FiN�t Jún

2012

Aktuálne informácie pre banky a finan�né in�titúcie 2012/2

© IBV NBS, n.o. V�etky práva vyhradené. Dostupné pri registrácii, nepredajné. ISSN 1338-6166

OBSAHRastom k novým výzvam

Investícia do zlata je skuto�ná ochrana majetku

Achieving Success Through Self Motivation

Making Enterprise Risk Management a Reality

Preh�ad termínov realizácie vzdelávacích podujatí na druhý polrok 2012

Vá�ený klient,

dovo�ujeme si Vám zasla� druhé �íslo e-mailového newslettera FiN�t v roku 2012.

FiN�t je elektronický odborný �asopis pre ka�dého, kto pracuje v oblasti bankovníctva a pois�ovníctva. Priná�a bezplatne novinky z oblasti finan�ného vzdelávania automaticky do Vá�ho mailboxu dvakrát ro�ne.

IBV NBS, n.o. prichádza na trh vzdelávania s aktualizovaným akreditovaným programom European Foundation Certifikate in Banking (EFCB) a novým vzdelávacím programom Bankové právo. Cie�ovou skupinou sú pracovníci finan�ných in�titúcií. Predpokladaný termín otvorenia 6 mesa�ných programov je október 2012.

EFCB je medzinárodný bankový certifikát, ktorý doteraz získalo viac ako 11 700 zamestnancov bankového sektora vrátane sto dvadsiatich bankových zamestnancov zo Slovenska. IBV NBS, n.o. je jedinou in�titúciou na Slovensku, ktorá získala akreditáciu od Akredita�nej komisie European Banking and Financial Services Training Association na realizovanie EFCB.

Bli��ie informácie o programoch je mo�né získa� na telefónnom �ísle 02 5787 3530 alebo e-mailom na ibv@nbs.sk.

V tomto �ísle Vám predstavíme asociáciu Efma na Slovensku, význam investície do zlata, návod na dosiahnutie úspechu prostredníctvom motivácie seba samého a novinky zo sveta financií.

S úctou

doc. Ing. Peter Szovics, PhD.riadite� IBV NBS, n.o.

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Rastom k novým výzvam Posledný prieskum o inováciách v bankovom sektore identifikoval mno�stvo pozitívnych trendov, ako aj oblastí potencionálnych hrozieb pre bankový sektor v neistých �asoch s výh�adom do budúcnosti. V�etky tieto výsledky boli spracované v �túdii �Innovation in retail banking 2011�, ktorej základ tvorilo viac ne� 100 vyplnených dotazníkov najvä��ích bankových domov zo 40 krajín sveta. Najvýraznej�ím bolo zistenie, �e a� 65% bánk (takmer dvojnásobok z predchádzajúceho roku) vidí prelomové inovácie u konkurentov za najvä��iu rastúcu hrozbu v bankovom sektore. �o teda prispelo k takejto markantnej zmene vnímania zo strany bánk?

V prvom rade sú to noví hrá�i vstupujúci do bankového sektora s odli�ným biznis modelom a zásadnou orientáciou na zákazníka. Títo konkurenti preberajú �as� zákazníkov stabilným hrá�om na trhu a zvy�ujú konkurencieschopnos� na strane ponuky. Typickými príkladmi sú Metro Bank vo Ve�kej Británii, Alior Bank v Po�sku, �i Air Bank v susednej �eskej republike.

Druhú skupinu tvoria rýchlo rastúci alternatívni poskytovatelia platieb a platobných systémov. Príjmy Paypal vzrástli medziro�ne o 31% (jún 2010 � jún 2011) a na�alej pokra�ujú v inováciách. Iným príkladom je Google Wallet zabezpe�ujúci mobilné, online a bez-kontaktné platby, od minulého roku s mo�nos�ou bezpe�ného zálohovania detailov platobných kariet.Pozitívnou správou je, �e vä��ina bánk dokázala reagova� na tieto nové výzvy a a� 66% zvý�ilo medziro�ne svoje investície do inovácií, pri�om len 23% zaznamenalo ich pokles.

