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1、外文翻译原文FinancialRiskMaterialSource:EssentialofFinancialRiskManagementAuthor:KarenA.Horcher:Althoughfinancialriskhasincreasedsignificantlyinrecentyears,riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythat
2、havenothingtodowiththedomesticmarket.Informationisavailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomicclimateandmarketscanbeaffectedveryquicklybychangesinexchangerates,interestrates,andcommodityprices.Asaresult,itisimportanttoensurefinan
3、cialrisksareidentifiedandmanagedappropriately.Preparationisakeycomponentoffinancialriskmanagement.Riskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityofloss,whileexposureisthepossibilityofloss,althoughtheyareoftenusedint
4、erchangeably.Riskarisesasaresultofexposure.Exposuretofinancialmarketsaffectsmostorganizations,eitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposure,thereisapossibilityoflossbutalsoanopportunityforgainorprofit.Riskisthelikelihoodoflossesresultingfromeventssuchaschangesin
5、marketprices.Eventswithalowprobabilityofoccurring,butthatmayresultinahighloss,areparticularlytroublesomebecausetheyareoftennotanticipated.Sinceitisnotalwayspossibleordesirabletoeliminatefinancialrisk,understandingitisanimportantstepindetermininghowtomanageit.Identifyingexposuresandrisksf
6、ormsthebasisforanappropriatefinancialriskmanagementstrategy.Financialriskarisesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities,Whenpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverse
7、lyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudgetpricegoodsandservices,andallocatecapital.Therearethreemainsourcesoffinancialrisk:first,financialrisksarisingfromanorganization’sexposuretochangesinmarketprices,suchasinteres