【正文】 然而，這種激勵合同要求的精確位置和適當?shù)膬?nèi)部控制評價制度。 這樣的內(nèi)部報告需要類似的標準化、規(guī)范化、較為頻繁報道 ,間隔每日或每周的報告替代一般公認會計原則的周期性季度報告。 然而 ，現(xiàn)在有一個關(guān)于積極的風險管理 的文獻 越來越多 ， 原因包括斯圖爾茲 的 工作（ 1984 年），史密斯，史密森和沃爾福德（ 1990），F(xiàn)root， Sharfstein 和 Stein（ 1993），但很少有更值得注意的 結(jié)論 ，圣多馬羅最近發(fā)表的 風險管理審查報告（ 1995）列出了幾十個領(lǐng)域的貢獻和 至少提出四個不同積極風險管理的理由。最后，銀行在從它的客戶群提供服務(wù)的風險可以購買或出售金融債權(quán)分散或集中。 要關(guān)注 什么樣的風險 ? 銀行 的 主要活動 包含的風險 ,即那些涉及自 身 的資產(chǎn)負債表及其基本的商業(yè)貸款和借款中的風險 ,都不 是 銀行本身 承擔 。 concern over return variability, as the abovecited authors demonstrate. How Are These Risks Managed ? In light of the above, what are the necessary procedures that must be in place to carry out adequate risk management? In essence, what techniques are employed to both limit and manage the different types of risk, and how are they implemented in each area of risk control? It is to these questions that we now turn. After reviewing the procedures employed by leading firms, an approach emerges from an examination o f largescale risk management systems. The management of the banking firm relies on a sequence of steps to implement a risk management system. These can be seen as containing the following four parts: (i) standards and reports, (ii) position limits or rules, (iii) investment guidelines or strategies, (iv) incentive contracts and pensation. In general, these tools are established to measure exposure, define procedures to manage these exposures, limit individual positions to acceptable levels, and encourage decision makers to manage risk in a manner that is consistent with the firm39。s management to require that employees be held accountable is the third. In each case the goal is to rid the firm of risks that are not essential to the financial service provided, or to absorb only an optimal quantity of a particular kind of risk. There are also some risks that can be eliminated, or at least substantially reduced through the technique of risk transfer. Markets exist for many of the risks borne by the banking firm. Interest rate risk can be transferred by interest rate products such as swaps or other derivatives. Borrowing terms can be altered to effect a change in their duration. Finally, the bank can buy or sell financial claims to diversify or concentrate the risks that result in from servicing its client base. To the extent that the financial risks of the assets created by the firm are understood by the market, these assets can be sold at their fair value. Unless the institution has a parative advantage in managing the attendant risk and/or a desire for the embedded risk they contain,there is no reason for the bank to absorb such risks, rather than transfer them. However, there are two classes of assets or activities where the risk inherent in the activity must and should be absorbed at the bank level. In these cases, good reasons exist for using firm resources to manage bank level risk. The first of these includes financial assets or activities where the nature of the embedded risk may be plex and difficult to municate to third parties. This is the case when the bank holds plex and proprietary assets that have thin, if not nonexistent, secondary markets. Communication in such cases may be more difficult or expensive than hedging the underlying risk. Moreover, revealing information about the customer may give petitors an undue advantage. The second case included proprietary positions that are accepted because of their risks, and their expected return. Here, risk positions that are central to the bank39。然而 ,銀行業(yè)所面臨的風險企業(yè)中絕大多數(shù)是在資產(chǎn)負債表的企業(yè) 。市場存在著許多降低自己所承擔的風險的金融公司。只有這樣 ， 該公司 實現(xiàn)其 財務(wù)績效表現(xiàn)系統(tǒng)的 目標。 財務(wù)報告的標準化的是下一個 組成部分 。 該標準 導(dǎo)致公司一級對沖和資產(chǎn)負債