Risk Mgt paper - 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH $Q 2UDFOH *RYHUQDQFH 5LVN DQG &RPSOLDQFH :KLWH 3DSHU )HEUXDU\ , :+< 5,6. 0$1$*(0(17" ´5LVN 0DQDJHPHQW LV D NH\ EXVLQHVV SURFHVV ZLWKLQ ERWK WKH SULYDWH DQG SXEOLF VHFWRUV DURXQG WKH ZRUOG (IIHFWLYH ULVN PDQDJHPHQW DQG WKH UHVXOWLQJ FRQWUROOHG HQYLURQPHQW DUH FHQWUDO WR VRXQG FRUSRUDWH JRYHUQDQFH DQG IRU WKLV UHDVRQ PXFK RI WKH ODZ WKDW KDV EHHQ FUHDWHG LQ UHVSRQVH WR FRUSRUDWH FROODSVHV DQG VFDQGDOV QRZ UHTXLUHV HIIHFWLYH ULVN PDQDJHPHQW µ ,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ ,62 $SULO ,I WKH ILQDQFLDO FULVLV KDV WDXJKW XV DQ\WKLQJ LW¶V WKDW WKLV IDLOXUH RI RYHUVLJKW DQG DFFRXQWDELOLW\ GRHVQ¶W MXVW KDUP WKH LQGLYLGXDOV LQYROYHG LW KDV WKH SRWHQWLDO WR GHYDVWDWH RXU HQWLUH HFRQRP\ ²%DUDFN 2EDPD 'HFHPEHU LQ DSSRLQWLQJ WKH QHZ &KDLUPDQ RI WKH 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ %XVLQHVV VXUYLYDO UHTXLUHV RUJDQL]DWLRQV WR WDNH ULVN 6XFFHVVIXO ILUPV PDQDJH ULVN ZHOO ZKLOH WKRVH WKDW GR QRW VXIIHU 7KH XQSUHFHGHQWHG EUHDNGRZQ RI FUHGLW PDUNHWV DQG H\H RSHQLQJ GHPLVH RI ZHOO HVWDEOLVKHG ILQDQFLDO LQVWLWXWLRQV KDYH OHG FRPSDQLHV VPDOO DQG ODUJH WR SDXVH ORRN DW WKHPVHOYHV DQG DVN :KDW·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·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· RYHUDOO FUHGLW UDWLQJV 6 3 DQDO\VWV DUH KDYLQJ ULVN PDQDJHPHQW GLVFXVVLRQV LQ WKHLU UHJXODU FRPSDQ\ FUHGLW UHYLHZV ZLWK DQ HPSKDVLV RQ ULVN FXOWXUH DQG VWUDWHJLF ULVN PDQDJHPHQW 3HUIRUPDQFH DQG ULVN DUH LQH[WULFDEO\ OLQNHG $Q ´,QYHVWRUV RQ 5LVNµ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´5LVN PDQDJHPHQW DV D GLVFLSOLQH LQ EXVLQHVV KDV EHHQ DURXQG IRU D ZKLOH EXW WKH FROODSVH RI FUHGLW PDUNHWV ZRXOG VXJJHVW LW·V VWLOO LQ LWV LQIDQF\ µ 5LFKDUG 3KLOOLSV 5LVN 0DQDJHPHQW 3URIHVVRU DW *HRUJLD 6WDWH 8QLYHUVLW\ 'HFHPEHU 0RUH WKDQ SHUFHQW RI &)2V DQG PRUH WKDQ SHUFHQW RI DXGLW FRPPLWWHH PHPEHUV VD\ PDQDJLQJ HQWHUSULVH ULVN LV WKH ELJJHVW FKDOOHQJH WKHLU RUJDQL]DWLRQV IDFH LQ WKH FRPLQJ PRQWKV 7KH UHVXOWV VXJJHVW (QWHUSULVH 