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Lecture Financial institutions, instruments and markets (7e): Chapter 18 – Viney, Phillips

Chapter 18 - An introduction to risk management and derivatives. In this chapter students will be able to: Understand the nature and importance of risk and risk management, especially operational and financial risk exposures; construct and analyse a structured risk management process; examine the fundamentals of futures contracts; review the operation of forward exchange contracts and forward rate agreements;. | Chapter 18 An introduction to risk management And derivatives Learning objectives Understand the nature and importance of risk and risk management, especially operational and financial risk exposures Construct and analyse a structured risk management process Examine the fundamentals of futures contracts Review the operation of forward exchange contracts and forward rate agreements Understand the nature and versatility of options contracts Consider the structure of an interest rate swap and a cross-currency swap Chapter organisation 18.1 Understanding risk 18.2 The risk management process 18.3 Futures contracts 18.4 Forward contracts 18.5 Option contracts 18.6 Swap contracts 18.7 Summary 18.1 Understanding risk Risk—the possibility or probability of something occurring that is unexpected or unanticipated Categories of risk Operational risk Financial risk (cont.) 18.1 Understanding risk (cont.) Operational risk Exposure that may impact on the normal commercial functions of a business, affecting its operational and financial performance; e.g.: technology property and equipment personnel competitors natural disasters government policy suppliers and outsourcing Can be managed through the use of real options (cont.) 18.1 Understanding risk (cont.) Financial risk Exposures that result in unanticipated changes in projected cash flows or the structure and value of balance-sheet assets and liabilities; e.g.: interest rate risk foreign exchange risk liquidity risk credit risk capital risk (cont.) 18.1 Understanding risk (cont.) Financial risk (cont.) Relationships between risks can result in one risk impacting on another risk Direct risk—the initial risk event that impacts on the operational or financial position of an organisation Consequential risks—exposures that eventuate as a result of an initial direct risk event Chapter organisation 18.1 Understanding risk 18.2 The risk management process 18.3 Futures contracts 18.4 Forward contracts 18.5 . | Chapter 18 An introduction to risk management And derivatives Learning objectives Understand the nature and importance of risk and risk management, especially operational and financial risk exposures Construct and analyse a structured risk management process Examine the fundamentals of futures contracts Review the operation of forward exchange contracts and forward rate agreements Understand the nature and versatility of options contracts Consider the structure of an interest rate swap and a cross-currency swap Chapter organisation 18.1 Understanding risk 18.2 The risk management process 18.3 Futures contracts 18.4 Forward contracts 18.5 Option contracts 18.6 Swap contracts 18.7 Summary 18.1 Understanding risk Risk—the possibility or probability of something occurring that is unexpected or unanticipated Categories of risk Operational risk Financial risk (cont.) 18.1 Understanding risk (cont.) Operational risk Exposure that may impact on the normal commercial functions