證券公司(si)是資本市場最重要的(de)(de)中介機構，本身是經營風險的(de)(de)行(xing)業，風險管理能力(li)是其核心競爭(zheng)力(li)，也是支撐(cheng)行(xing)業高(gao)質(zhi)量發展的(de)(de)生(sheng)命線(xian)。

　　當前，經(jing)濟發展的(de)(de)內外部環境(jing)面臨深刻變化，資本市場各項改革措施逐步推(tui)(tui)進，在為證券(quan)公(gong)司(si)經(jing)營發展帶來巨(ju)大(da)機遇的(de)(de)同時(shi)，也帶來挑(tiao)戰。歷史經(jing)驗反復證明并將繼(ji)續證明，能(neng)夠穩妥應(ying)對挑(tiao)戰的(de)(de)證券(quan)公(gong)司(si)一(yi)定是那(nei)些以(yi)服務實體(ti)經(jing)濟為根本，具備(bei)完(wan)備(bei)風(feng)險(xian)管(guan)理(li)體(ti)系、穩健風(feng)險(xian)管(guan)理(li)文化、審慎風(feng)險(xian)管(guan)理(li)能(neng)力的(de)(de)證券(quan)公(gong)司(si)。證券(quan)公(gong)司(si)應(ying)不斷完(wan)善風(feng)險(xian)管(guan)理(li)體(ti)系，提升全面風(feng)險(xian)管(guan)理(li)水(shui)平，推(tui)(tui)動行業高質量發展。

　　證券業高質量發展需平衡五大關系

　　健全(quan)有效的全(quan)面風險管理機制(zhi)是證(zheng)券(quan)(quan)(quan)公司持續(xu)健康發展的基石(shi)，也是推(tui)動(dong)行(xing)業實現(xian)高質量(liang)發展的必由之路。美(mei)國次(ci)貸危機的歷史經驗表明(ming)：創新(xin)(xin)能(neng)夠支撐(cheng)證(zheng)券(quan)(quan)(quan)公司快(kuai)速發展，但忽視風險控制(zhi)的過(guo)度創新(xin)(xin)可能(neng)帶來滅頂之災。推(tui)動(dong)證(zheng)券(quan)(quan)(quan)行(xing)業高質量(liang)發展需重點平衡五大關系：

　　一是(shi)(shi)(shi)“穩(wen)(wen)”和(he)(he)“進”的(de)關系(xi)。“穩(wen)(wen)”和(he)(he)“進”是(shi)(shi)(shi)辯證統(tong)一的(de)，“穩(wen)(wen)”是(shi)(shi)(shi)主(zhu)基調、是(shi)(shi)(shi)大(da)局；“進”是(shi)(shi)(shi)方向(xiang)、是(shi)(shi)(shi)目(mu)的(de)。就證券行業(ye)而言，“穩(wen)(wen)”，就是(shi)(shi)(shi)經營(ying)效益(yi)要穩(wen)(wen)，業(ye)務發展要穩(wen)(wen)，合規風控要穩(wen)(wen)，員工(gong)隊伍(wu)要穩(wen)(wen)；“進”，就是(shi)(shi)(shi)各項業(ye)務的(de)競爭力(li)要進，客戶資產規模要進，基礎管(guan)理能力(li)和(he)(he)風險管(guan)理水平要進，共同推動行業(ye)向(xiang)更高層次邁進。

　　二是“危(wei)”和“機(ji)(ji)”的關系。2018年以來，國內(nei)外(wai)經(jing)濟形勢日益復雜(za)嚴峻，實(shi)體企(qi)(qi)(qi)(qi)業(ye)特別是中(zhong)小企(qi)(qi)(qi)(qi)業(ye)仍然面對“融資(zi)的高山(shan)”，防范化(hua)解(jie)重大金(jin)融風險的任(ren)務仍然艱巨；同時宏觀經(jing)濟也在(zai)發生積(ji)極(ji)變(bian)化(hua)，包括貨幣政策(ce)逐漸寬松，信用環境逐步修復，監管政策(ce)出(chu)現微調，資(zi)本市場(chang)改(gai)革不斷深化(hua)，支持科創企(qi)(qi)(qi)(qi)業(ye)、民(min)營(ying)企(qi)(qi)(qi)(qi)業(ye)、小微企(qi)(qi)(qi)(qi)業(ye)發展的一系列重大措施陸續出(chu)臺，為(wei)證(zheng)券行業(ye)發展帶來巨大機(ji)(ji)遇。證(zheng)券公(gong)司既要對危(wei)機(ji)(ji)有(you)足夠估計，做(zuo)好充分準備；又要辯(bian)證(zheng)看待危(wei)機(ji)(ji)，危(wei)中(zhong)尋機(ji)(ji)、化(hua)危(wei)為(wei)機(ji)(ji)，努(nu)力將(jiang)經(jing)濟波動期(qi)轉變(bian)為(wei)發展機(ji)(ji)遇期(qi)，實(shi)現逆勢發展、彎道(dao)超車。

　　三是自身發(fa)展(zhan)與服(fu)(fu)(fu)務實(shi)體(ti)(ti)經(jing)(jing)濟(ji)(ji)的關系(xi)。服(fu)(fu)(fu)務實(shi)體(ti)(ti)經(jing)(jing)濟(ji)(ji)是金(jin)融機構的天職，也是金(jin)融機構發(fa)展(zhan)的重要驅(qu)動力(li)。尤其在當前市場面(mian)臨諸(zhu)多挑戰的形勢下，只有扎根實(shi)體(ti)(ti)經(jing)(jing)濟(ji)(ji)的沃土，才(cai)能支撐行業(ye)更好(hao)地茁壯成(cheng)長。證券公(gong)司應聚焦“一帶一路”、創新創業(ye)、綠色發(fa)展(zhan)、民營經(jing)(jing)濟(ji)(ji)、鄉村振興、脫(tuo)貧攻(gong)堅等，著力(li)優化資源(yuan)配置，加大服(fu)(fu)(fu)務創新力(li)度，努力(li)實(shi)現精準服(fu)(fu)(fu)務，在為實(shi)體(ti)(ti)經(jing)(jing)濟(ji)(ji)提供高(gao)質量金(jin)融服(fu)(fu)(fu)務的同時，獲得(de)源(yuan)源(yuan)不斷的發(fa)展(zhan)動力(li)。

