Although Latin America is not the largest regional trading partner with the United States, it is the fastest growing one, providing a rich source of raw materials and featuring a burgeoning middle class that offers expanded opportunities to sell U.S. products and services.

While some Latin American countries are experiencing historical growth in their gross domestic product, this is coupled with associated political/regulatory, economic and operational risks. These exposures vary by country and sector and can impact your firm's profit and loss statement as well as the balance sheet.

For those risk managers whose firms are doing business in Latin America, the following are three of the key scenarios that will not only address the related exposures and perils but also discuss available risk-transfer mechanisms.