外文翻譯--在金融機構(gòu)的有效風(fēng)險管理

1、.原文：Effective risk management in financial institutionsAbstract：Risk management is more important in the financial sector than in other parts of the economy. But it is difficult. The basis of banking and similar financial institutions is taking risk in conditions of uncertainty. Describes how the Tu

2、rnbull report, for which the author was project director, created a new underlying approach to risk. Provides a guide to the way in which the various Turnbull ideas have become the bedrock of risk management and suggests how they can be developed.There can be few, if any, parts of the economy in whi

3、ch risk management is more important than the financial sector. Financial institutions account for a sizeable number of the worlds leading companies and have a critical role to play in the economics of every country and thus in world economic order as a whole. Their whole business is centred on taki

4、ng risks in conditions of uncertainty. The Turnbull Report on risk management and internal control, which is applicable to all listed companies in the UK and which has been widely disseminated internationally, fully recognises this fundamental point. Its focus is on effective risk management and not

5、 the elimination of risk. In a modern competitive market economy, business organisations that are risk averse are unlikely to earn satisfactory returns. On the other hand, highly volatile returns are unlikely to find favour with capital markets anxious not to be surprised, particularly by bad news.

6、Moreover, Turnbull is as much about doing the right things and not missing strategic opportunities, as it is about doing things right, essential if a company is to achieve its full potential. Applying Turnbulls approach may lead to some financial institutions realising that they are not taking enoug

7、h risk; perhaps a new market can be identified and while there may be clear risks in being the first to enter there may equally be significant first-mover advantages to be gained.A framework, not a rule bookThe Turnbull Report also recognises the dynamic nature of markets in which an organisation op

8、erates and seeks to encourage companies to create risk management systems that can continually adapt to changing circumstances. To avoid particular controls being seen as an end in themselves even once their usefulness has ceased, the guidance places internal controls firmly in their broader busines

9、s context: they are only of value to the extent that they help businesses to control the risks that threaten the achievement of their business objectives. In summary, Turnbull offers a framework, rather than a rulebook, which each organisation can apply to its own circumstances to develop an appropr

10、iate internal control system.The importance of sound judgementThe fact that Turnbull eschews a tick-box approach has been well received by the business community; however, it does mean that judgement plays a vital role in establishing an effective internal control system, starting at board level. Ma

11、king sure that judgement is sound is perhaps the greatest single challenge involved in risk management. No system and no amount of internal controls will prevent losses if the judgement on which business decisions are based is poor.Judgement comes into play in initially establishing clearly defined

12、business objectives, identifying the risks to achieving those objectives, prioritising how great a threat those risks pose and then determining appropriate responses in the form of developing internal control systems.Judgement is also called for in terms of applying cost-benefit analysis to the meri

13、ts of adopting specific controls. It is clearly worthwhile for a bank to undertake credit checks before granting loans but a cost-benefit approach will promote systems that focus staff time on the potentially high risk loans and on developing early warning systems when loans are not performing rathe

14、r than selecting a one size fits all approach.Identification issuesRisks that threaten a financial institutions objectives will often range from highly function-specific risks through to strategic, big picture issues. Consider the foreign exchange trading activity in a major bank. There is clearly a

15、 risk that an individual trader, left to operate free of internal controls, can run up significant losses. This risk is located in a defined area of the banks activities but its potential wide-ranging impact should not be underestimated. As Barings so visibly demonstrated, operational problems in a

16、financial institution can be life-threatening probably to a greater extent than operational problems in many other businesses.At the other end of the spectrum lie a whole range of market-related strategic risks, for example, the threat that supermarkets will increasingly capitalise on their existing

17、 customer relationships to gain a larger share of the retail financial services market, or that closing down bank branches in rural locations will trigger accusations of a lack of social concern and damage the banks public image and possibly its brand value even though the decision may be financiall

18、y supportable. With market concentration growing at national, regional and global levels, it is also essential in many cases not only to select the right strategic partner for growth but also to ensure relevant deals can be successfully concluded. Identifying the take-over candidate or strategic all

19、iance partner is but the start of the process. Care needs to be taken to manage the risk associated with regulatory intervention and to avoid the emergence of a hostile bidder to an agreed deal. As a number of British financial institutions have discovered in recent years, the price in terms of cont

