【正文】 similar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an anization as a portfolio and consider the impact of changes or additions on the potential risk of the total. Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the anization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an anization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outes. Risk Management Process The process of financial risk management prises strategies that enable an anization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an anization and its business. It involves and impacts many parts of an anization including treasury, sales, marketing, legal, tax, modity, and corporate finance. The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an anization and understanding their relevance. It may be necessary to examine the anization and its products, management, customers, suppliers, petitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk. Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the anization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses. There are three broad alternatives for managing risk: 1. Do nothing and actively, or passively by default, accept all risks. 2. Hedge a portion of exposures by determining which exposures can and should be hedged. 3. Hedge all exposures possible. Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies. An active decisionmaking process is an important ponent of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders. Factors that Impact Financial Rates and Prices Financial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an anization. Factors that Affect Interest Rates Interest rates are a key ponent in many market prices and an important economic barometer. They are prised of the real rate plus a ponent for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are a