台灣為出口導向的國家，市場環境在國際化及全球化下，匯率風險是企業經營上不確定因素的來源之一，對企業獲利造成直接或間接的影響。
個案公司為台灣上市公司，產銷電腦零組件為主，並朝自有品牌電腦系統製造商發展，全球行銷面臨多幣別收入及管理，金融海嘯期間全球匯率波動時，客戶多會轉嫁匯率損失於個案公司，本研究是探討其穩健務實的財務風格，如何面對匯率波動所造成的影響。
個案公司採取內部控制整合架構的推行達成匯率管理目標，並結合企業ERP系統之整合，為個案公司建構集團一致的管理平台，以達管理目標。本研究以個案探討方式，透過資料收集及深度訪談，輔以參考相關文獻，研究個案公司匯率管理過程，本研究之發現有：1.COSO ERM(企業風險管理（Enterprise Risk Management，ERM ）)適用於個案公司之匯率風險管理。2.COSO ERM更加關注於風險，其延伸內部控制架構的目標設定需考量管理階層及董事會對於設定營運、報導及遵循目標所使用的過程，能使公司對於匯率風險管理產生跨部門合作且有效執行，並確認內部控制制度的完整性及有效性。3.個案公司透過企業流程整合、提升產品競爭力、自然避險、匯率交換及遠匯商品避險操作，縮小匯兌損益對財報之影響。4.ERP系統使公司即時取得匯率管理所需資料，減少管理成本。5.個案公司以財務專業判斷每月彈性調整避險比率，建議應建立交易風險評估方法，比如以VaR衡量風險值後，確認該月各幣別避險比率，紀律地執行避險及停損。

Taiwan's an export-oriented country. Under the waves of internationalization and globalization, the exchange rate risk creates one of the uncertainties for business, resulting in a direct or indirect impact on corporate profits.
The listed company illustrated in the case is a computer components manufacturer in Taiwan. It has its own brand of computer system while facing with multi-currency global marketing income and exchange rate fluctuations. During the global financial crisis, their customers tended to transfer exchange rate losses to the company. This study is to explore the how did the company deal with the impact caused by exchange rate fluctuations with its financial.
The company adopts its internal control framework to achieve the implementation of exchange rate management objectives, combined with the integration of enterprise ERP system, as the case company constructs a company-wide management platform to achieve its goals. In this study, through data collection and in-depth interviews, supplement of relevant literature as well as the company’s own FX management process, it has found that:
1. COSO ERM (Enterprise Risk Management) is applicable to the case company's foreign exchange risk management.
2. COSO ERM is more about controlling the risk. While setting up the internal control structure, it needs to consider how the management and board of directors view about setting operations, documenting and executing the process of the procedures. It enables the company to generate foreign exchange risk management and effective implementation of cross-departmental cooperation and to verify the integrity and effectiveness of the internal control system.
3. The company reduced foreign exchange gain/loss impact through business process integration, enhance product competitiveness, natural hedging, and financial derivatives hedging.
4. ERP systems enable companies to obtain real-time information and reduce management costs.
5. In this case, using professional knowledge, the financial officer could adjust the hedge ratios monthly. It’s recommended to establish trading risk assessment methods, such as the VaR to measure risk. The VaR to measure risk is to confirm the hedge ratios, then execute the hedging program with great discipline.

參考文獻
一、 中文參考文獻
1. 王怡心等編譯，COSO內部控制-整合架構，中華民國內部稽核協會，台北，第174-179頁(2013)。譯自the Committee of Sponsoring Organizations of the Treadway Commission (COSO), Internal Control - Integrated Framework: Executive Summary, Framework and Appendices, and Illustrative Tools for Assessing Effectiveness of a System of Internal Control (3 volume set). New York：AICPA.
2. 謝劍平，財務管理：新觀念與本土化，智勝文化，台北，第693-703頁(2013)。
3. 謝劍平，國際財務管理：跨國企業之價值創造，智勝文化，台北，第10-167頁(2011)。
4. 陳國良，「面對重大事件時之企業匯率避險研究:從台灣進出口企業的立場出發」，碩士論文，國立中興大學，台中(2011)。
5. 洪冠文，「外匯風險管理策略研究-以個案電子公司為例」，碩士論文，國立臺北大學，台北 (2012)。
6. 蔡瑩貞，「外匯風險管理及內部控制制度之研究-以台灣上市上櫃公司為例」，碩士論文，國立臺北大學，台北(2004)。
7. 連淑雯，「以AS/NZS4360風險管理標準導入企業匯率風險管理之關鍵因素研究」，碩士論文，國立中正大學，台北(2009)。
8. 陳國裕，「台灣企業外匯風險管理之研究」，碩士論文，國立中央大學，中壢(2006）。
9. 林淑貞編譯，衍生性金融商品風險管理手冊，台灣金融研訓院，台北，第142-143頁(2005)。譯自美國通貨監理署(Office of the Comptroller of the Currency Administrator of National Banks)，Risk management of financial derivatives.
10. 楊金龍，「貨幣政策與外匯管理」，內部稽核季刊，第八十四期，頁17-22 (2013)。
二、 英文參考文獻
1. The Committee of Sponsoring Organizations of the Treadway Commission (COSO), Enterprise Risk Management - Integrated Framework, Executive Summary, AICPA, NY, pp.1-7 (2004)
2. The Committee of Sponsoring Organizations of the Treadway Commission (COSO), Internal Control - Integrated Framework: Executive Summary, Framework and Appendices, and Illustrative Tools for Assessing Effectiveness of a System of Internal Control (3 volume set), AICPA, NY, pp.1-10 (2013)
3. Bishop, P., & Dixon, D., Foreign Exchange Handbook: Managing Risk and Opportunity in Global Currency Markets, McGraw-Hill, NY, pp.407-434 (1992)