在金融機(jī)構(gòu)的有效風(fēng)險(xiǎn)管理外文翻譯

1、<p><b>　　原文：</b></p><p>　　Effective risk management in financial institutions</p><p>　　Abstract：Risk management is more important in the financial sector than in other parts of

2、the economy. But it is difficult. The basis of banking and similar financial institutions is taking risk in conditions of uncertainty. Describes how the Turnbull report, for which the author was project director, created

3、 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.</p><p>　　There can be fe

4、w, if any, parts of the economy in which risk management is more important than the financial sector. Financial institutions account for a sizeable number of the world’s leading companies and have a critical role to play

5、 in the economics of every country and thus in world economic order as a whole. Their whole business is centred on taking risks in conditions of uncertainty. The Turnbull Report on risk management and internal control, w

6、hich is applicable to all listed companies in</p><p>　　A framework, not a rule book</p><p>　　The Turnbull Report also recognises the dynamic nature of markets in which an organisation operates a

7、nd 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 cease

8、d, the guidance places internal controls firmly in their broader business context: they are only of value to the extent that they help businesses to control the risks that threate</p><p>　　The importance of

9、sound judgement</p><p>　　The 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 effect

10、ive internal control system, starting at board level. Making 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 lo

11、sses if the judgement on which business decisions are based is poor.</p><p>　　Judgement comes into play in initially establishing clearly defined business objectives, identifying the risks to achieving those

12、 objectives, prioritising how great a threat those risks pose and then determining appropriate responses in the form of developing internal control systems.</p><p>　　Judgement is also called for in terms of

13、applying cost-benefit analysis to the merits 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

14、 staff time on the potentially high risk loans and on developing early warning systems when loans are not performing rather than selecting a one size fits all approach.</p><p>　　Identification issues</p&g

15、t;<p>　　Risks that threaten a financial institution’s objectives will often range from highly function-specific risks through to strategic, big picture issues. Consider the foreign exchange trading activity in a m

16、ajor bank. There is clearly a 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 bank’s activities but its potential wi

17、de-ranging impact should not be underestimated. As Barings so visibly demon</p><p>　　At the other end of the spectrum lie a whole range of market-related strategic risks, for example, the threat that superma

18、rkets will increasingly capitalise on their existing 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 o

19、f a lack of social concern and damage the bank’s public image and possibly its brand value even though the decision may be financially supportable. With marke</p><p>　　Keep control of your reputation</p&g

20、t;<p>　　Reputational 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 organisation’s operations if they are to

21、 continue 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

22、. This therefore calls on some occasions for collaborative as opposed to so</p><p>　　Assessing the importance of risks</p><p>　　Identifying the existence of potential risks does not necessarily

23、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 likelihood and high impact suggesting high pr

24、iority for action.</p><p>　　Verifying your judgements</p><p>　　When identifying and prioritising risks, financial institutions need to have regard to the concept of “verifiability”; in other wor

25、ds, if a different group of people were making the same decisions about the importance of 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

26、people from a broad cross-section of the business, both laterally and vertically, is involved in the risk identification and assessment process and i</p><p>　　External views of risk must also be fed into the

27、 identification and assessment process. What is the market’s view of interest rate developments? How are personal investments expected to change in the coming years? In the case of regulated areas such as financial servi

28、ces, the organisation’s 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 compet

29、ition terms,</p><p>　　Change management</p><p>　　One of the key challenges running across the entire process of identifying and assessing risks is that the business and financial world is in a c

30、onstant state of flux. 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

31、 of IT systems? Do people really want to be able to change their bank details using their mobile phone? How do you manage call centres </p><p>　　Some new or changing market conditions will develop gradually

32、over time, while others may sweep the market quickly. Given this dynamic background, the internal control framework must be regularly reviewed and adjusted to take account of changing market conditions. It is management’

33、s role to recommend policies for managing risk, the board’s role to review and approve them, and management’s role once more to implement them and report back on their operation.</p><p>　　Coping with risk in

