Overview. The current financial risk scene J.A. Batten, T.A. Fetherston). Recent global financial crises: Lessons learned (W.C. Hunter). The ability of regulatory capital models to meet prudential objectives: A credit derivative perspective (E. Wong, T.A. Fetherston, J.A. Batten). Financial Risk Management Procedures. Cointegration and asset allocation: A new active hedge fund strategy (C. Alexander, I. Giblin, W. Weddington III). Improving value at risk for non-normal return distributions (D. Nam, B.E. Gup). Equity volatility trading strategy in two closely related indices - a risk management perspective (H.R. Kubli, W. Kemmsies). The choice of foreign exchange hedging techniques: An international study (R. Faff, A.P. Marshall). The hill estimator in Financial Risk Assessment and an Application to Extremal exchange rate risk (N. Wagner). Using regression techniques to estimate futures hedge ratios, some results from alternative approaches applied to Australian 10 Year Treasury Bond Futures (D.E. Allen et al.).Optimal Asian multi-currency strategy portfolios with exact risk attribution (C. Los). Tracking errors, changing risks and the asset universe (P. Poomimars, J. Cadle, M. Theobald). Improvements on value at risk measures by combining conditional autoregressive and extreme value approaches (D. Meneguzzo, W. Vecchiato). Interest rate models in risk management: Results for U.S. treasury yields (K.B. Nowman). Financial Risk Measurement. Increasing linkages of stock market and price volatility (N.R. Sabri). Testing for contagion during the Asian crisis (B. Gerard, K. Thanyalakpark, D. Filson). An analysis of private loan guarantee portfolios (M. Gendron, V.S. Lai, I. Soumare). Assessing market risk for hedge funds and hedge funds portfolios (F.-S. Lhabitant). ADR risk characteristics and measurement. (T. Arnold, L. Nail, T.D. Nixon). Operational risk and the BIS capital charge: Foreign versus Australian bank practice (C. Viney). Credit spreads between German and Italian Medium Term Zero Coupon Government Bonds - empirical assessment of a three-factor defaultable term structure model (B. Schmid, A. Kalemanova). Estimation of mean and variance episodes in the price return of the stock exchange of Thailand (T. Bos, P. Hoontrakul).