　　四(si)是嚴(yan)格監管(guan)和創新發(fa)展(zhan)的(de)關系(xi)。當前(qian)，雖然證券(quan)(quan)行業仍(reng)處于嚴(yan)監管(guan)時期(qi)，但(dan)經濟高質量發(fa)展(zhan)和資本市場改革開(kai)放(fang)，對證券(quan)(quan)公司的(de)創新能力(li)提出了更高要求(qiu)，也(ye)帶來創新發(fa)展(zhan)的(de)機(ji)遇；股指期(qi)貨松綁，也(ye)在(zai)一(yi)定程度(du)上預(yu)示著(zhu)隨(sui)著(zhu)股市異常(chang)波動影響的(de)逐漸減弱，之(zhi)前(qian)收(shou)緊(jin)的(de)監管(guan)政策正在(zai)逐步回歸常(chang)態。證券(quan)(quan)公司應準(zhun)確把握并積極(ji)適應這一(yi)新的(de)發(fa)展(zhan)形勢(shi)，在(zai)嚴(yan)控(kong)風險(xian)的(de)前(qian)提下，緊(jin)跟實體經濟需求(qiu)，緊(jin)跟監管(guan)導向，緊(jin)跟行業發(fa)展(zhan)前(qian)沿，以創新推動新發(fa)展(zhan)，培育新動能。

　　五(wu)是業(ye)務發(fa)(fa)展(zhan)與防(fang)范(fan)風(feng)險(xian)(xian)的關系。中央經濟(ji)(ji)工作會(hui)議(yi)要(yao)(yao)求(qiu)，打好防(fang)范(fan)化解(jie)重(zhong)大風(feng)險(xian)(xian)攻堅戰，防(fang)范(fan)金融市場異常波動(dong)和共振。經濟(ji)(ji)下行壓力(li)促使各種風(feng)險(xian)(xian)隱(yin)患不斷(duan)暴露(lu)，風(feng)險(xian)(xian)防(fang)范(fan)的壓力(li)有(you)增無減。證券公司(si)既要(yao)(yao)重(zhong)業(ye)務發(fa)(fa)展(zhan)，更要(yao)(yao)重(zhong)風(feng)險(xian)(xian)防(fang)范(fan)；既要(yao)(yao)防(fang)“黑天(tian)鵝”，也要(yao)(yao)防(fang)“灰犀牛”。只(zhi)有(you)建立健全(quan)有(you)效的風(feng)險(xian)(xian)評估、防(fang)范(fan)和化解(jie)機制，將風(feng)險(xian)(xian)管(guan)理融入產品和業(ye)務創新(xin)發(fa)(fa)展(zhan)的全(quan)過(guo)程(cheng)，避(bi)免以規避(bi)監管(guan)和脫(tuo)離實體經濟(ji)(ji)需(xu)要(yao)(yao)進行的偽創新(xin)，才(cai)能保(bao)證創新(xin)的實效性(xing)和可持續(xu)性(xing)，確(que)保(bao)行業(ye)長久持續(xu)發(fa)(fa)展(zhan)。

　　高度重視證券公司全面風險管理

　　近30年來，金融(rong)機(ji)構(gou)風(feng)險事件頻發，部分案例(li)金額巨大、情節惡劣，對金融(rong)機(ji)構(gou)的信譽和(he)社會形(xing)象帶來了(le)不利(li)影響。總(zong)結、分析這些風(feng)險案例(li)的經驗和(he)教訓，可為完善證券行(xing)業風(feng)險管(guan)理體系、提升(sheng)全面風(feng)險管(guan)理水平提供思路和(he)借(jie)鑒。

　　國(guo)內外重大(da)金融(rong)風(feng)險(xian)(xian)案例經(jing)驗表明，任何一家(jia)企(qi)業發生(sheng)風(feng)險(xian)(xian)事件都(dou)將付出沉重代價。證券公司本身作為(wei)經(jing)營風(feng)險(xian)(xian)的行業，實施(shi)積極有(you)效的全面(mian)風(feng)險(xian)(xian)管理的重要性更強、要求更高(gao)。只有(you)高(gao)度重視全面(mian)風(feng)險(xian)(xian)管理工(gong)作，才能保(bao)持基業長(chang)青。

