《風(fēng)險(xiǎn)管理與合規(guī)》PPT課件.ppt

1、Risk Management and Regulatory Compliance風(fēng)險(xiǎn)管理與合規(guī)Asia Pacific Finance and Development Center亞太財(cái)經(jīng)與發(fā)展中心 World Bank Institute世界銀行學(xué)院,Alex Vanderpol June 19, 2008,Compliance advises on compliance risk 合規(guī)對(duì)合規(guī)風(fēng)險(xiǎn)提出建議,Compliance risk is the risk of: legal or regulatory sanctions, material financial loss, or ha

2、rm to reputation that a bank may suffer as a result of its failure to comply with relevant laws, regulations, principles and rules, standards and codes of conduct applicable to its activities, in letter and in spirit. 合規(guī)風(fēng)險(xiǎn)是指，由于未遵照適用于公司活動(dòng)的相關(guān)法律、法規(guī)、原則、法則、行為規(guī)范與準(zhǔn)則，公司可能會(huì)遭受法律或法規(guī)的制裁，物質(zhì)上的財(cái)務(wù)損失，或者使聲譽(yù)受損的風(fēng)險(xiǎn)。,Pro

3、vide advisory and objective support 提供咨詢和客觀支持,Align with the business and help provide independent view and advice on the execution of strategy and on case-specific issues 根據(jù)公司業(yè)務(wù)，提供有關(guān)戰(zhàn)略執(zhí)行和具體案例方面的獨(dú)立觀點(diǎn)和建議 Understand strategy and business and apply this understanding in its risk-based approach to ensur

4、e that proportionate measures are taken to compliance issues and risk 理解公司戰(zhàn)略和業(yè)務(wù)，并將這一理解應(yīng)用于基于風(fēng)險(xiǎn)的方法，以此確保對(duì)合規(guī)問題和合規(guī)風(fēng)險(xiǎn)已采取了適當(dāng)?shù)拇胧?Implement business specific laws and regulations 實(shí)施與業(yè)務(wù)相關(guān)的法律法規(guī),Provide guidance and support on issues related to laws and regulations 對(duì)與法律法規(guī)相關(guān)的問題提供指導(dǎo)與支持 Monitor the execution of in

5、itiatives and ensure all activities are compliant with relevant policies and procedures 監(jiān)控倡議的執(zhí)行情況，確保所有活動(dòng)都遵照相關(guān)政策和程序,Assist management in managing risk to the business 協(xié)助管理層管理業(yè)務(wù)風(fēng)險(xiǎn),Assist Management in identifying, measuring and mitigating compliance related risk 協(xié)助管理層發(fā)現(xiàn)、測(cè)量并減少合規(guī)風(fēng)險(xiǎn) Partner with the busi

6、ness in monitoring level of risks to help achieve successful implementation of strategic initiatives 和業(yè)務(wù)一起監(jiān)控風(fēng)險(xiǎn)水平，幫助公司成功實(shí)施戰(zhàn)略倡議,Compliance provides a central role in monitoring delivery and minimising risk 合規(guī)在監(jiān)控公司行為和使風(fēng)險(xiǎn)最小化上扮演著重要作用,Business is firstly responsible業(yè)務(wù)部應(yīng)負(fù)首要責(zé)任 Compliance is intended for sup

7、port 合規(guī)意在為公司運(yùn)營提供支持,Who is responsible for Compliance 誰該負(fù)責(zé)合規(guī)工作？,Key Compliance Areas:關(guān)鍵的合規(guī)領(lǐng)域：,III. Market Conduct 市場(chǎng)行為,I. Client Acceptance and Anti-Money Laundering Policy 客戶接受度與反洗錢政策(CAAML),II. Dealing with Customers 與客戶打交道,Client Acceptance and Anti-Money Laundering 客戶接受度與反洗錢 Sanctions 制裁,Conflict

8、s of Interest 利益沖突 Chinese Walls 中國墻 Market Abuse 市場(chǎng)濫用,IV. Other Compliance topics 其他合規(guī)話題,Personal Account Dealing Policy 個(gè)人賬戶處理政策 Gift Policy/ Bribery and Corruption 送禮政策/賄賂與腐敗 Whistleblowing 揭發(fā) When you need to Notify Compliance 何時(shí)需注意合規(guī),Confidentiality 機(jī)密性 Communication more subjective 監(jiān)測(cè)交易后的活動(dòng)以發(fā)現(xiàn)

