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1、原文：Effective risk management in financial institutionsAbstract：Risk management is more important in the financial sector than in other parts of the economy. But it is difficult. The basis of banking and similar financial institutions is taking risk in conditions of uncertainty. Describes how the Tur
2、nbull report, for which the author was project director, created 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.There can be few, if any, parts of the economy in whic
3、h risk management is more important than the financial sector. Financial institutions account for a sizeable number of the worlds leading companies and have a critical role to play in the economics of every country and thus in world economic order as a whole. Their whole business is centred on takin
4、g risks in conditions of uncertainty. The Turnbull Report on risk management and internal control, which is applicable to all listed companies in the UK and which has been widely disseminated internationally, fully recognises this fundamental point. Its focus is on effective risk management and not
5、the elimination of risk. In a modern competitive market economy, business organisations that are risk averse are unlikely to earn satisfactory returns. On the other hand, highly volatile returns are unlikely to find favour with capital markets anxious not to be surprised, particularly by bad news. M
6、oreover, Turnbull is as much about doing the right things and not missing strategic opportunities, as it is about doing things right, essential if a company is to achieve its full potential. Applying Turnbulls approach may lead to some financial institutions realising that they are not taking enough
7、 risk; perhaps a new market can be identified and while there may be clear risks in being the first to enter there may equally be significant first-mover advantages to be gained.A framework, not a rule bookThe Turnbull Report also recognises the dynamic nature of markets in which an organisation ope
8、rates and 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 ceased, the guidance places internal controls firmly in their broader business
9、 context: they are only of value to the extent that they help businesses to control the risks that threaten the achievement of their business objectives. In summary, Turnbull offers a framework, rather than a rulebook, which each organisation can apply to its own circumstances to develop an appropri
10、ate internal control system.The importance of sound judgementThe 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 effective internal control system, starting at board level. Mak
11、ing 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 losses if the judgement on which business decisions are based is poor.Judgement comes into play in initially establishing clearly defined b
12、usiness objectives, identifying the risks to achieving those objectives, prioritising how great a threat those risks pose and then determining appropriate responses in the form of developing internal control systems.Judgement is also called for in terms of applying cost-benefit analysis to the merit
13、s 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 staff time on the potentially high risk loans and on developing early warning systems when loans are not performing rather
14、 than selecting a one size fits all approach.Identification issuesRisks that threaten a financial institutions objectives will often range from highly function-specific risks through to strategic, big picture issues. Consider the foreign exchange trading activity in a major bank. There is clearly a
15、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 banks activities but its potential wide-ranging impact should not be underestimated. As Barings so visibly demonstrated, operational problems in a f
16、inancial institution can be life-threatening probably to a greater extent than operational problems in many other businesses.At the other end of the spectrum lie a whole range of market-related strategic risks, for example, the threat that supermarkets 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 of a l
