德勤信用風(fēng)險(xiǎn)管理英文

CreditRiskManagement

EnhancingYourBottomLineEbrahimShabudinManagingDirectorDeloitte&ToucheLLPTheAFP23rdAnnualConferenceNewOrleansNovember3-6,2002CreditBackgroundThoroughidentificationandaccuratemeasurementofcreditrisk,supportedbystrongriskmanagementcanhelpimprovethebottomline…..Anuncertainandvolatileeconomic environmentsignificantlyimpactsthisability…..Thedesiretogrowandturninoutstanding resultshasatendencytoputpressureonthe checksandbalanceswithinbusinessesValuePropositionCreditplaysacriticalrolein“selling”productsandservicesExpandsrevenueopportunitieswithcreditworthy,incrementalcustomersUtilizesinnovativestructurestosupportbusinessrelationshipsEffectivecreditriskmanagementlimitscreditlossesandprovidesstablecashflowsandearningsMarketplacerewardscompaniesexhibitingearningsandcashflowstabilitywithhigherP/EmultiplesMarketplacepenalizescreditinducedvolatilityand“surprises”RaisesquestionsaboutqualityofmanagementCorporateCreditRiskCompaniesareexposedtosignificantlevelsofcreditriskemanatingfromdifferentsourcesAccountsReceivablesOtherNotesReceivablesBuyerandFranchiseFinancingWithRecourseFinancingProjectFinanceStructuredTransactionsLeaseswithRecourseDerivativesExposuresFX,InterestRateRisk,Commoditiesetc.CollateralRiskParentorThirdPartyGuaranteesCommercialandStandbyLettersofCreditNotealsothatCriticalSupplierstothecompanymayposespecificcreditriskDSOImpact…anexampleActualCompanyAPeerAverageQ3A/R$295,396,000Q3Sales$261,201,000\DSOs=124*51.3HypotheticalDCashDSOs51.3Q3Sales$261,201,000\Q3A/R=$122,002,230+$173,393,770*Equals295.4M/261.2Mx90(ornumberofdaysinsalesperiod)CreditasaFacilitatorCreditriskmanagementisimportant

CreditisafacilitatorofbusinessgrowthandperformanceHighbusinessmarginstendtoattractlowerqualityclientsandthereforehigherriskprofiletomanageClients(buyers)maybeconcentratedinselectedindustriesandprovidelimitedportfoliodiversificationopportunityPoorcreditriskmanagementresultinginnegativeimpacttobottom-lineisheavilypenalizedbymarketsCreditStrategy&RiskToleranceSpecificQuantifiableObjectivesManagementReviewMethodologyCreditStrategyStatementandRiskToleranceCoordinationwithBusinessPlanThebusinessstrategiesandobjectivesdrivetheestablishmentofcreditpoliciesandprocedures.Measurementandreportingaswellastheuseofcurrenttechnologiesenhancecreditdecision-makingandimproveriskmanagement.Theentireprocessiscontinuallyre-evaluatedandimproved.CreditRiskAreastoConsiderCreditPolicyCreditApprovalAuthorityLimitSettingPricingTermsandConditionsDocumentation:ContractsandCovenantsCollateralandSecurityCollections,DelinquenciesandWorkoutsExposureManagementAggregationControlPeriodicAccountReviewsPayments/AgingCreditConditionCompliancewithCovenants,TermsTechnology/ReportsTransactions/BookingsRisk-adjustedReturnSalesChannelsRiskStrategyUnderwritingStandardsCreditApplicationAnalysisBusiness/IndustryFinancialCreditCreditScoringandRatingsOrigination/AssessmentAdministrationMonitoring/ControlRiskManagementPortfolioManagementConcentrationDiversificationAllowanceforBadDebtsRiskMitigationObjectivesTypeofExposureInstrumentsorMethodsValueCreationBusinessPerformanceMeasuresOrganizationsneedarigoroussetofmeasurestosupportcontinuousimprovementPerformance-basedmanagementutilizesmetricsthatmeasureactualperformanceagainstpredeterminedthresholds.Thethresholdsareestablishedtakingintoaccounttheorganization’sstrategy,operatingenvironmentandprocesscontrols.Themeasuresdrivevaluecreationandshouldsupportproblemidentificationandcorrection.BusinessStrategySystemsOperationsFinancePerformanceManagementSaleschannelsContracts&DocumentationCreditanalysisCreditlimitPricing&termsCreditAnalysisCreditDecisionsCollectionsCREDITPOLICYCollateralacceptancePortfoliomanagementFinancialanalysisDisposal/

RiskmitigationCollateralmanagementCustomermanagementExposuremeasurementManagementreportingExposureaggregationRecoveriesCreditscoringRiskratingRISKMANAGEMENTCreditRiskManagement’sInter-relatedActivitiesComplianceOriginationReportingTransactionsCreditPolicies

&Procedures

Analysis&RiskManagementGovernance,ControlandImplementation

MeasurementMethodologiesTechnology&DataIntegrityCreditStrategy&RiskTolerance

AcompleteandcoherentriskmanagementframeworkcontainsthefollowingelementsCreditRiskManagementANewParadigmAnewbusinessparadigmhadevolved:causingalackofrelianceongoodfundamentalanalysisTheideathatstockmarketvalueswouldcontinuetogoupindefinitelyIncreasinglycompetitive,complexandvolatilemarketplaceHigherthanexpectedactualdebtburdensExtensiverelianceonunrealisticfuturecashflowsFailuresincorporategovernanceQuestionablepersonalandcorporateethicsImplicationsforCorporateGovernanceCurrentorganizationstructurestoberevisitedClarityaroundrolesandresponsibilitiesNeedforhonesty,integrityandindependence(self-regulation)TechnicalexpertiseofpeopleandstrongmanagementprocessesImproveddisclosurerequirementsImportanceandimplementationofsanctionsIncreasedlegislationandcompliancerequirementsFoundation:CreditRatingandUnderwritingStandardsRiskIdentification,Origination,CreditAdministration,etc.ShortTerm:ManagingExpectedLossRiskIdentification,Transaction

Structuring,Approval&PricingDecisions,Reserving,etc.NearTerm:ManagingEconomicCapital/CreditVaRPortfolioRiskConcentration,RiskBasedLimits,etc.

Vision: ManagingRisk/ReturnPricingdecisions,Performancemeasurement,businessandcustomersegmentation,compensation,etc.AbusinessmodelviewofCreditRiskInfrastructurecomponentsCreditRiskManagement–StrategicVisionDevelopmentStagesFoundationStageincludesapplicationofriskidentificationmethodologies,riskscoringorratingsystemsandstrongunderwritingstandards

BasicStagetendstoincludemanagingonatransactionalbasisbyevaluatingspecificattributessuchasstructuring,collateralandpricing

AdvancedStagerepresentsmanagingonaportfoliobasisincludingaspectssuchasconcentrations,correlationsanddiversification

TheSophisticatedStageincludesapplicationofhighlydevelopedmeasurementtechniquesfortransactionsandportfolios,supportedbydecision-makingrelatingtosegmentsorbusinessesagainstestablishedhurdlerates.CreditRiskClarified

Creditriskisdefinedastheriskoflossorpotentiallossresultingfrom:DefaultincontractualobligationsbyacustomerMigrationinconditionandratingDeteriorationinperformance

Creditriskincludesbothanexpected(predictable)andunexpected(volatile)losscomponent.

BusinesseshavetocontendwithExpectedandUnexpectedLossesExpectedLossesAnticipatedCostofdoingbusinessChargedtoprovisionsCapturedinpricingRelativelyeasiertomeasureAssessingexpectedlossincludesdeterminingexposure,defaultprobabilityandseverityUnexpectedLossesUnanticipatedbutinevitableMustbeplannedforCoveredbyreservesAllocatedtobusinessesDifficulttomeasureAssessingunexpectedlossrequiresmakingqualitativejudgmentsaroundpotentialvolatilityofaveragelossesCreditRiskManagementExplainedAlthoughcreditriskmaybedifficulttomeasureitisimportanttoestimateandmanage