Zameranie inovácií Vo vä��ine bánk inovácie najviac smerovali do zlep�e-nia vyu�ívania distribu�ných kanálov. Naopak, najmenej inovácií i�lo do vylep�enia procesov. Paradoxom je, �e najinovatívnej�í hrá�i na trhu vrátane novovzniknutých bankových start-upov zamerali svoje inovácie práve do procesov: jednoduch�ie a preh�adnej�ie slu�by, menej administratívy, transparentnej�í prístup. Iné predajné a marketingové aktivity ako sociálne médiá, �i online predaj zaznamenali najmen�í prílev inovácií a nedosiahli

ani priemerné hodnoty. Z poh�adu dôle�itosti a po-tenciálu je ich rast potrebný pre �al�í vývoj.

K�ú�ové faktory úspechu Prístup lídrov v inováciach je ve�mi podobný u bánk, ktoré zvolili inovatívno-defenzívnu stratégiu. K�ú�ove faktory úspechu inovácií sú nasledovné:

Silná podpora inovácií zo strany top mana�mentu Jasná inova�ná stratégia, zahr�ujúca ciele, procesy

a priority Existujúce funk�né oddelenie/ tím, ktorý by

koordinoval v�etky aktivity v oblasti inovácií Rast investícií do inova�ného procesu

Najdôle�itej�ím rozdielom bola interná prioritizácia oblastí zamerania. Kým najinovatívnej�ie banky radili inovácie na prvé, respektíve druhé miesto za risk mana�ment, ostatné postavili pred inovácie viac interných priorít ako napríklad mana�ment nákladov alebo �udských zdrojov.

Inova�ný proces V minulosti vä��ina bánk zastávala názor, �e ma� samostatné inova�né oddelenie nie je nevyhnutné, preto�e tým odoberá inova�nú zodpovednos� ostatných oddelení. �iasto�ná pravda v tom ur�ite je, aj ke� práve najinovatívnej�ie banky v posledných rokoch mali ur�itú formu inova�ných oddelení, ktoré úzko spolupracovali s ostatnými oddeleniami na konzultovaní inovácií pred ich zavedením do praxe. Tieto oddelenia mali hlavnú úlohu vo vytváraní nových nápadov pri doh�ade na správny implementa�ný proces. Vo v�eobecnosti mô�eme vymedzi� 5 hlavných fáz inova�ných procesov:

1. Stanovenie cie�ov a inova�nej stratégie2. Tvorba nápadov3. Selekcia nápadov a prioritizácia investícií4. Príprava konceptu5. Implementácia a komercializácia

Najlep�ie vy�li banky len v jednej z vy��ie uvedených fáz - v tvorbe nápadov. Pri ostatných z týchto základných krokov inova�ného procesu banky neobstáli a prekvapujúco sa objavili aj zásadné rozdiely v regiónoch a zameraniach inova�ného procesu na jednotlivé fázy.

FiN�t Strana 2Jún 2012

Luká� Dzuro�kaAssistant Manager, Efma CEE

FiN�t Strana 3Jún 2012

Rastom k novým výzvamVýzvy budúcnosti

V�eobecne mô�eme pozorova�, �e banky vynakladajú stále vä��ie úsilie na zlep�ovanie inova�ných procesov a pokrytie nových oblastí ako sociálne médiá alebo mobilné bankovníctvo. Sú to toti� k�ú�ové oblasti rozvoja, aby si stabilní hrá�i ochránili svoj �core biznis� pred novými a potenciálnymi konkurentmi. Napriek tomu zna�ne chýba rozvoj príle�itostí pre budúci rast príjmov a kapitálu v re-tailovom bankovníctve a to je práve oblas�, kde finan�né in�titúcie globálne musia venova� ove�a viac úsilia.

