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SOFANASSETWASASSESSEDBASEDONLYONTHEVARIABILITYOFITSRETURNSINCONTRAST,MODERNPORTFOLIOTHEORYCONSIDERSNOTONLYANASSETSRISKINESS,BUTALSOITSCONTRIBUTIONTOTHEOVERALLRISKINESSOFTHEPORTFOLIOTOWHICHITISADDEDORGANIZATIONSMAYHAVEANOPPORTUNITYTOREDUCERISKASARESULTOFRISKDIVERSIFICATIONINPORTFOLIOMANAGEMENTTERMS,THEADDITIONOFINDIVIDUALCOMPONENTSTOAPORTFOLIOPROVIDESOPPORTUNITIESFORDIVERSIFICATION,WITHINLIMITSADIVERSIFIEDPORTFOLIOCONTAINSASSETSWHOSERETURNSAREDISSIMILAR,INOTHERWORDS,WEAKLYORNEGATIVELYCORRELATEDWITHONEANOTHERITISUSEFULTOTHINKOFTHEEXPOSURESOFANORGANIZATIONASAPORTFOLIOANDCONSIDERTHEIMPACTOFCHANGESORADDITIONSONTHEPOTENTIALRISKOFTHETOTALDIVERSIFICATIONISANIMPORTANTTOOLINMANAGINGFINANCIALRISKSDIVERSIFICATIONAMONGCOUNTERPARTIESMAYREDUCETHERISKTHATUNEXPECTEDEVENTSADVERSELYIMPACTTHEORGANIZATIONTHROUGHDEFAULTSDIVERSIFICATIONAMONGINVESTMENTASSETSREDUCESTHEMAGNITUDEOFLOSSIFONEISSUERFAILSDIVERSIFICATIONOFCUSTOMERS,SUPPLIERS,ANDFINANCINGSOURCESREDUCESTHEPOSSIBILITYTHATANORGANIZATIONWILLHAVEITSBUSINESSADVERSELYAFFECTEDBYCHANGESOUTSIDEMANAGEMENTSCONTROLALTHOUGHTHERISKOFLOSSSTILLEXISTS,DIVERSIFICATIONMAYREDUCETHEOPPORTUNITYFORLARGEADVERSEOUTCOMESRISKMANAGEMENTPROCESSTHEPROCESSOFFINANCIALRISKMANAGEMENTCOMPRISESSTRATEGIESTHATENABLEANORGANIZATIONTOMANAGETHERISKSASSOCIATEDWITHFINANCIALMARKETSRISKMANAGEMENTISADYNAMICPROCESSTHATSHOULDEVOLVEWITHANORGANIZATIONANDITSBUSINESSITINVOLVESANDIMPACTSMANYPARTSOFANORGANIZATIONINCLUDINGTREASURY,SALES,MARKETING,LEGAL,TAX,COMMODITY,ANDCORPORATEFINANCETHERISKMANAGEMENTPROCESSINVOLVESBOTHINTERNALANDEXTERNALANALYSISTHEFIRSTPARTOFTHEPROCESSINVOLVESIDENTIFYINGANDPRIORITIZINGTHEFINANCIALRISKSFACINGANORGANIZATIONANDUNDERSTANDINGTHEIRRELEVANCEITMAYBENECESSARYTOEXAMINETHEORGANIZATIONANDITSPRODUCTS,MANAGEMENT,CUSTOMERS,SUPPLIERS,COMPETITORS,PRICING,INDUSTRYTRENDS,BALANCESHEETSTRUCTURE,ANDPOSITIONINTHEINDUSTRYITISALSONECESSARYTOCONSIDERSTAKEHOLDERSANDTHEIROBJECTIVESANDTOLERANCEFORRISKONCEACLEARUNDERSTANDINGOFTHERISKSEMERGES,APPROPRIATESTRATEGIESCANBEIMPLEMENTEDINCONJUNCTIONWITHRISKMANAGEMENTPOLICYFOREXAMPLE,ITMIGHTBEPOSSIBLETOCHANGEWHEREANDHOWBUSINESSISDONE,THEREBYREDUCINGTHEORGANIZATIONSEXPOSUREANDRISKALTERNATIVELY,EXISTINGEXPOSURESMAYBEMANAGEDWITHDERIVATIVESANOTHERSTRATEGYFORMANAGINGRISKISTOACCEPTALLRISKSANDTHEPOSSIBILITYOFLOSSESTHEREARETHREEBROADALTERNATIVESFORMANAGINGRISK1DONOTHINGANDACTIVELY,ORPASSIVELYBYDEFAULT,ACCEPTALLRISKS2HEDGEAPORTIONOFEXPOSURESBYDETERMININGWHICHEXPOSURESCANANDSHOULDBEHEDGED3HEDGEALLEXPOSURESPOSSIBLEMEASUREMENTANDREPORTINGOFRISKSPROVIDESDECISIONMAKERSWITHINFORMATIONTOEXECUTEDECISIONSANDMONITOROUTCOMES,BOTHBEFOREANDAFTERSTRATEGIESARETAKENTOMITIGATETHEMSINCETHERISKMANAGEMENTPROCESSISONGOING,REPORTINGANDFEEDBACKCANBEUSEDTOREFINETHESYSTEMBYMODIFYINGORIMPROVINGSTRATEGIESANACTIVEDECISIONMAKINGPROCESSISANIMPORTANTCOMPONENTOFRISKMANAGEMENTDECISIONSABOUTPOTENTIALLOSSANDRISKREDUCTIONPROVIDEAFORUMFORDISCUSSIONOFIMPORTANTISSUESANDTHEVARYINGPERSPECTIVESOFSTAKEHOLDERSFACTORSTHATIMPACTFINANCIALRATESANDPRICESFINANCIALRATESANDPRICESAREAFFECTEDBYANUMBEROFFACTORSITISESSENTIALTOUNDERSTANDTHEFACTORSTHATIMPACTMARKETSBECAUSETHOSEFACTORS,INTURN,IMPACTTHEPOTENTIALRISKOFANORGANIZATIONFACTORSTHATAFFECTINTERESTRATESINTERESTRATESAREAKEYCOMPONENTINMANYMARKETPRICESANDANIMPORTANTECONOMICBAROMETERTHEYARECOMPRISEDOFTHEREALRATEPLUSACOMPONENTFOREXPECTEDINFLATION,SINCEINFLATIONREDUCESTHEPURCHASINGPOWEROFALENDERSASSETSTHEGREATERTHETERMTOMATURITY,THEGREATERTHEUNCERTAINTYINTERESTRATESAREALSOREFLECTIVEOFSUPPLYANDDEMANDFORFUNDSANDCREDITRISKINTERESTRATESAREPARTICULARLYIMPORTANTTOCOMPANIESANDGOVERNMENTSBECAUSETHEYARETHEKEYINGREDIENTINTHECOSTOFCAPITALMOSTCOMPANIESANDGOVERNMENTSREQUIREDEBTFINANCINGFOREXPANSIONANDCAPITALPROJECTSWHENINTERESTRATESINCREASE,THEIMPACTCANBESIGNIFICANTONBORROWERSINTERESTRATESALSOAFFECTPRICESINOTHERFINANCIALMARKETS,SOTHEIRIMPACTISFARREACHINGOTHERCOMPONENTSTOTHEINTERESTRATEMAYINCLUDEARISKPREMIUMTOREFLECTTHECREDITWORTHINESSOFABORROWERFOREXAMPLE,THETHREATOFPOLITICALORSOVEREIGNRISKCANCAUSEINTERESTRATESTORISE,SOMETIMESSUBSTANTIALLY,ASINVESTORSDEMANDADDITIONALCOMPENSATIONFORTHEINCREASEDRISKOFDEFAULTFACTORSTHATINFLUENCETHELEVELOFMARKETINTERESTRATESINCLUDE1、EXPECTEDLEVELSOFINFLATION2、GENERALECONOMICCONDITIONS3、MONETARYPOLICYANDTHESTANCEOFTHECENTRALBANK4、FOREIGNEXCHANGEMARKETACTIVITY5、FOREIGNINVESTORDEMANDFORDEBTSECURITIES6、LEVELSOFSOVEREIGNDEBTOUTSTANDING7、FINANCIALANDPOLITICALSTABILITYYIELDCURVETHEYIELDCURVEISAGRAPHICALREPRESENTATIONOFYIELDSFORARANGEOFTERMSTOMATURITYFOREXAMPLE,AYIELDCURVEMIGHTILLUSTRATEYIELDSFORMATURITYFROMONEDAYOVERNIGHTHTTP/HTTP/WWWWENKU1COM/NEWS/2C514A1B5800252FHTMLTO30YEARTERMSTYPICALLY,THERATESAREZEROCOUPONGOVERNMENTRATESSINCECURRENTINTERESTRATESREFLECTEXPECTATIONS,THEYIELDCURVEPROVIDESUSEFULINFORMATIONABOUTTHEMARKETSEXPECTATIONSOFFUTUREINTERESTRATESIMPLIEDINTERESTRATESFORFORWARDSTARTINGTERMSCANBECALCULATEDUSINGTHEINFORMATIONINTHEYIELDCURVEFOREXAMPLE,USINGRATESFORONEANDTWOYEARMATURITIES,THEEXPECTEDONEYEARINTERESTRATEBEGINNINGINONEYEARSTIMECANBEDETERMINEDTHESHAPEOFTHEYIELDCURVEISWIDEL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