　　健全的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)治理(li)(li)(li)(li)(li)架(jia)(jia)(jia)構是(shi)全面(mian)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)體系的(de)(de)(de)(de)(de)重(zhong)(zhong)(zhong)中之重(zhong)(zhong)(zhong)。證券公司(si)(si)應當建立(li)健全與其(qi)(qi)自身發(fa)展(zhan)(zhan)戰略(lve)(lve)相(xiang)(xiang)適應的(de)(de)(de)(de)(de)全面(mian)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)架(jia)(jia)(jia)構，有(you)效開展(zhan)(zhan)全面(mian)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)工作。從(cong)實踐來看，證券公司(si)(si)需(xu)要(yao)建立(li)層(ceng)(ceng)級(ji)合理(li)(li)(li)(li)(li)的(de)(de)(de)(de)(de)管(guan)(guan)理(li)(li)(li)(li)(li)組(zu)織架(jia)(jia)(jia)構，董事(shi)(shi)會(hui)作為風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)決策(ce)(ce)層(ceng)(ceng)，承擔最終(zhong)的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)責(ze)任(ren)；監(jian)事(shi)(shi)會(hui)負(fu)責(ze)對董事(shi)(shi)會(hui)和經(jing)理(li)(li)(li)(li)(li)層(ceng)(ceng)履行(xing)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)職責(ze)進(jin)行(xing)監(jian)督；經(jing)理(li)(li)(li)(li)(li)層(ceng)(ceng)組(zu)織實施(shi)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)政(zheng)策(ce)(ce)；相(xiang)(xiang)關風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)部(bu)門(men)負(fu)責(ze)具體開展(zhan)(zhan)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)日常工作。同(tong)時，建立(li)由業(ye)務部(bu)門(men)、風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)部(bu)門(men)和審計(ji)部(bu)門(men)組(zu)成的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)三(san)道防線，實施(shi)事(shi)(shi)前、事(shi)(shi)中與事(shi)(shi)后的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)防范、監(jian)控與評(ping)價(jia)工作。有(you)效的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控前置是(shi)提(ti)升全面(mian)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)的(de)(de)(de)(de)(de)重(zhong)(zhong)(zhong)要(yao)手段。風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控不應僅(jin)僅(jin)作用(yong)于最后的(de)(de)(de)(de)(de)審核端，更應延(yan)伸到前方業(ye)務端、客(ke)戶(hu)端，從(cong)最早接觸客(ke)戶(hu)、業(ye)務（產品）開始做(zuo)好(hao)盡調與風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)偵查，通過全面(mian)、多維度(du)的(de)(de)(de)(de)(de)搜集信息，進(jin)行(xing)充分的(de)(de)(de)(de)(de)初期評(ping)估(gu)和考察以及(ji)(ji)項目可(ke)行(xing)性(xing)(xing)分析，做(zuo)到“具體問題，具體分析”，將風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)控制在源頭(tou)，而不是(shi)簡單(dan)(dan)地(di)提(ti)高風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控門(men)檻以及(ji)(ji)機械化的(de)(de)(de)(de)(de)后期資料審核。目前，國際性(xing)(xing)大投(tou)行(xing)將風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控前置，強(qiang)調風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控在公司(si)(si)運營管(guan)(guan)理(li)(li)(li)(li)(li)中的(de)(de)(de)(de)(de)重(zhong)(zhong)(zhong)要(yao)性(xing)(xing)。無論在組(zu)織架(jia)(jia)(jia)構中的(de)(de)(de)(de)(de)部(bu)門(men)設置，還是(shi)政(zheng)策(ce)(ce)制定、業(ye)務拓展(zhan)(zhan)中都十分強(qiang)調加(jia)強(qiang)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)識(shi)別(bie)、風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)測(ce)量、風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)評(ping)估(gu)、風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)控制。通過建立(li)完善(shan)的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)組(zu)織架(jia)(jia)(jia)構及(ji)(ji)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)控制策(ce)(ce)略(lve)(lve)、操作規程，相(xiang)(xiang)關風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)人員能夠直(zhi)接監(jian)察單(dan)(dan)項交(jiao)易(yi)(yi)(yi)，新產品、新業(ye)務開發(fa)以及(ji)(ji)交(jiao)易(yi)(yi)(yi)限(xian)額確定等(deng)都必須事(shi)(shi)先取得風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)及(ji)(ji)其(qi)(qi)他控制部(bu)門(men)批(pi)準(zhun)。風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)部(bu)有(you)權要(yao)求削減(jian)個別(bie)交(jiao)易(yi)(yi)(yi)的(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)限(xian)額，甚至有(you)權否決交(jiao)易(yi)(yi)(yi)。證券公司(si)(si)應通過風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)控前置將風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)前移并(bing)嵌(qian)入包(bao)括產品設計(ji)、引入、銷售、交(jiao)易(yi)(yi)(yi)管(guan)(guan)理(li)(li)(li)(li)(li)等(deng)各業(ye)務環(huan)節(jie)，有(you)效識(shi)別(bie)、評(ping)估(gu)、監(jian)測(ce)各類風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)，全面(mian)提(ti)升風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)(li)(li)的(de)(de)(de)(de)(de)有(you)效性(xing)(xing)。

　　完備的(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)系(xi)統(tong)(tong)是(shi)全(quan)(quan)面風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)體(ti)(ti)系(xi)的(de)(de)重(zhong)點(dian)。風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)系(xi)統(tong)(tong)能為(wei)(wei)開展風(feng)(feng)(feng)險(xian)(xian)(xian)計量和(he)監(jian)測(ce)、執行(xing)風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)流(liu)程提(ti)供必要的(de)(de)技術基礎。證券(quan)公(gong)(gong)司(si)應(ying)建立(li)與(yu)(yu)業(ye)(ye)務(wu)(wu)復(fu)雜程度和(he)風(feng)(feng)(feng)險(xian)(xian)(xian)指(zhi)標(biao)體(ti)(ti)系(xi)相(xiang)適應(ying)的(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)信息技術系(xi)統(tong)(tong)，以(yi)此有效計量、監(jian)控和(he)報告公(gong)(gong)司(si)整體(ti)(ti)風(feng)(feng)(feng)險(xian)(xian)(xian)及各(ge)業(ye)(ye)務(wu)(wu)條線、各(ge)部門、分(fen)支機構(gou)(gou)及子公(gong)(gong)司(si)風(feng)(feng)(feng)險(xian)(xian)(xian)。風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)系(xi)統(tong)(tong)具(ju)有如下(xia)功能：一是(shi)明確(que)自身風(feng)(feng)(feng)險(xian)(xian)(xian)偏好(hao)，在風(feng)(feng)(feng)險(xian)(xian)(xian)偏好(hao)的(de)(de)框架下(xia)，設(she)置關鍵風(feng)(feng)(feng)險(xian)(xian)(xian)指(zhi)標(biao)作為(wei)(wei)重(zhong)要管(guan)(guan)(guan)控手段，并對影響(xiang)證券(quan)公(gong)(gong)司(si)實現目(mu)標(biao)的(de)(de)潛在事項(xiang)或因素進行(xing)全(quan)(quan)面識(shi)(shi)別、系(xi)統(tong)(tong)分(fen)類和(he)問題查擺，確(que)保系(xi)統(tong)(tong)有效運行(xing)；二是(shi)構(gou)(gou)建與(yu)(yu)自身業(ye)(ye)務(wu)(wu)發展相(xiang)適應(ying)的(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)計量模(mo)型，以(yi)此為(wei)(wei)基礎應(ying)用跨風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)工具(ju)，包括風(feng)(feng)(feng)險(xian)(xian)(xian)識(shi)(shi)別、綜合壓力測(ce)試等，系(xi)統(tong)(tong)評估公(gong)(gong)司(si)整體(ti)(ti)風(feng)(feng)(feng)險(xian)(xian)(xian)承受能力，確(que)保在壓力情景(jing)下(xia)的(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)可(ke)測(ce)、可(ke)控、可(ke)承受；三(san)是(shi)完善風(feng)(feng)(feng)險(xian)(xian)(xian)處(chu)置及應(ying)對機制，從被動的(de)(de)揭示(shi)風(feng)(feng)(feng)險(xian)(xian)(xian)轉(zhuan)向主動的(de)(de)風(feng)(feng)(feng)險(xian)(xian)(xian)管(guan)(guan)(guan)理(li)(li)和(he)對沖(chong)。

