⭐ Important points (exam-critical)
- ⭐VaR limitations: assumes normal distribution; doesn't capture tail (use Expected Shortfall).
- ⭐COSO ERM framework — integrated approach with strategy, performance.
- ⭐Hedge ratio = correlation × (σ_spot / σ_futures).
- ⭐Distinguish hedging from speculation — intent and offset position.
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