德勤--信用風險管理(參考版)
2025-01-25 21:50本頁面
【正文】 Credit Risk Management Enhancing Your Bottom Line Ebrahim Shabudin Managing Director Deloitte Touche LLP The AFP 23rd Annual Conference New Orleans November 36, 2023 Credit Background Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line …..An uncertain and volatile economic environment significantly impacts this ability …..The desire to grow and turn in outstanding results has a tendency to put pressure on the checks and balances within businesses Value Proposition Credit plays a critical role in “selling” products and services – Expands revenue opportunities with creditworthy, incremental customers – Utilizes innovative structures to support business relationships Effective credit risk management limits credit losses and provides stable cash flows and earnings – Marketplace rewards panies exhibiting earnings and cash flow stability with higher P/E multiples – Marketplace penalizes credit induced volatility and “surprises” Raises questions about quality of management Corporate Credit Risk Companies are exposed to significant levels of credit risk emanating from different sources Accounts Receivables Other Notes Receivables Buyer and Franchise Financing With Recourse Financing – Project Finance – Structured Transactions – Leases with Recourse Derivatives Exposures – FX, Interest Rate Risk, Commodities etc. Collateral Risk – Parent or Third Party Guarantees – Commercial and Standby Letters of Credit – Note also that Critical Suppliers to the pany may pose specific credit risk DSO Impact … an example Actual Company A Peer Average Q3 A/R $295,396,000 Q3 Sales $261,201,000 \ DSOs = 124* Hypothetical D Cash DSOs Q3 Sales $261,201,000 \ Q3 A/R = $122,002,230 +$173,393,770 * Equals (or number of days in sales period) Credit as a Facilitator Credit risk management is important – Credit is a facilitator of business growth and performance – High business margins tend to attract lower quality clients and therefore higher risk profile to manage – Clients (buyers) may be concentrated in selected industries and provide limited portfolio diversification opportunity – Poor credit risk management resulting in negative impact to bottomline is heavily penalized by markets Credit Strategy Risk Tolerance ? Specific Quantifiable Objectives ? Management Review Methodology ? Credit Strategy Statement and Risk Tolerance ? Coordination with Business Plan The business strategies and objectives drive the establishment of credit policies and procedures. Measurement and reporting as well as the use of current technologies enhance credit decisionmaking and improve risk management. The entire process is continually reevaluated and improved. Credit Risk Areas to Consider Credit Policy Credit Approval Authority Limit Setting Pricing Terms and Conditions Documentation: Contracts and Covenants Collateral and Security
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