34、 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 consolida

35、ted into a new combined entity. The risk management implications of such proposals need to be carefully considered before, during and after the merger process.</p><p>　　Embedding risks</p><p>　　

36、The ability to respond to changing conditions largely relies on the internal control system being embedded in the bank’s operations. This is a complex process involving a range of activities including the effective commu

37、nication of, and reporting on, the bank’s 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 suspecte

38、d control breaches and generally the creation of a positive </p><p>　　The process of embedding risks should not, however, be allowed to lead to complacency or passivity within the organisation. The fact that

39、 systems are in place, a control manual exists and staff have been trained in risk management as part of their daily activities does not mean that systems are infallible as they will always be dependent, at least to some

40、 extent, on the people operating them and, for example, when staff morale is low more mistakes, accidentally or deliberately, are likely to occ</p><p>　　Cultural challenges</p><p>　　Culture is a

41、lso key in terms of creating an environment 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

42、that individuals will see it as in their own self-interest to try to cover up problems. Many organisations are also now developing “whistleblowing” procedures to ensure concerns can be reported confidentially.</p>

43、<p>　　Remuneration issues</p><p>　　The bank’s remuneration policies have an important role in reinforcing or undermining the internal control environment. Take the bonuses paid out at the end of each y

44、ear. The factors determining 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 in

45、creasingly greater risks in the attempt to reach his/her target. Alternatively, he/she might lose interest in his/</p><p>　　Management, not elimination</p><p>　　The Turnbull approach emphasises

46、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,

47、 monitoring and controlling risks. Risk management must be seen as an ongoing and valued activity with the board setting the example. It is without doubt a challenging agenda.</p><p>　　Source: Anthony Carey,

48、 2001.“Effective risk management in financial institutions”. Journal of Risk Finance. February.pp.24-27.</p><p><b>　　譯文：</b></p><p>　　在金融機(jī)構(gòu)的有效風(fēng)險(xiǎn)管理</p><p>　　摘要：風(fēng)險(xiǎn)管理在金融部門中

49、比經(jīng)濟(jì)的其他部分更重要。但要進(jìn)行風(fēng)險(xiǎn)管理是較為困難的。銀行業(yè)和其他類似的金融機(jī)構(gòu)的基礎(chǔ)部門是在不確定的情況下采取風(fēng)險(xiǎn)的。如何描述特恩布爾報(bào)告——作者是項(xiàng)目策劃人，他創(chuàng)建了一個(gè)新的基本方針來處理風(fēng)險(xiǎn)。并提供了一個(gè)使各種特恩布爾想法成為風(fēng)險(xiǎn)管理的基石，建議他們?nèi)绾文軌虬l(fā)展指南。</p><p>　　如果有的話，可以有些這種風(fēng)險(xiǎn)管理比金融部門更為重要的部分經(jīng)濟(jì)。金融機(jī)構(gòu)對大量的世界領(lǐng)先公司發(fā)揮著作用，并且在每個(gè)國家的經(jīng)

50、濟(jì)中扮演著關(guān)鍵角色。至此，在整個(gè)世界經(jīng)濟(jì)秩序中金融機(jī)構(gòu)都發(fā)揮著作用。它們的整個(gè)業(yè)務(wù)都集中在不確定的情況下采取風(fēng)險(xiǎn)。特恩布爾報(bào)告對風(fēng)險(xiǎn)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，以至于國際上對于特恩布爾報(bào)告的基本觀點(diǎn)有充分的認(rèn)識。特恩布爾報(bào)告的重點(diǎn)是有效的風(fēng)險(xiǎn)管理，而不是消除風(fēng)險(xiǎn)。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(xiǎn)，那么這個(gè)企業(yè)也不可能獲得理想的回報(bào)。另一方面，極不穩(wěn)定的回報(bào)

