BANKS - WHAT DOES ENHANCED TRANSPARENCY LOOK LIKE. Gérard Gil - Vincent Papa, CFA
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1 BANKS - WHAT DOES ENHANCED TRANSPARENCY LOOK LIKE Gérard Gil - Vincent Papa, CFA #CFAFrance
2 UPCOMING EVENTS Career Event: Entre innovation et pragmatisme 5 November Odile Couvert, Amadeo Executive Search - Raphael Czuwak, Egon International Kick off meeting 7 November Charter Award Ceremony 16 December
3 IT STARTS WITH YOU! CFA Institute introduces the Future of Finance Project, to help change finance for the greater good. #FutureFinance
4 Thanks to our partner today: Financière de l Echiquier #CFAFrance
5 BANKS - WHAT DOES ENHANCED TRANSPARENCY LOOK LIKE? Séverine Vadon-David Advocacy Chair, CFA Society France, October 17 th, 2013
6 WHAT IS ADVOCACY SUIVI DE LA REGLEMENTATION FINANCIERE ET DES POSITIONS (INITIATIVES) DE PLACE Speaking up about ethics and professional standards, supporting fair and transparent financial markets and practices, and protecting the interests of investors. Contributing to members education, building and maintaining relations with the regulatory agencies and other professional organizations, and commenting on initiatives by the regulators... And suggest our members to join some of our workshops 1) Checklist on the Quality of reporting for BANKS. 2) Checklist on the Quality of reporting for CORPORATES CFA Society France 6
7 ADVOCACY WEBPAGE (SITE CFA SOCIETY FRANCE+»ABOUT US») CFA Society France 7
8 WHY THIS EVENT 1) Restoring investors faith in the financial system is key 2) Answering demands for better risks disclosures is a crucial step 3) Alignment with CFA Institute Future of Finance initiative 2011 and 2012 research on Users perspective on risks disclosures 4) Context of the EDTF initiative*: 1 year after What does enhanced transparency look like? the EDTF gathers for the first time: investors, analysts, asset management firms Banks, auditors, credit rating agencies *Enhanced Disclosure Task Force, sponsored by the FSB -Financial Stability Board. CFA Society France 8
9 THE FUTURE OF FINANCE INITIATIVE The Future of Finance is a long-term global effort to shape a more trustworthy, forward-thinking financial industry that better serves society. CFA Society France 9
10 CFAI 2011/2 RESEARCH: USERS PERSPECTIVE The Quality of Risk Disclosure Influences Investors Capacity to Price Risks/Allocate Capital CFA Society France 10
11 CFAI RESEARCH KEY FINDINGS (EXTRACT): LOW SATISFACTION WITH RISK DISCLOSURES CFA Society France 11
12 CFAI RESEARCH: ALIGNEMENT WITH EDTF Credit Risk Liquidity Risk Market Risk Comprehensive qualitative disclosures. Explain impairments methods. Sufficient disaggregation of maximum credit exposure including coverage of off-balance sheet commitments. Sufficient counterparty risk details including key covenants. Sufficiently explained and integrated presentation of counterparty information (e.g. CVA, Netting information). Integrated collateral and credit enhancement information. Enable users to make judgement on extent of collateralisation. Comprehensive qualitative disclosures including description of sources of funding. Improved maturity analysis (i.e. appropriate bucketing and inclusion of contingent lending commitments). Sensitivity analysis of liquidity risk is required- Delineating impact of different scenarios on funding gaps. Counterparty risk details should be provided including key covenants. Clearly convey extent of diversification of liquidity providers. Differentiate market risk components (i.e. Interest rate, Foreign currency and Commodity). Improved qualitative market risk disclosures. Comprehensive quantitative risk exposures. Improved sensitivity analysis (e.g. truly reasonable probable assumptions, impact of interdependent risk factors or correlation risks). CFA Society France 12
13 SOME EDTF GOALS: ENABLE TO BETTER UNDERSTAND 1) a bank s strategy*, the key risks & how risks are measured 2) a bank s liquidity position, its sources of funding 3) the calculation of a bank s risk-weighted assets (RWAs) 4) the relationship between market risk measures & its balance sheet, 5) loan forbearance & how it affects impaired or non-performing loans * business models SOURCE: Introduction to EDTF s October 2012 report. CFA Society France 13
14 SOME BELIEFS PREPARING THIS EVENT EDTF is a fundamental initiative that should inspire both Banks and Corporates Disclosures should be useful to users (not only compliance for compliance) Disclosures should be comparable across entities from the same sector Using templates, with references to specific pages in financial reports Disclosure Quality indices should be used With sufficient granularity (=breakdown of information) CFA Society France 14
15 SOME BELIEFS (CONT D): LOOKING AT THE 7 FUNDAMENTAL PRINCIPLES OF EDTF (FOR BANKS) 1) Clear, balanced and understandable disclosures 2) Comprehensive, covering all of the key activities and risks 3) Present relevant information 4) Reflect how risk is managed 5) Consistency over time 6) Comparable among banks (/corporates from the same sector) 7) Provided on a timely basis IT SEEMS THEY COULD ALL APPLY TO CORPORATES CFA Society France 15
16 BACK TO THE BANKING SECTOR AND OUR SPEAKERS GERARD GIL, Senior Advisor to the General Management of BNP Paribas. VINCENT PAPA, CFA CFA Institute (Londres) Director, Financial Reporting Policy CFA Society France 16
17 GOING FURTHER LOOKING FOR YOUR INPUT ON: ADVOCACY (FINANCIAL ANALYSIS and REPORTING) 1) Checklist on the Quality of reporting for BANKS. 2) Checklist on the Quality of reporting for CORPORATES ADVOCACY (CAPITAL MARKETS and Asset Management) 1) Checklist on the Quality of Indices & and Benchmarks 2) Comparable Disclosures for Active & Passive asset management CFA Society France 17
18 APPENDIX EDTF MAIN RECOMMENDATIONS #1 Present all related risk information together #7 Describe the key risks that arise from the bank s business models, the bank s risk appetite in the context of its business models and how the bank manages such risks #11/16 Present flow statements on regulatory capital and RWAs #14/15 Provide information on RWA density and model parameters for main portfolios #18 Provide a quantified analysis of liquid assets CFA Society France 18
19 APPENDIX EDTFMAIN RECOMMENDATIONS (CONTINUED) #19 Provide a summary of encumbered and unencumbered assets #22 Provide high level map of main market risk measures to the balance sheet #24 Provide information on risk of loss outside main reported market risk measures #26 Provide a quantitative summary of aggregate credit-risk exposures that reconciles to the balance sheet, including detailed tables for both retail and corporate portfolios that segments the portfolio by relevant factors #27/28 Describe forbearance, impaired loan definitions and policies together with quantified movement analysis CFA Society France 19
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