The fall of the Russian ruble portends rough seas ahead for multinational corporates. It is the kind of crisis that will separate the effective risk managers from the rest – rewarding those corporates that can manage through intense volatility, and punishing those that can’t.
After the second quarter, in which volatility was relatively muted, there was resurgence in volatility in the third quarter. A significantly larger number of North American corporates reported impacts from the euro and the yen. Among European companies, more companies mentioned the Russian ruble as impactful.