　　強大(da)的(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)體系(xi)(xi)(xi)是(shi)全面風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)體系(xi)(xi)(xi)的(de)(de)(de)靈魂(hun)。風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)是(shi)企(qi)業(ye)文(wen)化(hua)理(li)(li)(li)(li)(li)(li)念體系(xi)(xi)(xi)和行(xing)(xing)為(wei)(wei)(wei)規(gui)范在風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)中的(de)(de)(de)具體體現，是(shi)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)活動中各個(ge)層面員(yuan)(yuan)(yuan)工(gong)認同(tong)并自覺遵守的(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)理(li)(li)(li)(li)(li)(li)念、價值觀念和行(xing)(xing)為(wei)(wei)(wei)規(gui)范，由風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)的(de)(de)(de)植入、評估(gu)、培訓以及風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)調整(zheng)績效考(kao)核體系(xi)(xi)(xi)兩大(da)核心要(yao)素(su)組成。2008年金融危機后，風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)文(wen)化(hua)已被(bei)看(kan)作(zuo)金融行(xing)(xing)業(ye)企(qi)業(ye)的(de)(de)(de)硬性(xing)戰略(lve)資產(chan)，被(bei)定位為(wei)(wei)(wei)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)的(de)(de)(de)首要(yao)議程。國際投行(xing)(xing)高度(du)重視(shi)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)，高盛在其早期建立的(de)(de)(de)“每個(ge)人都是(shi)公司風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)官”的(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)上(shang)進一步發展(zhan)(zhan)，強調風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)是(shi)全體員(yuan)(yuan)(yuan)工(gong)日常(chang)工(gong)作(zuo)內容之一，只有在風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)被(bei)充(chong)分識(shi)別且有效防范和控制措施到位的(de)(de)(de)前提下才能開(kai)展(zhan)(zhan)創(chuang)新業(ye)務(wu)。證(zheng)券(quan)公司一要(yao)把風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)文(wen)化(hua)提升到企(qi)業(ye)文(wen)化(hua)的(de)(de)(de)高度(du)，明確公司風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)的(de)(de)(de)理(li)(li)(li)(li)(li)(li)念和原則(ze)，用于指導(dao)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)工(gong)作(zuo)；二要(yao)制定完(wan)善的(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)培訓評估(gu)計劃，對各層級和各崗位人員(yuan)(yuan)(yuan)開(kai)展(zhan)(zhan)風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)培訓；三要(yao)將風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)納入員(yuan)(yuan)(yuan)工(gong)和部(bu)門(men)績效管(guan)(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)(li)體系(xi)(xi)(xi)，鼓勵員(yuan)(yuan)(yuan)工(gong)就(jiu)業(ye)務(wu)開(kai)展(zhan)(zhan)和產(chan)品(pin)設(she)計等工(gong)作(zuo)是(shi)否(fou)符合風(feng)(feng)(feng)(feng)(feng)(feng)(feng)(feng)險(xian)(xian)政策進行(xing)(xing)交(jiao)流研(yan)討。

　　中泰(tai)證(zheng)券(quan)自2007年收購天同證(zheng)券(quan)證(zheng)券(quan)類資產以來，始終(zhong)以建立風(feng)險(xian)(xian)管(guan)(guan)控(kong)長效(xiao)機(ji)(ji)制為(wei)目標，持續(xu)健全內(nei)控(kong)機(ji)(ji)制和(he)風(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)約束機(ji)(ji)制，不(bu)斷(duan)強(qiang)化合(he)(he)規管(guan)(guan)理(li)(li)(li)和(he)風(feng)險(xian)(xian)管(guan)(guan)控(kong)，構建起(qi)了完備(bei)的風(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)體(ti)系。2018年，中泰(tai)證(zheng)券(quan)正式發(fa)布《中泰(tai)共識》，對“合(he)(he)規風(feng)控(kong)至上”原(yuan)則進行(xing)重新(xin)釋義，就如(ru)何有效(xiao)傳導穩(wen)健的風(feng)險(xian)(xian)文化進行(xing)闡述(shu)，提出(chu)“全力抓(zhua)好(hao)合(he)(he)規風(feng)控(kong)，確(que)保(bao)公(gong)(gong)司行(xing)穩(wen)致遠”的工作要(yao)(yao)(yao)求，要(yao)(yao)(yao)求公(gong)(gong)司正確(que)處理(li)(li)(li)業務(wu)發(fa)展(zhan)與防范(fan)風(feng)險(xian)(xian)的關系，既要(yao)(yao)(yao)重業務(wu)發(fa)展(zhan)，更要(yao)(yao)(yao)重風(feng)險(xian)(xian)防范(fan)，謹(jin)慎而(er)不(bu)保(bao)守，積(ji)極(ji)而(er)不(bu)冒進，嚴(yan)守風(feng)險(xian)(xian)底線(xian)；要(yao)(yao)(yao)求公(gong)(gong)司各單(dan)位將(jiang)風(feng)險(xian)(xian)管(guan)(guan)理(li)(li)(li)擺(bai)在各項工作的首要(yao)(yao)(yao)位置(zhi)，不(bu)忽(hu)視一個(ge)風(feng)險(xian)(xian)，不(bu)放(fang)過一個(ge)隱患，不(bu)容忍一個(ge)失誤，筑牢風(feng)險(xian)(xian)防范(fan)的銅墻鐵壁。