20、inued independence of a high profile abortive deal can be high.Keep control of your reputationReputational risk is a major issue for the entire financial services sector, given the fundamental need for customers to believe in the stability and security of an organisations operations if they are to c

21、ontinue trusting it to handle their affairs. Furthermore, as the pensions mis-selling affair demonstrated there is a need for trust both in the individual institution and in the sector as a whole of which it forms part. This therefore calls on some occasions for collaborative as opposed to solely co

22、mpetitive risk management strategies as may also be the case in, for example, combating credit card fraud or on some IT security issues. In retail banking the reputation of individual banks could become much more of an issue in the years ahead with customers being increasingly tempted to consider th

23、e advantages of switching between high street banks, both as a result of the costs of switching being reduced and due to the influx of new market entrants. The recent questioning of the independence of analysts forecasts will also need to be addressed robustly if long-term reputational repercussions

24、 are to be avoided.Assessing the importance of risksIdentifying the existence of potential risks does not necessarily mean that action is required to mitigate all of them. Risks must be prioritised, by means of assessing the likelihood of their occurring and the extent of their impact high likelihoo

25、d and high impact suggesting high priority for action.Verifying your judgementsWhen identifying and prioritising risks, financial institutions need to have regard to the concept of “verifiability”; in other words, if a different group of people were making the same decisions about the importance of

26、those risks, would they be likely to come to the same conclusion? This is obviously more likely to be the case if a wide range of people from a broad cross-section of the business, both laterally and vertically, is involved in the risk identification and assessment process and if there are no “taboo

27、” subjects which prevent conventional wisdom within the organisation being challenged when necessary.External views of risk must also be fed into the identification and assessment process. What is the markets view of interest rate developments? How are personal investments expected to change in the

28、coming years? In the case of regulated areas such as financial services, the organisations perceived view of how its principal regulator views it will be of interest but also an assessment will be needed of how the overall regulatory environment is likely to develop, including in competition terms,

29、and the impact of international developments such as those being brought about by the Lampfalussy report in the EU.Change managementOne of the key challenges running across the entire process of identifying and assessing risks is that the business and financial world is in a constant state of flux.

30、How is the emergence of Internet banking changing the way that retail customers interact with their bank? How important is 24-hour access to account details? What does this mean for the maintenance of IT systems? Do people really want to be able to change their bank details using their mobile phone?

31、 How do you manage call centres effectively to ensure that this new form of bank/customer interface maintains the banks brand values?Some new or changing market conditions will develop gradually over time, while others may sweep the market quickly. Given this dynamic background, the internal control

32、 framework must be regularly reviewed and adjusted to take account of changing market conditions. It is managements role to recommend policies for managing risk, the boards role to review and approve them, and managements role once more to implement them and report back on their operation.Coping wit

33、h risk in the midst of change is particularly key when an industry is going through a period of consolidation. Merger and acquisition activity brings inevitable disruption as previously distinct cultures and systems are consolidated into a new combined entity. The risk management implications of suc

34、h proposals need to be carefully considered before, during and after the merger process.Embedding risksThe ability to respond to changing conditions largely relies on the internal control system being embedded in the banks operations. This is a complex process involving a range of activities includi

35、ng the effective communication of, and reporting on, the banks risk management policies at all levels, the development of risk training courses, the involvement of staff in responding to early warning systems, channels for reporting suspected control breaches and generally the creation of a positive

36、 risk management culture.The process of embedding risks should not, however, be allowed to lead to complacency or passivity within the organisation. The fact that systems are in place, a control manual exists and staff have been trained in risk management as part of their daily activities does not m

37、ean that systems are infallible as they will always be dependent, at least to some extent, on the people operating them and, for example, when staff morale is low more mistakes, accidentally or deliberately, are likely to occur.Cultural challengesCulture is also key in terms of creating an environme

38、nt where dealing losses and real or suspected control breaches can and will be reported. If the prevailing culture is one of blame without just cause, then there is a high chance that individuals will see it as in their own self-interest to try to cover up problems. Many organisations are also now d

39、eveloping “whistleblowing” procedures to ensure concerns can be reported confidentially.Remuneration issuesThe banks remuneration policies have an important role in reinforcing or undermining the internal control environment. Take the bonuses paid out at the end of each year. The factors determining

40、 the size of the payout are likely, indeed intended, to shape employees behaviour. Consider the trader who has had a bad patch and whose bonus is under threat. He/she might react by taking increasingly greater risks in the attempt to reach his/her target. Alternatively, he/she might lose interest in

