信用风险管理德勤[1]
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信用风险管理德勤[1]
Corporate Credit Risk
• 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
– 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
Credit
Collections,
Credit Scoring and Ratings
Delinquencies and Workouts
– Risk-adjusted
Exposure
Return
Instruments or
Methods
信用风险管理德勤[1]
Performance Management
Management Review Methodology
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-信e用v风al险u管at理e德d勤a[n1]d improved.
– Note also that Critical Suppliers to the company may pose specific credit risk
信用风险管理德勤[1]
DSO Impact … an example
Actual Q3 A/R Q3 Sales \ DSOs =
Company A $295,396,000 $261,201,000 124*
• Increasingly competitive, complex and volatile market place
• Higher than expected actual debt burdens • Extensive reliance on unrealistic future cash
Analysis
Covenants
Covenants, Terms Mitigation
Business/ Industry
Collateral and
Technology/Reports – Transactions/
Objectives
Security
Bookings
Type of
Financial
Portfolio
Credit Approval
– Aggregation
Management
Risk Strategy
Authority
– Control
Concentration
Underwriting Limit Setting Periodic Account Diversification
Credit Policies & Procedures
Credit Strategy & Risk Tolerance
GHale Waihona Puke Baiduvernance, Control and Implementation
Measurement Methodologies
Analysis & Risk
Management
Technology & Data Integrity
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.
信用风险管理德勤[1]
Credit Strategy & Risk Tolerance
Credit Strategy Statement and Risk Tolerance
Coordination with Business Plan
Specific Quantifiable Objectives
RISK MANAGEMENT
Recoveries
Disposal / Risk
mitigation
Collections
Exposure measurement
Customer management
Portfolio management
Credit Decisions
Pricing & terms
信用风险管理德勤[1]
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
The measures drive value creation and should support problem identification and correction.
信用风险管理德勤[1]
Credit Risk Management’s Inter-related Activities
Credit Risk Areas to Consider
Origination/ Assessment
Administration
Monitoring/ Control
Risk Management
Sales Channels
Credit Policy Exposure Management
信用风险管理-德勤
2020/11/7
信用风险管理德勤[1]
Credit Background
Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line
信用风险管理德勤[1]
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
– 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
Standards
Pricing Terms
Reviews
Credit Application
and Conditions Documentation:
– Payments/Aging – Credit Condition
Allowance for Bad Debts
Contracts and Compliance with Risk
• Effective credit risk management limits credit losses and provides stable cash flows and earnings – Marketplace rewards companies exhibiting earnings and cash flow stability with higher P/E multiples – Marketplace penalizes credit induced volatility and “surprises” – Raises questions about quality of management
Credit limit
Collateral acceptance
Compliance
Transactions
Collateral management
Contracts & Documentation
信用风险管理德勤[1]
Credit Risk Management
A complete and coherent risk management framework contains the following elements
信用风险管理德勤[1]
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 POLICY
Origination
Sales channels
Credit Analysis
Financial analysis
Credit analysis
Risk rating
Credit scoring
Reporting
Management reporting
Exposure aggregation
…..An uncertain and volatile economic 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
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)
Business Strategy Systems Operations Finance
Business Performance
Measures
Value Creation
Organizations need a rigorous set of measures to support continuous improvement
Corporate Credit Risk
• 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
– 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
Credit
Collections,
Credit Scoring and Ratings
Delinquencies and Workouts
– Risk-adjusted
Exposure
Return
Instruments or
Methods
信用风险管理德勤[1]
Performance Management
Management Review Methodology
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-信e用v风al险u管at理e德d勤a[n1]d improved.
– Note also that Critical Suppliers to the company may pose specific credit risk
信用风险管理德勤[1]
DSO Impact … an example
Actual Q3 A/R Q3 Sales \ DSOs =
Company A $295,396,000 $261,201,000 124*
• Increasingly competitive, complex and volatile market place
• Higher than expected actual debt burdens • Extensive reliance on unrealistic future cash
Analysis
Covenants
Covenants, Terms Mitigation
Business/ Industry
Collateral and
Technology/Reports – Transactions/
Objectives
Security
Bookings
Type of
Financial
Portfolio
Credit Approval
– Aggregation
Management
Risk Strategy
Authority
– Control
Concentration
Underwriting Limit Setting Periodic Account Diversification
Credit Policies & Procedures
Credit Strategy & Risk Tolerance
GHale Waihona Puke Baiduvernance, Control and Implementation
Measurement Methodologies
Analysis & Risk
Management
Technology & Data Integrity
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.
信用风险管理德勤[1]
Credit Strategy & Risk Tolerance
Credit Strategy Statement and Risk Tolerance
Coordination with Business Plan
Specific Quantifiable Objectives
RISK MANAGEMENT
Recoveries
Disposal / Risk
mitigation
Collections
Exposure measurement
Customer management
Portfolio management
Credit Decisions
Pricing & terms
信用风险管理德勤[1]
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
The measures drive value creation and should support problem identification and correction.
信用风险管理德勤[1]
Credit Risk Management’s Inter-related Activities
Credit Risk Areas to Consider
Origination/ Assessment
Administration
Monitoring/ Control
Risk Management
Sales Channels
Credit Policy Exposure Management
信用风险管理-德勤
2020/11/7
信用风险管理德勤[1]
Credit Background
Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line
信用风险管理德勤[1]
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
– 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
Standards
Pricing Terms
Reviews
Credit Application
and Conditions Documentation:
– Payments/Aging – Credit Condition
Allowance for Bad Debts
Contracts and Compliance with Risk
• Effective credit risk management limits credit losses and provides stable cash flows and earnings – Marketplace rewards companies exhibiting earnings and cash flow stability with higher P/E multiples – Marketplace penalizes credit induced volatility and “surprises” – Raises questions about quality of management
Credit limit
Collateral acceptance
Compliance
Transactions
Collateral management
Contracts & Documentation
信用风险管理德勤[1]
Credit Risk Management
A complete and coherent risk management framework contains the following elements
信用风险管理德勤[1]
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 POLICY
Origination
Sales channels
Credit Analysis
Financial analysis
Credit analysis
Risk rating
Credit scoring
Reporting
Management reporting
Exposure aggregation
…..An uncertain and volatile economic 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
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)
Business Strategy Systems Operations Finance
Business Performance
Measures
Value Creation
Organizations need a rigorous set of measures to support continuous improvement