5LVN 0DQDJHPHQW (50 LV D FKDOOHQJH HYHQ JUHDWHU WKDQ ILQDQFLDO UHSRUWLQJ DQG LPSURYLQJ LQWHUQDO FRQWUROV ²7KH &KDQJLQJ /DQGVFDSH RI 5LVN 0DQDJHPHQW &)2 5HVHDUFK &URZH *URXS $XJXVW )URP WKH JOREDO ILQDQFLDO FULVLV WR WKH HQVXLQJ PDUNHW YRODWLOLW\ GHFOLQH LQ FRQVXPHU FRQILGHQFH DQG H[WUHPH IOXFWXDWLRQV LQ HQHUJ\ SULFHV UHFHQW HYHQWV KDYH GHPRQVWUDWHG WKDW XQFHUWDLQW\ LV DOO DURXQG XV 'HVSLWH FRPSDQLHV· DFNQRZOHGJHPHQW RI WKH IDFWRU FDOOHG ´ULVNµ XQFHUWDLQW\ DQG ULVN KDYH QRW EHHQ IRUPDOO\ PDQDJHG 2QO\ ILIW\ WZR SHUFHQW RI FKLHI ILQDQFLDO RIILFHUV VXUYH\HG E\ ,%0 LQ D &)2 6WXG\ FRQILUP KDYLQJ DQ\ SUHVFULEHG ULVN PDQDJHPHQW SURJUDP $ PHUH WZHQW\ QLQH SHUFHQW DOLJQ ULVN ZLWK SHUIRUPDQFH E\ FUHDWLQJ ULVN DGMXVWHG IRUHFDVWV DQG SODQV 8QVXUSULVLQJO\ OHVV WKDQ WZHQW\ ILYH SHUFHQW RI FRPSDQLHV YLHZ WKHLU SHUIRUPDQFH DV ´H[FHOOHQWµ RQ DQ\ VSHFLILF ULVN PDQDJHPHQW WDVNV DFFRUGLQJ WR &URZH·V 5LVN &RQVXOWLQJ 3UDFWLFH VXUYH\ (YLGHQWO\ WKHUH LV URRP IRU LPSURYHPHQW 6HYHUDO IDFWRUV KDYH FRQWULEXWHG WR WKH UHODWLYH LPPDWXULW\ RI ULVN PDQDJHPHQW LQ PRVW RUJDQL]DWLRQV $ /DFN RI ([HFXWLYH &RPPLWPHQW WR 5LVN 0DQDJHPHQW :KLOH WKH LQYROYHPHQW RI VHQLRU PDQDJHPHQW LV DUJXDEO\ FULWLFDO WR WKH VXFFHVV RI DQ\ LQLWLDWLYH LW LV DEVROXWHO\ HVVHQWLDO IRU ULVN PDQDJHPHQW 7KH UHDVRQ LV VLPSOH ²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´ZH DOUHDG\ GR ULVN PDQDJHPHQWµ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²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ƒ 62; GZHOOV RQ DVVHVVLQJ ILQDQFLDO UHSRUWLQJ ULVNV ZKLOH (50 GHOYHV LQWR DOO W\SHV RI ULVNV ILQDQFLDO DQG :KLOH D FRPSDQ\ PD\ GLH D TXLFN GHDWK LI LW IDLOV WR PDQDJH LWV FULWLFDO ULVNV LW ZLOO FHUWDLQO\ GLH D VORZ GHDWK LI LW GRHV QRW WDNH RQ HQRXJK ULVN (QWHUSULVH 5LVN 0DQDJHPHQW (50 PRGHOV VXFK DV &262·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ƒ 5LVN DVVHVVPHQW FDQ EH DQ DQQXDO SURFHVV XQGHU 6DUEDQHV 2[OH\ ZKLOH (50 LV D FRQVWDQW SURFHVV VLQFH RUJDQL]DWLRQV FKDQJH DQG QHZ ULVNV HPHUJH ƒ %XW VRPH 62; EHVW SUDFWLFHV DUH UHOHYDQW WR (50 R 5HDSSO\ 