41、 his/her performance until the start of the next bonus period. Either way, the banks overall performance could be affected by his/her actions. However, if the bonus is based on long-term performance, then he/she is far more likely to maintain an optimal effort level over the longer term.Management,

42、not eliminationThe Turnbull approach emphasises risk management, not risk elimination. Financial institutions must take risk, but they must do so consciously. Establishing the appropriate cultural framework needs the support of all staff in the process of identifying, monitoring and controlling risk

43、s. Risk management must be seen as an ongoing and valued activity with the board setting the example. It is without doubt a challenging agenda.Source: Anthony Carey, 2001.“Effective risk management in financial institutions”. Journal of Risk Finance. February.pp.24-27.譯文：在金融機構(gòu)的有效風(fēng)險管理摘要：風(fēng)險管理在金融部門中比經(jīng)濟(jì)

44、的其他部分更重要。但要進(jìn)行風(fēng)險管理是較為困難的。銀行業(yè)和其他類似的金融機構(gòu)的基礎(chǔ)部門是在不確定的情況下采取風(fēng)險的。如何描述特恩布爾報告作者是項目策劃人，他創(chuàng)建了一個新的基本方針來處理風(fēng)險。并提供了一個使各種特恩布爾想法成為風(fēng)險管理的基石，建議他們?nèi)绾文軌虬l(fā)展指南。如果有的話，可以有些這種風(fēng)險管理比金融部門更為重要的部分經(jīng)濟(jì)。金融機構(gòu)對大量的世界領(lǐng)先公司發(fā)揮著作用，并且在每個國家的經(jīng)濟(jì)中扮演著關(guān)鍵角色。至此，在整個世界經(jīng)濟(jì)秩序中金融機構(gòu)都發(fā)揮著作用。它們的整個業(yè)務(wù)都集中在不確定的情況下采取風(fēng)險。特恩布爾報告對風(fēng)險管理和內(nèi)部控制方面進(jìn)行闡述，它是適用于英國所有上市公司。并且它已在國際上廣為廣為傳播

45、，以至于國際上對于特恩布爾報告的基本觀點有充分的認(rèn)識。特恩布爾報告的重點是有效的風(fēng)險管理，而不是消除風(fēng)險。在現(xiàn)代充滿競爭性的市場經(jīng)濟(jì)中，企業(yè)組織如果一味的回避風(fēng)險，那么這個企業(yè)也不可能獲得理想的回報。另一方面，極不穩(wěn)定的回報也是不可能有利于資本市場，對此憂慮很正常，尤其是壞消息。此外，特恩布爾方法是指導(dǎo)企業(yè)做正確的事情而不錯過戰(zhàn)略機遇，就如對于一家公司來說，它要實現(xiàn)其全部潛力就必須做正確的事情。應(yīng)用特恩布爾方法可能導(dǎo)致一些金融機構(gòu)意識到他們并沒有采取足夠的冒險行為，從而可能促使他們拓展一個新的市場。并且伴隨著企業(yè)剛進(jìn)入這個也許充滿風(fēng)險的新市場的同時，也意味著企業(yè)在這里也獲得了開拓先鋒的重大優(yōu)勢

46、。一種框架，而非一本規(guī)則手冊特恩布爾報告還認(rèn)識到了自然市場的動態(tài)性。在這自然市場中，一個企業(yè)組織的運作旨在鼓勵企業(yè)建立風(fēng)險管理系統(tǒng)，以促使企業(yè)能夠不斷地適應(yīng)變化莫測的情況。為了避免他們自己把特殊控制看成一種終結(jié)，甚至一度終止了它們的用處，于是，這特恩布爾指導(dǎo)方針堅決地將內(nèi)部控制用于他們更廣泛的業(yè)務(wù)背景中：它們只在幫助企業(yè)控制那些威脅企業(yè)取得業(yè)務(wù)成績的風(fēng)險時才能體現(xiàn)價值。總之，特恩布爾提供了一個框架每個組織可以根據(jù)自己的情況制定適當(dāng)?shù)膬?nèi)部控制系統(tǒng)，而不是一個規(guī)則手冊。合理判斷的重要性特恩布爾回避標(biāo)記框方法深受企業(yè)界的承認(rèn)的事實，然而，這意味著從董事會層面開始，判斷在建立有效的內(nèi)部控制系統(tǒng)中起著重

