Cardno Limited and its Controlled Entities for the year ended 30 June 2010 32. KEY MANAGEMENT PERSONNEL DISCLOSURES CONTINUED  33. FINANCIAL RISK MANAGEMENT  Credit risk  The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:  Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit  evaluations are performed on customers in accordance with the policy. The Group does not require collateral in respect  of financial assets. Investments are allowed only in liquid securities and only with counterparties that have a credit rating  equal to or better than an approved rating. There are no significant concentrations of credit risk within the Group.  The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets as summarised  above.  Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its  contractual obligations, and arises principally from the Group’s receivables from customers. The Group holds the following financial instruments:  The main risks arising from the Group’s financial instruments are interest rate risk, foreign exchange risk, credit risk and  liquidity risk. The Group uses different methods to measure different types of risk to which it is exposed. These methods  include sensitivity analysis in the case of interest rate and foreign exchange risks and ageing analysis for credit risk. The  Board through the Audit, Risk & Compliance Committee reviews and agrees policies for managing these risks and  ensures strategies are implemented in the business. A Quality Management System and an Operational Risk  Committee supports consistent risk mitigation practices and procedures in order to maintain a consistent level of quality  across the Group which includes the minimisation of risk. The policies for managing each of the Group’s risks are  summarised below and remain unchanged from the prior year.  The aggregate amounts recognised during the year relating to key management personnel and their related parties were  as follows:  Notes to the Consolidated Financial Statements  (i)  Mr A D Buckley was a Director of CBD Professional Services Pty Ltd (until 17 December 2009). The aggregate  amount the consolidated entity billed for services performed by Mr Buckley was $20,688 (2009: $25,220). The  consolidated entity also used Carter Newell Lawyers (associated with CBD Professional Services Pty Ltd) for legal  advice throughout the year and the aggregate amount of fees expensed was $651 (2009: $5,136).  2010  $’000  2009  $’000  Financial assets  Cash and cash equivalents  56,282 65,808 Trade and other receivables  104,779 93,722 Investments in non-related entities  836 553 161,897 160,083 Financial liabilities  Trade and other payables  82,462 58,779 Interest-bearing loans and borrowings  175,240 85,052 257,702 143,831 2010  $’000  2009  $’000  Australia & New Zealand  39,549 35,459 Americas 41,763 29,055 Asia Pacific  10,587 12,920 Europe & Africa  8,481 10,446 100,380 87,880 Page 59 of 80 