aspect we will cover is the process of planning NII. A hot topic that has recently made its way into ALM is behavioral economics, which we will also outline. We then look at making ALM into a strategic factor that a bank can use to differentiate itself and increase its competitiveness. Finally, we turn our attention to the roller coaster ride that interest rates have taken over the past decade. We highlight the impact on ALM by first analyzing the negative interest rate environment of the eight years starting in 2014, and then the period of dramatic interest rate changes starting in 2022.