　　近年來，隨著金(jin)融科技、監(jian)管(guan)科技的(de)(de)興起，中泰證券積(ji)極順(shun)應行(xing)業(ye)發展趨勢，推(tui)進風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)管(guan)理(li)信(xin)息(xi)(xi)化建(jian)(jian)設，以全面(mian)(mian)風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)管(guan)理(li)體(ti)(ti)系(xi)為基礎，結合行(xing)業(ye)特點、監(jian)管(guan)熱(re)點，圍(wei)繞操作風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)、市場風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)與(yu)(yu)信(xin)用風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)三(san)大風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)類型，推(tui)進實施了(le)“同(tong)一(yi)(yi)客(ke)戶(hu)風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)信(xin)息(xi)(xi)集(ji)中管(guan)理(li)”、“市場風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)計量引擎、風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)管(guan)理(li)商(shang)業(ye)智能(neng)系(xi)統(tong)與(yu)(yu)領導駕駛艙”、“信(xin)用風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)評級、經濟資本準備(bei)及績(ji)效評估體(ti)(ti)系(xi)”三(san)個項目建(jian)(jian)設。在公司層面(mian)(mian)首次(ci)明確了(le)同(tong)一(yi)(yi)客(ke)戶(hu)認定標(biao)準，推(tui)動(dong)全業(ye)務(wu)線(xian)同(tong)一(yi)(yi)客(ke)戶(hu)風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)信(xin)息(xi)(xi)等數據收集(ji)，建(jian)(jian)立了(le)承(cheng)載相關功(gong)能(neng)的(de)(de)信(xin)息(xi)(xi)系(xi)統(tong)，實現了(le)同(tong)一(yi)(yi)客(ke)戶(hu)跨業(ye)務(wu)、跨部門(men)風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)信(xin)息(xi)(xi)的(de)(de)集(ji)中管(guan)理(li)、展示和共享，幫助業(ye)務(wu)部門(men)更加真實、深入地了(le)解客(ke)戶(hu)風(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)狀況并向客(ke)戶(hu)提供(gong)更具針對性的(de)(de)服(fu)務(wu)。

　　中(zhong)泰(tai)(tai)證券(quan)全面風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)工作(zuo)實踐經驗表明(ming)：將(jiang)金(jin)融科技與(yu)證券(quan)公司(si)風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)工作(zuo)相結合能極大提高風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)工作(zuo)的(de)質量和(he)(he)效(xiao)率，通過金(jin)融科技手段(duan)建立并逐步(bu)完善(shan)與(yu)自身(shen)業務和(he)(he)行業風(feng)(feng)(feng)(feng)險指標體系(xi)(xi)相適應的(de)風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)信(xin)息技術系(xi)(xi)統(tong)，實現風(feng)(feng)(feng)(feng)險信(xin)息的(de)集中(zhong)化(hua)(hua)、智(zhi)能化(hua)(hua)管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)，是證券(quan)行業下一步(bu)重點創新方(fang)向(xiang)。未來，中(zhong)泰(tai)(tai)證券(quan)將(jiang)持(chi)續加大對金(jin)融科技助力(li)風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)工作(zuo)發展的(de)研(yan)究及投入，加強(qiang)對風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)智(zhi)能分析(xi)系(xi)(xi)統(tong)的(de)自主研(yan)發力(li)度，確保公司(si)風(feng)(feng)(feng)(feng)險管(guan)(guan)(guan)(guan)理(li)(li)(li)(li)(li)能力(li)與(yu)業務發展相匹(pi)配。

　　推動行業高質量發展的建議

　　防(fang)范化解(jie)(jie)重(zhong)大(da)風(feng)(feng)險(xian)(xian)尤(you)其是金(jin)融風(feng)(feng)險(xian)(xian)是當前及今后(hou)一段(duan)時間經(jing)濟(ji)工作(zuo)的(de)(de)首要任務。證券行業應深刻(ke)(ke)理(li)解(jie)(jie)黨(dang)和(he)國家“防(fang)范化解(jie)(jie)重(zhong)大(da)風(feng)(feng)險(xian)(xian)”的(de)(de)政策(ce)基調，準確(que)把(ba)握內外部經(jing)濟(ji)環境的(de)(de)深刻(ke)(ke)變化，積(ji)極適應風(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)的(de)(de)新形(xing)勢，有(you)效應對各類新情況、新問題、新挑戰，堅持(chi)底線(xian)思維，圍(wei)繞“風(feng)(feng)險(xian)(xian)全(quan)覆蓋、可(ke)監測(ce)、可(ke)計量、有(you)分析、能應對”，在全(quan)面(mian)貫徹落實監管(guan)(guan)規定(ding)和(he)要求的(de)(de)基礎上(shang)，努力構建(jian)“事前嚴防(fang)、事中嚴管(guan)(guan)、事后(hou)嚴處”的(de)(de)全(quan)面(mian)風(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)體系(xi)和(he)風(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)長效機制，不(bu)斷(duan)(duan)提(ti)升自身風(feng)(feng)險(xian)(xian)識別的(de)(de)前瞻性、風(feng)(feng)險(xian)(xian)把(ba)控(kong)的(de)(de)全(quan)面(mian)性、風(feng)(feng)險(xian)(xian)處置(zhi)的(de)(de)科學性。同時，不(bu)斷(duan)(duan)創(chuang)新風(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)工具和(he)手(shou)段(duan)，推動(dong)傳統(tong)風(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)轉型升級，更(geng)好服務實體經(jing)濟(ji)發展。

