LegalRiskISDAPRMIARiskManagementSeminar法律风险isdaprmia风险管理研讨会

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1、LegalRiskISDA/PRMIARiskManagementSeminarDermotTuringLondon-2/1430864/01LegalRisk–LatestDevelopmentsBaselIIWithafootnoteonbusinesscontinuitySecuritiesCertainty–GiovanniniThenewBaselFrameworkOperationalriskchargeDefinitionofoperationalrisktheriskoflossresultingfromina

2、dequateorfailedinternalprocesses,people,andsystemsorfromexternaleventsincludeslegalriskbutexcludesstrategicandreputationalriskbut?presumablynotcreditormarketriskComputingthechargeBasicIndicatorApproach15%averagegrossincomeover3yearsStandardisedApproachΣ[percentage]*

3、[averagegrossincomeover3years],summedovereachof8businesslinesregulatoryrequirementsapplyAdvancedManagementApproachbespokemodel,subjecttoqualifyingcriteriaregulatoryrequirementsapplyTheAMAinpracticeUsingP&LRelyingonhistoricallossdatareliabilityproblemsyouhavecuredGet

4、tingcreditforsafeoperationalriskmanagement“businessenvironmentandcontrolfactors”canbetakenintoaccountifrelevant,quantifiable,andsensitivetochange,andcanbeaudited/validatedInsuranceforupto20%ofthecapitalchargeThemainoperationalriskareasBusinesscontinuityOutsourcingEm

5、ploymentpracticesCollateralcollateralmanagementfailurescountascreditriskforcapitalbutmustbecapturedinoperationalriskstatisticsMergersITresources…andlegalrisk?LegalRiskunderBaselIIWhatislegalrisk?Theriskthatoneisunabletoenforcerightsagainst,orrelyonobligationsincurre

6、dby,acounterpartyintheeventofadefaultoradispute.Theriskthatcontractsarenotlegallyenforceableordocumentedcorrectly(anoldBasel/IOSCOdefinition)FinancialMarketsLawCommitteeIBALegalRiskWorkingPartyReducing“legalrisk”forBaselDifficultieswithdocumentationandrightsnotjustd

7、ocumentation:ownership;non-contractualliabilitiesnoagreement;nodocumentation;counterpartymisled;termsdonotworkincircumstances;superveningevents;unreliablelegalenvironment;etcHistoricallossdataMakingriskreductionmorequantitativeinvestigatingwhat“legalsign-off”meansle

8、galopinionsfromexternalcounselIntegrationoflegalwiththebusinesslineBusinessContinuityWhatisthemeaningofthecounterparty’sfailuretoperform?A