47、要的作用。確保判斷是合理的，也許是風(fēng)險管理中的最大單一的挑戰(zhàn)。如果對商業(yè)決策的判斷根據(jù)不足，那么沒有系統(tǒng)和沒有內(nèi)部控制量可以防止金額損失。判斷來自于初步建立明確的業(yè)務(wù)目標(biāo)，明確實現(xiàn)這些目標(biāo)所承受的風(fēng)險，優(yōu)先要考慮那些風(fēng)險所構(gòu)成的威脅有多大，然后確定所要發(fā)展的內(nèi)部控制系統(tǒng)的形式，并作出適當(dāng)反應(yīng)。判斷還要結(jié)合運用成本效益分析方面，以采取具體控制方面的優(yōu)點。這顯然對于銀行發(fā)放貸款之前所承擔(dān)的信用檢查來說是值得的，但成本效益方式將促進(jìn)系統(tǒng)著眼于潛在的高風(fēng)險貸款的工作人員的時間以及發(fā)展早期預(yù)警系統(tǒng)。當(dāng)貸款不履行時，我們會采用成本效益方式而不是選擇一個放之四海而皆準(zhǔn)的方法。識別問題風(fēng)險能對金融機構(gòu)目標(biāo)產(chǎn)生

48、威脅，其威脅范圍從高度的特定功能風(fēng)險到戰(zhàn)略的，大場面的問題。我們考慮某一大銀行的外匯交易活動。對于個體交易者，這交易活動顯然是有風(fēng)險的，任憑內(nèi)部控制怎么運作自由，還是能造成重大損失。這種風(fēng)險是存在于該銀行交易活動的某一確定的部分，但其潛在的廣泛影響不應(yīng)該被低估。正如巴林銀行所明確的表明那樣，金融機構(gòu)的運作問題比其他許多業(yè)務(wù)的運作問題更大程度上可能能危及生命。在頻譜的另一端存在與市場有關(guān)的一系列戰(zhàn)略風(fēng)險，例如，市場所受到威脅如超市將會越來越多地利用它們現(xiàn)有的客戶關(guān)系，以獲得對零售金融服務(wù)市場較大的份額，或關(guān)閉在農(nóng)村地區(qū)的銀行分行的行為將引發(fā)世人對銀行缺乏社會關(guān)注的指責(zé)和損害銀行的公眾形象或者也可

49、能損害品牌價值，即使這決定是得到財政支持的。隨著市場密集度在國家，地區(qū)和全球各層次范圍內(nèi)的增長，選擇適合戰(zhàn)略合作伙伴，以及確保相關(guān)的交易可以順利完成，這兩點在許多情況下是很重要的。確定接管候選人或策略聯(lián)盟伙伴僅僅是這一進(jìn)程的開始。需要注意與管理介入相聯(lián)系的管理風(fēng)險，以及要避免和一個敵對的投標(biāo)人商定的協(xié)議。作為許多英國金融機構(gòu)，最近幾年發(fā)現(xiàn)，在失敗交易的高調(diào)處理繼續(xù)保持獨立性方面，價格可以抬高點。控制你的聲譽聲譽風(fēng)險是整個金融服務(wù)的主要問題，如果要使客戶繼續(xù)信任金融組織來處理自己的事務(wù)，那么需要為客戶提供一個基本需要，使他們對金融組織運作的穩(wěn)定性和安全性產(chǎn)生信任。此外，正如退休金不當(dāng)銷售的事件證明金融運作不僅需要個體機構(gòu)的信任，也需要全體組成部門的信任。因此，這要求對一些事情可以采取合作，而不是純粹競爭性風(fēng)險管理策略，比如，在打擊信用卡欺詐或一些IT安全問題上。在零售銀行業(yè)中的個體銀行的聲譽問題可能在未來數(shù)年中會成為客戶越來越多地傾向于考慮高街銀行間轉(zhuǎn)換優(yōu)點的原因，并且因為個體銀行的聲譽和涌入新市場的人員的增多而導(dǎo)致交易成本的降低。如果要避免長期的聲譽的影響，那么需要堅決解決對最近分析師預(yù)測的獨立性的質(zhì)疑問題。評估風(fēng)險的重要性確定潛在風(fēng)險的存在性不是必需的，這意味著我們需要減輕所有潛在的風(fēng)險的行動措施。風(fēng)險