Efma je globálna asociácia, ktorá vznikla v roku 1971 z vlastnej iniciatívy bankových a pois�ovacích in�titúcií retailových finan�ných slu�ieb s cie�om nezávislého priestoru zdie�ania �Best Case Practices� (BCPs) v odvetví. V sú�asnosti viac ne� 3,000 najvä��ích finan�ných spolo�ností pôsobiacich v oblasti retailových finan�ných slu�ieb z celého sveta je sú�as�ou �lenskej základne Efma asociácie. Prostredníctvom 17 konferencií, viac ne� 30 �túdií a mno�stva exkluzívnych networking eventov ro�ne, vo forme diskusií, medzinárodných stretnutí a pracovných skupín, disponuje Efma nespo�etným mno�stvom informácií, �lánkov, publikácií, �tatistických ro�eniek a iných zdrojov zameraných preva�ne na inovácie a dlhodobý rast globálneho sektora. Asociácia má sídlo v Parí�i.V Bratislave má svoje zastúpenie pre región strednej a východnej Európy v osobe regionálneho mana�éra �ubomíra Olacha so svojím tímom.

Tento �lánok sa objavil v periodiku Efma Journal � N231/ 2012 na základe �túdie �Innovation in retail banking 2011�, ktorú napísal l odborný Efma konzultant a poradca Micheal Pearson. Efma Journal je publikovaný �tvr�ro�ne asociáciou Efma.

Jednou z posledných aktivít Efma asociácie na Slovensku bola v spolupráci s Capgemini prezentácia k�ú�ových výsledkov globálnej �túdie �World Retail Banking Report 2012�, v priestoroch Národnej Banky Slovenska za ú�asti viac ne� 50 zástupcov bankového sektora na Slovensku. Viac informácií o spomínanej �túdií ako aj Efma asociácií nájdete na www.efma.com.

Investícia do zlata je skuto�ná ochrana majetkuV zásade platí, �e zodpovedné za pe�a�nú politiku sú spravidla centrálne banky, ktoré ochra�ujú ob�anov jednotlivých �tátov pred nepriaznivými následkami nárastu cien prostredníctvom zvy�ovania úrokových sadzieb. My�lienka, ktorá sa za tým skrýva: �ak sa zvý�i cena tovaru a slu�ieb dôsledkom zvý�ovania objemu pe�azí, v tom prípade, musi minimálne úroková miera ob�anov na ich úsporach toto zdra�enie vyrovna��.

Toto pravidlo v�ak neplatí, ak sú úroky dr�ané nízko a zdra�ovanie presiahne danú úrokovú mieru. V tomto prípade nastáva stav tzv. negatívnej úrokovej miery, ke� sa ná� majetok reálne stráca v pripade, ak v papierovej forme zhodnocovania úspor nie je práve ponúkaná alternativa. Najneskôr v tomto momente vstupuje do hry zlato.

Jeden z dôle�itých faktorov vývoja ceny zlata je práve negatívna úroková miera. Pripome�me si v tejto súvislosti, �e aj oznámenie FED, ktorý sa rozhodol svoju politiku nulových úrokov posunú� a� do roku 2014, �o v kone�nom dôsledku prinúti ostatné centrálne banky tento trend nasledova� alebo minimálne pokra�ova� v zni�ovaní úrokových sazieb. Udr�iava� úroky na nízkej úrovni bez toho, aby likvidita zaplavila trh, bude pre centrálne banky z dlho-dobého h�adiska nerie�ite�ný problém. Práve táto likvidita oslabí papierové meny a zlato bude opä� stúpa�. Tento trend mô�eme pozorova� od prelomu tisícro�ia, ke� reálna úroková miera vä��iny krajín dosahovala negatívnu hodnotu. Od roku 2000 sa úroková miera takmer polovicu obdobia dr�ala v ne-gatívnej oblasti. Cena zlata v rovnakom období zaz-namenala nárast o 450% . Dnes u� v�etci vieme, aká je situácia v Európe, ktorá rie�i dlhovú krízu. Chcem zdôrazni�, �e následky tejto krízy ponesieme my. Mali by sme preto vedie�, ako sa �táty vyrovnávajú so zadl�ením, s rozdielom �tátov, ktoré vyhlásia bankrot a jednoducho nikomu ni� neplatia. Takto zruinované krajiny sa e�te dlho budú z tejto situácie �dostáva��. V skuto�nosti je to práve negatívna úroková miera a fi�kálna politika, ako ob�úbený nástroj �tátov na odbúranie dlhov. Ak v�ak nedôjde k radikálnym krokom a zadl�ené �táty sa podrobia pravidlám kontroly a budú dodr�iava� pravidlá stanovené Bruselom. Centrálnou témou vývoja ceny zlata bude aj v budúcnosti globálna

finan�ná a dlhová kriza, ktorá v závislosti od zadl�enia �tátnych sektorov, ekonomík a privátnych dlhov sa stáva �oraz viac neúnosnou.

