外文及翻譯在過去一年里我們通過現(xiàn)場(chǎng)參觀金融服務(wù)來進(jìn)行審查和評(píng)估其

在過去一年里,我們通過現(xiàn)場(chǎng)參觀金融服務(wù)公司來進(jìn)行和評(píng)估其管理系統(tǒng)商業(yè)銀行的分析涵蓋了大量的超地區(qū)性和準(zhǔn)貨幣中心機(jī)構(gòu),以及一些以外的公司獲得的信息包括了一些理念和財(cái)務(wù)風(fēng)險(xiǎn)管理的做法本文概述了本次的結(jié)果,并報(bào)告宣布了自己的虧損。在針對(duì)這種情況，商業(yè)銀行己開始了一項(xiàng)對(duì)風(fēng)險(xiǎn)管理和控制系統(tǒng)在某種程度上來說，這次活動(dòng)是出于我們對(duì)行業(yè)財(cái)務(wù)風(fēng)險(xiǎn)弱點(diǎn)的認(rèn)識(shí)。在斯隆的支持下，金融機(jī)構(gòu)中心，一直在金融部門中參與對(duì)管理的分析。通過過去的一年的時(shí)間，實(shí)地的方法貫穿于評(píng)估風(fēng)險(xiǎn)管理制度和風(fēng)險(xiǎn)評(píng)估所定的過程中。在銀行部門，系統(tǒng)進(jìn)行了評(píng)估，包括很多超地區(qū)性和本土貨幣中心的商業(yè)銀行，以及本文的目的是概述本次的結(jié)果。它報(bào)告了行業(yè)風(fēng)險(xiǎn)管理技術(shù)情況，包括問題的提出，問題的回答，以及受訪者遺留問題的解決。沒有列舉行業(yè)內(nèi)普遍采用的方法，做法尚不嚴(yán)密的問題。在這里，我們討論的包括業(yè)界認(rèn)為比較難處理的、現(xiàn)行風(fēng)險(xiǎn)分商業(yè)銀行正承擔(dān)著業(yè)務(wù)風(fēng)險(xiǎn)。在提供金融服務(wù)的過程中，他們承擔(dān)各種。在行在金融部門扮演的什么樣的角色已經(jīng)眾所周知，無論是在學(xué)術(shù)文獻(xiàn)或者金融上都有體現(xiàn)。在本文中，這些參數(shù)這里既不會(huì)，也不會(huì)列舉。我只想說，市場(chǎng)參與者尋求這些金融機(jī)構(gòu)的服務(wù)，因?yàn)檫@些機(jī)構(gòu)有能力為客戶提供市場(chǎng)知識(shí)，效率和的能力。在履行這些職責(zé)時(shí)，他們一般充當(dāng)?shù)闹黧w。因此，他們用自己的資產(chǎn)負(fù)債表，以方便包括和咨詢活動(dòng)，如:及投資管理通過“最大努力”促進(jìn)私人和公共存款合同20包裝，化，分發(fā)，以及為消費(fèi)和房地產(chǎn)領(lǐng)域的提供服務(wù)這些項(xiàng)目是在傳統(tǒng)的財(cái)務(wù)報(bào)表之外的，因?yàn)楹笳咭蕾嚾缃衿毡榻邮艿臅?huì)計(jì)程序，而不在這里，須把風(fēng)險(xiǎn)的管理程序的集中起來。除或減輕與關(guān)聯(lián)，在其他情況卜，將通過定價(jià)和產(chǎn)品設(shè)計(jì)的結(jié)合把風(fēng)險(xiǎn)轉(zhuǎn)移給其銀行也無需承擔(dān)風(fēng)險(xiǎn)，它只需要把風(fēng)險(xiǎn)有效地轉(zhuǎn)移給其他參與者。相反，對(duì)于企業(yè)來說，僅在原有的水平上管理風(fēng)險(xiǎn)要比管理市場(chǎng)本身或由業(yè)主自己的投資組合產(chǎn)生的風(fēng)險(xiǎn)來的(奧德和1997)有人認(rèn)為從管理角度來看所有金融機(jī)構(gòu)的風(fēng)險(xiǎn)可細(xì)分為三個(gè)類型。他們是:123規(guī)避這些風(fēng)險(xiǎn)的第一種做法是從標(biāo)準(zhǔn)銀行活動(dòng)特有的出發(fā)(尤其是該機(jī)構(gòu)的經(jīng)營最后，銀行可以從服務(wù)客戶群的過程中，或金融債權(quán)分散或集中的風(fēng)險(xiǎn)。從以公允價(jià)值。除非該機(jī)構(gòu)已在管理風(fēng)險(xiǎn)上有比較優(yōu)勢(shì)或者愿意接受嵌入式風(fēng)險(xiǎn)，我們種嵌入性質(zhì)的風(fēng)險(xiǎn)傳達(dá)給第比較復(fù)雜和。這里的意思就是，是當(dāng)銀行持有的復(fù)雜和專有資產(chǎn)數(shù)量下降時(shí)，這種風(fēng)險(xiǎn)轉(zhuǎn)移起來比較。當(dāng)然通過二級(jí)市場(chǎng)，我們還是可以轉(zhuǎn)移風(fēng)險(xiǎn)。但是在這種情況下，傳遞風(fēng)險(xiǎn)可能會(huì)比對(duì)沖這種潛在風(fēng)險(xiǎn)更加和昂貴。此外，這種不正當(dāng)?shù)母?jìng)爭(zhēng)能給自己帶來好處。第二個(gè)內(nèi)容包括自營他們接的信貸風(fēng)險(xiǎn)就是一個(gè)明顯的例子，它是銀行在市場(chǎng)時(shí)必然活躍的風(fēng)險(xiǎn)。在所有這些情施?這是對(duì)這些問題，我們現(xiàn)在轉(zhuǎn)向。公司在采用的程序，這種方法從一出現(xiàn)大規(guī)模的風(fēng)險(xiǎn)管理系統(tǒng)的檢查該公司的管理依賴于銀行的步驟以風(fēng)險(xiǎn)管理體系的序列。1234詳細(xì)作說明。在第4節(jié)說明這些技術(shù)是如何應(yīng)用到銀行界所而臨的具體風(fēng)險(xiǎn)。標(biāo)準(zhǔn)化的財(cái)務(wù)報(bào)告是下一個(gè)組成部分。顯然，外部審計(jì)，報(bào)告，機(jī)構(gòu)的評(píng)價(jià)是投不過，我們對(duì)資產(chǎn)質(zhì)量和風(fēng)險(xiǎn)狀況信息的需求了我們對(duì)公共報(bào)告和審計(jì)報(bào)告的需求。