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As part of the control framework, we need to be serious on the details of management reporting requirements for reporting the performance of the foreign exchange activities of an enterprise.

We might need to consider the following:

• Frequency of reporting;
• Recipient(s) of report;
• Content of reporting submission like:
• Position reports showing hedging in place at peiod end and mark to market value;
• Forecasts of net exposure and hedges outstanding;
• Forecasts of future exchange rate movement;
• Proposed hedging strategy for approval;
• Scenario analysis;
• Statement of compliance with control procedures

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