62; ULVN DVVHVVPHQW SURFHVV WR DUHDV RI ULVN PDQDJHPHQW 5LVN DVVHVVPHQW PD\ EH OLPLWHG LQ VFRSH XQGHU 62; EXW WKH DSSURDFK FDQ EH UHXVHG IRU (50 R *HW FRPPLWPHQW DW WKH ERDUG DQG PDQDJHPHQW OHYHO OHYHUDJLQJ WKH XQGHUVWDQGLQJ WKH\ KDYH RI WKH YDOXH RI UHGXFLQJ IUDXG ULVN HQKDQFLQJ JRYHUQDQFH DQG VWUHQJWKHQLQJ FRQWUROV IRU HIIHFWLYH (50 R (VWDEOLVK D ULVN GHSDUWPHQW DQG DSSRLQW D FKLHI ULVN RIILFHU RU RWKHU NH\ SHUVRQ WR EH UHVSRQVLEOH IRU WKH 62; RU (50 SURFHVV ²(50 YV 5LVN $VVHVVPHQW $Q $QDO\VLV &RPSOLDQFH :HHN 0DUFK %\ DGGUHVVLQJ DOO ULVNV FRPSUHKHQVLYHO\ DV RSSRVHG WR GHDOLQJ ZLWK LQGLYLGXDO W\SHV RI ULVNV VXFK DV ,7 ULVNV ILQDQFLDO UHSRUWLQJ ULVNV HQYLURQPHQWDO RU OHJDO ULVNV ULVN PDQDJHPHQW FDQ TXLFNO\ IHHO RYHUZKHOPLQJ 2EMHFWLYH VHWWLQJ LV WKHUHIRUH NH\ 7KHUH DUH WKUHH FRPPRQ JRDOV IRU ULVN PDQDJHPHQW ZKLFK DOVR FRUUHVSRQG WR WKH VWDJHV WKDW RUJDQL]DWLRQV W\SLFDOO\ JR WKURXJK LQ GHYHORSLQJ WKHLU ULVN PDQDJHPHQW FDSDELOLWLHV ƒ *RDO 3URWHFW DJDLQVW GRZQVLGH ULVNV ƒ *RDO 0DQDJH YRODWLOLW\ DURXQG EXVLQHVV DQG ILQDQFLDO UHVXOWV ƒ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·V JRDOV 7KH GDQJHU VXUIDFHV ZKHQ RQH SHUVRQ V GHILQLWLRQ RI D KLJK ULVN HTXDWHV WR DQRWKHU SHUVRQ V PHGLXP ULVN 7KH GLIIHUHQFH LQ SHUFHSWLRQ OHDGV WR LQDGHTXDWH ULVN DVVHVVPHQW UHVXOWV ZLWK XQGHUUDWHG ULVNV EHLQJ LJQRUHG DQG RYHUUDWHG ULVNV FRQVXPLQJ H[FHVVLYH UHVRXUFHV 8QIRUWXQDWHO\ PDQ\ RUJDQL]DWLRQV VWLOO KDYH GLVMRLQWHG SHULRGLF RU LQDGHTXDWH DVVHVVPHQWV ,W·V QR VXUSULVH WKDW HLJKW\ SHUFHQW RI FRPSDQLHV GR QRW EHOLHYH WKH\ DUH JHWWLQJ DV PXFK YDOXH IURP WKHLU ULVN DVVHVVPHQWV DV WKH\ VKRXOG 2QO\ RQH LQ WKUHH VD\V WKH\ DFKLHYH HIIHFWLYH UHVXOWV WKDW SURSHUO\ DOLJQ DFWLYLWLHV ZLWK REMHFWLYHV LQ OLJKW RI ULVN WROHUDQFH DFFRUGLQJ WR WKH 2SHQ &RPSOLDQFH DQG (WKLF·V *URXS 5LVN 6WXG\ 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH & $VVHVV 5LVNV &RQWLQXRXVO\ &RQVLGHULQJ DQ RUJDQL]DWLRQ·V ULVN DSSHWLWH DVVHVVPHQWV DUH FUXFLDO WR PRQLWRULQJ ULVN H[SRVXUH WUHDWLQJ XQZDQWHG ULVNV DQG VHL]LQJ HPHUJLQJ RSSRUWXQLWLHV ,Q IDFW DWWDLQLQJ D XQLILHG DQG FRQWLQXRXV DSSURDFK WR ULVN DVVHVVPHQWV KDV GLUHFW LPSDFW RQ EXVLQHVV SODQV ZLWK ƒ PRUH WDUJHWHG LQWHUQDO DXGLW SODQV ƒ JUHDWHU RSHUDWLRQDO YLVLELOLW\ DQG SHUIRUPDQFH ƒ EHWWHU GHFLVLRQ PDNLQJ ƒ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¶6 &2035(+(16,9( 3/$7)250 )25 5,6. 