3. Significant accounting policies (continued):  4. FINANCIAL RISK MANAGEMENT Overview  Risk Management Framework  Credit Risk and Other Price Risk  51  Notes to Financial Statements  Annual Report  2013  Effective January 1, 2013, the Corporation adopted IFRS 10, 11, 12 and 13. These new standards do not affect the recognition or  measurement of any items in the Corporation’s Financial Statements. Disclosure requirements under IFRS 13 have been provided in  Note 4. There have been no other changes to the Corporation's accounting policies from those disclosed in the consolidated Financial  Statements of the Corporation for the years ended December 31, 2012 and 2011. The Corporation has exposure to the following risks from its use of financial instruments:  This note presents information about the Corporation’s exposure to each of the above risks, the Corporation’s objectives, policies and  processes for measuring and managing risk, and the Corporation’s management of capital. Further quantitative disclosures are  included throughout these consolidated financial statements.  The Board of Directors has overall responsibility for the establishment and oversight of the Corporation’s risk management framework.  The Board has established the Risk Management Committee, which is responsible for developing and monitoring the Corporation’s  risk management policies. The committee reports regularly to the Board of Directors on its activities.  The Corporation’s risk management policies are established to identify and analyse the risks faced by the Corporation, to set  appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed  regularly to reflect changes in market conditions and the Corporation’s activities. The Corporation, through its training and management  standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their  roles and obligations.  The Corporation’s Audit Committee oversees how management monitors compliance with the Corporation’s risk management policies  and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Corporation. The  Audit Committee undertakes both regular and  ad hoc  reviews of risk management controls and procedures.  Credit risk is the risk of financial loss to the Corporation if a customer or counterparty to a financial instrument fails to meet its contractual  obligations, and arises principally from the Corporation’s investments. Concentrations of credit risk exist when a significant proportion  of the Corporation’s assets are invested in a small number of individually significant investments, and investments with similar  characteristics and/or subject to similar economic, political and other conditions that may prevail. The Corporation’s exposure to credit  risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics  of the Corporation’s customer base, including the default risk of the industry and country in which customers operate, as these factors  may have an influence on credit risk. No single partner accounted for more than 20% of the Corporation’s revenue in the year ended  December 31, 2013.  Other price risk is the risk that future cash flows associated with portfolio investments will fluctuate. Cash flow from investments is  generally based on a percentage of the investments’ gross revenue, same store sales, gross margin or other similar revenue. Accordingly, to the extent that the financial performance of the investment declines in respect of the relevant performance metric, cash  payments to the Corporation will decline. Portfolio investment agreements allow for the repayment of investments at the option of the  portfolio entity, and such repayment could affect future cash flows. The Corporation is exposed to credit related losses on current and future amounts receivable pursuant to investment agreements. In  the event of non-performance by Partners, future royalty and distribution revenue from the investments could be reduced, resulting in  impairment of investment values. The investment agreements provide that payments are receivable monthly no later than the last day  of the month.   credit risk and other price risk   liquidity risk   market risk   foreign exchange risk 