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1、FinancialRiskManagementAlthoughfinancialriskhasincreasedsignificantlyinrecentyearsriskriskmanagementarenotcontemparyissues.Theresultofincreasinglyglobalmarketsisthatriskmayiginatewitheventsthoussofmilesawaythathavenothin

2、gtodowiththedomesticmarket.Infmationisavailableinstantaneouslywhichmeansthatchangesubsequentmarketreactionsoccurveryquickly.Theeconomicclimatemarketscanbeaffectedveryquicklybychangesinexchangeratesinterestratescommodityp

3、rices.Counterpartiescanrapidlybecomeproblematic.Asaresultitisimptanttoensurefinancialrisksareidentifiedmanagedappropriately.Preparationisakeycomponentofriskmanagement.WhatIsRiskRiskprovidesthebasisfopptunity.Thetermsrisk

4、exposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityoflosswhileexposureisthepossibilityoflossalthoughtheyareoftenusedinterchangeably.Riskarisesasaresultofexposure.Exposuretofinancialmarketsaffectsmostga

5、nizationseitherdirectlyindirectly.Whenanganizationhasfinancialmarketexposurethereisapossibilityoflossbutalsoanopptunityfgainprofit.Financialmarketexposuremayprovidestrategiccompetitivebenefits.Riskisthelikelihoodoflosses

6、resultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoccurringbutthatmayresultinahighlossareparticularlytroublesomebecausetheyareoftennotanticipated.Putanotherwayriskistheprobablevariabilityofreturns

7、.Sinceitisnotalwayspossibledesirabletoeliminateriskunderstingitisanimptantstepindetermininghowtomanageit.Identifyingexposuresrisksfmsthebasisfanappropriatefinancialriskmanagementstrategy.HowDoesFinancialRiskStrategiesfri

8、skmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsonganizedexchanges.Thevalueofderivativescontractssuchasfuturesfwardsoptionsswapsisderivedfromthepriceoftheunderlyingasset.Derivative

9、stradeoninterestratesexchangeratescommoditiesequityfixedincomesecuritiescreditevenweather.Theproductsstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatstoincreaseleveragerisk.Althoughitca

10、nbearguedthatwidespreaduseofderivativesincreasesrisktheexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskitsassociatedopptunities.Theabilitytoestimatethelikelihoodofafinanciallossishighl

11、ydesirable.Howeverstardtheiesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolationtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstingofhowfinancialriskarises.S

12、ometimestheseinteractionsaredifficulttofecastsincetheyultimatelydependonhumanbehavi.Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedrefinedasthemarketrequirementschange.Refinementsmayreflec

13、tchangingexpectationsaboutmarketrateschangestothebusinessenvironmentchanginginternationalpoliticalconditionsfexample.Ingeneraltheprocesscanbesummarizedasfollows:1、Identifypriitizekeyfinancialrisks.2、Determineanappropriat

14、elevelofrisktolerance.3、Implementriskmanagementstrategyinaccdancewithpolicy.4、Measurereptmonitrefineasneeded.DiversificationFmanyyearstheriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns.Incontrastmodern

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