O governo da indústria bancária tem sido doloroso e chocante-mas também informativo. Enquanto isso, os CFOs em todos os setores devem obter o direito de gerenciamento de riscos para orientar suas empresas através de um ambiente econômico formidável, com taxas de juros e inflação ainda em ascensão.
Recent high-profile risk management failures have shown how consequential an inadequate balance sheet can be to a financial institution, its clients, and the greater economy. Meanwhile, CFOs in every sector must get risk management right to guide their companies through a formidable economic environment, with interest rates and inflation still on the rise.
Construindo um resiliente Gerenciamento de riscos A abordagem é fundamental para as empresas de hoje lidar com riscos financeiros diversos e evitar uma falha de bilhões de dólares. O equilíbrio adequado de risco e retorno reúne vários elementos-chave, incluindo decisões de curto prazo, talentos de upskilling e uma sólida compreensão dos vínculos entre fatores de negócios e risco. Com um forte modelo operacional, governança e capacidades - todos ausentes nas recentes falhas bancárias dos EUA - a função financeira e do tesouro de uma empresa terá as ferramentas, dados e Tecnologia Ele precisa responder à volatilidade.
A curto prazo, consertar o básico
CFOs at financial institutions and companies throughout the global economy can execute several short-term measures to weather economic shocks and mitigate risks. Businesses should conduct continuous review of banking counterparts to manage counterparty risk and operational stability. Leaders should also consider diversifying banking partners.
CFOs should go further by diversifying their funding sources to maintain a healthy mix of bank financing, private capital, and capital markets funding, including commercial papers and secured and unsecured debt. This step avoids concentrating funds in one place—a mistake that led some corporate banking clients to experience significant funding gaps following the March collapse.
Corporate firms affected by an event such as the recent US bank failure could easily lose access to a committed capex line overnight. Diversifying sources would preserve alternate lines of funding even as the banking channel fails.
Increase Resilience through Three Steps
Corporate firms can focus on three main points to increase resilience to shocks.
Understand their financial risks and balance risk and return. Financial risks are part of any business model. For instance, foreign exchange risk is unavoidable while producing and selling in different currencies. Banks also face commodity price risk, interest rate risk, and the biggest trade-off when managing cash: liquidity risk.
Not all these risks can be eliminated or hedged, so leaders need to balance risk and return using a proper strategy. The finance function must also proceed with a clear definition of the amount of risk a firm is willing to take to pursue its business objectives (also known as a risk appetite framework). Knowing what risks are facing a business is critical. Leaders should treat individual risks as core elements of both the investment decision-making process and any corresponding business cases.
Hedging risks can present its own trade-offs or consequences, which makes it such a tricky balancing act. For example, buying excessive “insurance” from banking partners—say, large volumes of committed credit lines—avoids short-term liquidity issues. But paying the ongoing fees—a sort of unofficial insurance premium—hampers profitability and competitiveness, especially for unutilized lines.
There is often no one right or wrong way to make such decisions. What’s essential is that the executive team has full transparency around the underlying drivers. Leaders must engage in a dialogue around the relevant risks the organization is willing to take.
Outro fator no gerenciamento de riscos é o tempo. Risco viaja rápido. A recente falha bancária ganhou ritmo quando uma desvalorização do mercado do portfólio de valores mobiliários foi seguida por um aperto de liquidez. Os CFOs devem permanecer cautelosos com esse efeito dominó comum. Compreender a rapidez com que os negócios podem reagir a esses desafios ajudarão os líderes a determinar quais riscos podem ser atenuados antes que o dano se torne muito grave. Líderes em bens industriais,
Various sectors each have their own considerations. Leaders in industrial goods, Energia e os setores de produção devem reavaliar as hedge de commodities. Por exemplo, onde quer que sejam usadas matérias -primas, as empresas devem equilibrar as necessidades colaterais em dinheiro contra o risco de liquidez herdado do risco de preço de commodities. As empresas que abordam exposições ao risco de câmbio (FX) por meio de encaminhamentos e opções não colateralizados devem ter uma compreensão sólida do risco de contraparte de crédito bancário associado a essas opções. Uma vez que a transparência em torno dos riscos subjacentes está em vigor, os líderes podem avaliar o risco contra os retornos associados e decidir o melhor plano de ação.
Facione as capacidades corretas e o modelo operacional para entender a conexão entre os drivers financeiros para gerenciar riscos. A implementação é muito mais difícil. It is easy to talk about generating transparency on financial metrics and risks, and how they are connected. Implementation is much more difficult.
