1,721,008 research outputs found
Basel 3, Pillar 2: the role of banks’ internal governance and control function
Full text linkThe analysis of the financial crisis has revealed not only major market and regulatory failures, but also shortcomings in supervisory approaches and in banks’ systems of internal and external controls. These failures and shortcomings played a significant role in the origin and evolution of the crisis. In some important cases, the crisis revealed that banks’ internal governance, and their internal control functions in particular, were ineffective or even unsuitable when faced with the demands of overseeing the growing levels of risk undertaken by intermediaries, and especially the interrelations between these exposures. So what are the implications of the crisis, the regulatory innovations now being implemented, and the changes in supervisory policies and practices, for banks’ internal control systems? Given the role of internal control functions in risk-based supervision, what is the exact relationship between supervisor and supervised as defined by Basel 3, Pillar 2, with regard to ICAAP and SREP? One important lesson to emerge from recent experience is the need to encourage a new culture amongst banks, ensuring that they appreciate the key role of internal controls as a tool for managing and monitoring risk
Il Nuovo Accordo di Basilea sul capitale. Trend nella regolamentazione e nella valutazione del rischio di credito
No full textGovernance, modelli di business e rischi. Riflessioni su Srep 2019 e vigilanza bancaria
No full textLa presidenza di Andrea Enria dell’Ssm sta contribuendo a una maggiore disclosure al mercato da parte della Bce in tema azione di vigilanza. La comunicazione pubblica del 28 gennaio 2020 dei risultati del ciclo Srep 2019 ha riguardato per la prima volta l’indicazione dei singoli add-on patrimoniali per le banche Si, che sono applicati nel 2020. Inoltre consente una analisi più approfondita dei singoli ambiti del processo Srep: business model, governance e risk management, risk to capital, risk to liquidity. Nonostante i passi avanti dell’Ssm nei suoi primi cinque anni per un’armonizzazione dei processi di vigilanza, rimangono ancora nodi da sciogliere in tema di disclosure anche nei confronti delle banche stesse, soprattutto dal punto di vista metodologico
El Nuevo Acuerdo de Basilea: tendencias en la regulacion y valoracion de riesgos crediticios
No full textTowards A Macroprudential Policy In The EU: Main Issues
Full text linkThe aim of the paper is to analyze the state of the art of macroprudential policies (MAP) with a focus on the case of the European Union. To this end the institutional framework of MAP is introduced and discussed with regard to several issues: the relationships and/or the conflicts with other policies and among the different institutional bodies involved, their mandate, accountability and governance. The operative framework - intermediate and final targets and toolkit - is specifically analyzed with regard to the case of the European Union and the introduction, in 2011, of a macroprudential supervisory pillar based on the European Systemic Risk Board (ESRB). Finally the main features of the new European supervisory architecture are addressed: the organization of MAP within the Single Supervisory Mechanisms (SSM), the definition of the role of the European Central Bank (ECB) and of the ESRB as far as macroprudential policy is concerned. In the conclusions, we evaluate the new architecture which is quite complex and cumbersome, and the challenge that the SSM is facing: to achieve comprehensive, rational, effective and efficient supervision, avoiding overlapping of competences and clarifying the specific roles of different bodies while keeping away additional burdens for the institutions supervised
Monitoring systemic risk a survey of the avialiable macropridential toolkit
Full text linkUnderstanding the nature of systemic risk and identifying the channels of diffusion of the shocks are the necessary prerequisite to anticipate and manage successfully the insurgence of financial crises. In order to prevent financial distress and manage instability, the macroprudential regulator needs to track and measure systemic risks ex-ante. The aim of the paper is twofold: on one side, it reviews the theoretical frameworks which allow to assess the different dimensions of systemic risk and, on the other, it classifies accordingly and analyzes the methodologies available to assess in advance the occurrence of systemic distress. The paper classifies the different definitions of systemic risk and discusses their significance during the 2007-08 crisis. It presents the tools available to extract real time information on market perception of risk from market prices of securities and derivatives (i.e. CDS and equity options). The analysis is extended to the methods focused on the measurement of the financial fragility due to the networks linkages within the financial system. On the basis of the available empirical research, the paper also reviews the capacity of the different methods to spot in advance the insurgence of the crisis prior to 2007-08 and draws some preliminary conclusions on the completeness and consistency of the toolkit available to policy makers
Business model of banks and SSM
No full textIn recent years, Business Model analysis has become the conceptual framework used by regulators, analysts and investors in the attempt to identify a bank's main strategic behaviours and their implications in terms of competitiveness and possible future performance and stability. This interest follows the radical review and transformation of banks' strategies due to major changes to the competitive scenario in the financial industry, which affected their competitive positions and led to subsequent restructuring and strategic repositioning choices. From the point of view of banking supervision, the main regulatory reference for the analysis and assessment of banks' Business Models by the supervisory authorities is provided by the prudential regulation framework, mainly based on the Basel Accord on Capital Adequacy (Basel 3), with specific reference to Pillar II. In this case, the subject of proportionality becomes a relevant issue, since banks' Business Models have widely different degrees of complexity, which must be carefully considered for supervisory evaluation and SREP decision
Verso un nuovo assetto regolamentare e di vigilanza nell'Ue: l'evoluzione dopo Fsap e Comitology.
No full texti paragrafi 2 e 3 (da pag. 55 a pag. 62) e gli allegati 1 e 2 (da 68 a pag. 70)sono da attribuire ad Alessandro G. Grass
Consolidation in the Financial Industry
No full textEspecially in the highest band of production systems, M&A, operations are the main means of growth, and are usually intended to expand the corporate structure through policies of both production integration and strategic diversification. M&A operations have been widespread in the financial sector since the early ‘90s of the last century, and have brought about a radical transformation of the structural characteristics of the banking and financial systems, in both Europe and the United States.In particular, this mass of mergers and acquisitions has led to an increase, across the board, in the degree of concentration of the credit supply, and the availability of financial services on a vast scale, targeting different types of clientele and markets. The formation of extremely large groupings of intermediaries and the demolition of the barriers to the mobility of the supply and demand for financial services are further effects of the rush by banks, insurance firms and other categories of financial players to engage in mergers and take-overs amongst themselves, both on a national scale, and subsequently at the cross border level. Recently, the grave financial crisis which originated on the American market and rapidly spread throughout the world has highlighted a number of critical aspects of financial consolidation and globalisation processes, leading observers to consider the possible limits to this process and the role public authorities may play in guiding systems' structures towards a balanced mix of efficiency and stability.In view of its significance, the phenomenon of M&A operations in the banking and financial industries has been widely studied and has been the subject of a large number of empirical investigations, intended to measure its impacts from two main points of view: the first is macroeconomic and deals mainly with the effect of these operations on the structure of the system and the relative implications (competition mechanisms, access to credit for various types of clientele and the relative costs), while the second is more strictly corporate in nature and focuses on strategic factors and an analysis of the potential benefits, especially in terms of value creation. Within these two types of approach, a very large number of studies have set out to examine specific or partial aspects of the phenomenon, such as the extent to which it has affected the various countries or different types of intermediaries (in terms of size or area of business), the reasons, causes and implications of financial consolidation operations, their impact on external supervision and/or internal governance and control systems, and so on.As we introduce the topics discussed in this book, it may therefore be useful to attempt to provide a general definition of the phenomenon studied, many specific aspects of which will then be analysed in the various Authors' contributions
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