德勤信用風(fēng)險(xiǎn)管理英文2

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)CreditPolicyandProcessCreditPolicyshouldbeclearandconciseCreditUnderwritingStandardsmustbedevelopedandincludedinpolicyCreditProcessesshouldbereasonableandallowquickresponsetoclientsHealthybalancebetweensalesandcreditapprovalshouldexistandberespectedRis勸kM展oni顆tor媽ingExpo匠sure楊mus障tbe勢(shì)com從plet棒ean唯dcu學(xué)rren貫tRegu肚lar窗repo蔽rtin忙gan我dup杏dati拋ngo息fcl松ient斥s’p已a(bǔ)yme擇ntp筒erfo情rman形ceMini沿mum攤annu逆alr思evie異wso鵝fcl匆ient離ssh獎(jiǎng)ould犯be洽perf秤orme短dFina敗ncia悼lco棗ndit到ions粒sho琴uld瀉ber嚷egul澆arly即ass暖esse繡dRequ已ired乏act仙ion瓶must減be椒init龜iate咸dan畫dfo筋llow氧up慈must華tak頃epl盤aceCont違ract勞Ter縮慧msa驚ndD撿ocum奔enta算tionCont堅(jiān)ract遷neg夏otia珍tion抵smu憤stt撥ake罩plac廟eat拋the案rig桑htl蔑evel預(yù)in軌the復(fù)orga雹niza哪tionApp播rop距ria妙te那app刑rov密als波mu其st森be損obt努ain丘edInte逗rnal維or隊(duì)exte臥rnal蝦leg萬(wàn)ald銳epar雜tmen啄tsm肚ust菠docu肌ment柳com猾plet剪elyTerm餃san熟dco特ndit住ions賊sho堂uld倦beu訴nder座stoo酒dan邁dco閃mpli仙ance采mec戒hani道smp合uti套npl棟aceExce佳ptio夜nsm搜ust售ber建epor駐ted片and幫mana餅ged老urge束ntly塔to槽reso卸luti兩onRisk眼Rat海ing影Syst奶emE顆ffec呆tive椅nessCre撫dit調(diào)Sc罷ori柱ng軍is艇gen買era蹈lly袋us付ed工to價(jià)“ri稠sk椅rat植e”真hom鼻oge聰neo傲us副por址tfo磚lio五sHigh怠est兩appl傍icab旺ilit燈yis脊in多cons織umer狀and撞ret饒ail純port竭foli梅osSom托ea誘dva捐nce鞋ds球cor換ing脅sy篩ste江ms污are廟be愛(ài)ing配mi霸gra猴ted商fo召ru味se潛in蔽rat干ing費(fèi)“m通idd幻玉le局mar宜ket那”c狐lie拖ntsSuc確hm規(guī)ode糖ls政are媽on跳ly歸as吉goo衛(wèi)da施st吵he懶und飽erl謹(jǐn)yin居ga思ssu葵mpt妖ion慢sInt妖ern澡al掀cre剖dit專ra上tin怎gs嚴(yán)yst語(yǔ)ems管ar員ed說(shuō)iff明icu閣lt召to聾ass譯ess太an槐da繁re寫oft隨en織not惰in饑dep盯end缺ent匆ly畢val刪ida銹tedCli福ent寶re催lat澡ion閘shi祥pm路ay鬧int擴(kuò)erf縣ere偽wi六th苗obj基ect倆ive及as美ses頭sme請(qǐng)nt協(xié)of息ris劉ksRati然ngc緣瑞rite厲ria燙usua棒lly擔(dān)ama慮tter腥of巧prac絹tice澤rat悅her疏than退wri僚tten存pol忽icyRat間ing磚sa桌re故not卵co沒(méi)nsi拴ste盡nt蝴ove遍rt抽imeQua蝦lit調(diào)ati堤ve兔cre鋪dit旗as傻ses彎sme艱nts撇of文ten沉la季gc鴿urr燦ent賭ma嗎rke遲ti攀nfo陜r(jià)ma湖tio亮nIns輛tit旦uti爹ons炮of柳ten黑as祝sum炮eam爺app設(shè)ing嚼wi慰th削ext媽ern顫al蒙rat溪ing脾si扯no加rde常rt同oq身uan圍tif悶yc忌red屈it風(fēng)ris爪kEff攻ect肯ive衛(wèi)Ri怪sk奇Rat笨ing蒼Sy吃ste雪msSuf池fic礦ien巨tg懇ran倘ula鍵rit艦yo賞fr裙isk砌ra希tin盤gc記ate魔gor投iesAcc念ura弱te匆and奔ti施mel殿ya柏ssi對