Zlato ponúka tú najlep�iu ochranu majetku v priestore negatívnych úrokov.

Cena zlata sa vyvíja �astokrát v neistých �asoch, ako aj v �ase akútnej krízy pozitívne. Bohu�ia� v sú-�asnosti e�te nie sú za�ehnané globálne finan�né problémy. �oraz vä��ie mno�stvo odborníkov a eko-nómov sa zhoduje, �e táto konjuktuálna neistota a bo-lestivé odbúravanie dlhov mô�e trva� e�te nieko�ko rokov, dokonca, a� do prelomu desa�ro�ia. Tak ako cena iných komodít, rovnako aj cena zlata odrá�a ponuku a dopyt. Dopyt po zlate je vo viacerých oblastiach: centrálne banky, výroba �perkov, rozvoj technológií aj ako investícia. Zaujímavý zvrat nastal v roku 2010, ke� sa centrálne banky presunuli z úlohy predajcu do role nákupcu. Predov�etkým to boli banky rozvíjajúcich sa krajín. Na príklade �íny, ktorá mala len 2% devízových rezerv krytých zlatom je zrejmé, aký je nepomer a po-tenciál oproti iným �tátom, ako napriklad USA, Nemecku alebo Francúzsku, ktorých podiel je cca 70%. Tento deficit sa rozhodla �ína vyrovna�. Teda existuje reálny predpoklad, �e tento trend nákupu zlata bude pokra�ova� aj v nasledujúcich rokoch. �ína nakúpila v prvom kvartáli roku 2012 takmer 110 ton zlata. Svojimi nákupmi dosahuje tak vysoké objemy, �e u� dnes ju mô�eme pova�ova� za najvä��ieho nákupcu zlata a tento trend bude pretrváva� aj v �al�ích rokoch. Zlato sa postupne presúva na východ.

FiN�t Strana 4Jún 2012

Centrálne banky ako napr: Mexiko nakúpili za posledný rok 2011 - 16,8 t zlata, ako aj Turecko, ktoré svoje zlaté rezervy navý�ilo o 11,5 ton. Dokonca aj krajiny ako Ukrajina a Kazaschstan pravidelne nakupujú zlato. Slovensko pri vstupe do eurozóny za�iatkom roku 2009 navý�ilo svoje rezervy z 8,9% na 67,5%. V roku 2011 centrálne banky dosiahli saldo nákupu o 439,7 ton zlata viac, ako predali. Tento objem poukazuje na skuto�nos�, v akom vysokom merítku je vnímaná nedôvera centrálnych bánk vo�i papierovým peniazom. Rad�ej dôverujú zlatu.

Aj ke� vä��ina �udí pova�uje tému eurokrízy za za�ehnanú a problémy z nej vyplývajúce za vyrie�ené, nie je to celkom tak. Dovolím si citova� prezidenta spolkovej banky Nemecka pána Wiedmanna: ,,Problémy e�te nie sú vyrie�ené. Politici musia teraz kona�. ECB si prostredníctvom záchranných opatrení kúpila trochu �asu.

To make things happen you need to have� Intent; Desire and Commitment. It doesn't matter where you are coming from; all that really matters is where you are going. Self-motivation applies to our relationship with ourselves. �and we need an inventory of techniques and 'tricks of the trade' that we can employ to move ourselves off dead-center for the sake of our own future. When it comes to self-improvement and success, self-motivation is the nucleus of it all.When is self-motivation important? Perhaps when you are confronted with a task that seems so massive, complex or overwhelming, that you have trouble putting it into focus, and forming a plan of action� you need to know how to motivate yourself. Do anything that gets the ball rolling since actions breeds more action. The longer you procrastinate or ponder over an unpleasant job, the harder it is to overcome inertia.

