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1、原文:Financial Risk ManagementAlthough finan cial risk has in creased sig nifica ntly in rece nt years, risk and risk man ageme nt are not con temporary issues. The result of in creas in gly global markets is that risk may orig in ate with eve nts thousa nds of miles away that have no thi ng to do wit
2、h the domestic market. I nformatio n is available in sta ntan eously, which means that cha nge, and subseque nt market react ions, occur very quickly. The econo mic climate and markets can be affected very quickly by cha nges in excha nge rates, in terest rates, and commodity prices. Coun terparties
3、 can rapidly become problematic. As a result, it is importa nt to en sure finan cial risks are ide ntified and man aged appropriately. Preparati on is a key comp onent of risk man ageme nt.What Is Risk?Risk provides the basis for opport un ity. The terms risk and exposure have subtle differe nces in
4、 their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are ofte n used in tercha ngeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or in directly. When an orga ni zatio n ha
5、s finan cial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive ben efits.Risk is the likelihood of losses result ing from eve nts such as cha nges in market prices. Events with a low probability
6、of occurri ng, but that may result in a high loss, are particularly troublesome because they are ofte n not an ticipated. Put ano ther way, risk is the probable variability of retur ns.Since it is not always possible or desirable to elim in ate risk, un dersta nding it is an importa nt step in deter
7、m ining how to man age it. Ide ntify ing exposures and risks forms the basis for an appropriate finan cial risk man ageme nt strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, in clud ing sales and purchases, i nv estme nts and loa ns, and va
8、rious other bus in ess activities. It can arise as a result of legal transactions, new projects, mergers and acquisiti ons, debt financing, the en ergy comp onent of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When finan cial prices cha
9、 nge dramatically, it can in crease costs, reduce reve nu es, or otherwise adversely impact the profitability of an orga ni zati on. Finan cial fluctuati ons may make it more difficult to pla n and budget, price goods and services, and allocate capital.There are three mai n sources of finan cial ris
10、k:1. Financial risks arising from an organization' s expiosmiarltetchianyessuch as in terest rates, excha nge rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other orga ni zati ons such as ven dors, customers, and coun terparties in derivatives
11、tran sacti ons3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Finan cial risk man ageme nt is a process to deal with the un certa in ties result ing from finan cial markets. It invo Ives
12、assess ing the finan cial risks fac ing an orga ni zati on and develop ing man ageme nt strategies con siste nt with internal priorities and policies. Address ing finan cial risks proactively may provide an orga ni zati on with a competitive advantage.It also ensures that management,operational staf
13、f, stakeholders, and the board of directors are in agreeme nt on key issues of risk.Man agi ng finan cial risk n ecessitates making orga ni zati onal decisi ons about risks that are acceptable versus those that are not. The passive strategy of tak ing no action is the accepta nee of all risks by def
14、ault.Orga ni zati ons man age finan cial risk using a variety of strategies and products. It is importa nt to un dersta nd how these products and strategies work to reduce risk within the con text of the orga ni zati ontolerance asd objectives.Strategies for risk man ageme nt ofte n invo Ive derivat
15、ives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives con tracts, such as futures, forwards, optio ns, and swaps, is derived from the price of the un derly ing asset. Derivatives trade on in terest rates, excha nge rates, commodities, e
16、quity and fixed in come securities, credit, and eve n weather.The products and strategies used by market participa nts to man age finan cial risk are the same ones used by speculators to in crease leverage and risk. Although it can be argued that widespread use of derivatives in creases risk, the ex
17、iste nee of derivatives en ables those who wish to reduce risk to pass it along to those who seek risk and its associated opport un ities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial
18、markets. Risks usually do not exist in isolati on, and the in teract ions of several exposures may have to be con sidered in develop ing an un dersta nding of how finan cial risk arises. Sometimes, these in teract ions are difficult to forecast, since they ultimately depe nd on huma n behavior.The p
19、rocess of finan cial risk man ageme nt is an ongoing one. Strategies n eed to be impleme nted and refi ned as the market and requireme nts cha nge. Refin eme nts may reflect cha nging expectati ons about market rates, cha nges to the bus in ess en vir onment, or cha nging intern ati onal political c
20、on diti ons, for example. In gen eral, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk toleranee.3、Implement risk management strategy in accordanee with policy.4、Measure, report, monitor, and refine as needed.Diversifica
21、tionFor many years, the risk in ess of an asset was assessedbased only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset ' s risk in ess, but also its con tributicto the overall risk in ess of the portfolio to which it is added. Orga ni zati ons may have an opport unity to reduce risk as a result of risk diversificati on.第3页