【正文】 tered to effect a change in their duration. Finally, the bank can buy or sell financial claims to diversify or concentrate the risks that result 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 which 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 includes proprietary positions that are accepted because of their risks, and their expected return. Here, risk positions that are central to the bank39。 本文的目的是概述本次調(diào)查的結(jié)果。 可以肯定的是，這些銀行業(yè)金融機構(gòu)進行的活動不會直接受資產(chǎn)負債表的影響。共同的風險規(guī)避行為在這里至少包括三種類型。這里的意思就是，是當銀行持有的復雜和專有資產(chǎn)數(shù)量下降時，這種風險轉(zhuǎn)移起來比較困難。承銷標準，風險分類，審 標準和風險都是傳統(tǒng)的管理和控制具。匯總報表通過業(yè)務(wù)單位指出限制條件和當前漏洞。雖然這種限制在設(shè)立和管理起來比較昂貴，他們所實行的限制風險，可以由任何人單獨承擔。為了解這四個部分基本的風險管理技術(shù)如何分別實現(xiàn)這些目標，我們將對下而過程的每一個部分詳細作說明。 然而，有兩類固有的風險資產(chǎn)或活動應被銀行吸收。總之，它只應該接受一部分唯一來自于銀行服務(wù)陣列的風險。在本文中，這些參數(shù)這里既不會審查，也不會列舉。在斯隆基金會的支持下，沃頓商學院金融機構(gòu)中心，一直在金融部門中參與對金融風險管理的分析。s array of services. Elsewhere Oldfield and Santomero, 1997 it has been argued that risks facing all financial institutions can be segmented into three separable types, from a management perspective. These are: 1. risks that can be eliminated or avoided by simple business practices。s vulnerability to financial risk, the Wharton Financial Institutions Center, with the support of the Sloan Foundation, has been involved in an analysis of financial risk management processes in the financial sector. Through the past academic year, onsite visits were conducted to review and evaluate the risk management systems and the process of risk evaluation that is in place. In the banking sector, system evaluation was conducted covering many of North America39。s business purpose are absorbed because they are the raison of the firm. Credit risk inherent in the lending activity is a clear case in point, as is market risk for the trading desk of banks active in certain markets. In all such circumstances, risk is absorbed and needs to be monitored and managed efficiently by the institution. Only then will the firm systematically achieve its financial performance goal. 4. How are these risks managed? In light of the above, what are the necessary procedures that must be in place in order 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 of 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 s