信用风险管理概述.pptx

Credit Risk ManagementEnhancing Your Bottom Line Ebrahim Shabudin Managing Director Deloitte Touche LLP The AFP 23rd Annual Conference New Orleans November 3-6, 2002 Credit Background Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line …..An uncertain and volatile economic environment significantly impacts this ability …..The desire to grow and turn in outstanding results has a tendency to put pressure on the checks and balances within businesses Value Proposition Credit plays a critical role in “selling” products and services Expands revenue opportunities with creditworthy, incremental customers Utilizes innovative structures to support business relationships Effective credit risk management limits credit losses and provides stable cash flows and earnings Marketplace rewards companies exhibiting earnings and cash flow stability with higher P/E multiples Marketplace penalizes credit induced volatility and “surprises” Raises questions about quality of management Corporate Credit Risk Companies are exposed to significant levels of credit risk emanating from different sources Accounts Receivables Other Notes Receivables Buyer and Franchise Financing With Recourse Financing Project Finance Structured Transactions Leases with Recourse Derivatives Exposures FX, Interest Rate Risk, Commodities etc. Collateral Risk Parent or Third Party Guarantees Commercial and Standby Letters of Credit Note also that Critical Suppliers to the company may pose specific credit risk DSO Impact … an example Actual Company A Peer Average Q3 A/R $295,396,000 Q3 Sales $261,201,000 \ DSOs = 124* 51.3 Hypothetical D Cash DSOs 51.3 Q3 Sales $261,201,000 \ Q3 A/R = $122,002,230 +$173,393,770 * Equals 295.4M/261.2M x 90(or number of days in sales period) Credit as a Facilitator Credit risk management is important Credit is a facilitator of business growth and performance High business margins tend to att