　　一(yi)是建立健全(quan)風(feng)險管(guan)理高點化對標機制。

　　證券行(xing)業(ye)(ye)應清(qing)醒認識、準確判斷當前(qian)金融(rong)業(ye)(ye)風(feng)(feng)(feng)險(xian)(xian)防控面(mian)(mian)(mian)臨的(de)(de)新(xin)形(xing)勢、新(xin)任務，深刻領會黨和(he)(he)國家(jia)關于(yu)經(jing)濟、金融(rong)、資(zi)本市場發(fa)(fa)展的(de)(de)新(xin)政(zheng)策(ce)、新(xin)舉措、新(xin)要求，提升對(dui)(dui)(dui)(dui)(dui)(dui)有關資(zi)本市場熱(re)點和(he)(he)風(feng)(feng)(feng)險(xian)(xian)點的(de)(de)敏感度(du)，及早(zao)認清(qing)并(bing)善于(yu)發(fa)(fa)現那些帶有苗(miao)頭性、方(fang)向性的(de)(de)變化因素，合(he)(he)理(li)預見(jian)各(ge)種可能(neng)出(chu)現的(de)(de)極(ji)(ji)端不利情況和(he)(he)風(feng)(feng)(feng)險(xian)(xian)點，全面(mian)(mian)(mian)提高風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)的(de)(de)前(qian)瞻性和(he)(he)專(zhuan)業(ye)(ye)性。一是明(ming)確對(dui)(dui)(dui)(dui)(dui)(dui)標(biao)對(dui)(dui)(dui)(dui)(dui)(dui)象。及時對(dui)(dui)(dui)(dui)(dui)(dui)標(biao)分析各(ge)項(xiang)監(jian)管(guan)(guan)規范要求、監(jian)管(guan)(guan)政(zheng)策(ce)調整要領，從“全覆蓋、可監(jian)測、能(neng)計量、有分析、能(neng)應對(dui)(dui)(dui)(dui)(dui)(dui)”5個(ge)方(fang)面(mian)(mian)(mian)對(dui)(dui)(dui)(dui)(dui)(dui)全面(mian)(mian)(mian)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)進行(xing)對(dui)(dui)(dui)(dui)(dui)(dui)標(biao)分析，從“招(zhao)人才、上(shang)系(xi)統(tong)、建制(zhi)度(du)、重投入”4個(ge)方(fang)面(mian)(mian)(mian)完善風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)保(bao)障措施，全面(mian)(mian)(mian)提升風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)水(shui)平。二(er)是勇于(yu)借(jie)智借(jie)力。國外投資(zi)銀(yin)行(xing)發(fa)(fa)展歷史較(jiao)長，在長期的(de)(de)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)實踐中積(ji)累了(le)豐富(fu)的(de)(de)經(jing)驗。無論是風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)框架，全面(mian)(mian)(mian)、分層次、立體的(de)(de)管(guan)(guan)理(li)模式，還是風(feng)(feng)(feng)險(xian)(xian)量化技(ji)術模型(xing)，功能(neng)強大(da)的(de)(de)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)信息系(xi)統(tong)等方(fang)面(mian)(mian)(mian)，都較(jiao)國內先進。證券公司應積(ji)極(ji)(ji)學習借(jie)鑒(jian)國外一流投資(zi)銀(yin)行(xing)的(de)(de)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)經(jing)驗和(he)(he)做法(fa)，探(tan)索借(jie)鑒(jian)國際先進的(de)(de)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)理(li)念和(he)(he)方(fang)法(fa)，形(xing)成適(shi)合(he)(he)本土特色的(de)(de)創新(xin)性風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)模式和(he)(he)方(fang)法(fa)。

　　二(er)是建立健全風險管(guan)理(li)長效機制。

　　首先，設(she)定合理(li)(li)的(de)風(feng)險限額。限額管(guan)理(li)(li)是證券公(gong)司(si)進行(xing)風(feng)險管(guan)控(kong)(kong)的(de)重要(yao)、有(you)效手段，限額管(guan)理(li)(li)的(de)有(you)效性，離不開業務系統的(de)前端(duan)控(kong)(kong)制。證券公(gong)司(si)應針對開展的(de)所(suo)有(you)業務建立包(bao)括(kuo)系統前端(duan)控(kong)(kong)制在內的(de)風(feng)險限額管(guan)理(li)(li)機制，并形成(cheng)權責明(ming)晰的(de)限額分配體系。通過定期梳理(li)(li)、自查、評估并持續跟蹤(zong)系統前端(duan)控(kong)(kong)制指(zhi)標運(yun)行(xing)情況，確保前端(duan)控(kong)(kong)制指(zhi)標運(yun)行(xing)有(you)效并符合監管(guan)要(yao)求和公(gong)司(si)風(feng)險管(guan)理(li)(li)需要(yao)。

　　其次，對(dui)金(jin)融產品實(shi)施全生(sheng)命周期(qi)管理。實(shi)施全生(sheng)命周期(qi)管理不僅要(yao)對(dui)金(jin)融產品實(shi)施事(shi)前(qian)基本(ben)要(yao)素(su)的甄別和管理，還要(yao)對(dui)金(jin)融產品的全程進行監控和深度跟蹤、分析，掌握金(jin)融產品全貌，全面反映風險(xian)狀況。

　　再者，強(qiang)(qiang)化內部監督功能。充分發揮業務流程中各環節、各崗位(wei)相互制衡、風險防范作用，通過標準化流程管(guan)理提高(gao)風險控(kong)制效率，通過內部評估、檢查(cha)、稽核等方式及時發現風險隱(yin)患，以違(wei)規問責增強(qiang)(qiang)風險管(guan)理體(ti)系的威懾力(li)。

　　三(san)是實行風(feng)控(kong)前(qian)置，全面提高風(feng)險管(guan)理的有效性、獨立性、權威性。

　　目前(qian)，證(zheng)券公司業務(wu)結構日益復雜，投(tou)資交(jiao)易(yi)工具種類日漸增多，特別是一些交(jiao)叉性(xing)金融工具的使用(yong)，造(zao)成風險管控難度加(jia)大(da)，跨(kua)市(shi)場(chang)、跨(kua)區域風險增加(jia)，急需通(tong)過有效(xiao)的風控手段提高風險管理(li)效(xiao)率和效(xiao)果。

　　首(shou)先，在證(zheng)券(quan)公司產(chan)(chan)(chan)(chan)品(pin)引(yin)(yin)入(ru)(ru)環(huan)節實行風(feng)控(kong)前置。目(mu)前證(zheng)券(quan)公司產(chan)(chan)(chan)(chan)品(pin)引(yin)(yin)入(ru)(ru)風(feng)險(xian)評價不足，造成一些真正的好產(chan)(chan)(chan)(chan)品(pin)因(yin)不符合(he)合(he)規(gui)要(yao)求(qiu)難(nan)以引(yin)(yin)入(ru)(ru)，而(er)一些劣質產(chan)(chan)(chan)(chan)品(pin)卻因(yin)能夠(gou)迎(ying)合(he)合(he)規(gui)要(yao)求(qiu)得以引(yin)(yin)入(ru)(ru)，造成“劣幣驅逐良幣”。建議在產(chan)(chan)(chan)(chan)品(pin)引(yin)(yin)入(ru)(ru)環(huan)節實行風(feng)控(kong)前置，預(yu)先評估產(chan)(chan)(chan)(chan)品(pin)風(feng)險(xian)，適當(dang)放寬評級較(jiao)高產(chan)(chan)(chan)(chan)品(pin)的進入(ru)(ru)門(men)檻，豐富(fu)證(zheng)券(quan)公司財富(fu)管(guan)理產(chan)(chan)(chan)(chan)品(pin)線。

