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FRM杂谈丨风险评估需要考虑组织平衡与股东价值

行业资讯  |  2019-02-05

2001年7月17日，时任英国《金融时报》首席商业专栏作家兼副总编辑彼得·马丁撰文《神话背后的生活 （Life after the Myth）》，详细地描述了杰克·韦尔奇（Jack Welch）在通用电气（General Electric）期间的职业贡献。这位《金融时报》高级作家认为，韦尔奇在应对企业生活的核心矛盾方面具有独特的娴熟能力。

马丁认为，这种核心矛盾是：“管理者们若不能协调一致就不能成功，但如果所有人都循规蹈矩那么这个公司也将失败。”马丁认为持续成功的道路是“将在职人员的优势与新进员工的能量结合起来。”我们许多人都看到在大公司中保持这种平衡是多么困难，问题的主要原因在于所有权与管理控制权的分离。在合伙企业中，高层管理人员也是业主，企业和个人激励措施紧密结合。许多大公司采取了诸多努力，希望能够模拟这种激励的一致性：比如股票期权，比如将奖金与科室表现挂钩。

本文作者阐述了为何在战略和战术决策中保持风险和回报的适当平衡也会面临类似挑战。套用彼得·马丁的话就是：“如果没有适当的风险控制，公司就无法成功，但一个完全厌恶风险的公司也将失败。”》》更多金融证书相关问题点我咨询

本文作者还指出风险本身其实并不会威胁机构的长期成功。只有过度的、不受控制的风险或风险不足才会带来这种威胁。

学过美国历史的人很容易联想起美国内战期间北方联盟军第一指挥官乔治·麦克莱伦将军的教训。虽然性格潇洒，但麦克莱伦却常常过于谨慎。而尽管人数不占优势，代表南方的北弗吉尼亚州陆军将领罗伯特·李（Robert E. Lee）将军则常常通过仔细而准确地评估风险，更胜一筹。

保持业务和风险部门之间的适度紧张

The key requirement for maintaining proper balance between risk and return is an appropriate degree of institutional tension between business units and risk managers. Line managers can and should push the envelope in seeking new profit opportunities, even though this generally leads to higher levels of risk. Risk managers are primarily charged with assuring that aggregate risk levels are not dangerously excessive. Despite this, the process works best when each side understands the need for both roles, reinforced by mutual professional respect.

Some institutions have tried to develop this mutual understanding and respect by shifting individuals between the two roles. While this may be successful in some cases, I tend to think these are exceptions.

Generally, there are important psychological differences that predispose individuals to one role or the other. Instinctive line executives tend to focus naturally on upside rewards, viewing the downside risks as speculative and remote. Instinctive risk managers gravitate naturally to the opposite perspective.

Neither position is “right” or “wrong”。 A successful organization must include both perspectives and maintain an effective balance of authority and influence between them.

风险控制应该贡献价值

One implication of this for professional risk managers is to avoid being pigeonholed as just “the risk police.” While oversight and control is a necessary part of the role, the most successful risk managers recognize the importance of supporting and facilitating line management's ability to operate profitably.

One area where risk managers can play an especially valuable role in this regard is in corporate policy deliberations. We all quite naturally and properly apply different rates of discount to any given viewpoint based on its source. We look for conflicts of interest, examine the past track record and make a subjective evaluation of the reliability of the source in deciding how much credence to give to any given claim. This often places line managers at a disadvantage when arguing for higher limits or for development of a new product or service. They have a clear vested interest in the decision, and this tends to raise the implicit discount applied to the arguments they present.

Well informed risk managers can provide an objective viewpoint. Senior executives understand that risk managers do not have the same conflict of interest as line management. Hence, insofar as they can confirm and support the business case, their views tend to carry more weight than those of the line managers themselves.

Market confidence in the quality of an institution's risk management contributes directly to lowering the discount rate applied to expected future earnings. Clearly some characteristics of this task involve the necessity for oversight and control. Nevertheless, it is important for risk professionals to emphasize their role as active contributors to shareholder value. Lacking that, risk management will always be viewed as nothing but an overhead cost to be tolerated but also carefully restricted.

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