The rule of the game relating to "take a risk or hedge" is that there are no rules in a corporate context. A financial risk manager must act upon whatever strategy is best thought to suit the risk appetite of the company and pursue appropriate policy-dictated actions.
A company either actively pursuing a "do nothing" policy with respect to managing financial risks or pursuing such a policy by default (perhaps due to misinformation or ignorance) is in fact doing something, namely putting that company into yet another commercial activity, being speculation on financial markets prices.
The financial markets risk-taking attitudes of bankers - the purported "professionals" who are often thought to be big risk takers in financial markets - are examined. Risk-taking lessons are then be drawn from the professionals' actions.
Financial markets transactions which mitigate financial risks are discussed.