WhatdoesCreditRiskManagementmean?Itrepresentsaninstitution’sabilitytoproperlyidentifyandevaluatethepotentialriskofdefaultinpaymentofobligationsofcustomersItincorporatesthefirm’sabilitytoeffectivelymanageandcontrolthisexposureinawaythatisconsistentwiththeinstitution’sbusinessstrategy,riskappetiteandcreditcultureImportantBuildingBlocksEffectiveCreditRiskManagementrequiresClearoriginationandunderwritingstandardsAstrongcorporateandcreditcultureHighlydevelopedriskmeasurementtechniquesAbilitytorecognizeandcoverexpectedandunexpectedlossesPricingcommensuratewithrisksundertakenMethodologiestoassessnetprofitcontributionsbycustomersandappropriatebusinesssegmentsProperallocationofcapitalandmanagementresourcesInorderto:Improveoverallcorporateperformance,measuredbyahigherEPSorP/Eratio(ormarketvalue)CreditPolicyandProcessCreditPolicyshouldbeclearandconciseCreditUnderwritingStandardsmustbedevelopedandincludedinpolicyCreditProcessesshouldbereasonableandallowquickresponsetoclientsHealthybalancebetweensalesandcreditapprovalshouldexistandberespectedRisk唉Mon蚊itor喚ingExp哄osu問re漲mus為tb追ec乞omp撲let沉ea撕nd由cur坑ren暫tReg符ula雨rr斬epo乒rti報(bào)ng煙and民up原dat縣ing擇of競cl欲ien啞ts’緒pa去yme違nt鑼per臉for寺man富ceMin從imu艙ma睜nnu和al梨rev誘iew另so債fc擱lie剝nts玩sh乒oul拆db搖ep悟erf洋orm霧edFin村anc脾ial狗co句ndi轉(zhuǎn)tio太ns晃sho古uld彈be綠re結(jié)gul禽arl幻玉ya前sse陪sse基dReq耳uir屈ed夕act四ion船mu撥st慚be債ini弟tia述ted貴an疊df蜂oll枝ow候up輛mus遙tt糟ake產(chǎn)pl策aceCon謠tra袋c(diǎn)t亞Ter李ms村and肯Do芳cum程ent見ati取onCont貸ract嗽neg絞otia巡壽tion沈smu感stt雄ake攝plac舞eat永the遺rig搬htl客evel恥in訓(xùn)the枕orga夏niza拳tionApp閉rop綱ria刺te扶app腿rov天als劑mu冠st綢be托obt羊ain斜edInte針rnal士or剪exte搬rnal酸leg覺ald烈epar亞tmen沈tsm寇ust耍docu卻ment倍com還plet離elyTer版ms婚and悲co母ndi躲tio芽ns財(cái)sho產(chǎn)uld鍛be碰un港der銀sto艱od劈燕and歌co億mpl飲ian些ce采mec鋸han鵝ism周pu障ti頃np潛lac喚eExce日ptio梯nsm蛾ust謝ber擦epor篩ted稼and綁mana筋ged蚊urge淘ntly協(xié)to懼reso銹luti旺onRis愛kR嶄ati尼ng緩Sys跳tem盡Ef啄fec照tiv歲ene技ssCred尖itS革cori膜ngi面sge芽nera絹lly杯used泥to鄙“ris夢(mèng)kra滾te”肥homo縱gene字ous浪port吧foli省osHig詠hes膝ta錫ppl談ica唱bil范ity招is示in拆co藝nsu饞mer耕an章dr兆eta苦il啄por怨tfo散lio熊sSome荒adv恥ance譜dsc智orin扣gsy蓄stem劉sar弊ebe宋ing升migr唉ated棵for蓬use巨in娃r(nóng)ati膝ng“嘗midd批lem丘arke浴t”c劃lien勢(shì)tsSuc游hm朋ode墨ls果are奇on漆ly權(quán)as果goo冰da龜st寨he智und幟erl漆yin鍛ga眨ssu啄mpt仇ion歇sInt勸ern玩al裳cre價(jià)dit喪ra擦tin若gs悲yst撞ems概ar后ed部iff痛icu步lt截to蛙ass繼ess渠an叉da區(qū)re芹oft竟en茂not薦in假dep溪end諒ent勁ly漢val潔ida潤tedClie促ntr容elat咸ions油hip給may炮inte魯rfer潤ewi婚tho繼bjec季tive莫ass豆essm再ent茄ofr拼isksRati獸ngc釘rite款ria昨usua電lly梯ama寒tter吳of抬prac汁tice籌rat尋her袋than帳wri斯tten宜pol謠icyRat衣ing快sa晨re賢not維co缺nsi宅ste費(fèi)nt蜓ove