新时期票据业务的风险变化趋势及其管控

Change Tendency of Bill Business Risk in New-era and Its Management and Control

票据市场已进入全面电子化发展的新时期,票据业务风险形式发生了深刻的变化,整体合规风险和操作风险逐步降低,信用风险的表现形式更加复杂,市场风险显著上升并成为风险管理的最重要内容。随着票据业务风险形式的变化,风险管理也要相应调整,谨防主体范围扩大、监管标准不同步引起的合规风险;防控票交所单人交易引发的操作风险和道德风险以及电票代理接入服务蕴藏的风险隐患;加强信用风险承担主体评级研究,体现票据定价覆盖风险的原则,深入挖掘票据业务信用价值;构建投研一体化的交易机制和市场风险量化管理体系,完善票据利率预测、资产估值、风险计量和监测框架,提升经营市场风险的能力。

Bill market entered the new era of complete electronization. Bill business risks changed thoroughly. Compliance risk and operation risk decreased gradually. Credit risk became more complicated. Market risk increased evidently and became the most important content of risk management. With the forms of bill business risk changed, risk management should adjust from the compliance risk which was generated by different supervision standards and expanded anticipators. Following potential risks should be managed and controlled： Single transaction in bill exchange would lead to operation risk and moral hazards and e-bill agents would be accepted. The research on credit responsible agent rating should be strengthened and show the principle to cover the risk with bill pricing and deeply dig credit value of bill business. The research-investment mechanism and market risk quantification management system should be established to improve bill interest rate forecasting, asset valuation, risk quantification and supervision framework in order to increase management ability of market risk.