0$1$*(0(17 ´5LVN SURFHVVHV VKRXOG EH FDUULHG RXW LQ WKH FRQWH[W RI ZKHUH D EXVLQHVV LV KHDGHG QRW VROHO\ EDVHG RQ ZKHUH LW LV WRGD\ µ 8QGHUVWDQGLQJ (QWHUSULVH 5LVN 0DQDJHPHQW $Q (PHUJLQJ 0RGHO IRU %XLOGLQJ 6KDUHKROGHU 9DOXH .30* 'HFHPEHU .30* V $VVXUDQFH $GYLVRU\ 6HUYLFH &HQWHU XQGHUVWRRG HDUO\ WKDW YDOXH DQG ULVN JR KDQG LQ KDQG DQG WKDW SHUIRUPDQFH DQG ULVN PDQDJHPHQW VKRXOG FRQYHUJH WR FUHDWH HQKDQFH DQG SURWHFW VWDNHKROGHU YDOXH ,Q 0D\ WKH ,QVWLWXWH RI 0DQDJHPHQW $FFRXQWLQJ IXUWKHU FKDUDFWHUL]HG (QWHUSULVH 5LVN 0DQDJHPHQW DV DOLJQLQJ VWUDWHJ\ SURFHVVHV WHFKQRORJ\ DQG NQRZOHGJH ZLWK WKH SXUSRVH RI HYDOXDWLQJ DQG PDQDJLQJ WKH XQFHUWDLQWLHV WKH HQWHUSULVH IDFHV DV LW FUHDWHV YDOXH ,W FRQVLGHUV (50 WR EH D WUXO\ KROLVWLF LQWHJUDWHG IRUZDUG ORRNLQJ DQG SURFHVV RULHQWHG DSSURDFK WR PDQDJLQJ DOO NH\ EXVLQHVV ULVNV DQG RSSRUWXQLWLHV³QRW MXVW ILQDQFLDO RQHV³ZLWK WKH LQWHQW RI PD[LPL]LQJ VWDNHKROGHU YDOXH DV D ZKROH $ 2UDFOH¶V 6WDQFH RQ 5LVN 0DQDJHPHQW 3ODWIRUPV 6XSSRUWLQJ WKHVH YLHZSRLQWV 2UDFOH EHOLHYHV WKDW SURSHU ULVN PDQDJHPHQW PD[LPL]HV RSSRUWXQLW\ ZKLOH PLWLJDWLQJ DQG DYRLGLQJ WKUHDWV 2UJDQL]DWLRQV QHHG WR KDYH D GLVWULEXWHG G\QDPLF DQG GHILQHG SURFHVV IRU ULVN PDQDJHPHQW LQVWHDG RI WKH IUDJPHQWHG DQG DG KRF DFWLYLWLHV WKDW DUH FXUUHQWO\ WKH QRUP 2UDFOH WKHUHIRUH KHOSV RUJDQL]DWLRQV EXLOG D ULVN PDQDJHPHQW SURJUDP WKDW LV ƒ +ROLVWLF ² PDQDJH DOO FDWHJRULHV RI ULVN WKURXJKRXW WKH HQWHUSULVH ZLWK D { YLHZ RI ULVN VLQJOH SODWIRUP WR SURYLGH D FRPSOHWH ƒ 3UHGLFWLYH ² IRUHVHH WKH RQVHW RI XQDFFHSWDEOH OHYHOV RI ULVN XVLQJ DXWRPDWHG DQG LQWHOOLJHQW PRQLWRUV RQ GDLO\ EXVLQHVV RSHUDWLRQV ƒ 5HOHYDQW ² HPEHG ULVN PDQDJHPHQW LQWR VWUDWHJLF DQG RSHUDWLRQDO SODQQLQJ WR SURDFWLYHO\ PDQDJH WKH LPSDFW RI XQFHUWDLQW\ RQ WKH DFKLHYHPHQW