JPMorgan Chase & Co. is assessing its financial risk management strategies. The following data is available:

20. 
    
    • Value at Risk (VaR): $500 million
    • Expected Shortfall: $600 million
    • Hedge Ratio: 0.8
    • Current Portfolio Value: $50 billion

Requirements:

20. 
    
    4. Calculate the potential loss using the VaR method.
    5. Determine the impact on portfolio value using the expected shortfall.
    6. Compute the hedged portfolio value.
    7. Analyze the effectiveness of the hedge ratio.
    8. Recommend strategies to improve risk management.