Treasury and finance personnel at U.S. corporations consider liquidity and market risk to be the most significant of the threats they face, although fewer companies have exposure to those risks than to interest-rate and credit risks, according to a survey of 226 companies by the Association for Financial Professionals (AFP).

Sixty-four percent of the executives surveyed say their companies are exposed to liquidity risk and 53% say it's a significant threat; 52% say they have exposure to market risk and 64% cite it as a significant risk.

Brian Kalish, financial practice lead at AFP, says the weight the respondents placed on liquidity risk isn't surprising after the events of the last two years. "People found out very quickly that if you don't have liquidity, you're not going to last very long," he says.