Op 3 juni 2026 organiseert het NiRV het webinar “Risk management and corporate value” verzorgd door Prof. Dr. Bernard Schwetzler en Ass.- Prof. Dr. Maximilian Schreiter van HHL Leipzig Graduate School of Management.
In an increasingly fragmented and volatile global economy, risk management has evolved from a technical treasury function into a central pillar of corporate strategy. Geopolitical tensions, persistent inflation uncertainty, volatile input prices, and heightened interest rate fluctuations are fundamentally reshaping the risk landscape across industries. At the same time, capital markets have become more sensitive to downside risk—rewarding resilience while penalizing earnings volatility more strongly than in the past. Against this backdrop, effective risk management is no longer merely about protecting the downside. It is about enabling firms to compete, invest, and grow under uncertainty. Companies that actively manage their risk exposures are better positioned to maintain financial flexibility, safeguard critical investment programs, and secure favorable financing conditions—even in stressed environments.
This webinar takes a practitioner-focused perspective and explores how risk management can be systematically integrated into corporate valuation frameworks. The key insight is that value creation does not stem from “beating the market” through derivatives—indeed, in well-functioning capital markets, such instruments are fairly priced and exhibit a zero-NPV property. Instead, risk management creates value through its interaction with the firm’s operating and financing decisions.
We begin by developing a structured understanding of the economic benefits of risk management, in particular:
– Reducing bankruptcy risk and expected financial distress costs,*
– Safeguarding strategic investments by ensuring that positive-NPV projects can be executed even under adverse financing conditions,
– Enhancing financing conditions, with potential implications for the firm’s cost of capital.
Building on this foundation, the webinar introduces practical approaches to risk measurement and provides a concise overview of key hedging instruments, such as forwards and futures. These tools are then combined with the firm’s underlying operating risk profile to analyze alternative risk management strategies and assess their impact on firm value and risk.
A central component of the session is an Excel-based simulation model. Participants will learn how to:
– Model the stochastic behavior of key risk factors
– Quantify the financial impact of different hedging strategies
– Estimate value effects, including reduced expected distress costs and tax shield implications
Once implemented, the model provides a powerful and flexible tool to evaluate financing and hedging policies, enabling practitioners to identify the impact of different risk management strategies on corporate value.
* We already touched on this topic in an earlier webinar.
Prof. Dr. Bernhard Schwetzler
Prof. Dr. Bernhard Schwetzler holds the chair of financial management at the HHL Leipzig Graduate School of Management. He was a research fellow and visiting professor at various international universities such as Purdue University, INSEAD Fontainebleau and EADA Barcelona. Prof. Schwetzler has published in numerous national and international journals on topics related to company valuation and financing theory (including Journal of Banking and Finance, Journal of Corporate Finance, Zeitschrift für Betriebswirtschaft), works as an expert in valuation issues for courts and supports in this function also companies and investors. As a member of the advisory board of Value Trust S.E. and the scientific advisory board of the Federal Association of German Equity Investment Companies in Germany, Prof. Schwetzler maintains close contact with the practice of company valuation and company transactions.
Ass.- Prof. Dr. Maximilian Schreiter
Maximilian Schreiter is onderzoeksassistent en promovendus aan de leerstoel Financieel Management aan de Hogeschool van Leipzig (HHL). Zijn onderzoeksgebied is de toepassing van echte optietheorie bij het optimaliseren van financierings- en investeringsbeslissingen, evenals bij bedrijfswaardering. Voordat hij bij HHL kwam, werkte hij voor Roland Berger Strategy Consultants. Gedurende deze periode adviseerde hij consumentengoederen en retailbedrijven in Midden- en Oost-Europa en West-Afrika bij verschillende projecten.
16:30-19:30 uur (incl. pauze).
De deelnamelink wordt enkele dagen voorafgaand per mail verzonden.
De kosten voor deelname als NiRV-lid bedragen € 300,- per persoon excl. BTW. Overige deelnemers, geen lid van het NiRV, betalen € 400,- per persoon excl. BTW.
Annuleren:
Annulering is tot 2 weken voorafgaand aan de workshop kosteloos. Bij afmelding binnen 2 weken of no-show heb je geen recht op restitutie van het deelnamebedrag. Wel mag men eventueel iemand anders/een collega aanmelden. Indien de collega geen lid is bij het NiRV wordt een aanvullende factuur gestuurd.
Voor deelname aan deze workshop worden 3 PE punten toegekend aan Register Valuators.
