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1、AdvancedCreditRiskAnalysisandManagement.CibyJoseph.©2013CibyJoseph.Published2013byJohnWiley&Sons,Ltd.9IntegratedViewofFirm-LevelRisksInthetoday’sworld,aswehaveseeninChapter1,creditispervasiveandinexorable.Fromthelocalretailer/financiertomultinationalbanks/manufacturersandmultilateralfinanc
2、ialinstitu-tions,creditholdssway.Wehavealreadyseenexternalrisks,industryrisks,internal/companyrisksandfinancialrisks.ThecreditriskmodelwediscussedinChapters5to8comprehen-sivelycoversallthesignificantcomponentsofcreditriskatanentityorfirmorcompanylevel.Nowanintegratedapproachisrequired.Havi
3、ngcoveredallExternal,Industry,InternalandFinancial(EIIF)risks,anintegratedviewisrequiredtoarriveatthecorrectcreditrisk.9.1RELEVANCEOFANINTEGRATEDVIEWTheobligorcreditriskanalysiscallsforthecriticalexaminationorduediligenceofthecreditriskonadisaggregationbasis(EIIFmodel/risks).However,theove
4、rallriskassessmentisdoneonan‘aggregationbasis’usingtheoutputderivedfromthestudyofeachcomponentoftheEIIFmodel.ThedivisionofcreditriskintoEIIFrisksfacilitatesin-depthstudyofthecreditriskandcoversallfactorsthatimpactthecreditworthinessofabusinessfirm.Itshouldbeborneinmindthatitisseldomthecase
5、thatasingleconditioncausesfailure,butratheritisacombinationoffactors.EIIFrisksshouldbeviewedtogetherbecauseoftentwoormoreEIIFrisksworktogethertotriggerabusinesscollapse.Forinstance,theforayintonewmarkets/sectorsinwhichmanagementlacksexperience/competencecoupledwithhighleveragecanbeconsider
6、edasalmostasurerecipefordisaster.Anintegratedviewisalsoimportanttoidentifyappropriatetoolstomitigatetherisks.9.2JUDGEMENTItisnotunusualthatcreditriskexecutives,afterthedetectionofEIIFrisks,finditdifficulttointegratethemandarriveatapropercreditdecision.EIIFanalysiswillbringinalotofplusesand
7、minusesonthecreditworthinessofthebusinessfirm.Usuallymostoftheminusescanbeconsideredasrisks.Inmostcases,theplusescanactasmitigantsorlendcomforttothecreditor,althoughattimestheymayturnintoarisk,especiallyinadifferentscenario.Forinstance,whilehugecapacitiesbring
