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Jun 30, 2004
Sacramento - Risk exposure is generally misunderstood among new entrants into the international trade arena. Some grossly underestimate it, choosing to assume that the guarantees and institutions governing domestic business somehow extend abroad. Such na•vetŽ has led to reckless overexposure, meaning tremendous losses for countless firms. Others overestimate it, viewing the international market place as an anarchic free-for-all ready to devour all but the most adept of participants. Such an outlook is invariably self-restrictive, precluding one from fully realizing the enormous potential for commercial success to be found in foreign markets. Identifying such misconceptions as a serious barrier, the U.S. Small Business Administration, the U.S. Chamber of Commerce, and the member companies of American International Group, Inc. (AIG) have Òcome together to bring you as much information as possible to help you assess your international risks.Ó The joint venture takes shape as a comprehensive website (to be found at http://assessyourinternationalrisk.org/) offering an excellent overall picture of the nature of risk involved in most common international trade activities as well as what one can do about it. The site is geared towards those firms new to or otherwise unfamiliar with risk management in the international business environment. Among its most useful elements is a glossary of common terms used in insurance policies targeted at mitigating international risk. Other features include a brief questionnaire designed to identify oneÕs particular level of exposure, a list of specific insurance policies to consider (conveniently organized by the business activity from which the risk is to arise), and links to other online resources related to risk management. Or Visit: www.assessyourinternationalrisk.org/