关于完善我国场外衍生品风险管理机制的思考——一个基于COSO企业风险管理的框架

A study on improvement for risk management of OTC derivatives in China——Based on the framework of COSO company risk management

本文以场外衍生品市场为出发点,分析了包括产品交易高杠杆、交易活动不透明、产品风险不对称、外部监管空白点、风险暴露多元化等在内的场外衍生品的风险特征,最后运用COSO企业风险管理的框架,从控制目标、控制环境、事项识别、风险评估、风险应对、控制活动、信息与沟通以及监督等方面入手,提出完善我国场外衍生品风险管理机制的建议。

Beginning with the introduction of OTC derivatives market,this paper analyzed the risk features of OTC derivatives,such as high leverage,opaque activity,risk asymmetry,blank space of regulation and multi-risk exposures.Finally,based on the framework of COSO company risk management,the paper put some advices on risk management system for Chinese companies,including objective setting,internal environment control,event identification,risk assessment,risk response,control activities,information and communication,and monitoring.