Sarayut NathaphanMahidol University. Mahidol University International College. Business Administration Division.2015-06-292018-04-102015-06-292018-04-1020152009International Management Science Journal. Vol.1, No. 1 (2009-2010), 1-8https://repository.li.mahidol.ac.th/handle/20.500.14594/10521Risk measurement based on portfolio concept such as Value at Risk (VaR) or Conditional Value at Risk (CVaR) captures effects from related risk factors on portfolio value. VaR is an appropriate risk measurement for the normal market condition whereas CVaR focuses the behavior of loss in the loss distribution. To manage risk effectively, magnitude of what is at risk and effect of such risk factor on portfolio value should be determined.engMahidol UniversityValue at riskConditional value at riskRisk managementArticle