Nicolas Corry, Managing Director, The continued strength of the US$ has caught the headlines. The charts of Brazilian Real, Korean Won and Singapore Dollar confirm that the move is universal. Continued weakness in world currencies raises the risk of rate increases to protect their trading level with the dollar. Auditors should review cash management processes as part of their continuous assessment of businesses. They must ask themselves what line of sight do control functions such as Treasury and Market Risk Management have over funding versus assets? Can these areas distinguish between duration of funding positions or are traders exposing the firm to short term funding risk? During the Asian Crisis of 1997 equity derivative businesses which funded using overnight rates learned the hard way about how fast Central Banks move to defend their currencies. Juniorisation of trading staff since the recent Credit Crisis mean that few will remember the lessons of the Asian Crisis.