9、需要進(jìn)一步分析的異常行為（交易發(fā)生后的觀察與調(diào)查）；更主觀,II. Dealing with Customers與客戶打交道,Confidentiality 機(jī)密性 Client Classification 客戶分類 Suitability of Advice 建議的適宜性 Appropriateness 適當(dāng) Marketing Communication 營銷溝通 Record Keeping 檔案保管,Confidentiality 機(jī)密性,What information is confidential?哪些信息是機(jī)密的？,All information related to a b

10、ank that has not been made public (including internal memos, policies, credit applications, employee and supplier data) 所有與銀行相關(guān)的未公開的信息（包括內(nèi)部備忘錄、政策、員工及供應(yīng)商資料） All non-public information about existing and prospective clients 所有有關(guān)現(xiàn)有和潛在客戶的非公開信息,Confidentiality and common sense機(jī)密性與常識(shí),Be careful with confi

11、dential documents in public places (same applies to laptops) 公共場(chǎng)合注意機(jī)密文檔的處理（同樣適用于筆記本電腦） Be careful with conversations while in the presence of others (also on mobile phones) 有他人在場(chǎng)時(shí)（手機(jī)接聽電話時(shí)）注意談話內(nèi)容的保密 Clear your desk at the end of your working day of any sensitive documents 工作日結(jié)束時(shí)注意清理桌面上的任何機(jī)密文檔 Never s

12、hare your user-id and password with others 不要和他人共用你的用戶名和密碼,MiFID: Markets in Financial Instruments Directive: Stringent NEW rules imposed on all Financial Institutions dealing with Customers and Markets in all EEA countries (EU + Norway, Liechtenstein and Iceland) MiFID: 金融工具市場(chǎng)法規(guī)： -對(duì)所有EEA國家（歐盟+挪威、列支

13、敦士登、冰島）中與客戶和市場(chǎng)打交道的金融機(jī)構(gòu)施加的嚴(yán)格的新規(guī)則,BIG BANG! 大爆炸！November 2007 2007年11月 MiFID MiFID,MiFID highest impact areas for ABN AMRO MiFID對(duì)荷蘭銀行施加的最高影響領(lǐng)域,Client Classification: Determines the clients level of investment protection. 客戶分類：決定投資保護(hù)的客戶水平 Best Execution: Getting the client the best result which could b

14、e a combination of price/cost/speed of execution, etc 最佳執(zhí)行：為客戶獲得最佳結(jié)果，可能是價(jià)格、成本、執(zhí)行速度等的組合 Marketing and Communication: Must be clear, fair and not misleading. 營銷與溝通：必須清楚、公正、不具誤導(dǎo)性 Appropriateness: (Non advised Services) Making sure (by carefully recording) that the client understands the products and th

15、e related risks 適當(dāng)性：（非咨詢的服務(wù)）（通過仔細(xì)記錄）確保客戶明白產(chǎn)品及相關(guān)風(fēng)險(xiǎn) Suitability: Advise the client what suits the clients best interests given their: 適宜性：向客戶建議什么是最適合他們的最佳利益的，依據(jù)： Investment purpose 投資目的 Assets 資產(chǎn) Income 收入 Risk appetite 風(fēng)險(xiǎn)喜好,MiFID Classification: What types of clients do we deal with? And why is it im

16、portant to classify them? MiFID分類：我們與哪些類型的客戶打交道？為什么客戶分類很重要,Size and experience 規(guī)模和經(jīng)驗(yàn),Level of Protection 保護(hù)水平,Large Companies 大公司,Small Companies 小公司,Regulated Firms 規(guī)管公司,Individuals 個(gè)人,Retail零售,Professional專業(yè),Eligible counterparty 符合條件的對(duì)手,Terminology 術(shù)語,Suitability適宜度,Appropriateness合適度,Non Advised

