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Risk Management and Regulatory Compliance风险管理与合规....ppt

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Risk Management and Regulatory Compliance风险管理与合规..ppt
Risk Management and Regulatory Compliance风险管理与合规Asia Pacific Finance and Development Center亚太财经与发展中心 World Bank Institute世界银行学院Alex VanderpolJune 19, 2008Compliance advises on compliance risk 合规对合规风险提出建议Compliance risk is the risk of:- legal or regulatory sanctions,- material financial loss, or- harm to reputationthat a bank may suffer as a result of its failure to comply withrelevant laws, regulations, principles and rules, standards and codesof conduct applicable to its activities, in letter and in spirit.合规风险是指, 由于未遵照适用于公司活动的相关法律、法规、原则、法则、行为规范与准则,公司可能会遭受 法律或法规的制裁,物质上的财务损失,或者使声誉受损的风险 。 Provide advisory and objective support 提供咨询和客观支持• Align with the business and help provide independent view and advice on the execution of strategy and on case-specific issues 根据公司业务,提供有关战略执行和具体案例方面的独立观点和建议• Understand strategy and business and apply this understanding in its risk-based approach to ensure that proportionate measures are taken to compliance issues and risk 理解公司战略和业务,并将这一理解应用于基于风险的方法,以此确保对合规问题和合规风险已采取了适当的措施Implement business specific laws and regulations 实施与业务相关的法律法规• Provide guidance and support on issues related to laws and regulations 对与法律法规相关的问题提供指导与支持• Monitor the execution of initiatives and ensure all activities are compliant with relevant policies and procedures 监控倡议的执行情况,确保所有活动都遵照相关政策和程序Assist management in managing risk to the business 协助管理层管理业务风险• Assist Management in identifying, measuring and mitigating compliance related risk 协助管理层发现、测量并减少合规风险• Partner with the business in monitoring level of risks to help achieve successful implementation of strategic initiatives 和业务一起监控风险水平,帮助公司成功实施战略倡议Compliance provides a central role in monitoring delivery and minimising risk合规在监控公司行为和使风险最小化上扮演着重要作用• Business is firstly responsible业务部应负首要责任• Compliance is intended for support 合规意在为公司运营提供支持Who is responsible for Compliance谁该负责合规工作?Key Compliance Areas:关键的合规领域:III. Market Conduct 市场行为 I. Client Acceptance and Anti-Money Laundering Policy 客户接受度与反洗钱政策 (CAAML) II. Dealing with Customers 与客户打交道§ Client Acceptance and Anti-Money Laundering客户接受度与反洗钱§ Sanctions 制裁§ Conflicts of Interest 利益冲突§ Chinese Walls 中国墙§ Market Abuse 市场滥用IV. Other Compliance topics 其他合规话题§ Personal Account Dealing Policy 个人账户处理政策§ Gift Policy/ Bribery and Corruption 送礼政策 /贿赂与腐败§ Whistleblowing 揭发§ When you need to Notify Compliance 何时需注意合规§ Confidentiality 机密性§ Communication more subjective– 监测交易后的活动以发现需要进一步分析的异常行为(交易发生后的观察与调查);更主观II. Dealing with Customers与客户打交道• Confidentiality 机密性• Client Classification 客户分类• Suitability of Advice 建议的适宜性• Appropriateness 适当• Marketing Communication 营销沟通• Record Keeping 档案保管Confidentiality 机密性What information is confidential?哪些信息是机密的?• All information related to a bank that has not been made public (including internal memos, policies, credit applications, employee and supplier data)所有与银行相关的未公开的信息(包括内部备忘录、政策、员工及供应商资料)• All non-public information about existing and prospective clients 所有有关现有和潜在客户的非公开信息Confidentiality and common sense机密性与常识• Be careful with confidential documents in public places (same applies to laptops)• 公共场合注意机密文档的处理(同样适用于笔记本电脑)• Be careful with conversations while in the presence of others (also on mobile phones)• 有他人在场时(手机接听电话时)注意谈话内容的保密• Clear your desk at the end of your working day of any sensitive documents• 工作日结束时注意清理桌面上的任何机密文档• Never share your user-id and password with others• 不要和他人共用你的用户名和密码• 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: 金融工具市场法规:-对所有 EEA国家(欧盟 +挪威、列支敦士登、冰岛)中与客户和市场打交道的金融机构施加的严格的新规则BIG BANG! 大爆炸!November 2007 2007年 11月MiFID MiFIDMiFID highest impact areas for ABN AMROMiFID对荷兰银行施加的最高影响领域Client Classification: Determines the clients level of investment protection.客户分类:决定投资保护的客户水平Best Execution: Getting the client the best result which could be a combination of price/cost/speed of execution, etc…最佳执行:为客户获得最佳结果,可能是价格、成本、执行速度等的组合Marketing and Communication: Must be clear, fair and not misleading.