EXCHANGE RISK MANAGEMENT INSTRUMENTS

Poduzeća se u svakodnevnom poslovanju susreću s rizicima, bili oni operativne, financijske ili strateške prirode. Mnogi od njih međusobno su povezani pa je teško odrediti gdje jedan završava, a drugi počinje. Stoga, potrebno je shvatiti sve uzroke i oblike rizika kako bi se moglo na njih reagirati, kako bi ih se moglo očekivati pa ih samim time i kontrolirati. Pri upravljanju rizicima poduzeća se drže određenih faza tog procesa, počevši od postavljanja konteksta, preko identifikacije rizika, analize rizika, integriranja rizika, prioritizacije rizika, postupanja s rizikom do praćenja. U ovom završnom radu tema je tečajni rizik te instrumenti upravljanja istim. Tečajni rizik se odnosi na rizik da će neka valuta imati manju (ili veću) vrijednost na tržištu u budućnosti, a najčešće je vezan uz promjenu vrijednosti neke valute (devalvacija ili revalvacija). Nastaje kao posljedica određenog stanja na svjetskom novčanom i deviznom tržištu i znači mogućnost nastanka štete za jednog od poslovnih partnera zbog fluktuirajućih tečajeva ugovorene valute plaćanja. Hedging predstavlja obranu od rizika. Osim hedginga, tu su i derivatni instrumenti za upravljanje rizicima. Pod derivatnim instrumentima, misli se na Forward ugovore (unaprednice), Futures ugovore (ročnice), opcije i Swap ugovore detaljno obrađene u završnom radu.Companies face risks in their day-to-day operations, whether they are operational, financial strategic. Many of them are interconnected so it is difficult to determine where one ends and the other begins. Therefore, it is necessary to understand all the causes and forms of risk in order to be able to react to them, to be able to expect them and then control them. Companies have a certain process regarding their risk management, starting from setting the context, through risk identification, risk analysis, risk integration, risk prioritization, risk management to monitoring. In this final paper, the topic is exchange rate risk and its management instruments. Exchange rate risk refers to the risk that a currency will have a lower (or higher) value in the market in the future, and is most often related to a change in the value of a currency (devaluation or revaluation). It arises as a consequence of a certain situation on the world money and foreign exchange market and means the possibility of damage to one of the business partners due to fluctuating exchange rates of the contracted currency of payment. Hedging is the type of a risk protection. In addition to hedging, there are derivative risk management instruments, such as forward contracts, futures contracts, options and swap contracts