绮惧搧鏂囨。
绮惧搧鏂囨。
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Financial Risk Management
Although financial risk has increased significantly in recent years, risk and risk
management are not contemporary issues. The result of increasingly global markets is
that risk may originate with events thousands of miles away that have nothing to do
with the domestic market. Information is available instantaneously, which means that
change, and subsequent market reactions, occur very quickly. The economic climate
and markets can be affected very quickly by changes in exchange rates, interest rates,
and commodity prices. Counterparties can rapidly become problematic. As a result, it
is
important
to
ensure
financial
risks
are
identified
and
managed
appropriately.
Preparation is a key component of risk management.
What Is Risk?
Risk provides the basis for opportunity. The terms risk and exposure have subtle
differences in their meaning. Risk refers to the probability of loss, while exposure is
the possibility of loss, although they are often used interchangeably. Risk arises as a
result of exposure.
Exposure
to
financial
markets
affects
most
organizations,
either
directly
or
indirectly. When an organization has financial market exposure, there is a possibility
of
loss
but
also
an
opportunity
for
gain
or
profit.
Financial
market
exposure
may
provide strategic or competitive benefits.
Risk is the likelihood of losses resulting from events such as changes in market
prices. Events with a low probability of occurring, but that may result in a high loss,
are particularly troublesome because they are often not anticipated. Put another way,
risk is the probable variability of returns.
Since it is not always possible or desirable to eliminate risk, understanding it is
an important step in determining how to manage it.
Identifying
exposures and risks
forms the basis for an appropriate financial risk management strategy.