(duì)gnm抖ent陵of膝ra桐tin旦gsClea地ran麗dco盒nsis慘tent劍app召lica碑tion繁of源def寫ault僑def售init眼ionPer潛iod洞ic候cal戲ibr疏ati雨on,額tr躁ian猛gul渾ati換on束and窗va駐lid貝ati誓on介of漢ris臥kr銷ati愿ngsAccu匪rate般ide糠ntif矛icat僚ion預(yù)ofm諷igra啟tion廢of趙tran項(xiàng)sact撈ions賓and徒por教tfol朱ios輪(as賓refl麥ecte犯dby于upg范rade洪san蘿ddo壘wngr賽ades羨in鉗rati焦ngs)Cre漿dit僵Ev越alu追ati蘭on:糧Fi亮nan辰cia剖lF辯act壓orsGet社th警ei牌nfo席rma紗tio府ny寧ou毒nee醬dt經(jīng)om柏ake膝a鎮(zhèn)ful吉la運(yùn)nal樹ysi燦sSome針inf自orma揉tion傷wil陷lne獵edt須obe旺cro誤ss-c酷heck摔eda副ndo塌btai避ned樣ona番reg繞ular灶and訪tim抵ely青basi蔽sBec仆onst連ruct芽ivel堆ycy易nica傍l:n館ewb脾usin乒ess她mode菠lsa釣red世iffi消cult奇to壓pull購(gòu)offBe物cog元niz恐ant叮of奏de效lay灰ing值ta屆cti嫩csNumb朽ers知don’仇tte督llt齊hew臘hole聾sto漿ry!Cre灶dit怎Ev乖alu滋ati手on:朵Qu備ali武tat伯ive猶Fa證cto液rsEval御uati拆ono混fsu霧bjec祖tive準(zhǔn)fac魔tors級(jí)is湖ofte巾nti駐mes肢more僑imp蝴orta勒ntt鍛han腸the諷nume抹rica球lan酬alys染isPeop禾lem食ake利abu洋sine有ss:樹visi提ons,望val繭ues佛and膠stra律tegi取esa漆reo夕nly渣word貝sun觸less玻peo終ple希impl盒emen醋tth圾emMana診geme悠nt,匠indu乳stry茄,pr泛oduc票t,g仙eogr撿aphy軟,co針mpet抖itio任net樹c.a行l(wèi)li管nflu鴿ence輝res外ults創(chuàng)and辰mus明tbe禮pro竹perl此yas采sess皆edAnal賴ysis相-par想alys編ism妻ayl銅ead偶tow畏rong泊dec屋isio脹nsArt母an劫dS盈cie忙nce慕of葛Ju程dgm突entGet揪tin有g(shù)a擱cce馬ss奧to麥the諷be鍬st者cli曾ent畜sa撇nd斃all重th歌er抗ele餓van鉆ti持nfo羊rma醒tio針ni抖sa串ch駛all晚eng斷eEns歸uri志ng埋pro住per先an遷aly坑sis員is造do仍ne爸req肆uir蠅es夫as孩tro稿ng擇cor濾por范ate野cu釋ltu偽reUti鳳liz翁ing均qu亦ali瘡fie歲dr刑eso泊urc灑es毒bot喜hi搬nte幸rna達(dá)lly獅an豪de優(yōu)xte耕rna掛lly山en算han腿ces渡th超er蘿esu斯ltsOft前en卷the伶la因ck丘of慌the欠wi慈ll拒to氧act以is吳wh根at礦cau央ses飽hi固gh姜los著sesCon漁clu位din港gC憂omm酷ent醒sCom業(yè)pan絲式ies做th橋at挨mea涂sur盟ea正nd么man乓age縱cr絲式edi仔tr帶isk狹in慶a折pro蠅-ac施tiv槍em目ann萌er紐奉wil塞lb驕ene窮fit習(xí)fr胖om不af昨avo梢rab葬le悟ris偽kp現(xiàn)rof捎ile泉re按sul仔tin肥gi越nHig賺her刻re閃ven怕ueLow伍er完los箏sesImpr吳oved堪eff腔icie貨ncie擔(dān)sHigh齊erE躁P(guān)S,壺P/E主rati膏osa也ndm峰arke筐tva市l(wèi)uesConc際ludi洲ngC仁omme銀ntsRisk死Ass集essm控ent慶and參Limi讀tMa爭(zhēng)nage詞mentCred仆itI予nfra墳stru麻ctur椒ean茂dPo言rtfo留lio箏Mana醬geme絮ntCred祥itA山naly蚊tics膀Sup然portCred年itT浸echn盼olog章yEn都able餐mentCre滾dit窄Qu含ali牙tyCre逐dit袍Un癢der艱wri至tin罷gRis初kR所ati躁ng矩Sys玻tem考Ef狡fec較tiv叼ene耀ssCoun親terp彼arty句and衰Por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