Investícia do zlata je skuto�ná ochrana majetku

Ing. Martin Mardeusriadite� spolo�nosti Protected Financial Services

Achieving Success Through Self Motivation

There are three kinds of people:

Those who make things happens

Those who watch things happen

Those who wondered what happened

FiN�t Strana 5Jún 2012

Declare a deadline. This is one of the most powerful motivating practices you can use. When you create a deadline, you will find that your attention is more sharply focused. Get Organised� Plan; Prioritise; Manage time; Be disciplined; Be proactive. Lead yourself well.The Irish playwright George Bernard Shaw was quoted as saying: �People are always blaming their circumstances for what they are. I don't believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and if they can't find them they make them." Self motivation isn't merely important; it's essential for your survival. This ability can easily make the difference between excellence and mediocrity. Be recognised as someone who is self motivated and motivates people. Be seen as someone who wants to accomplish something, to try new things, to have the courage to take risks, to challenge the status quo, to truly achieve and to excel. Above all get skilled in setting and meeting goals. We all work harder, and better, when the goal we are working towards means something to us. If winning a contract means enhancing your career prospects or losing weight means fitting your wedding dress, goals with consequences push us towards success. When companies and individuals fall short of their targets, it is often because they were not sufficiently inspired by their goals. Identifying and connecting with your goals is the foundation of success. If you are not achieving the level of success you had hoped for, an analysis of the goals you have set yourself in the first place to look to make changes. Ask yourself how you can make them more meaningful. When goals are unattainable they lose their power to inspire us and breaking them into achievable targets gives them the potency they previously lacked. Sometimes, its simply that we have set ourselves goals that are never going to inspire us to achieve: if you don't care about getting a promotion, or don't mind one way or another if your company meets its end-of �year targets, these goals are never going to help you find success. If you, your company or your team are underachieving, look carefully at the goals you have � or perhaps more critically, have not set. Take the time to analyse the things you want - at work,

at home, in your social life � that actually mean enough to you to motivate you. As long as you have a goal, when you do fall down, you will fall in a forward direction. When you pick yourself up, you will be a little closer to the goal each time. �There is no dishonour in falling, but only in failing to rise again.� (Japanese Saying) In conclusion, one may assert that our goal is not just to make a living, but also to make a great life. Our goal is to fulfill our potential as a person, in every area, and to become everything that we are capable of becoming over the course of our lives and careers. I conclude with an apt quote from Steve Jobs, who emphatically stated that �what separates the successful from the unsuccessful is perseverance.� Fix the future�Make it happen or at least�Make it possible !

FiN�t Strana 6

Achieving Success Through Self Motivation

Paul Gauci Paul Gauci B.A.(Hons); M.Ed (Trg &Dvpt) Sheffield; Chartered MCIPD is a Chartered training practitioner and lecturer with 25 years experience delivering training to various organisations within the banking industry at an international level.

He will be in Bratislava in 18-19 October 2012 delivering training in 'Customer Care, Selling and Ne-gotiation Skills' at the Institute of Banking Education, NBS, n.o..

Jún 2012

Why Enterprise Risk Management Frameworks Fail to Deliver

1. Lack of Senior Management Support

It is hard for Boards and senior managers to actively engage in this process. Many start with good intentions which result in the acquisition of an experienced and potentially effective team. However the Board members themselves have a range of responsibilities many of which fall within their normal levels of knowledge and experience. On the basis that you do not �buy a dog and bark yourself� they increasingly rely on the appointed experts and slowly disengage from the process.

Their lack of knowledge of the area results in their ceasing to conduct the level of review of key elements of the programme that is required which is increasingly perceived as their having limited interest in the ultimate success of the project. Developing an Enterprise Risk Management Framework is a major change project and requires maintenance of momentum and the availability of critical resources. In the absence of evidential key management support it can be hard to identify this as a key project receiving the necessary level of support required for its success from the business.

