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jjjjjjjjjjjjjjj Riesgo de mercado, asociado a las fluctuaciones de los mercados financieros, y en el que se distinguen:
• Riesgo de cambio, consecuencia de la volatilidad del mercado de divisas.
• Riesgo de tipo de interés, consecuencia de la volatilidad de los tipos de interés.
• Riesgo de mercado (en acepción restringida), que serefiere específicamente a la volatilidad de los mercados de instrumentos financieros tales como acciones, deuda, derivados,
• Riesgo de crédito, consecuencia de la posibilidad de que una de las partes de un contrato financiero no asuma sus obligaciones.
• Riesgo de liquidez o de financiación, y que se refiere al hecho de que una de las partes de un contrato financiero no pueda obtener la liquideznecesaria para asumir sus obligaciones a pesar de disponer de los activos —que no puede vender con la suficiente rapidez y al precio adecuado— y la voluntad de hacerlo.
• Riesgo operativo, que es entendido como la posibilidad de ocurrencia de pérdidas financieras, originadas por fallas o insuficiencias de procesos, personas, sistemas internos, tecnología, y en la presencia de eventos externosimprevistos.1
• Riesgo país o riesgo soberano.
• Riesgo sistémico.
Introducción: cuantificación de riesgos de mercado El propósito de los programas de
administración de riesgos en las empresas es proporcionar estabilidad en los flujos
financieros. Cada día las empresas enfrentan riesgos financieros, como por ejemplo
volatilidad del tipo de cambio, de la tasa de interés y del precio de commodities,no
pago de préstamos y cambios en la clasificación crediticia. Estos riesgos son
divididos en dos categorías: riesgo de crédito y riesgo de mercado. Por una parte,
riesgo de crédito incluye todos los riesgos asociados con el crédito de participantes
específicos, tales como no pago potencial o cambios en la clasificación crediticia. Por
otra parte, riesgo de mercado se refiere a los riesgos...