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加中金融

四、金融企业的整体分析框架结构 4. The enterprise analytical framework of a
financial institution
要分析一家企业完整的风险管理框架结构，即其总体风险
因子模型的结构，要注意以下几点：（1）情景的设计与 To analyze a company's enterprise risk management framework or
生成。大型银行控股公司由于其业务多样，地域开展广泛， the structure of its overall risk factor model, the following points
所覆盖的风险类型与情景也更为多样，需要对不同的风险 should be considered: (1) The design and generation of scenarios:
与情景进行设计生成。（2）定价。通过资产估值模型、 Large-scale bank holding companies have diversified businesses
and extensive geographical coverage, so there are more variety of
负债估值模型、风险与业务限制因素三个方面，对所设计
的情景进行估值定价。（3）形成完整、动态的资产负债 risk types and scenarios. It requires to design and generate different
scenarios for different risks. (2) Valuation: Valuation under each
表。所有公司层面的工作， 比如资产/负债管理、战略资
scenarios is derived based on the three aspects: asset valuation
产分配、压力测试、绩效分析以及经济资本确立等， 都 model、 liability valuation model、 risks and business constraints.
应该使用统一分析框架结构。 (3) A complete and dynamic balance sheet: All company-level
work, such as asset/liability management, strategic asset allocation,

stress testing, performance analysis, and economic capital
五、金融科技 establishment, should use a unified analytical framework.
5. Fintech
目前国内金融科技的运用大部分是在获客上面，认为技术
够先进，了解客户的信息越多，获客量自然也会上升，但 At present, most of the China’s fintech applications are used to
实际上客户选择金融机构不仅仅是因为机构了解自己，更 attract customers. It is considered that more advanced technology
多考虑的是机构的信誉， 信用、产品质量，最后才是机 and more information of customers will get more customers.
构提供的服务，所以机构应该更深层次地考虑科技和核心 However, in fact, customers select financial institutions not only
业务结合。 此外，金融科技在国外应用最多的是定价和 due to the institutions know their clients, but more based on the
风险管理，从这一点来看，国内与国外的差距还是比较大 institution's reputation, credit and product quality. The services
的，值得国内的金融机构思考与学习。可以把定价和风险 provided by the institution is the final consideration. So the
institution should more thoroughly consider a combination of their
管理称为金融行业的“芯片”技术，中国金融行业应该立 technology and core business. In addition, the fintech in financial
即重视， 开始逐步把握自己的“芯片”技术。 institutions abroad is more widely applied to pricing and risk
management. From this point of view, there is a big gap between
结束语
domestic and foreign financial institutions. It is worth for domestic
在风险管理愈发重要的当今，我们除了对已有的系统进行 financial institutions to think and learn. Pricing and risk
改善，也要博采众长，学习各国优秀的管理经验，如美国 management can be referred to the “chip” technology in the
在进行压力测试时的整体设计。同时，要密切关注不断发 financial industry. The Chinese financial industry should
immediately focus on it and begin to gradually develop its own
展的新兴科技，如 AI、大数据等，将其应用于自身的风险 “chip” technology.
管理，使之更智能与可靠。
Conclusion
（整理：毕志聪、梁丹辉）
In today's increasingly important risk management, in addition to
improving our existing systems, we need to learn from others and
learn from the excellent risk management experience across

various countries, such as the overall design of the stress testing in
the United States. In the meantime, we must pay close attention to
more advanced technologies such as AI and big data, and apply
them to our own risk management and make our risk management
more intelligent and reliable.

(Edited by Zhichong Bi and Liang Danhui)

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 30 第30页