51、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(cuò)過戰(zhàn)略機(jī)遇，就如對于一家公司來說，它要實(shí)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(jī)構(gòu)意識到他們并沒有采取足夠的冒險(xiǎn)行為，從而可能促使他們拓展一個(gè)新的市場。并且伴隨著企業(yè)剛進(jìn)入這個(gè)也許充滿風(fēng)險(xiǎn)的新市場的同時(shí)，也意味著企業(yè)在這里也獲得了開拓先鋒的重大優(yōu)勢。</p><p>　　一種框架，而非一

52、本規(guī)則手冊</p><p>　　特恩布爾報(bào)告還認(rèn)識到了自然市場的動(dòng)態(tài)性。在這自然市場中，一個(gè)企業(yè)組織的運(yùn)作旨在鼓勵(lì)企業(yè)建立風(fēng)險(xiǎn)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(jiān)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(xiǎn)時(shí)才能體現(xiàn)價(jià)值?？傊?，特恩布爾提供了一個(gè)框架——每個(gè)組織

53、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(gè)規(guī)則手冊。</p><p><b>　　合理判斷的重要性</b></p><p>　　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(shí)，然而，這意味著從董事會(huì)層面開始，判斷在建立有效的內(nèi)部控制系統(tǒng)中起著重要的作用。確保判斷是合理的，也許是風(fēng)險(xiǎn)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

54、量可以防止金額損失。</p><p>　　判斷來自于初步建立明確的業(yè)務(wù)目標(biāo)，明確實(shí)現(xiàn)這些目標(biāo)所承受的風(fēng)險(xiǎn)，優(yōu)先要考慮那些風(fēng)險(xiǎn)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)。</p><p>　　判斷還要結(jié)合運(yùn)用成本效益分析方面，以采取具體控制方面的優(yōu)點(diǎn)。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(xiǎn)貸款的工作人員

55、的時(shí)間以及發(fā)展早期預(yù)警系統(tǒng)。當(dāng)貸款不履行時(shí)，我們會(huì)采用成本效益方式而不是選擇一個(gè)放之四海而皆準(zhǔn)的方法。</p><p><b>　　識別問題</b></p><p>　　風(fēng)險(xiǎn)能對金融機(jī)構(gòu)目標(biāo)產(chǎn)生威脅，其威脅范圍從高度的特定功能風(fēng)險(xiǎn)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(dòng)。對于個(gè)體交易者，這交易活動(dòng)顯然是有風(fēng)險(xiǎn)的，任憑內(nèi)部控制怎么運(yùn)作自由，還是能造成重大

56、損失。這種風(fēng)險(xiǎn)是存在于該銀行交易活動(dòng)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(jī)構(gòu)的運(yùn)作問題比其他許多業(yè)務(wù)的運(yùn)作問題更大程度上可能能危及生命。</p><p>　　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(xiǎn)，例如，市場所受到威脅——如超市將會(huì)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(huì)關(guān)注

57、的指責(zé)和損害銀行的公眾形象或者也可能損害品牌價(jià)值，即使這決定是得到財(cái)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(diǎn)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(xiǎn)，以及要避免和一個(gè)敵對的投標(biāo)人商定的協(xié)議。作為許多英國金融機(jī)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(dú)立性方面，價(jià)格可以抬高點(diǎn)。<

58、/p><p><b>　　控制你的聲譽(yù)</b></p><p>　　聲譽(yù)風(fēng)險(xiǎn)是整個(gè)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(gè)基本需要，使他們對金融組織運(yùn)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(yùn)作不僅需要個(gè)體機(jī)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(xiǎn)

59、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(gè)體銀行的聲譽(yù)問題可能在未來數(shù)年中會(huì)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(diǎn)的原因，并且因?yàn)閭€(gè)體銀行的聲譽(yù)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(yù)的影響，那么需要堅(jiān)決解決對最近分析師預(yù)測的獨(dú)立性的質(zhì)疑問題。</p><p><b>　　評估風(fēng)險(xiǎn)的重要性</b></p><

