Municipal Risk Manager of the Year - Florida Municipal Power Agency

The Risk Awards 2007

p61-jpg

There is a long history of municipalities using complex derivatives without necessarily having a complete understanding of the risks involved - just think of the losses reported by Orange County in the US or the London borough of Hammersmith and Fulham. But while some have been caught off guard, others have developed sophisticated risk management functions that govern their use of derivatives.

Indeed, the Orlando-based Florida Municipal Power Agency (FMPA) has demonstrated that a conservative