RI RUJDQL]DWLRQDO REMHFWLYHV 7RGD\ RUJDQL]DWLRQV SHUIRUP D QXPEHU RI GLIIHUHQW PDQDJHPHQW DFWLYLWLHV WR UHGXFH WKH OHYHO RI ULVN DQG XQFHUWDLQW\ WKH\ IDFH ,Q SULQFLSDO WKHVH DFWLYLWLHV IDOO LQWR WZR FDWHJRULHV (QWHUSULVH 3HUIRUPDQFH 0DQDJHPHQW (30 DQG *RYHUQDQFH 5LVN DQG &RPSOLDQFH *5& (30 FRPSULVHV SURFHVVHV WR UHSRUW DQDO\]H DQG PRQLWRU FXUUHQW DQG SDVW DFWLYLWLHV DV ZHOO DV WKH VWUDWHJLF ILQDQFLDO DQG RSHUDWLRQDO VLPXODWLRQ DQG SODQQLQJ DFWLYLWLHV WR SURMHFW SRWHQWLDO IXWXUH RXWFRPHV *5& LGHQWLILHV DQG DQDO\]HV ULVN VSHFLILF WR DFKLHYLQJ RSHUDWLRQDO REMHFWLYHV HQVXULQJ FULWLFDO SURFHVVHV DUH SURSHUO\ FRQWUROOHG 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH ,Q RWKHU ZRUGV ZKLOH (30 IRFXVHV RQ LGHQWLI\LQJ KRZ WKH RSSRUWXQLWLHV DQG FKDQFHV DW KDQG FDQ EH WXUQHG LQWR VXVWDLQDEOH VXFFHVV *5& VWULYHV WR XQFRYHU ZKDW RSSRUWXQLWLHV DQG WKUHDWV DUH ORRPLQJ RU DOUHDG\ H[LVW ZKLFK IDFWRUV LQIOXHQFH WKHP DQG KRZ WKH\ FDQ EHVW EH WUHDWHG 7KH FRPELQHG DSSURDFK FRPSUHKHQVLYHO\ ORRNV DW ULVN IDFWRUV DQG GULYHUV LQ DQG RXWVLGH WKH RUJDQL]DWLRQ WR XQGHUVWDQG WKH SRWHQWLDO SRVLWLYH RU QHJDWLYH LPSDFW WR WKH EXVLQHVV %\ WKHQ LQWHJUDWLQJ ULVN LQWR EXVLQHVV SODQQLQJ EHWWHU VWUDWHJLF DQG RSHUDWLRQDO GHFLVLRQV DUH WDNHQ RQ D GDLO\ EDVLV DQG WKH EHDULQJ RI XQFHUWDLQW\ RQ WKH DWWDLQPHQW RI RUJDQL]DWLRQDO JRDOV LV PLQLPL]HG % %DODQFLQJ 5LVN DQG 3HUIRUPDQFH LQ DQ ,QWHJUDWHG 3ODWIRUP 7R DFKLHYH PDQDJHPHQW H[FHOOHQFH D EDODQFH EHWZHHQ SHUIRUPDQFH DQG ULVN LV WKHUHIRUH HVVHQWLDO %DVHG RQ WKH 6WUDWHJ\ WR 6XFFHVV 6 6 IUDPHZRUN WKDW 2UDFOH KDV GHILQHG ZLWK DFDGHPLFV DQDO\VWV SDUWQHUV DQG FXVWRPHUV ULVN DQG SHUIRUPDQFH DUH PDQDJHG LQ FRQFHUW $V DQ H[WHQVLRQ RI 0LFKDHO ( 3RUWHU·V FRQFHSW RI GHILQLQJ DQ RUJDQL]DWLRQ·V YDOXH FKDLQ DFURVV LWV EXVLQHVV SURFHVVHV WKH 6 6 IUDPHZRUN H[SDQGV WKH VFRSH LQFOXGLQJ WKH VWDNHKROGHU HQYLURQPHQW PDUNHW PRGHO DQG EXVLQHVV PRGHO ,W FRQVLVWV RI VL[ VWHSV LQ ZKLFK WKH RXWSXW IURP RQH EHFRPHV WKH LQSXW IRU WKH QH[W ‡ 8QGHUVWDQG WKH 6WDNHKROGHU (QYLURQPHQW ‡ &UHDWH D 0DUNHW 0RGHO ‡ 'HYHORS WKH %XVLQHVV 0RGHO ‡ &UHDWH WKH %XVLQHVV 3ODQ ‡ 0RQLWRU %XVLQHVV 2SHUDWLRQV ‡ 'HOLYHU %XVLQHVV 5HVXOWV DQG 3URYLGH )HHGEDFN WR 2WKHU 3URFHVVHV )LJXUH 6WUDWHJ\ WR 6XFFHVV )UDPHZRUN 7KH 0DQDJHPHQW 3URFHVV 9DOXH 0DQDJHPHQW ([FHOOHQFH +RZ 7RPRUURZ·V /HDGHUV :LOO *HW $KHDG 6HSWHPEHU ZZZ RUDFOH FRP VROXWLRQV EXVLQHVVBLQWHOOLJHQFH GRFV PDQDJHPHQW H[FHOOHQFH ZKLWHSDSHU SGI 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH $V RUJDQL]DWLRQV SURJUHVV WKURXJK HDFK VWHS *5& SURFHVVHV VKRXOG DOVR EH LQWHJUDWHG WR HQVXUH WKH LQWHJULW\ RI EXVLQHVV RSHUDWLRQV ‡ 3XW LQ SODFH FRQWUROV RYHU DSSOLFDWLRQV DQG WHFKQRORJ\ ‡ $OLJQ SROLFLHV DQG SURFHVVHV WR EHVW SUDFWLFHV DQG FRQWURO IUDPHZRUNV ‡ ,GHQWLI\ DQG DVVHVV ULVNV ‡ 5HSRUW RQ NH\ ULVNV WR EXVLQHVV JRDOV )RU LQVWDQFH ZKHQ (30 DQG *5& FRQYHUJH HQYLURQPHQWDO RU UHJXODWRU\ FRPSOLDQFH DUH SURSHUO\ DGGUHVVHG EHFDXVH NH\ VWDNHKROGHUV WKHLU FRQWULEXWLRQV DQG UHTXLUHPHQWV DUH LGHQWLILHG DQG PDUNHW G\QDPLFV KDYH EHHQ HYDOXDWHG 7KH ULJKW LQYHVWPHQW GHFLVLRQV LQ QHZ SRUWIROLRV RU PDUNHW VHJPHQWV DUH PDGH EDVHG RQ WKH HYDOXDWLRQ RI FXUUHQW PDUNHW FRQGLWLRQV SRWHQWLDO IXWXUH FKDQJHV DQG RYHUDOO PDUNHW ULVN 6WUDWHJLF ULVN PDQDJHPHQW EHFRPHV PRUH SHUWLQHQW LQ WKH FRQWH[W RI D EXVLQHVV PRGHO DQG EXVLQHVV SODQ IRU ZKLFK VWUDWHJLF JRDOV WDUJHWV DVVXPSWLRQV DQG ULVNV KDYH EHHQ WUDQVODWHG LQWR H[HFXWDEOH SODQV 2SHUDWLRQDO ULVNV DUH FOHDUO\ LGHQWLILHG DQG DGHTXDWHO\ PDQDJHG EHFDXVH EXVLQHVV DFWLYLWLHV DUH PRQLWRUHG DQG WKH ULJKW DGMXVWPHQWV DUH PDGH WR SODQV EXGJHWV DQG IRUHFDVWV ,QWHUQDO FRQWUROV DSSURSULDWHO\ H[SRVH H[FHSWLRQV GHYLDWLRQV DQG SHUIRUPDQFH JDSV DQG HQVXUH WKH VPRRWK FRQGXFW RI EXVLQHVV RSHUDWLRQV 6WDNHKROGHU (QYLURQPHQW 0DUNHW 0RGHO %XVLQHVV 0RGHO %XVLQHVV 3ODQ %XVLQHVV 3ODQ 5HSRUW RQ .H\ 5LVNV WR %XVLQHVV *RDOV 5(*8/$725< &203/,$1&( &25325$7( 0$1$'$7(6 675$7(*,& 5,6. 0$1$*(0(17 23(5$7,21$/ 5,6. 