17、 Services非咨詢服務(wù),Advisory Services 咨詢服務(wù),Does each transaction meet the clients objectives and risk profile? 每次交易都達(dá)到了客戶的目標(biāo)和風(fēng)險(xiǎn)概況了嗎？,Does the client understand the risks of the products being sold? 客戶明白出售的產(chǎn)品的風(fēng)險(xiǎn)嗎？,Appropriateness Information required合適度 信息必須的,Owed to Professional and Retail clients 歸功于專業(yè)和

18、零售客戶 Assess: 評(píng)估： Knowledge and experience 知識(shí)與經(jīng)驗(yàn) Can be assumed for professional clients but only in relation to those products/services or transactions for which we have classified them as professionals (unless you understand the risks). 可以推測(cè)專業(yè)客戶的知識(shí)與經(jīng)驗(yàn)，但是僅在有關(guān)產(chǎn)品/服務(wù)或者交易的方面,What if it is not appropriat

19、e and the client insists?如果不合適而客戶卻堅(jiān)持己見，怎么辦？,Can you deal? 這個(gè)交易你能做嗎？ Yes, so long as written warning is provided 可以，只要有書面警告,Suitability 適宜度,What is advice? 咨詢建議是指？ Personal recommendation that is advice on investments (e.g. buy/sell/hold) 對(duì)投資的個(gè)人建議（如購買、拋售、持有） Presented as suitable for the person; or 適

20、合于個(gè)人的，或者 Based on a consideration of the circumstances of the person 基于對(duì)個(gè)人請(qǐng)況的綜合考慮的 Where the client can reasonably assume it is a recommendation 客戶能將之當(dāng)作建議的,Owed to all advisory clients 歸功于所有咨詢客戶,Suitability of Advice 建議的適宜度,A bank may only give: 銀行可能會(huì)給出： - investment advice to a client or 投資建議，或者 -

21、effect a discretionary investment transaction 影響任意的投資交易 when this is “suitable” given the clients needs and personal circumstances. 只在這些建議適合客戶的需求和個(gè)人情況時(shí) Suitability must be assessed based on: 適宜度需根據(jù)以下條件來評(píng)估： the information disclosed by the client, and/or 客戶透露的信息，和/或 client information the bank reason

22、ably should have been aware of. 銀行應(yīng)該注意到的客戶信息 In case of non advice for a client, no suitability check needs to take place. 如果對(duì)客戶沒有做出任何建議，不需檢查其適宜度,Suitability of Advice: Information from/to client建議的適宜性：來自/給予客戶的信息,Before the bank gives investment advice it must collect and retain sufficient informati

23、on from the client on: 在銀行給出投資建議前，必須從客戶那里收集并保留足夠的如下方面的信息： - his / its investment experience and knowledge of products and risks attached 投資經(jīng)驗(yàn)和對(duì)產(chǎn)品及其風(fēng)險(xiǎn)的了解水平 - the investment objectives 投資目標(biāo) - the financial situation and personal circumstances 經(jīng)濟(jì)狀況和個(gè)人情況 - the clients risk appetite 客戶的風(fēng)險(xiǎn)喜好 Also the clie

24、nt must be able to take an informed decision and therefore must be given sufficient information on: 客戶還需能夠做出明達(dá)的決定，因此，必須給其足夠的如下方面的信息： - product characteristics including risk profile, pricing and costs 產(chǎn)品特征，包括風(fēng)險(xiǎn)概況、定價(jià)和成本 All information provided must be fair, clear and not misleading. 提供的所有信息需公正、明晰、不具

25、誤導(dǎo)性,Is this advice? 這是建議嗎？,We have a number of market protection structured products. These can give the upside potential without the downside risk. Shall I send some term sheets through? 我們有一些保護(hù)收益的結(jié)構(gòu)性理財(cái)產(chǎn)品。他們都具有成長潛力，沒有下跌風(fēng)險(xiǎn)。給您一些資料單行嗎？,Non advice 非建議,Advice 建議,In view of your current portfolio and ris

26、k appetite, I think the most appropriate investment would be one of our market protection structured products. These can give the upside potential without the downside risk. In terms of your current allocations I reckon that 50-60m would effect the shift in frontier that you want. 鑒于您目前的投資組合和您的風(fēng)險(xiǎn)喜好，

