Legal Risk ISDAPRMIA Risk Management Seminar法律风险isdaprmia风险管理研讨会.ppt

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2018-06-26 发布于北京
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Legal Risk ISDAPRMIA Risk Management Seminar法律风险isdaprmia风险管理研讨会.ppt

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Legal Risk ISDAPRMIA Risk Management Seminar法律风险isdaprmia风险管理研讨会

Legal RiskISDA/PRMIA Risk Management Seminar Dermot Turing Legal Risk – Latest Developments Basel II With a footnote on business continuity Securities Certainty – Giovannini The new Basel Framework Operational risk charge Definition of operational risk the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events includes legal risk but excludes strategic and reputational risk but ? presumably not credit or market risk Computing the charge Basic Indicator Approach 15% average gross income over 3 years Standardised Approach Σ [percentage]*[ average gross income over 3 years], summed over each of 8 business lines regulatory requirements apply Advanced Management Approach bespoke model, subject to qualifying criteria regulatory requirements apply The AMA in practice Using PL Relying on historical loss data reliability problems you have cured Getting credit for safe operational risk management “business environment and control factors” can be taken into account if relevant, quantifiable, and sensitive to change, and can be audited/validated Insurance for up to 20% of the capital charge The main operational risk areas Business continuity Outsourcing Employment practices Collateral collateral management failures count as credit risk for capital but must be captured in operational risk statistics Mergers IT resources …and legal risk? Legal Risk under Basel II What is legal risk? The risk that one is unable to enforce rights against, or rely on obligations incurred by, a counterparty in the event of a default or a dispute. The risk that contracts are not legally enforceable or documented correctly (an old Basel/IOSCO definition) Financial Markets Law Committee IBA Legal Risk Working Party Reducing “legal risk” for Basel Difficulties with documentation and rights not just documentation: ownership; non-contractual liabilities no agreement; no documentation; counterparty misled; terms do not work in circumstances;