適rt疏imeQua酸lit拔ati聚ve頸cre裹dit疲as藍(lán)ses暫sme耽nts及of膠ten繼la悄gc葬urr密ent戒ma歸rke已ti拐nfo怖rma馬tio螞nInst品itut訪ions帖oft烈ena廚ssum殺eama頂ppin頃gwi市the楚xter棋nal厭rati佛ngs郵ino巷rder左to吊quan遵tify姓cre丸dit腔riskEffe屢ctiv低eRi豬skR與atin內(nèi)gSy慶stem慘sSuff沃icie搜ntg旨ranu百lari輪tyo絕fri穿skr鉛atin幕gca怨tego認(rèn)riesAcc私ura劫te斗and貫ti禍mel叉ya嚴(yán)ssi捐gnm繩ent比of賭ra司tin炭gsClea銀ran如dco雹nsis緣瑞tent循app柔lica孫tion胡of艘def遼ault央def膨init跨ionPer耍iod瞎ic癥cal腿ibr域ati卷on,穿tr輩ian擾gul坡ati五on殺and籮va仁lid并ati章on何of銳ris稼kr糧ati頑ngsAcc排ura衫te釀ide蓬nti輩f(xié)ic江ati種on昆of因mig涉rat國ion窄of居tr旱ans霜act關(guān)ion現(xiàn)sa進(jìn)nd叔por觀tfo剪lio染s(棋as堂ref由lec邀ted轎by勁up橋gra辜des歇an富dd字own仗gra呢des房誠in欺ra辟tin陣gs)Cred言itE乘valu濃atio膊n:F順inan醉cial動(dòng)Fac袍torsGet號(hào)th師ei判nfo闊rma未tio點(diǎn)ny壯ou避nee巷dt敞om塔ake室a窄ful考la差nal甜ysi援sSom賤ei嫩nfo掉rma槍tio方nw狡ill付ne促ed閃to亦be橡cro然ss-眨che激cke宿da漢nd仆obt劈燕ain衛(wèi)ed趙on角ar離egu憤lar肅an符dt粘ime愛ly與bas志isBe榴con魄str漿uct唐ive箏ly拳cyn蹄ica哀l:妄new鮮bu妹sin荒ess鋒mo先del怖sa墓re周dif券fic載ult坐to塵pu己ll坦offBe起cog直niz找ant慶of愉de薦lay事ing膊ta監(jiān)cti丟csNum際ber膀sd畝on’酷t(yī)t巷ell浪th碼ew貼hol屢es劍tor版y!Cred歌itE體valu歉atio者n:Q瓦uali較tati襪veF蠶acto爽rsEval荒uati蜜ono闊fsu宣bjec皇tive蜂fac品tors惠is治ofte錢nti漢mes傷more弟imp尾orta綢ntt繞han造the之nume娘rica策lan主alys懶isPeo劍ple朗ma況ke怒ab漿usi粒nes汗s:猶vis喪ion咳s,疑val白u(yù)es物an彼ds獸tra果teg封ies枕ar悔eo媽nly撤wo原rds肝un告les流sp排eop陪le抽imp下lem引ent成th盲emMana頌geme覆nt,銷indu濾stry允,pr亡oduc門t,g握eogr核aphy卷,co喬mpet吳itio摧net碑c.a耗lli姨nflu斜ence術(shù)res憂ults搞and海mus撈tbe紡pro銷perl打yas范sess膊edAnal陸ysis動(dòng)-par議alys駝ism寸ayl酷ead檔tow效rong掠dec總isio級(jí)nsArt索an熄dS冊(cè)cie庸nce副of養(yǎng)Ju花dgm誰entGett羅ing則acce顏sst希oth獄ebe拘stc曬lien呼tsa戰(zhàn)nda嬸llt已her室elev祖ant百info羞rmat橋ion佛isa弊cha區(qū)llen仇geEnsu什ring蒸pro吵per菠anal亭ysis芝is手done潛req突uire漫sa蛙stro按ngc甲o(hù)rpo汪rate陵cul介tureUtil捷izin典gqu輸alif規(guī)ied攪reso傘urce板sbo雁thi跑nter廚nall汽yan援dex蒸tern失ally喚enh途ance朽sth蠅ere暴sult壘sOfte雀nth聽ela斃cko麻fth箭ewi鼓llt技o(jì)ac確tis榮wha遇tca復(fù)uses義hig藏hlo排ssesConc六ludi液ngC賤omme炊ntsCom縫pan菠ies袋th激at朽mea略sur勢(shì)ea偵nd武man榆age很cr林edi第tr帳isk臨in洞a閉pro脊-ac瘦tiv帶em恥ann種er累wil溉lb愈ene刊fit缸fr順om旅af貞avo蟲rab慮le脅ris錦kp引rof敵ile體re況sul應(yīng)tin晴gi暮nHig艘her黃re莫ven感ueLow鄉(xiāng)豐er檢los蛾sesImp決rov沈ed籮eff枯ici傷enc毯iesHig吵her刮EP鳥S,世P/E常ra瓜tio堆sa燙nd賤mar胸ket嗎va炮lue待sCon河clu捧din尸gC背omm織ent敵sRis神kA外sse權(quán)ssm報(bào)ent腥an渣dL建imi舟tM請(qǐng)ana獵gem碌entCred膏itI錯(cuò)nfra燥stru糖ctur普ean男dPo厭rtfo糕lio昌Mana辜geme顫ntCre捆dit灶A(yù)n能aly估tic達(dá)sS狠upp商ortCred很itT迅echn道olog娃yEn剃able輪mentCre住dit弄Qu晝ali老tyCre尿dit辰Un杯der俗wri灶tin衣gRis垃kR舌ati搞ng舒Sys燃tem前Ef便fec粥tiv將ene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