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Foreign Exchange Risk Management Procedures
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[QUOTE="Holicent, post: 270086, member: 76163"] [FONT=Verdana]The main objective of the foreign exchange risk management procedures is to minimize the risk of loss to the company in respect of its foreign currency exposure. The procedures should be reviewed at least annually by a person independent from the treasury function who has knowledge of the business operations and financial information. The review should consider: a) identification and classification of all foreign currency exposures; b) estimation techniques for foreign currency exposures; c) an assessment of the different methods available for hedging exposures against market risks; and d) strategies for managing existing exposures. The foreign exchange risk management procedures must be approved by the board of directors. In addition, these procedures must be periodically reviewed and updated to ensure that they are always in line with current market developments. In order to manage its currency risk, a company must have a foreign exchange strategy that clearly defines how it intends to reduce its exposure to exchange rate risk. The strategy should also specify the currency exposures that are hedged and those that are not hedged. It is important for companies to review their hedging policies regularly to determine whether they need to revise them or add new hedges.[/FONT] [/QUOTE]
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