Management of financial risk is very important for the treasury operations of any ministry of finance. Ministry of finance bears responsibility for the management of very substantial government assets and liabilities, and for the management of many large value transactions, probably much more than any other government ministry or agency. The large sums involved mean that any risk exposure can have damaging financial consequences on the budget outturn and the overall government balance sheet. But there is potentially also severe reputational and political damage associated with operational errors or failures, reflecting on the competence of the ministry of finance covering treasury operations.[…]