Of course some Boards do include the necessary skills, but these are not always evident in all firms. The failure to appoint particularly non-executive directors who have real knowledge and experience of risk management has certainly exacerbated this problem. Training for Boards and senior managers combined with the appointment of additional nonexecutive directors with risk management skills would certainly start the process. Regular reporting on the project from the Board to the business would also assist in ensuring momentum is maintained.

2. The Risk Management Team are Seen as Outsiders

Many of the staff recruited to staff the risk management function will come from outside of the organisation with knowledge of risk management techniques applied in their previous firms. They could be seen as a regulatory imposition by the business that fails to appreciate their value or their role.

Some of the teams are themselves the cause of the problem. They seek to show that they are the experts in the field operating with the business on a �needs to know� basis. They resort to jargon as a form of protection and to attempt to garner respect and develop a mystique. This only serves to exacerbate what is seen as a �them or us� approach.

Some of these teams will have combined experience of one or more approaches. Enterprise Risk Management is not new, yet many of the techniques we are currently implementing are often perceived as being new when this is not the case. However the expert hired from outside may bring their previous approaches to your firm when they are not suitable. They could be over complex, more expensive than necessary or totally inappropriate for your type of business. Of course unless the senior management have some form of awareness of what they are looking for then how could they identify that an approach was inappropriate?

To counter this we would expect the Risk Management team to include a number of staff who have been with the firm for a period of time and bring knowledge of �how we do things around here� to the team. This needs to be supplemented by regular reviews of the project by knowledgeable experienced external experts to ensure the project is not going off track.

FiN�t Strana 7Jún 2012

Making Enterprise Risk Management a Reality

Many firms claim to have enterprise risk management frameworks, yet many have had problems with implementation and project effectiveness. In this article we consider the barriers to the implementation of an effective framework, some of the challenges and some of the solutions that should be considered.

FiN�t Strana 8

3. Systems are Acquired to solve a Data Problem

I am sure that we have all seen this issue in practice. A firm knows it has a paucity of data so believes incorrectly that a systems solution will solve the issue. It may be that the risk management team have familiarity and respect for systems that they have used before which are data hungry but potentially effective risk management systems.

The acquisition of such a system actually has the effect of delaying the firm dealing with their real issue which is the data availability. Often the data exists but either is not easily sourced or can only be sourced at an exorbitant or prohibitive cost. Having acquired what is then the wrong system to deal with the wrong problem; the risk management team are indelibly wed to its ultimate success. Rather than dealing with the data issue they seek to develop synthetic data solutions which nobody understands or believes. The outputs from such a system are likely to be at best inaccurate and at worst misleading.

To counter this, the initial project plan should identify the key data requirements and any barriers to an effective implementation. The software solutions identified as meeting the needs of the firm should be consistent with the actual needs of the firm and consistent with data availability. If there is a data issue this should be identified and dealt with first perhaps by using the services of one of the outsourced service providers.

4. Risk Management is seen as a Regulatory Construct

In some firms it appears that the only reason risk management is being implemented is due to pressure from the regulators. Whilst anything that ultimately results in a risk management framework being completely implemented must be welcomed, risk management is a not a regulatory requirement. The business needs effective risk management regardless of the regulatory requirements.

The problem is often caused by the way that the project and its development are communicated to the Business. If the regulatory stick is used to liberally then the entire project is seen as being really a compliance issue and the Business essentially disengages, leaving everything to the risk management professionals to deal with. You hear comments such as �Risk is management by the Risk Management function� or �We

only do that because we are told to� without any of the values of the project being clear.

This should have been avoided and communication is at the heart of the matter. In all communications both from the senior management and from the risk management team should emphasise values and drivers, making the programme part of the way we do business as opposed to an imposition. If you have to rely on regulation to make the programme tick then you have probably lost the argument and will find barriers to meeting the use test.

5. Failing the Use Test

Even the regulations include the need for risk management data to be used by the Business. Essentially an enterprise risk management framework has the objective of ensuring that risk assessment and evaluation are included throughout the firm, from the Chairman to the Doorman. Of course not everyone requires the same risk management data nor are they able to make use of it in the same way. Much of this is about education so that the business has a better idea of what it should need as opposed to what it currently gets. It is also about constructive challenge by helpful risk management professionals that are patently adding value.