　　其次，在場外(wai)衍(yan)生(sheng)(sheng)品(pin)(pin)業(ye)(ye)務(wu)實行風(feng)控(kong)前(qian)置。目前(qian)，場外(wai)衍(yan)生(sheng)(sheng)品(pin)(pin)業(ye)(ye)務(wu)已經成為(wei)高(gao)(gao)盛等(deng)(deng)(deng)華爾街投行重(zhong)要的業(ye)(ye)務(wu)支柱。近年國內場外(wai)期權(quan)業(ye)(ye)務(wu)也發展較(jiao)(jiao)快(kuai)，鑒于場外(wai)衍(yan)生(sheng)(sheng)品(pin)(pin)業(ye)(ye)務(wu)復雜(za)程度較(jiao)(jiao)高(gao)(gao)，個性化、靈活(huo)性較(jiao)(jiao)大，潛在風(feng)險(xian)(xian)明顯較(jiao)(jiao)高(gao)(gao)，建議證券公司業(ye)(ye)務(wu)開展實行風(feng)控(kong)前(qian)置，在產品(pin)(pin)設計、風(feng)險(xian)(xian)定價、合約簽訂、執行交易等(deng)(deng)(deng)環節(jie)實施有(you)效風(feng)險(xian)(xian)評(ping)估(gu)和管理(li)，有(you)效規避信用風(feng)險(xian)(xian)、市場風(feng)險(xian)(xian)、流(liu)動性風(feng)險(xian)(xian)、結算風(feng)險(xian)(xian)等(deng)(deng)(deng)。

　　再者，優(you)化(hua)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)組織架(jia)構，完善首(shou)席風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)官配(pei)置。在部(bu)(bu)(bu)門設(she)(she)置、人員配(pei)備、考(kao)核(he)機制、管(guan)理(li)流程上保持一定的(de)獨立(li)(li)性(xing)，使風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)部(bu)(bu)(bu)門與業(ye)(ye)務(wu)(wu)(wu)部(bu)(bu)(bu)門之間既(ji)相(xiang)(xiang)互(hu)制約又相(xiang)(xiang)互(hu)協同，形成(cheng)不同業(ye)(ye)務(wu)(wu)(wu)部(bu)(bu)(bu)門內部(bu)(bu)(bu)各崗位間相(xiang)(xiang)互(hu)制衡、有(you)考(kao)核(he)有(you)監督的(de)聯動(dong)聯防關系；樹立(li)(li)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)體系的(de)權威性(xing)，確保風(feng)(feng)(feng)(feng)(feng)控要求有(you)效執行，保證(zheng)風(feng)(feng)(feng)(feng)(feng)控管(guan)理(li)體系高效運(yun)轉；借鑒J·P·摩根(gen)等國際(ji)性(xing)大投行風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)經驗，在公司層面和各業(ye)(ye)務(wu)(wu)(wu)板塊(kuai)(kuai)設(she)(she)立(li)(li)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)委員會(hui)，配(pei)置首(shou)席風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)官，完善風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)匯報機制，各業(ye)(ye)務(wu)(wu)(wu)板塊(kuai)(kuai)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)全(quan)部(bu)(bu)(bu)納入公司整體風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)治(zhi)理(li)體系，各業(ye)(ye)務(wu)(wu)(wu)板塊(kuai)(kuai)的(de)重(zhong)大事項可(ke)提(ti)交公司風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)委員會(hui)或其(qi)他相(xiang)(xiang)關委員會(hui)，提(ti)升風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)管(guan)理(li)決策(ce)效果和能力(li)。

　　四是突出高層引(yin)領和(he)全員滲(shen)透，著(zhu)力宣導風險管理文化。

　　證券公司(si)良好的風(feng)(feng)險(xian)管(guan)(guan)理(li)文化(hua)和全(quan)員(yuan)(yuan)風(feng)(feng)控合規意(yi)識(shi)是(shi)(shi)風(feng)(feng)險(xian)管(guan)(guan)理(li)的基礎，也是(shi)(shi)風(feng)(feng)險(xian)管(guan)(guan)理(li)體(ti)系有(you)(you)效(xiao)(xiao)運行的重(zhong)要保(bao)障。一是(shi)(shi)建立(li)自(zi)上而下、上下貫通的風(feng)(feng)險(xian)管(guan)(guan)理(li)文化(hua)。提(ti)高全(quan)員(yuan)(yuan)風(feng)(feng)險(xian)意(yi)識(shi)，形(xing)成(cheng)高層理(li)解和支(zhi)持(chi)、員(yuan)(yuan)工(gong)接受和認同的文化(hua)氛圍(wei)，打造“人人要合規、人人防風(feng)(feng)險(xian)”的風(feng)(feng)險(xian)管(guan)(guan)理(li)文化(hua)。二是(shi)(shi)建立(li)健全(quan)激(ji)勵約束機(ji)制(zhi)(zhi)(zhi)。建立(li)健全(quan)科學化(hua)考(kao)(kao)評(ping)、制(zhi)(zhi)(zhi)度(du)化(hua)獎懲制(zhi)(zhi)(zhi)度(du)，將(jiang)懲罰型(xing)、被動式的考(kao)(kao)核轉變(bian)為(wei)激(ji)勵型(xing)、主動式管(guan)(guan)理(li)，將(jiang)與風(feng)(feng)險(xian)管(guan)(guan)理(li)效(xiao)(xiao)果掛(gua)鉤的績(ji)效(xiao)(xiao)考(kao)(kao)評(ping)結(jie)果切實(shi)、有(you)(you)效(xiao)(xiao)地納入公司(si)績(ji)效(xiao)(xiao)考(kao)(kao)核體(ti)系中，提(ti)高員(yuan)(yuan)工(gong)的風(feng)(feng)險(xian)管(guan)(guan)理(li)意(yi)識(shi)與責任(ren)感，為(wei)全(quan)面(mian)風(feng)(feng)險(xian)管(guan)(guan)理(li)體(ti)系的有(you)(you)效(xiao)(xiao)運行奠(dian)定良好的基礎。三是(shi)(shi)創新風(feng)(feng)險(xian)管(guan)(guan)理(li)文化(hua)宣導的方(fang)式方(fang)法。通過編撰風(feng)(feng)險(xian)管(guan)(guan)理(li)成(cheng)敗的經典案例，提(ti)高全(quan)員(yuan)(yuan)對全(quan)面(mian)風(feng)(feng)險(xian)管(guan)(guan)理(li)工(gong)作重(zhong)要性的認識(shi)，樹立(li)風(feng)(feng)險(xian)管(guan)(guan)理(li)理(li)念，完善風(feng)(feng)險(xian)管(guan)(guan)理(li)機(ji)制(zhi)(zhi)(zhi)建設。

