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The subjects of this paper are understanding risk and implementing risk tools. The paper is organized into four sections. The first discusses the historical emergence of risk management. The second reviews some of the theoretical and market developments that allowed financial institutions to transfer risk and examines the enormous impact of these developments on the financial sector. A third section on risk in the corporate sector focuses on developments in the energy industry to exemplify how risk management can transform the fortunes of nonfinancial companies. Finally, the paper sets out a comprehensive framework for how institutions can employ a disciplined, strategic risk-return management process.
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