60、p>　　確定潛在風(fēng)險(xiǎn)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(xiǎn)的行動(dòng)措施。風(fēng)險(xiǎn)必須根據(jù)評估其發(fā)生的可能性和其影響的程度手段來優(yōu)先排列考慮——越高的發(fā)生可能性以及越大的影響程度，那么應(yīng)該采取行動(dòng)。</p><p><b>　　驗(yàn)證你的判斷</b></p><p>　　當(dāng)確定風(fēng)險(xiǎn)或者優(yōu)先考慮風(fēng)險(xiǎn)時(shí)，金融機(jī)構(gòu)需要重視“驗(yàn)證”的概念；換句話說，如果一組來自不

61、同集團(tuán)的人對于哪些是重要風(fēng)險(xiǎn)的問題作出了同樣的決定，那么他們是否有可能得出相同的結(jié)論？顯然，是更可能的情況是：如果這些人是來自不同交叉業(yè)務(wù)部門的廣范圍中人群，無論是橫向的還是縱向的，且若沒有防止金融組織傳統(tǒng)觀念受到必要的挑戰(zhàn)的“禁忌”科目時(shí)，他們都參與了風(fēng)險(xiǎn)識別和評估過程。</p><p>　　我們也需要對風(fēng)險(xiǎn)的外部視角進(jìn)行鑒定和評估。從市場角度來看，利率發(fā)展是怎樣的?個(gè)人投資在未來幾年內(nèi)是如何改變的？就監(jiān)管方面

62、來說，比如金融服務(wù)，一個(gè)組織的認(rèn)知觀——主要的監(jiān)管機(jī)構(gòu)對它們的利益和評估的觀點(diǎn)是如何的？以及整體監(jiān)管環(huán)境可能是如何發(fā)展的？包括競爭條款，國際發(fā)展的影響，比如由歐盟的資產(chǎn)報(bào)告所對國際發(fā)展的影響。</p><p><b>　　改變管理</b></p><p>　　在整個(gè)識別和評估風(fēng)險(xiǎn)的全過程中所面臨的主要挑戰(zhàn)之一是：商業(yè)和金融世界在不斷變化的狀態(tài)。網(wǎng)上銀行的出現(xiàn)是如何改變

63、單一客戶與銀行之間互動(dòng)的方式？24小時(shí)不間斷的訪問帳戶的詳細(xì)資料是多么的重要？IT系統(tǒng)的維護(hù)的意思是什么？人們真的希望能夠使用他們的移動(dòng)電話來改變他們的銀行資料嗎？你如何有效地管理呼叫中心，以確保這種銀行/客戶間的新形式來維護(hù)銀行的品牌價(jià)值？</p><p>　　一些新的或不斷變化的市場條件將會(huì)隨著時(shí)間的推移逐漸發(fā)展，而其他一些市場條件可能很快影響市場。鑒于這種動(dòng)態(tài)的背景下，內(nèi)部控制框架必須定期審查和調(diào)整，以適應(yīng)

64、不斷轉(zhuǎn)變的市場情況。管理層的作用是制定政策來進(jìn)行風(fēng)險(xiǎn)的管理，而董事會(huì)的職責(zé)是審查和批準(zhǔn)的各項(xiàng)政策，管理層在制定政策后還需反饋報(bào)告政策的執(zhí)行情況。</p><p>　　當(dāng)行業(yè)正處于上升鞏固期時(shí)，應(yīng)對在變化中的風(fēng)險(xiǎn)則尤為關(guān)鍵。合并和收購活動(dòng)將帶來不可避免的分裂，如之前不同的文化和制度進(jìn)入一個(gè)新合并后，成為一個(gè)合并的實(shí)體。對于風(fēng)險(xiǎn)管理影響的這種建議需要在合并過程之前，期間和之后認(rèn)真考慮。</p><

