Foreign exchange exposure management in a fuel procurement company operating in the commodity markets

Fluctuating commodity prices, foreign exchange rates and interest rates are causing changes in cash flows, market value and the companies’ profit. Most of the commodities are quoted in US dollar. Companies with non-dollar accounting face a double risk in the form of the commodity price risk and foreign exchange risk. The objective of this Master’s thesis is to find out how companies under commodity should manage foreign exchange exposure. The theoretical literature is based on foreign exchange risk, commodity risk and foreign exchange exposure management. The empirical research is done by using constructive modelling of a case company in the oil industry. The exposure is model with foreign exchange net cash flow and net working capital. First, the factors affecting foreign exchange exposure in case company are analyzed, then a model of foreign exchange exposure is created. Finally, the models are compared and the most suitable method is defined. According to the literature, foreign exchange exposure is the foreign exchange net cash flow. However, the results of the study show that foreign exchange risk can be managed also with net working capital. When the purchases, sales and storage are under foreign exchange risk, the best way to manage foreign exchange exposure is with combined net cash flow and net working capital method. The foreign exchange risk policy of the company defines the appropriate way to manage foreign exchange risk.

Expanding a Global Company Management System to An Integrated Coverage of Several Standards

This Master’s thesis examines the implementation of management system standard requirements as integrated in the organization. The aim is to determine how requirements from management system standards ISO 14001:2015 and ISO 9001:2015 can be integrated and implemented into the existing ISO 9001:2008 compliant management system. Research was executed as action research by utilizing an operating model about the integrated use of management system standards created by the International Organization for Standardization. Phases of the operating model were applied to the target organization. The similarity and integration potential of relevant standards were assessed by using comparative matrices. Allocation of the requirements and conformity assessment of the processes was executed by gap analysis. The main results indicate that the requirements of the relevant standards are principally equivalent or have the same kind of purpose. The results also show the most important processes of the target organization in terms of requirement compliance, as well as the requirements which affect the process the most. Prioritizing the compliance achievement of the most important processes and implementation of those requirements that have the most effect create an opportunity for organizations to implement the integrated requirements effectively.

Different approaches to municipal solid waste management in Brazil : case study Rio de Janeiro

Inadequate final disposal of municipal solid waste (MSW) is associated with significant greenhouse gas (GHG) emission, environmental, health and safety issues, space consumption, public health and developmental issues in general. The environmental impact of waste is mostly felt in developing countries, inadequate waste management and treatment solution, inadequate policies and outdated practices are some of the factors leading to the significantly high final disposal of waste in dumps in developing countries. Brazil and other developing countries are changing the status quo by adopting polices that will adequately address this problem of inadequate waste management and disposal. Life cycle analysis (LCA) identifies the potential environmental impact of a product though environmental impact assessment, International Organization for Standardization (ISO) created the ISO 14040 and ISO 14044 to serve as principle guidelines for conducting LCA. Various waste treatment solution was applied to identify the waste management solution with the least Global warming potential (GWP) for treating the MSW generated from the city of Rio de Janerio, while reducing significantly final waste disposed in landfill.