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Extra resources for Making enterprise risk management pay off : How Leading Companies Implement Risk Management
Sample text
Chase vice chairman Marc Shapiro explains it this way: Under the old system, as a person in the lending area, you were always incented to make loans you thought were good—even if they had marginal profitability—because you were paid on that income, and generally there is a positive spread. So if you’d made a loan, you’d generated more net income. The current system says, “OK, you’ve made a loan. ” Under SVA, profit is calculated by subtracting a charge (currently 13 percent) on risk-adjusted capital from revenues.
To succeed, it needs commitment from the highest levels of management. It is not enough for senior management to merely begin the process and then go on to other things. The last thing most businesses need is another mandate from on high that is imposed, then left to wither and fade away. ” In each of the study companies, enterprise-wide risk management is championed at the highest ranks. , believed strongly in the importance of viewing risk management as a primary component of good management.
Credit Risk We’re very explicit because we have very clear, open models of how we allocate the capital. We take credit risk by grade, by tenor, by a variety of factors that we can put into a pricing model so that somebody, when they’re making a loan decision, can tell exactly what SVA is being created or destroyed by that loan decision. Marc Shapiro Chase has managed its credit risk in recent years through two mechanisms: 1. Transferring much of the risk to other institutions via syndication. 2.