Ok, I got thrown a little at a Review last weekend.
please verify Im not crazy and this is correct
If you are a fixed rate receiver. You have Market risk. Its like holding a bond and its value is predicated on market yield
If you are a floating rate receiver, You have cash flow risk, as those cash flows can vary from period to period
If you are fixed receiver expecting higher rates, one wants to offload market risk by entering into a pay fixed receive floating swap. This will increase cash flow risk exposure.