If modelling is too complex the ability of the business to understand and appreciate the outcomes could be impaired, limiting its usability. If the risk management function move from facilitation mode to taking direct responsibility without values being clear then the likelihood of the data being used is small. Of course effective risk management is not just about calculation; rather it is a state of mind. What is needed is for all staff to consider risks and risk mitigation as they are conducting their roles without confusing risk reward relationships.

6. Undue Complexity

All risk management units will need to undertake some form of risk modelling, using some elements of complex mathematical techniques. However in some teams this appears to be all that they do � what they are forgetting to do is risk management. To get senior management and Business buy in the risk professionals will need to translate the mathematics into a form that is understandable to the people that need to use it. In other words avoid equations if your audience cannot understand equations!

Making Enterprise Risk Management a Reality

Jún 2012

FiN�t Strana 9Jún 2012

There is an intellectual challenge for risk management professionals to make complex ideas simple and to seek simple as opposed to elegantly esoteric solutions where these exist. If the output is unlikely to be completely accurate or is intended to operate on average or over pools then there could be simpler attribute based solutions which could be applied.

It is also important for both senior management and the Business to be willing to state clearly that they do not understand the modelling. If they do not have the right level of knowledge then they will not know the limitations of the technique or the assumptions that have been made. Without this knowledge the data could be dangerous for them to use. Adequate challenge in the Risk Management Committee should resolve this issue.

7. The Wrong People on the Risk Management Committee

Who should attend the Risk Management Committee? If it is the risk team headed by the Chief Risk Officer then it is an internal departmental committee and not really a true Risk Committee. If it is only the Board then the meeting could end up replicating discussions that should (and are) conducted at the Board. Neither feels appropriate.

Since Enterprise Risk Management is a Business concern it is the business that should be represented and dealing with the issues, facilitated by Risk Management. This would suggest that business units should be represented with the C Suite only taking responsibility where the business would not otherwise be represented. The Chief Risk Officer is then the secretary to the committee as opposed to the Chairman of the Committee. The Risk department do not own risk. They

neither enter into transactions nor develop business. Their role is to ensure that the business manages to do this effectively. It is when this role is not clearly understood that so many problems occur.

8. Inconsistent Modelling

At its heart Enterprise Risk Management needs consistent modelling across the business. This needs to be conducted in each of the silos of risk that currently exist. If there is a clear risk vision as to what the framework is intended to achieve then this helps. Developing a single risk taxonomy with each risk terms defined only once in a language that mere mortals could understand would obviously help. Implementing thorough risk appetite modelling together with a risk acceptance policy dealing with the correlation of risks and cascading this to the level of the control would also be of benefit.

Within the risk silos (credit, counterparty credit, market, liquidity, operational, reputational and trategic) there is a need for tactical and strategic risk solutions. The tactical involves the business to achieve the modelling that they require for their own purposes. This may not be completely identical for all risk types although consistency where appropriate would be an advantage.

They also need to consider strategic enterprise risk management which requires that the total output from the framework is actually additive. This again is about vision and understanding that tactical and strategic risk management may use the same data as input but could actually be difficult. While some level of differentiation is appropriate for tactical risk management, this cannot be applied to strategic risk management.

In ConclusionSo there are a range of issues which cause the programme to fail to achieve its objectives. Some of these are risk management�s fault while others are due to over exuberant expectations or a lack of knowledge. Each can be addressed with care and thought. An effective Enterprise Risk Management Framework enables a firm to better understand and price the risks it is taking improving profitability and reducing earnings volatility. Surely that is a worthwhile objective for any firm!!!

