商業(yè)銀行風險管理—畢業(yè)論文外文及翻譯(編輯修改稿)
2024-10-19 10:45 本頁面
【文章內(nèi)容簡介】 uce the effects of any one loss experience is another. The implementation of incentivepatible contracts with the institution39。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 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。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 seen as containing the following four parts: 1. standards and reports, 2. position limits or rules, 3. investment guidelines or strategies, and 4. 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 goals a
公司管理相關(guān)推薦
鄂ICP備17016276號-1