营销与沟通:必须清楚、公正、不具误导性Appropriateness: (Non advised Services) Making sure (by carefully recording) that the client understands the products and the related risks适当性:(非咨询的服务)(通过仔细记录)确保客户明白产品及相关风险Suitability: Advise the client’ what suits the clients best interests given their:适宜性:向客户建议什么是最适合他们的最佳利益的,依据:– Investment purpose 投资目的– Assets 资产– Income 收入– Risk appetite 风险喜好 MiFID Classification: What types of clients do we deal with? And why is it important to classify them?MiFID分类:我们与哪些类型的客户打交道?为什么客户分类很重要Size and experience规模和经验Level of Protection 保护水平Large Companies大公司Small Companies小公司Regulated Firms规管公司Individuals个人Retail零售 Professional专业 Eligible counterparty符合条件的对手Terminology 术语Suitability适宜度Appropriateness合适度Non Advised Services非咨询服务AdvisoryServices咨询服务Does each transaction meet the client’s objectives and risk profile?每次交易都达到了客户的目标和风险概况了吗?Does the client understand the risks of the products being sold?客户明白出售的产品的风险吗?Appropriateness – Information required合适度 – 信息必须的Appropriateness合适度Non Advised Services非咨询服务Suitability 适宜度AdvisoryDiscretionary咨询酌情考虑• Owed to ‘Professional’ and ‘Retail’ clients 归功于专业和零售客户• Assess: 评估:– Knowledge and experience 知识与经验• 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). • 可以推测专业客户的知识与经验,但是仅在有关产品 /服务或者交易的方面What if it is not appropriate and the client insists?如果不合适而客户却坚持己见,怎么办?Can you deal? 这个交易你能做吗?Yes, so long as written warning is provided可以,只要有书面警告Suitability 适宜度• What is advice? 咨询建议是指?– Personal recommendation that is advice on investments (e.g. buy/sell/hold)– 对投资的个人建议(如购买、抛售、持有)• Presented as suitable for the person; or 适合于个人的,或者• Based on a consideration of the circumstances of the person 基于对个人请况的综合考虑的• Where the client can reasonably assume it is a recommendation 客户能将之当作建议的Suitability 适宜度AdvisoryDiscretionary咨询酌情考虑• Owed to all advisory clients 归功于所有咨询客户Appropriateness合适度Non Advised Services非咨询服务Suitability of Advice 建议的适宜度A bank may only give: 银行可能会给出:- investment advice to a client or 投资建议,或者- effect a discretionary investment transaction 影响任意的投资交易when this is “suitable” given the client’s needs and personal circumstances.只在这些建议适合客户的需求和个人情况时Suitability must be assessed based on: 适宜度需根据以下条件来评估:- the information disclosed by the client, and/or 客户透露的信息,和 /或- client information the bank reasonably should have been aware of. 银行应该注意到的客户信息In case of non advice for a client, no suitability check needs to take place.如果对客户没有做出任何建议,不需检查其适宜度Suitability of Advice: Information from/to client建议的适宜性:来自 /给予客户的信息Before the bank gives investment advice it must collect and retain sufficientinformation from the client on: 在银行给出投资建议前,必须从客户那里收集并保留足够的如下方面的信息:- his / its investment experience and knowledge of products and risks attached 投资经验和对产品及其风险的了解水平- the investment objectives 投资目标- the financial situation and personal circumstances 经济状况和个人情况- the client’s risk appetite 客户的风险喜好Also the client must be able to take an informed decision and therefore must be givensufficient information on: 客户还需能够做出明达的决定,因此,必须给其足够的如下方面的信息:- product characteristics including risk profile, pricing and costs - 产品特征,包括风险概况、定价和成本All information provided must be fair, clear and not misleading.提供的所有信息需公正、明晰、不具误导性Is this advice? 这是建议吗?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?我们有一些保护收益的结构性理财产品。他们都具有成长潜力,没有下跌风险。给您一些资料单行吗?Non advice非建议Advice建议In view of your current portfolio and risk 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.鉴于您目前的投资组合和您的风险喜好,我认为最适合的投资是我们的保护收益的结构性产品。他们能保持成长潜力,而没有下跌风险。您目前的配置方面,我想 5000-6000万会得到您想要的最佳收益。Non advice非建议Advice建议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.我记得几周前我们聊过航空公司,在石油股下跌后会有哪些上升行情。我们觉得 Blue Sky航空公司实施的战略非常到位,您应该试一试这只股票Non advice非建议Advice建议Keep records where advice is given给出建议时请做好记录• The client’s financial objectives must be recorded 必须记录客户的理财目标• The advice must be recorded 必须记录给出的建议• The reasons why you consider the advice meets the client’s financial objective must be recorded 必须记录你为什么认为该建议满足客户的理财目标Suitability适宜度Non Advised Services非咨询服务AdvisoryPortfolio Management 咨询服务:投资组合管理Appropriateness合适度III. Market Conduct 市场行为• Conflicts of Interest 利益冲突• Chinese Walls 中国墙• Control Room 控制室• Market Abuse 市场滥用Conflicts of Interest 利益冲突For example:例如:- personal / bank interest 个人利益 /银行利益- bank interests / clients interest 银行利益 /客户利益- between clients 客户之间的利益• Manage conflicts of interest properly 妥善管理利益冲突• Be transparent and report internally 透明化,内部汇报• Reallocate responsibilities 重新分配职责• Inform client/ask consent if appropriate 如果适当,告知客户 /征得客户的同意



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