65、p><b>　　嵌入風(fēng)險(xiǎn)</b></p><p>　　對市場改變的條件的響應(yīng)能力在很大程度上依賴于被嵌入在銀行運(yùn)作中的內(nèi)部控制制度。這是一個(gè)復(fù)雜的過程，涉及了包括有效溝通，匯報(bào)，各級銀行風(fēng)險(xiǎn)管理政策，風(fēng)險(xiǎn)培訓(xùn)課程的開發(fā)，工作人員在應(yīng)對預(yù)警系統(tǒng)，報(bào)告涉嫌違規(guī)的渠道，以及一般地創(chuàng)建一個(gè)積極的風(fēng)險(xiǎn)管理文化等方面。</p><p>　　嵌入風(fēng)險(xiǎn)的過程是不應(yīng)該的，但是，允

66、許嵌入風(fēng)險(xiǎn)將導(dǎo)致組織內(nèi)的自滿或被動(dòng)。事實(shí)上，作為其日?；顒?dòng)的一部分：制度落實(shí)到位，存在一部管理手冊和工作人員已接受風(fēng)險(xiǎn)管理的訓(xùn)練。這些并不意味著系統(tǒng)是萬無一失的，因?yàn)橄到y(tǒng)總是依賴于人，至少在一定程度上，人們管理著系統(tǒng)，例如，員工士氣低落時(shí)，員工會(huì)有意或無意的產(chǎn)生過多的錯(cuò)誤。</p><p><b>　　文化挑戰(zhàn)</b></p><p>　　文化對于建立一個(gè)在交易損失時(shí)

67、，確定控制違規(guī)時(shí)或者涉嫌控制違規(guī)時(shí)都會(huì)匯報(bào)的這樣一種環(huán)境方面也是起著重要的作用。如果主流文化是其中那些沒有正當(dāng)理由的指責(zé)，那么個(gè)人非常有可能看重其自身的利益而試圖掩蓋出現(xiàn)的問題。許多企業(yè)組織也正在發(fā)展相應(yīng)的“揭發(fā)”程序，以確保對報(bào)告保密性的關(guān)注。</p><p><b>　　薪酬問題</b></p><p>　　銀行的薪酬政策在加強(qiáng)或破壞內(nèi)部控制環(huán)境方面發(fā)揮著重要作用

68、。就以每年年底支付的獎(jiǎng)金來說。支出規(guī)模的決定因素可能是或者確實(shí)是打算以此塑造員工的行為?？紤]到那些有劣跡的交易者，他們能否得到獎(jiǎng)金有待考究。他/她可能會(huì)通過冒風(fēng)險(xiǎn)來作為反應(yīng)，企圖達(dá)到他/她的目標(biāo)。此外，他/她可能會(huì)失去他/她的經(jīng)營利益，直到下一個(gè)紅利期開始。無論哪種方式，銀行整體表現(xiàn)可能會(huì)受到他/她的行動(dòng)的影響。但是，如果獎(jiǎng)金是基于長期的表現(xiàn)，那么更有可能促使他/她在較長時(shí)期內(nèi)保持一個(gè)最佳的努力水平。</p><p&

69、gt;<b>　　管理，而不是消除</b></p><p>　　特恩布爾方法強(qiáng)調(diào)風(fēng)險(xiǎn)管理，而不是消除風(fēng)險(xiǎn)。金融機(jī)構(gòu)必須承擔(dān)風(fēng)險(xiǎn)，但他們必須自覺地這樣做。建立適當(dāng)?shù)奈幕蚣苄枰乃泄ぷ魅藛T對識別，監(jiān)測和控制風(fēng)險(xiǎn)進(jìn)程的支持。風(fēng)險(xiǎn)管理必須被看作是前進(jìn)的和有價(jià)值的活動(dòng)。這無疑是一個(gè)富有挑戰(zhàn)性的議程。</p><p>　　出處:[英]安東尼凱里,《在金融機(jī)構(gòu)的有效風(fēng)險(xiǎn)管理》，