27、我認(rèn)為最適合的投資是我們的保護(hù)收益的結(jié)構(gòu)性產(chǎn)品。他們能保持成長潛力，而沒有下跌風(fēng)險(xiǎn)。您目前的配置方面，我想5000-6000萬會(huì)得到您想要的最佳收益。,Non advice 非建議,Advice 建議,I remember our chat about airlines, a couple of weeks ago and the upside following the slide in oil. We think Blue Sky Airlines now have the right strategy in place and you should give them a go. 我記得

28、幾周前我們聊過航空公司，在石油股下跌后會(huì)有哪些上升行情。我們覺得Blue Sky航空公司實(shí)施的戰(zhàn)略非常到位，您應(yīng)該試一試這只股票,Non advice 非建議,Advice 建議,Keep records where advice is given給出建議時(shí)請(qǐng)做好記錄,The clients financial objectives must be recorded 必須記錄客戶的理財(cái)目標(biāo) The advice must be recorded 必須記錄給出的建議 The reasons why you consider the advice meets the clients financi

29、al objective must be recorded 必須記錄你為什么認(rèn)為該建議滿足客戶的理財(cái)目標(biāo),Suitability適宜度,Non Advised Services非咨詢服務(wù),Advisory Portfolio Management 咨詢服務(wù)：投資組合管理,Appropriateness合適度,III. Market Conduct 市場(chǎng)行為,Conflicts of Interest 利益沖突 Chinese Walls 中國墻 Control Room 控制室 Market Abuse 市場(chǎng)濫用,Conflicts of Interest 利益沖突,For example:例

30、如： personal / bank interest 個(gè)人利益/銀行利益 bank interests / clients interest 銀行利益/客戶利益 - between clients 客戶之間的利益 Manage conflicts of interest properly 妥善管理利益沖突 Be transparent and report internally 透明化，內(nèi)部匯報(bào) Reallocate responsibilities 重新分配職責(zé) Inform client/ask consent if appropriate 如果適當(dāng)，告知客戶/征得客戶的同意,Chine

31、se Walls 中國墻,What are Chinese Walls? 什么是中國墻？ Barriers created to restrict or prevent movement of information within the bank, to help manage conflicts of interest and protect the confidentiality of client information. 為限制或防止信息在銀行內(nèi)流通而制造的障礙，幫助管理利益沖突，保護(hù)客戶信息的機(jī)密性 What do they look like? 特征？ physical 物理上

32、organisational 組織上 procedural 程序上 operational 操作上,Chinese Walls Private vs. Public side (Continued) 中國墻：私人方面VS.公共方面（續(xù)）,Commercial Clients 商業(yè)客戶,Global Clients 全球客戶,Global Markets Structured Finance 全球市場(chǎng)結(jié)構(gòu)性金融,Transaction Banking 交易,Chinese Wall,Global Markets Sales/ Trading 全球市場(chǎng)銷售/交易,Global Markets Re

33、search 全球市場(chǎng)研究,Private Side 私人方面,Public Side 公共方面,Information Barrier信息障礙,Chinese Walls(Continued)中國墻（續(xù)）,In addition, Chinese Walls allow: 此外，中國墻允許： some defence against allegations of misconduct 為不良行為辯護(hù) maximisation of business opportunities across product lines by allowing us to perform many differ

34、ent roles at the same time 通過允許我們同時(shí)負(fù)責(zé)多種不同的職責(zé)來使各個(gè)產(chǎn)品線間的商業(yè)機(jī)會(huì)最大化 Examples: 舉例: Corporate Finance advises listed company on divestment of subsidiary 公司金融部對(duì)上市公司分拆子公司提供建議 Acquisition Finance advises three different bidders 收購金融部建議有三個(gè)不同的投標(biāo)人 Credit Portfolio Management assesses debt capacity for fourth bidde

35、r 信貸組合管理部評(píng)估第四個(gè)投標(biāo)人的債務(wù)能力 Proprietary Trading in trading in the stocks of the listed company 專有交易部對(duì)上市公司股票交易提供建議 Private Clients in providing investment advice on the listed company 私人客戶部提供上市公司的投資建議,Control Rooms 控制室,A Control Rooms main functions: 控制室的主要功能： Maintaining global marketing and watch lists

