Le magazine du trésorier - n°67 - 3ème trimestre 2009 - (Page 19)

INTRODUCTION One of the primary results of the global financial crisis is a new focus on the fundamentals of financial risk management, including some quite radical redefinition of financial risk itself, as it relates to corporate treasury operations. Treasury industry experts - consultants, media professionals and treasurers themselves are now consistently reporting that risk management and liquidity optimisation are today’s two priority areas, and risk management is the discipline that has seen the most rapid evolution over the last year or so. New risk management priorities that have emerged in the wake of the financial crisis are often originated and driven at Board level, and are intended to provide processes that will help avoid problems such as those created by the Lehman default. For example, counterparty limit management in corporate treasuries has previously been based on the simple allocation of limits against the bank’s credit rating; this method singularly failed to give advance warning of the Lehman’s crisis, and so best practice counterparty risk management today must reflect the credit view currently implicit in credit default swap (‘CDS’) spreads, or via similar methodologies. This new approach is sufficiently sensitive to enable treasurers to anticipate negative changes in credit status, giving the opportunity to take effective preventative action before an actual problem event materialises. ‘Financial Risk Management’ in fact embraces a range of quantitative measurements and analysis directly relating to profit/loss management. All have attracted increasing levels of interest following the onset of the financial crisis. This applies especially in areas where changes have occurred in the generally accepted definitions of best practice financial risk management, such as the emerging requirement for a much more sensitive analysis of counterparty exposures. With the increasing intensity of senior management demands for enhanced risk management reporting, treasury is accordingly pressured as never before to ensure that all relevant financial risks are visible, and that they are analysed and reported within the required time constraints. This is the type of requirement that might have been managed via spreadsheet in the past; today’s demands are best served by a specialist treasury management system (‘TMS’), to provide a sufficient level of functionality, robustness, timeliness and accuracy. Risk management needs up-to-date and complete information to be available for use in real time, to provide maximum real value; additionally, some risk management analysis such as Value-at-Risk derivation requires complex and powerful computational support. This article will address some of the fundamentals of TMS support for four risk management disciplines that are commonly practiced in contemporary corporate treasuries: Counterparty Risk Management; Valuation; Scenario Analysis; Value-at-Risk (‘VaR’) derivation. G G G G COUNTERPARTY RISK MANAGEMENT Counterparty risk management may be regarded as the most fundamental - and most generally adopted – risk management function found in corporate treasuries. As a discipline that has been in use in banks for FORUM OF ADVERTISERS Using Technology to Achieve Financial Risk Visibility

Table des matières de la publication Le magazine du trésorier - n°67 - 3ème trimestre 2009

Couverture
Sommaire
EDITORIAL
- Treasury Got Talent
FINANCIAL HIGHLIGHTS
- Luxembourg News
INTERVIEW
- Mrs. Barbara Ridpath, Chief Executive of the International Centre for Financial Regulation (ICFR)
FOCUS
- The Necessary Evolution of German Conglomerates As a Result of the Crisis
- Plan Contingent pour le Département de Trésorerie
FORUM OF ADVERTISERS
- Using Technology to Achieve Financial Risk Visibility
- How CFOs can strengthen their roles as business partners in times of crisis
- Comment renforcer son modèle économique pour préparer la reprise ?
- Vers une reprise durable ?
- 15 minutes with… Mr. Stéphan Caro - Misys
TREASURERS’ ASSOCIATIONS
- SEPA risks failure unless corrections are made, say end users
- Partenariat conclu entre l’ATEL et CFO World
- Reforming OTC Derivatives, a new challenge for Corporate Treasurers
- How Borrowing Conditions are Affecting European Business
NEWS

Le magazine du trésorier - n°67 - 3ème trimestre 2009

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