0$1$*(0(17 ,17(51$/ &21752/6 0$1$*(0(17 (53 $33/,&$7,216 %, 722/6 %, $33/,&$7,216 5($/ 7,0( 021,725,1* 2/$3 '$7$ :$5(+286( '$7$ 0,1,1* &217(17 0$1$*(0(17 '$7$ ,17(*5$7,21 $33/,&$7,21 0$1$*(0(17 )LJXUH %XVLQHVV 5HVXOWV ,GHQWLI\ DQG $VVHVV 5LVNV $OLJQ 3URFHVVHV DQG 3ROLFLHV (PEHG &RQWUROV RYHU $SSV 7HFK 0$67(5 '$7$ 0$1$*(0(17 %DODQFLQJ 5LVN DQG 3HUIRUPDQFH EDVHG RQ WKH 6WUDWHJ\ 7R 6XFFHVV )UDPHZRUN 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH :KHQ (30 DQG *5& PHHW DQG ZRUN WRJHWKHU LQ D ULVN PDQDJHPHQW SODWIRUP WHFKQRORJ\ HQDEOHV RUJDQL]DWLRQV QRW RQO\ WR VSRW EXW DOVR UHVSRQG WR DQG DQWLFLSDWH ULVN 5ROH EDVHG GDVKERDUGV DQG UHSRUWV GHOLYHU WKH QHFHVVDU\ HQWLW\ ZLGH XQGHUVWDQGLQJ RI ULVNV 7KURXJK FRQWLQXRXV PRQLWRULQJ DQG DXWRPDWHG DOHUWV HPHUJLQJ ULVN H[SRVXUHV DUH SURPSWO\ LGHQWLILHG 5LVN WUHDWPHQWV FDQ WKHQ EH PRGHOHG DQG WKH LPSDFW RI HDFK WUHDWPHQW DQDO\]HG EHIRUH GHFLGLQJ RQ WKH DSSURSULDWH FRXUVH RI DFWLRQ ,Q DGGLWLRQ LQYHVWRUV DQG UHJXODWRU\ ERGLHV FDQ UHVW DVVXUHG WKDW FRQWUROV DUH LQ SODFH WR SURSHUO\ PDQDJH ULVNV XQGHUO\LQJ FULWLFDO EXVLQHVV LQLWLDWLYHV 2UDFOH·V ULVN PDQDJHPHQW SODWIRUP SURYLGHV DXWRPDWHG FRQWUROV WR HQVXUH WKH LQWHJULW\ RI EXVLQHVV SURFHVVHV DQG LQIRUPDWLRQ HQIRUFH SURSHU VHJUHJDWLRQ RI GXWLHV DQG DFFHVV FRQWUROV IRU DOO V\VWHPV DQG VKRUWHQ UHPHGLDWLRQ DQG DWWHVWDWLRQ F\FOHV ZLWK FORVHG ORRS ULVN UHSRUWLQJ WUHDWPHQW DQG PRQLWRULQJ ,Q WKLV ZD\ D FRQVLVWHQW DQG GLVFLSOLQHG SURFHVV IRU PDQDJLQJ ULVN FDQ EH DFKLHYHG ZLWK 2UDFOH·V FRPSUHKHQVLYH ULVN PDQDJHPHQW SODWIRUP $OO W\SHV RI ULVNV DFURVV DOO OHYHOV RI WKH RUJDQL]DWLRQ DUH GRFXPHQWHG LQ D VLQJOH SODWIRUP 5LVNV DUH DFFXUDWHO\ DVVHVVHG ZLWK WKH ULJKW PL[ RI TXDOLWDWLYH DQG TXDQWLWDWLYH PHDVXUHV %\ WKHQ LQFOXGLQJ ULVN DVVHVVPHQW LQ EXVLQHVV SODQQLQJ WKH TXDOLW\ RI VWUDWHJLF DQG RSHUDWLRQDO GHFLVLRQV DQG WKH SUHGLFWDELOLW\ RI EXVLQHVV UHVXOWV DUH HQKDQFHG ,Q VKRUW DV DQ LQWHJUDWHG (30 *5& DSSURDFK ULVN PDQDJHPHQW FRQWULEXWHV WR WKH VXFFHVVIXO DFKLHYHPHQW RI EXVLQHVV REMHFWLYHV DQG UHVXOWV E\ HQVXULQJ WUDQVSDUHQF\ LQ EXVLQHVV RSHUDWLRQV %XVLQHVV VWUDWHJ\ LV DOVR VRXQGHU ZKHQ DGMXVWHG WR FULWLFDO ULVN IDFWRUV $V D UHVXOW RUJDQL]DWLRQV PXVW H[SOLFLWO\ DQG KROLVWLFDOO\ PDQDJH ULVN LI WKH\ ZLVK WR VXUYLYH DQG