　　五(wu)是創新風險管(guan)理工具和方(fang)法，推動傳統風險管(guan)理轉型升級。

　　證券(quan)行業要(yao)想更好(hao)地服務實體(ti)經(jing)濟發(fa)展，助(zhu)力打贏防范(fan)化解(jie)金(jin)融(rong)風(feng)險攻(gong)堅戰(zhan)，必須立足金(jin)融(rong)風(feng)險管理(li)的本質，借(jie)助(zhu)金(jin)融(rong)科技(ji)加快數字化轉(zhuan)型，依托大數據、云計算、人工智能、區塊鏈、知識圖譜(pu)、生物識別等(deng)技(ji)術(shu)應用，構(gou)建科學的全(quan)流程風(feng)控體(ti)系，促進傳統(tong)風(feng)控方式(shi)轉(zhuan)型升(sheng)級。

　　改(gai)進方法使(shi)風(feng)(feng)險(xian)計量(liang)更準確。運(yun)用大數(shu)(shu)據(ju)(ju)平臺、實(shi)(shi)時(shi)流數(shu)(shu)據(ju)(ju)處(chu)理(li)技術和(he)可(ke)視化管理(li)等重構風(feng)(feng)險(xian)監察系統(tong)，通過采集實(shi)(shi)時(shi)風(feng)(feng)險(xian)信息，抓取業務(wu)特(te)征數(shu)(shu)據(ju)(ju)，實(shi)(shi)現全(quan)流程(cheng)的(de)風(feng)(feng)險(xian)識別，達到(dao)異(yi)常(chang)交易(yi)監控(kong)和(he)反欺(qi)詐(zha)管理(li)目的(de)；在(zai)風(feng)(feng)險(xian)預警指標、歷史數(shu)(shu)據(ju)(ju)統(tong)計分析、客戶(hu)持(chi)倉行(xing)為分析、交易(yi)行(xing)為模式分析、監察報告等方面實(shi)(shi)現實(shi)(shi)時(shi)風(feng)(feng)險(xian)計量(liang)與管控(kong)，確保事前事中風(feng)(feng)控(kong)的(de)時(shi)效性(xing)。

　　優化流(liu)程使(shi)風(feng)險(xian)(xian)管理更高(gao)效。依托(tuo)大(da)數據(ju)、人工(gong)智(zhi)能等技(ji)術，推(tui)動場(chang)景輸(shu)入、風(feng)險(xian)(xian)預測等風(feng)控流(liu)程的智(zhi)能化改(gai)造；通過持續優化、改(gai)進風(feng)險(xian)(xian)管理信息技(ji)術系統(tong)，推(tui)動更多人力(li)工(gong)作(zuo)向智(zhi)能化風(feng)險(xian)(xian)管理信息技(ji)術系統(tong)轉變，實現(xian)更加高(gao)效、快捷的風(feng)控流(liu)程改(gai)造。

　　開發技(ji)術(shu)使風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)效(xiao)能更大(da)。建(jian)(jian)立基于大(da)數(shu)(shu)(shu)據(ju)(ju)(ju)的(de)全(quan)面(mian)風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)數(shu)(shu)(shu)據(ju)(ju)(ju)中心，為(wei)證券公司風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)理(li)過程中有效(xiao)處理(li)市場風(feng)(feng)(feng)險(xian)(xian)、流動性(xing)風(feng)(feng)(feng)險(xian)(xian)、操作風(feng)(feng)(feng)險(xian)(xian)、信(xin)用風(feng)(feng)(feng)險(xian)(xian)等提(ti)供數(shu)(shu)(shu)據(ju)(ju)(ju)基礎管(guan)(guan)理(li)平臺；建(jian)(jian)立大(da)數(shu)(shu)(shu)據(ju)(ju)(ju)思維模式(shi)下(xia)的(de)企業(ye)信(xin)用風(feng)(feng)(feng)險(xian)(xian)評級(ji)體(ti)系，利(li)用大(da)數(shu)(shu)(shu)據(ju)(ju)(ju)及機器學習技(ji)術(shu)挖(wa)掘企業(ye)經營(ying)(ying)數(shu)(shu)(shu)據(ju)(ju)(ju)中隱藏(zang)的(de)規律模式(shi)，分析優(you)質(zhi)企業(ye)經營(ying)(ying)狀況(kuang)共性(xing)，實現(xian)個性(xing)化(hua)征(zheng)信(xin)和企業(ye)資質(zhi)的(de)有效(xiao)分層，為(wei)甄別高(gao)風(feng)(feng)(feng)險(xian)(xian)客(ke)戶、進行風(feng)(feng)(feng)險(xian)(xian)定價以及開展個性(xing)化(hua)服務提(ti)供決策依據(ju)(ju)(ju)。

　　應(ying)用新技(ji)術使防(fang)風(feng)(feng)險空間更廣。探(tan)索區塊鏈在(zai)證(zheng)券公司風(feng)(feng)險管理中(zhong)的應(ying)用，基(ji)于(yu)區塊鏈技(ji)術多點存儲、不(bu)可篡(cuan)改(gai)等(deng)特征，探(tan)索應(ying)用私(si)有(you)鏈或聯盟(meng)鏈模式(shi)，在(zai)關(guan)鍵(jian)業務(wu)環(huan)節(jie)設置監控探(tan)針，形成追溯機制，提升跨(kua)行(xing)業、跨(kua)市(shi)場交叉性金融風(feng)(feng)險的甄別、防(fang)范和化解能力。（本專欄(lan)由中(zhong)國(guo)證(zheng)券業協會與中(zhong)國(guo)證(zheng)券報聯合推出）