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| A Framework for Risk Management | 
| Authors: Kenneth A. Froot, Jeremy C. Stein, David Scharfstein
Publisher: Harvard Business Review
Category: Book
Buy New: $6.50
Sales Rank: 2531264
Format: Download: Pdf
Language: English (Published)
Media: Digital
Pages: 16
ASIN: B00005RZ4W
Publication Date: November 1, 1994
Release Date: October 25, 2008
Availability: Available for download now
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| Editorial Reviews:
Product Description
In recent years, managers have become aware of how their companies can be buffeted by risks beyond their control. To insulate themselves from such risks, many companies are turning to the derivatives markets, taking advantage of instruments like forwards, futures, options, and swaps. Although heavily involved in risk management, most companies do not have clear goals underlying their hedging programs. Without such goals, using derivatives can be dangerous. The authors present a framework to guide top-level managers in developing a coherent risk-management strategy. That strategy cannot be delegated to the corporate treasurer--let alone to a hotshot financial engineer. Ultimately, a company's risk-management strategy needs to be integrated with its overall corporate strategy. A risk-management program should have one overarching goal: to ensure that a company has the cash available to make value-enhancing investments.
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