Page 46 - 凱基證券 年報

業務概況與展望 Business Overview & Outlook
44 業務概況與展望 Business Overview & Outlook
Risk Management
With business coverage expanding in the Asia-Pacific region
and products and services diversifying, KGI Securities has
established risk committees in all its regional subsidiaries
to review and approve policies, new business ventures,
products, risk profile and budgeting, among other key issues.
These committees are made up of senior management and
executives of KGI Securities, representing various business
divisions.
The risk management framework and governance structure
of KGI Securities provide comprehensive control and
management of the risks inherent in KGI Securities' business
activities. As KGI Securities strengthens its operational
performance and competitive advantages, the ability to
properly identify, measure, monitor and report risk is crucial to
its future success.
The market risk of trading positions is quantified on a daily
basis as sensitivity and Value at Risk (VaR). Other risk-control
efforts include the establishment of a comprehensive market
risk policy framework, the providing of a market risk profile
transparent to senior management, the monitoring of limits and
stress testing, and qualitative risk assessment.
As for credit risk management, KGI Securities classifies entities
(including counterparties and debt securities) by their credit
rating and ensures total credit risk exposure is at a controllable
level. KGI Securities has built up the OTC derivatives collateral
management mechanism, through collecting collateral for
mitigating counterparty risk. For trading-related liquidity risk
management, KGI Securities sets concentration limits for single
equity, debt securities, counterparty and industry. The Chief
Executive Officer, the Board of Directors and the Regional Risk
Management Committee all receive a daily VaR briefing and
periodical updates on other risk-related issues. In this way,
風險管理
隨著亞太區域業務之擴展、業務多元化及金融商品持續的推陳
出新， KGI 凱基證券為充分掌控經營風險、提升經營績效及強化
競爭優勢，已於亞太各區域之子公司設置風險管理委員會，負
責規劃、監督風險管理相關事務，並設置獨立之風險管理部門，
負責風險管理制度之推動與執行。
KGI 凱基證券致力於提升風險管理能力，透過建置風險管理制
度、制訂各項風險管理辦法、訂定各項商品作業準則、建立商
品評價驗證程序及強化轉投資事業風險管理等方式，以期合理
管理 KGI 凱基證券業務經營風險，保障股東權益，並更進而追
求利潤與風險平衡，使股東權益最大化。
KGI 凱基證券目前已完成風險管理機制之建立，交易性部位已全
數納入風險衡量系統，市場風險以風險值 (Value at Risk,VaR) 量
化風險，配合風險管理委員會決定之風險限額，每日執行各項
限額及停損機制之控管。另每日針對特定業務之留倉部位執行
壓力測試，以期建立預警機制，降低巨幅虧損發生之機率。
信用風險依交易對象或持有部位，賦予內部評等並分級管理、
總額控管，另針對衍生性商品交易建立擔保品管理機制，定期
評估擔保品價值，以期有效運用公司資源，降低與交易對象信
用風險；交易性部位流動性風險則針對股權、債權部位結合分
級管理、市場流通餘額，訂定持有上限規範，另針對單一公司、
單一產業部位，考量部位集中度及流動性風險，訂定持有限額
規範；風險管理部門每日分析公司整體風險概況，定期向風險
管理委員會與董事會報告，供高階經理人掌握風險概況。
KGI 凱基證券每季召開區域性風險管理委員會，定期檢視各子
公司風險承受概況、獲利績效表現，並修訂各項區域性風險管
理辦法，將母公司之風險管理制度推展到各海外子公司，以充
分監控各地營運概況。
在全球金融風暴衝擊下，本公司未持有問題部位而有資產減損
之情形發生，今後亦將針對金融風暴所暴露風險管理缺失之原
因或金融機構發生金融損失可能之舞弊型態，持續強化 KGI 凱
基證券之控管機制，並發展符合潮流之管理模式或預警指標，
期以更貼近市場運作之管理方式來提昇風險管理機制。