Ao enfrentar qualquer risco, a abordagem deve incluir vários pontos -chave. A formação desse conhecimento em nível de equipe pode exigir treinamento adicional para a equipe entender e gerenciar proativamente os riscos. O treinamento deve abordar uma capacidade comercial de primeira linha e uma função de controle de segunda linha que define as diretrizes de gerenciamento de riscos e aconselha sobre riscos e retornos. no desempenho de uma maneira oportuna e precisa. Os relatórios devem ser transparentes a todas as partes interessadas críticas. Este relatório depende da lógica de cálculo comum para métricas e KPIs relacionados a riscos, uma infraestrutura de dados harmonizada com hierarquias e definições acordadas e limpas para diferentes tipos de dados. Esses cenários devem se conectar a exercícios de previsão e planejamento prospectivos. A análise do cenário é bastante útil para antecipar o impacto de choques em potencial e definir proativamente as ações mitigadoras, preparando a organização com um plano de contingência para quando uma crise acertar. Em vez disso, esteja sempre ciente do que está acontecendo em todo o negócio. Esforce -se para verificações e saldos fortes e abraçar o conceito de um modelo de "três linhas de defesa". Isso inclui uma primeira linha que propõe decisões relacionadas ao gerenciamento de riscos e uma segunda linha para revisar e auditar recursos internos. As opções em torno do risco de refinanciamento, risco de taxa de juros, risco de commodities e risco de FX são grandes demais para que os CFOs lidem sozinhos. A suite C deve ser educada sobre o funcionamento interno do balanço patrimonial-e o envolvimento do CEO com o gerenciamento de riscos financeiros deve ser consistente. O CEO deve fazer parte de um alcoólico ou pelo menos informado regularmente sobre os resultados da discussão do comitê. Perguntas:
The appropriate skillset of the finance team should be shaped by a solid understanding of the company’s business operations, financial drivers, and risk categories. Forming this team-level knowledge may require additional training for staff to understand and proactively manage risks. The training should address both a first-line business capacity and a second-line control function that sets risk management guidelines and advises on risk and returns.
A team must also create a well-understood KPI hierarchy with driver trees that connect operational drivers and financial outcomes, serving as both an early warning trigger and a limit system.
Firms should equip the data and IT infrastructure and tooling to report on performance in a timely and accurate manner. Reporting should be transparent to all critical stakeholders. This reporting relies on common calculation logic for metrics and risk-related KPIs, a harmonized data infrastructure with agreed upon data hierarchies and definitions, and clear owners for different data types.
It is also important to deploy integrated tooling that enables a flexible and dynamic ability to run stress and “what-if” scenarios (including reverse stress scenarios) across risk types. These scenarios should connect to forward-looking forecasting and planning exercises. Scenario analysis is quite useful to anticipate the impact of potential shocks and define mitigating actions proactively, preparing the organization with a contingency plan for when a crisis hits.
Put strong governance in place. Avoid “autopilot” risk management; instead, always be aware of what is happening throughout the business. Strive for strong checks and balances and embrace the concept of a “three lines of defense” model. This includes a first line that proposes risk management-related decisions and a second line to review and audit internal resources.
Financial risks are an executive, “top of the house” topic, and the CEO must be informed on the various challenges facing the company. Choices around refinancing risk, interest rate risk, commodity risk, and FX risk are all too big for CFOs to handle alone. The C-suite must be educated on the inner workings of the balance sheet—and the CEO’s engagement with financial risk management must be consistent.
They must consider whether an ALCo (Asset Liability Management Committee) should handle decisions regarding a firm’s financial risks, strive for the right cadence of the committee’s decision-making meetings, and embed financial risk management proactively into other planning processes, such as ongoing forecasting and annual planning. The CEO should be part of an ALCo or at least informed regularly of the committee’s discussion outcomes.
Implement Change Right Away
By initiating the transformation to stronger risk management today, companies can fortify themselves against the inevitable disruptions that lie ahead—even if crisis happens fast.
CFOs should ask themselves and their teams the following questions:
- Temos total transparência nos riscos que corremos como empresa e as decisões de troca de risco/retorno que tomamos conscientemente? Riscos de uma maneira resiliente?
- Is the management team aligned on the risks taken, the interconnections between them, and our willingness to take risks?
- Are our capabilities—skills, data, projection, simulation, reporting—sufficient to manage risks in a resilient way?
- Does our governance ensure that all trade-off decisions are made in a transparent and conscious way?
- Have we overlooked risks, and do we need to pivot our business and/or risk management approach to rebalance?
A company finds a variety of benefits by strengthening its balance sheet and financial risk management framework.
In so doing, a business will enjoy an integrated view of financial risk-return trade-offs across foreign exchange, commodities, interest rates, and credit. It will optimize working capital and liquidity across regions and business lines, while its leaders gain transparency on aggregated cash positions to enable accurate forecasting.
Essa empresa se tornará mais eficaz no gerenciamento de sua classificação de dívida-alvo e KPIs financeiros com recursos financeiros mínimos, resultando em aumento da produtividade e desempenho de capital e em uma rápida perspectiva corporativa sobre liquidez para informar discussões estratégicas. Ele estará pronto para reagir a choques, usando ferramentas e transparência para antecipar como gerenciar riscos proativamente antes e durante uma crise. Inscreva -se
Building a resilient balance sheet in a very dynamic and volatile environment is key for long long-term success.
