Corporate foreign exchange ("FX") risk management may be defined as managing exposure to adverse exchange rate fluctuations within an acceptable range at an acceptable cost.

Many different companies will have very different approaches to this hugely critical area. Some will be totally unwilling to tolerate any sort of exchange rate risk whatsoever. Others, in an attempt to reduce hedging costs, will be prepared to accept a certain level of risk exposure.

We are committed to working with you to arrive at an entirely appropriate level of FX risk management for your business. Our objective is that you should be able to carry on your day-to-day business totally unconcerned about exchange rate fluctuations.

We believe that companies with FX exposures should:

• Introduce measurable FX hedging objectives
• Have access to accurate and timely performance-versus-objectives information
• Restrict transaction costs to an appropriately low level
• Ensure that rigorous compliance and error checking procedures are implemented and adhered to
• Involve senior management at each step of the hedging and risk management processes