36、維持全球營銷和觀察清單 Maintaining global restricted trading lists 維持全球限制交易清單 Identifying potential conflicts of interest 識(shí)別潛在的利益沖突 Clearing/recording Chinese Wall crossings and registering Insiders 理清/記錄中國墻間的交叉，登記內(nèi)部知情人 Pre-clearance of equity and fixed-income research 提前弄清楚股權(quán)和固定收益研究 Pre-clearance of certain t

37、ransactions 預(yù)先清除某些交易,Market Abuse: Market Manipulation市場(chǎng)濫用：市場(chǎng)操縱,Spreading false or misleading information about the market, or the price or value of an investmentE.g. spreading a rumour and false or misleading news through internet 散布錯(cuò)誤的或者誤導(dǎo)性的有關(guān)市場(chǎng)、投資價(jià)格或價(jià)值的信息 例如：通過英特網(wǎng)散布謠言或虛假新聞 Acting purely to influe

38、nce the price of financial instruments E.g. manipulating the price at the closing of markets manipulating the price upward to show a higher portfolio value (usually around month-, quarter-, or year-end) 純粹為影響金融工具的價(jià)格的行為 例如：操縱股市收盤價(jià) 操縱價(jià)格的上升，顯示更高的投資組合價(jià)值（一般在月末、季度末或年末時(shí)） Doing transactions that create the

39、impression of greater supply and/or demand than exists in reality E.g. doing trades with no economic basis, undertaken simply to give the illusion of activity (manipulation of volume) 做交易以制造比實(shí)際更大的供給和/或需求的印象 例如：做沒有經(jīng)濟(jì)基礎(chǔ)的股票買賣，僅僅是為了給予活動(dòng)頻繁的假象（操縱交易量）,Market Abuse: Insider dealing市場(chǎng)濫用：內(nèi)幕交易,Inside informati

40、on is information that is: 內(nèi)幕信息是指： Precise (about an event or circumstances that have occurred or can reasonably be expected to occur) 準(zhǔn)確（關(guān)于已發(fā)生的，或者預(yù)計(jì)很可能發(fā)生的事件或情況的準(zhǔn)確信息） Not generally available / Not obtainable by analysis or research 通常無法獲得/不能通過分析或研究獲得 If it were made public, it would probably affect

41、the price or value of the company / industry sector involved 如果公之于眾，很可能會(huì)影響有關(guān)公司/行業(yè)的價(jià)格或價(jià)值 It includes information which could relate to:它包括有關(guān)以下幾方面的信息： Issuers of financial instruments 金融工具的發(fā)行者 Transferable securities 可轉(zhuǎn)讓證券 Commodities or 商品或者 Client Orders 客戶訂單,Market Abuse: Insider dealing (Continued

42、)市場(chǎng)濫用：內(nèi)幕交易 （續(xù)）,Anyone in the possession of inside information may not: 任何擁有內(nèi)部信息的人不可以： Must not improperly pass the inside information on to someone else不能將內(nèi)部信息不當(dāng)?shù)貍鬟_(dá)給他人 Buy or sell financial instruments of issuers for your own or a banks economic advantage 為自己或者銀行的經(jīng)濟(jì)利益購買或銷售發(fā)行人的金融工具 Recommend or induc

43、e another person to do either of the above 建議或者勸誘他人做以上任一件事情,Other Compliance topics其它合規(guī)問題,Personal Account Dealing Policy個(gè)人賬戶交易政策 Gift Policy 禮品政策 Bribery and Corruption 賄賂與腐敗 Whistleblowing 檢舉揭發(fā),Personal Account Dealing Policy個(gè)人賬戶交易政策,Why?原因? Buying or selling securities while in the possession of

44、confidential price sensitive information (inside information) is a criminal offence in most jurisdictions.在很多轄區(qū), 在掌握機(jī)密的價(jià)格信息(內(nèi)部信息)的情況下買賣證券構(gòu)成犯罪行為。 Taking advantage of information that an employee gets in the performance of his or her duties in a bank for personal gain is unacceptable. 銀行員工利用職務(wù)之便獲取私利是違

