As a newly appointed Chief Financial Officer (CFO) of a multinational corporation, you are tasked with assessing the currency risk factors that could impact the organization’s financial performance. The corporation operates in multiple currencies, including the Euro (EUR), Japanese Yen (JPY), and Indian Rupee (INR). Your company has foreign sales revenue, foreign expenses, and foreign investments, creating exposure to various currency risk factors.

Considering the financial statements provided, analyze the following currency risk factors:

• Transaction Risk
• Translation Risk
• Economic Risk

For each type of risk, discuss its implications for the corporation's cash flows and financial position. Additionally, recommend strategies for managing these risks effectively, utilizing currency derivatives where appropriate. Your response should be comprehensive, integrating both qualitative and quantitative aspects of currency risk management.