Making Enterprise Risk Management a Reality

Dennis Cox,CEO at Risk Reward

Preh�ad termínov realizácie vzdelávacích podujatí IBV NBS, n.o. na druhý polrok 2012

September

10.- 11. 9. 2012 Osobitné finančné vzdelávanie (sektor PaZ)

12.- 13. 9. 2012 Osobitné finančné vzdelávanie (sektor Úvery)

14. 9. 2012 Skúška sprostredkovateľov – vyšší stupeň

18. 9. 2012 Skúška sprostredkovateľov – stredný stupeň

21. 9. 2012 Uzatváranie zmlúv – špecifiká zmluvných typov

24. 9. 2012 Trade Finance

25. 9. 2012 Etiketa a základy spoločenského protokolu v praxi

25. 9. 2012 SWIFT I

26. 6. 2012 Školenie ICM TARGET2

27.- 28. 9. 2012 Obozretná regulácia bánk v EÚ a Bazilej III

Október

2. 10. 2012 Audit informačnej bezpečnosti

4. 10. 2012 SR v reflexii zmien v EÚ

4.- 5. 10. 2012 Presentation Skills

9. 10. 2012 Ako komunikovať na sociálnych sieťach

9. 10. 2012 Skúška sprostredkovateľov – vyšší stupeň

10. 10. 2012 Školenie APS STATUS_DFT pre používateľov

12. 10. 2012 Skúška sprostredkovateľov – stredný stupeň

15.- 17. 10. 2012 Peňažné a kapitálové trhy I

15.- 18. 10. 2012 Banking and Finacial English

15.- 18. 10. 2012 Základné deriváty finančného trhu – oceňovanie a účtovanie

18. 10. 2012 RBUZ – prístup cez server LN

18. 10. 2012 Basel III

18.- 19. 10. 2012 Customer Care and Selling & Negotiation Skills

22.- 24. 10. 2012 Stratégia riadenia aktív a pasív v podmienkach Basel II, 1.časť

22.- 23. 10. 2012 Konsolidovaná účtovná závierka a zmeny v IFRS od 1.1.2013

23. 10. 2012 Back Office I - Treasury

23.- 26. 10. 2012 Bankovnícvto v SR I.

25. 10. 2012 Ako minimalizovať riziko výberu zamestnanca so sklonmi k fraudovému a podvodnému správaniu vo finančnom sektore

26. 10. 2012 Practical Legal English

31. 10. 2012 Zabezpečovanie pohľadávok v obchodných vzťahoch

November

5. 11. 2012 Retail deriváty

6. 11. 2012 Platobný styk II

5.- 6. 11. 2012 Konfliktmanažment, emocionálna inteligencia a zvládanie stresu

7. 11. 2012 Boj proti podvodom vo finančnej sfére

8.- 9. 11. 2012 Administrative Writing

12.- 13. 11. 2012 Finančná matematika

12.- 13. 11. 2012 Osobitné finančné vzdelávanie (sektor PaZ)

12.- 14. 11. 2012 Peňažné a kapitálové trhy II

14.- 15. 11. 2012 Osobitné finančné vzdelávanie (sektor Úvery)

20. 11. 2012 Systém riadenia informačnej bezpečnosti podľa ISO 27 000

21. 11. 2012 Skúška sprostredkovateľov – vyšší stupeň

21.- 23. 11. 2012 Stratégia riadenia aktív a pasív v podmienkach Basel II, 2.časť

27. 11. 2012 Cennné papiere domáce a zahraničné (Back Office)

27. 11. 2012 Skúška sprostredkovateľov – stredný stupeň

27.- 30. 11. 2012 Bankovníctvo v SR II.

28.- 29. 11. 2012 Školenie pre správcov a administrátorov IS SEPA SIPS

29.- 30. 11. 2012 Finančná analýza firmy

29.- 30. 11. 2012 Effective Meeting Skills

30. 11. 2012 Školenie pre používateľov IS EURO SIPS

December

4. 12. 2012 SEPA - SEPA prevody a SEPA inkasá, SEPA Enddate

5. 12. 2012 Bankové záruky a medzinárodné finančné podvody v oblasti bankových záruk

6. 12. 2012 Právny systém SR

11. 12. 2012 SWIFT II

11. 12. 2012 Skúška sprostredkovateľov – vyšší stupeň

13. 12. 2012 Riadenie rizika podvodov

14. 12. 2012 Skúška sprostredkovateľov – stredný stupeň