【正文】 霍契 .《什么是財務風險管理？》 .《 財務風險管理要點 》 .約翰 .威立國際出版公司 ,2021:P122. 原文： 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 modity prices. Counterparties can rapidly bee problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key ponent 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 anizations, either directly or indirectly. When an anization 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 petitive 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. How Does Financial Risk? Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy ponent of costs, or through the activities of management, stakeholders, petitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an anization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital. There are three main sources of financial risk: 1. Financial risks arising from an anization’s exposure to changes in market prices, such as interest rates, exchange rates, and modity prices. 2. Financial risks arising from the actions of, and transactions with, other anizations such as vendors, customers, and counterparties in derivatives transactions 3. Financial risks resulting from internal actions or failures of the anization, particularly people, processes, and systems What Is Financial Risk Management? Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an anization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an anization with a petitive advantage. It also ensures