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1、Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 Chapter 24 Risk Management Mistakes to Avoid 1 Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 Big Losses Business Snapshot 24 1 page 510 lAllied Irish Bank 700 million lBarings 1
2、billion lEnron s Counterparties billions in lawsuits lHammersmith and Fulham 600 million lKidder Peabody 350 million lLTCM 4 billion lNational Westminster Bank 130 million lOrange County 2 billion lProcter and Gamble 90 million lSoc Gen 7 billion lSubprime Mortgage Losses tens of billions lUBS 2 3 b
3、illion 2 Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 Risk Limits page 509 512 lRisk must be quantified and risk limits set lExceeding risk limits not acceptable even when profits result lDo not assume that you can outguess the market lBe diversified lScenario
4、analysis and stress testing is important 3 Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 Managing the Trading Room page 512 514 lDo not give too much independence to star traders lSeparate the front middle and back office lDo not blindly trust models lBe conserv
5、ative in recognizing inception profits lDo not sell clients inappropriate products lBeware easy profits 4 Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 Liquidity Risk page 514 517 lThe credit crisis of 2007 has emphasized the importance of liquidity risk lNeed t
6、o ensure that liquidity funding needs can be met in stressed market conditions lBeware when many are following the same strategy lUsing short term borrowings for long term funding can be dangerous lMarket transparency is important 5 Risk Management and Financial Institutions 3e Chapter 24 Copyright
7、John C Hull 2012 Lessons for Non Financial Corporations page 517 518 lIt is important to fully understand the products you trade lBeware of hedgers becoming speculators lIt can be dangerous to make the Treasurer s department a profit center 6 A Final Point page 518 519 lThree types of risk lKnown lUnknown lUnknowable lFlexibility is important Risk Management and Financial Institutions 3e Chapter 24 Copyright John C Hull 2012 7