45、法行為。 The appearance of insider trading must also be avoided. 必須避免內(nèi)幕交易的現(xiàn)象。,Disclosure and transparency 信息披露和透明度 All securities accounts of staff and their connected parties must be disclosed. 所有員工及關(guān)聯(lián)方的證券賬戶信息必須披露。 A bank must be able to monitor transactions against submitted requests for approval. 銀行必

46、須能夠按照提交的審批需求對(duì)交易進(jìn)行監(jiān)督。,Pre-Approval, Minimum Holding Period, Restricted Trading Lists 事先批準(zhǔn)，最短持有期，限制交易名單 Staff Members and connected parties must ask pre-approval from theirline-manager and / or Compliance departments.員工及其關(guān)聯(lián)方必須得到直線經(jīng)理/合規(guī)部門的事先批準(zhǔn)。 Transactions may only be reversed after 28 days have elaps

47、ed (28 day holding period).超過28天方可進(jìn)行回購。（28天持有期） Mutual funds are not bound to the 28 day holding period but intraday trading (24 hours) is never permitted 共同基金不受28天持有期的限制，但嚴(yán)禁日間（24小時(shí)）交易。 There can be trading done in securities on restricted trading lists 列入限制交易名單里的證券交易也可以進(jìn)行。,Acceptance of gifts 禮品接受

48、Gifts or legacies must not be accepted fromcustomers or suppliers.禁止收取客戶或供應(yīng)商贈(zèng)送的禮品或遺贈(zèng)品。 Excessive or abnormal entertainment must also be viewed in this light.禁止超?；蚍钦Ｕ写顒?dòng)。 If a gift can not be refused or returned, it may be accepted provided that it is: 如果禮品無法拒收或退還，在下列情況下可以接收： not in the form of cash

49、非現(xiàn)金形式 not given in the expectation of a payback 無獲取回報(bào)的目的 of nominal value only僅有票面價(jià)值,Gift Policy 禮品政策,Presentation of gifts 禮品贈(zèng)送 Gifts to customers, suppliers, government officialsor intermediaries must not be presented as a way of gaining economic or political advantage. 不能為獲取經(jīng)濟(jì)利益或政治利益而向客戶、供應(yīng)商、政府官員

50、或中介機(jī)構(gòu)贈(zèng)送禮物。 As an exception, gifts of nominal value may be presented: 例外情況：具有票面價(jià)值的禮品可以作為 as a courtesy 禮尚往來 for promotional purposes 宣傳用途 special occasions where a “Bank” gift may be appropriate 特殊場(chǎng)合，“銀行”禮物比較適合的情況下贈(zèng)送。,Gift Policy 禮品政策 (Continued)（續(xù)）,Bribery 行賄,Bribery is defined as: 行賄的定義是 offering 送

51、禮 suggesting 行賄暗示 paying 給予他人財(cái)物 or authorising 或授權(quán)他人從事上述行為 a payment to someone for their or anothers personal gain with the intention either to motivate active or passive deviation from a duty or to secure the performance of a duty. 行賄是指出于讓他人履行職責(zé)或使他人主動(dòng)或被動(dòng)違背職守的目的，以謀取個(gè)人不正當(dāng)利益而給予他人財(cái)物的行為。,Corruption 腐敗,

52、Effects of Corruption on Business 腐敗對(duì)商業(yè)活動(dòng)的影響 Causes damage to reputation, which, in turn, causes loss of confidence in the market 損害企業(yè)形象，從而導(dǎo)致市場(chǎng)信心下降 Increases uncertainty in business 不確定因素增多 Increases costs 成本升高 Hampers international trade 阻礙國際貿(mào)易 Reduces investment投資減少,Whistleblowing Policy 檢舉政策,What this policy does? 此政策的目的？ Ensure that all staff can whistleblow (even anonymously), on (suspected) criminal or unethical conduct 確保所有員工可檢舉（即使是匿名檢舉）（嫌疑）犯罪人員或不道德行為。 How?具體方式？ by encouraging staff to make disclosure of criminal or unethica