FUHDWH VWDNHKROGHU YDOXH 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH 9 6800$5< 5HFHQW HFRQRPLF YRODWLOLW\ KDV JLYHQ ULVN PDQDJHPHQW D QHZ IRFXV DQG HPLQHQFH 7KH VWURQJHVW FRPSDQLHV DUH WKH RQHV WKDW DUH DEOH DQG ZLOOLQJ WR DGDSW ZKR DFWLYHO\ LQWHJUDWH ULVN PDQDJHPHQW DV D FULWLFDO IDFWRU DW DOO OHYHOV RI PDQDJHPHQW SURFHVV IURP VWUDWHJ\ WR VXFFHVV 5HJUHWWDEO\ RUJDQL]DWLRQV KDYH EHHQ KDPSHUHG E\ SLWIDOOV LQ WUDGLWLRQDO DSSURDFKHV WR ULVN PDQDJHPHQW 6HHQ DV D EDFN RIILFH IXQFWLRQ ULVN PDQDJHPHQW PD\ EH OLPLWHG WR DQQXDO DVVHVVPHQWV WKDW DUH QRW LQWHJUDWHG ZLWK VWUDWHJLF DQG RSHUDWLRQDO SODQQLQJ :LWKRXW WKH DELOLW\ WR DSSO\ D FRPPRQ WD[RQRP\ DQG ZHLJKWLQJ IRU GLIIHUHQW ULVN FDWHJRULHV RUJDQL]DWLRQV DUH IRUFHG WR PDQDJH ULVN LQ IXQFWLRQDO VLORV XQDEOH WR VHH WKH LQWHUFRQQHFWHG QDWXUH RI PXOWLSOH ULVN HYHQWV ,QWHUQDO FRQWURO DQG H[WHUQDO ULVN WUDQVIHU PHWKRGV DUH ODUJHO\ PDQXDO OHDYLQJ ILUPV RSHQ WR XQQHFHVVDU\ H[SRVXUH %\ FRPELQLQJ NH\ FDSDELOLWLHV RI LWV PDUNHW OHDGLQJ (30 DQG *5& DSSOLFDWLRQV 2UDFOH GHOLYHUV D VROXWLRQ WKDW IDFLOLWDWHV WKH HVWDEOLVKPHQW RI FOHDU FULWHULD IRU DQ RUJDQL]DWLRQ·V ULVN DSSHWLWH DQG LQVWLWXWHV D GLVFLSOLQHG SURFHVV IRU WKH RQJRLQJ PRQLWRULQJ HYDOXDWLRQ DQG FRQWURO RI ULVN 7KH FRPELQHG VROXWLRQ LGHQWLILHV RSSRUWXQLWLHV IRU YDOXH FUHDWLRQ ZKLOH DOVR SURWHFWLQJ DJDLQVW SRWHQWLDO WKUHDWV 7KH WK FHQWXU\ WKHRORJLDQ :LOOLDP 6KHGG UHPDUNHG ´D VKLS LV VDIH LQ KDUERU EXW WKDW·V QRW ZKDW VKLSV DUH IRU µ /LNHZLVH EXVLQHVVHV PXVW WDNH RQ ULVNV WR VXUYLYH DQG WKULYH $ FOHDU KHDGHG LGHQWLILFDWLRQ RI DFFHSWDEOH ULVNV DQG D IRFXV RQ WKH IRUZDUG LQGLFDWRUV WKDW SUHVDJH WKHVH ULVNV DUH WKHUHIRUH HVVHQWLDO 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH 3DJH 5LVN 0DQDJHPHQW 3URWHFW DQG 0D[LPL]H 6WDNHKROGHU 9DOXH )HEUXDU\ $XWKRU 6WHSKDQLH 0D]LRO 2UDFOH &RUSRUDWLRQ :RUOG +HDGTXDUWHUV 2UDFOH 3DUNZD\ 5HGZRRG 6KRUHV &$ 86$ :RUOGZLGH ,QTXLULHV 3KRQH )D[ RUDFOH FRP &RS\ULJKW ‹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
View Full Document

Ask a homework question - tutors are online