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Credit Strategy & Risk Tolerance
Credit Strategy Statement and Specific Quantifiable Objectives Risk Tolerance
Coordination with Business Plan
Management Review Methodology
Credit Background
Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line …..An uncertain and volatile economic
The business strategies and objectives drive the establishment of credit policies and procedures. Measurement and reporting as well as the use of current technologies enhance credit decision-making and improve risk management. The entire process is continually re-evaluated and improved.
Credit Risk Areas to Consider
Origination/ Assessment
Sales Channels
Risk Strategy
Underwriting Standards
Credit Application
Analysis
Business/ Industry
The measures drive value creation and should support problem identification and correction.
Credit Risk Management’s Inter-related Activities
CREDIT POLICY
Effective credit risk management limits credit losses and provides stable cash flows and earnings – Marketplace rewards companies exhibiting earnings and cash flow
– Note also that Critical Suppliers to the company may pose specific credit risk
DSO Impact … an example
Actual Q3 A/R Q3 Sales \ DSOs =
Company A $295,396,000 $261,201,000 124*
Improve Profitability
Credit Strategy/ Plan
Common Performance
Metrics
Credit Objectives and Risk
Tolerances
Credit Policies
Credit Risk Management
Processes
Reporting
Reassessment Credit Strategy & Risk Tolerance
A New Paradigm
A new business paradigm had evolved: causing a lack of reliance on good fundamental analysis The idea that stock market values would continue to go up indefinitely
– Project Finance – Structured Transactions – Leases with Recourse
Derivatives Exposures
– FX, Interest Rate Risk, Commodities etc.
Collateral Risk
– Parent or Third Party Guarantees – Commercial and Standby Letters of Credit
Recoveries
Disposal / Risk
mitigation
Collections
Exposure measurement
Customer management
Portfolio management
Credit Decisions
Pricing & terms
Credit limit
Collateral acceptance
environment significantly impacts this ability …..The desire to grow and turn in outstanding
results has a tendency to put pressure on the checks and balances within businesses
Objectives
Type of Exposure
Instruments or Methods
Performance Management
Performance-based management utilizes metrics that measure actual performance against predetermined thresholds. The thresholds are established taking into account the organization’s strategy, operating environment and process controls.
Companies are exposed to significant levels of credit risk emanating from different sources
Accounts Receivables Other Notes Receivables Buyer and Franchise Financing With Recourse Financing
– Clients (buyers) may be concentrated in selected industries and provide limited portfolio diversification opportunity
– Poor credit risk management resulting in negative impact to bottom-line is heavily penalized by markets
Monitoring/ Control
Risk Management
Exposure
Management
– Aggregation
– Control
Periodic Account Reviews – Payments/Aging – Credit Condition
Compliance with Covenants, Terms
Financial Credit
Credit Scoring and Ratings
Administration
Credit Policy Credit Approval Authority Limit Setting Pricing Terms and Conditions Documentation: Contracts and Covenants Collateral and Security Collections, Delinquencies and Workouts
Credit Risk Management
Enhancing Your Bottom Line
The AFP 23rd Annual Conference New Orleans November 3-6, 2002
Ebrahim Shabudin Managing Director Deloitte & Touche LLP
Technology/Reports – Transactions/
Bookings
源自文库
– Risk-adjusted
Return
Portfolio Management
Concentration
Diversification
Allowance for Bad Debts
Risk Mitigation
Peer Average 51.3
Hypothetical
D Cash
DSOs
51.3
Q3 Sales
$261,201,000
\ Q3 A/R = $122,002,230 +$173,393,770
* Equals 295.4M/261.2M x 90(or number of days in sales period)
stability with higher P/E multiples – Marketplace penalizes credit induced volatility and “surprises”
Raises questions about quality of management
Corporate Credit Risk
Business Strategy Systems Operations Finance
Business Performance
Measures
Value Creation
Organizations need a rigorous set of measures to support continuous improvement
Origination
Sales channels
Credit Analysis
Financial analysis
Credit analysis
Risk rating
Credit scoring
Reporting
Management reporting
Exposure aggregation
RISK MANAGEMENT
Compliance
Transactions
Collateral management
Contracts & Documentation
Credit Risk Management
A complete and coherent risk management framework contains the following elements
Value Proposition
Credit plays a critical role in “selling” products and services – Expands revenue opportunities with creditworthy, incremental
customers – Utilizes innovative structures to support business relationships
Credit as a Facilitator
Credit risk management is important
– Credit is a facilitator of business growth and performance
– High business margins tend to attract lower quality clients and therefore higher risk profile to manage
Credit Policies & Procedures
Credit Strategy & Risk Tolerance
Governance, Control and Implementation
Measurement Methodologies
Analysis & Risk
Management
Technology & Data Integrity