限制，只是對(duì)那些通過預(yù)先確定的質(zhì)量標(biāo)準(zhǔn)的資產(chǎn)或。然后，即使對(duì)那些符合條件的投資，也會(huì)有一些限制性的規(guī)定。用這些規(guī)定來覆蓋和信貸的風(fēng)險(xiǎn)，和其他相對(duì)集中任何人單獨(dú)承擔(dān)。這樣就可以將風(fēng)險(xiǎn)統(tǒng)籌起來。一般來說，每個(gè)人承擔(dān)的將得到一個(gè)明確的限制。這種做法適用于商人，放貸人和投資組合經(jīng)理。匯總報(bào)表通過業(yè)務(wù)單位限制條件和當(dāng)前。在一個(gè)擁有數(shù)千名員工的大型公司，及時(shí)的提供準(zhǔn)確的報(bào)告相當(dāng)困主要的領(lǐng)域和承諾對(duì)市場(chǎng)部分做出詳細(xì)說明，包括資產(chǎn)負(fù)債不匹配程度和程度，以及CommercialBankRiskManagement:ysisoftheThroughoutthepastyear,on-sitevisitstofinancialservicefirmswereconductedtoreviewandevaluatetheirfinancialriskmanagementsystems.ThecommercialbankingysiscoveredanumberofNorthAmericansuper-regionalsandquasi±m(xù)oney-centerinstitutionsaswellasseveralfirmsoutsidetheU.S.Theinformationobtainedcoveredboththephilosophyandpracticeoffinancialriskmanagement.Thisarticleoutlinestheresultsofthisinvestigation.Itreportsthestateofriskmanagementtechniquesintheindustry.Itreportsthestandardofpracticeandevaluateshowandwhyitisconductedintheparticularwaychosen.Inaddition,critiquesareofferedwhereappropriate.Wediscusstheproblemswhichtheindustryfindsmostdifficultto ingsofthecurrentmethodologyusedtoyzerisk,andtheelementsthataremissinginthecurrentproceduresofriskmanagement.1.1Thepastdecadehasseendramaticlossesinthebankingindustry.Firmsthathadbeenperformingwellsuddenlyannouncedlargelossesduetocreditexposuresthatturnedsour,interestratepositionstaken,orderivativeexposuresthatmayormaynothavebeenassumedtohedgebalancesheetrisk.Inresponsetothis,commercialbankshavealmostuniversallyembarkeduponanupgradingoftheirriskmanagementandcontrolsystems.Coaltothisactivity,andinpartbecauseofourrecognitionoftheindustry'svulnerabilitytofinancialrisk,theWhartonFinancialInstitutionsCenter,withthesupportoftheSloanFoundation,hasbeeninvolvedinanysisoffinancialriskmanagementprocessesinthefinancialsector.Throughthepastacademicyear,on-sitevisitswereconductedtoreviewandevaluatetheriskmanagementsystemsandtheprocessofriskevaluationthatisince.Inthebankingsector,systemevaluationwasconductedcoveringmanyofNorthAmerica'ssuper-regionalsandquasi±m(xù)oney-centercommercialbanks,aswellasanumberofmajorinvestmentbankingfirms.Theseresultswerethenpresentedtoamuchwiderarrayofbankingfirmsforreactionandverification.Thepurposeofthepresentarticleistooutlinethefindingsofinvestigation.Itreportsthestateofriskmanagementtechniquesintheindustry—questionsasked,questionsanswered,andquestionsleftunaddressedbyrespondents.Thisreportcannotrecitealitanyoftheapproachesusedwithintheindustry,norcanitofferanevaluationofeachandeveryapproach.Rather,itreportsthestandardofpracticeandevaluateshowandwhyitisconductedintheparticularwaychosen.But,eventhebestpracticeemployedwithintheindustryisnotgoodenoughinsomeareas.Accordingly,critiquesalsowillbeofferedwhereappropriate.Thearticleconcludeswithalistofquestionsthatarecurrentlyunanswered,oransweredimpreciselyinthecurrentpracticeemployedbythisgroupofrelativelysophisticatedbanks.Here,wediscusstheproblemswhichtheindustryfindsmostdifficulttoaddress, ingsofthecurrentmethodologyusedtoyzerisk,andtheelementsthataremissinginthecurrentproceduresofriskmanagementandriskcontrol.WhattypeofriskisbeingCommercialbanksareintheriskbusiness.Intheprocessofprovidingfinancialservices,theyassumevariouskindsoffinancialrisks.Overthelastdecadeourunderstandingoftheceofcommercialbankswithinthefinancialsectorhasimprovedsubstantially.Overthistime,muchhasbeenwrittenontheroleofcommercialbanksinthefinancialsector,bothintheacademiclitureandinthefinancialpress.Theseargumentswillbeneitherreviewednorenumeratedhere.Sufficeittosaythatmarketparticipantsseektheservicesofthesefinancialinstitutionsbecauseoftheirabilitytoprovidemarketknowledge,transactionefficiencyandfundingcapability.Inperformingtheseroles,theygenerallyactasaprincipalinthetransaction.Assuch,theyusetheirownbalancesheettofacilitatethetransactionandtoabsorbtherisksassociatedwithit.Tobesure,thereareactivitiesperformedbybankingfirmswhichdonothavedirectbalancesheetimplications.Theseservicesincludeagencyandadvisoryactivitiessuchastrustandinvestmentprivateandpubliccementsthrough``bestefforts''orfacilitatingstandardunderwritingthroughSection20Subsidiariesofthe thepackaging,securitizing,distributing,andservicingofloansintheareasofconsumerandrealestatedebtprimarily.Theseitemsareabsentfromthetraditionalfinancialstatementbecausethelatterongenerallyacceptedaccountingproceduresratherthanatrueeconomicbalancesheet.Nonetheless,theoverwhelmingmajorityoftherisksfacingthebankingfirmareon-balance-sheetbusinesses.Itisinthisareathatthediscussionofriskmanagementandofthenecessaryproceduresforriskmanagementandcontrolhascentered.Accordingly,itisherethatourreviewofriskmanagementprocedureswillconcentrate.WhatkindsofrisksarebeingTheriskscontainedinthebank'sprincipalactivities,i.e.,thoseinvolvingitsownbalancesheetanditsbasicbusinessoflendingandborrowing,arenotallbornebythebankitself.Inmanyinstancestheinstitutionwilleliminateormitigatethefinancialriskassociatedwithatransactionbyproperbusinesspractices;inothers,itwillshifttherisktootherpartiesthroughacombinationofpricingandproductdesign.Thebankingindustryrecognizesthataninstitutionneednotengageinbusinessinamannerthatunnecessarilyimposesriskuponit;norshoulditabsorbriskthatcanbeefficientlytransferredtootherparticipants.Rather,itshouldonlymanagerisksatthefirmlevelthataremoreefficientlymanagedtherethanbythemarketitselforbytheirownersintheirownportfolios.Inshort,itshouldacceptonlythoserisksthatareuniquelyapartofthebank'sarrayofservices.Elsewhere(OldfieldandSantomero,1997)ithasbeenarguedthatrisksfacingallfinancialinstitutionscanbesegmentedintothreeseparabletypes,fromamanagement.TheserisksthatcanbeeliminatedoravoidedbysimplebusinessrisksthatcanbetransferredtootherrisksthatmustbeactivelymanagedatthefirmInthefirstofthesecases,thepracticeofriskavoidanceinvolvesactionstoreducethechancesofidiosyncraticlossesfromstandardbankingactivitybyeliminatingrisksthataresuperˉuoustotheinstitution'sbusinesspurpose.Commonrisk-avoidancepracticeshereincludeatleastthreetypesofactions.Thestandardizationofprocess,contracts,andprocedurestopreventinefficientorincorrectfinancialdecisionsisthefirstofthese.Theconstructionofportfoliosthatbenefitfromdiversificationacrossborrowersandthatreducetheeffectsofanyonelossexperienceisanother.Theimplementationof patiblecontractswiththeinstitution'smanagementtorequirethatemployeesbeheldaccountableisthethird.Ineachcase,thegoalistoridtheofrisksthatarenotessentialtothefinancialserviceprovided,ortoabsorbonlyanoptimaltyofaparticularkindofrisk.Therearealsosomerisksthatcanbeeliminated,oratleastsubstantiallyreducedthroughthetechniqueofrisktransfer.Marketsexistformanyoftherisksbornebythebankingfirm.Interestrateriskcanbetransferredbyinterestrateproductssuchasswapsorotherderivatives.Borrowingtermscanbealteredtoeffectachangeintheirduration.Finally,thebankcanbuyorsellfinancialclaimstodiversifyorconcentratetherisksthatresultfromservicingitsbase.Totheextentthatthefinancialrisksoftheassetscreatedbythefirmareunderstoodbythemarket,theseassetscanbesoldattheirfairvalue.Unlesstheinstitutionhasacomparativeadvantageinmanagingtheattendantriskand/oradesirefortheembeddedriskwhichtheycontain,thereisnoreasonforthebanktoabsorbsuchrisks,ratherthantransferthem.However,therearetwoclassesofassetsoractivitieswheretheriskinherentintheactivitymustandshouldbeabsorbedatthebanklevel.Inthesecases,goodreasonsexistforusingfirmresourcestomanagebanklevelrisk.Thefirstoftheseincludesfinancialassetsoractivitieswherethenatureoftheembeddedriskmaybecomplexanddifficulttocommunicatetothirdparties.Thisisthecasewhenthebankholdscomplexandproprietaryassetsthathavethin,ifnotnonexistent,secondarymarkets.Communicationinsuchcasesmaybemoredifficultorexpensivethanhedgingtheunderlyingrisk.Moreover,revealinginformationaboutthecustomermaygivecompetitorsanundueadvantage.Thesecondcaseincludesproprietarypositionsthatareacceptedbecauseoftheirrisks,andtheirexpectedreturn.Here,riskpositionsthatarecentraltothebank'sbusinesspurposeareabsorbedbecausetheyaretheraisonofthefirm.Creditriskinherentinthelendingactivityisaclearcaseinpoint,asismarketriskforthetradingdeskofbanksactiveincertainmarkets.Inallsuchcircumstances,riskisabsorbedandneedstobemonitoredandmanagedefficientlybytheinstitution.Onlythenwillthefirmsystematicallyachieveitsfinancialperformancegoal.HowaretheserisksInlightoftheabove,whatarethenecessaryproceduresthatmustbeinceinordertocarryoutadequateriskmanagement?Inessence,whattechniquesareemployedtobothlimitandmanagethedifferenttypesofrisk,andhowaretheyimplementedineachareaofriskItistothesequestionsthatwenowturn.Afterreviewingtheproceduresemployedbyleadingfirms,anapproachemergesfromanexaminationoflarge-scaleriskmanagementsystems.Themanagementofthebankingfirmreliesonasequenceofstepstoimplementariskmanagementsystem.Thesecanbeseenascontainingthefollowingfourparts:standardsandpositionlimitsorinvestmentguidelinesorstrategies,incentivecontractsandIngeneral,thesetoolsareestablishedtomeasureexposure,defineprocedurestomanagetheseexposures,limitindividualpositionstoacceptablelevels,andencouragedecisionmakerstomanageriskinamannerthatisconsistentwiththefirm'sgoalsandobjectives.Toseehoweachofthesefourpartsofbasicrisk-managementtechniquesachievestheseends,weelaborateoneachpartoftheprocessbelow.Insection4weillustratehowthesetechniquesareappliedtomanageeachofthespecificrisksfacingthebankingcommunity.StandardsandThefirstoftheserisk-managementtechniquesinvolvestwodifferentconceptualactivities,i.e.,standardsettingandfinancialreporting.Theyarelistedtogetherbecausetheyarethesinequanonofanyrisksystem.Underwritingstandards,riskcategorizations,andstandardsofreviewarealltraditionaltoolsofriskmanagementandcontrol.Consistentevaluationandratingofexposuresofvarioustypesareessentialtoanunderstandingoftherisksintheportfolio,andtheextenttowhichtheserisksmustbemitigatedorabsorbed.Thestandardizationoffinancialreportingisthenextingredient.Obviously,outsideaudits,regulatoryreports,andratingagencyevaluationsareessentialforinvestorstogaugeassetqualityandfirm-levelrisk.Thesereportshavelongbeenstandardized,forbetterorworse.However,theneedheregoesbeyondpublicreportsandauditedstatementstotheneedformanagementinformationonassetqualityandriskposture.Suchinternalreportsneedsimilarstandardizationandmuchmorefrequentreportingintervals,withdailyorweeklyreportssubstitutingforthequarterlyGAAPperiodicity.PositionlimitsandAsecondtechniqueforinternalcontrolofactivemanagementistheuseofpositionlimits,and/orminimumstandardsforparticipation.Intermsofthelatter,theofrisktakingisres