In the course of its activities, commercial banks are subject to multiple risks. In general, bank risks are divided into 4 categories: financial, operational, business and emergency. Financial risks in turn include 2 types of risks: clean and speculative. Pure risks - incl. Credit risk, liquidity and solvency risks - may with improper management lead to a loss of bank. Speculative risks based on financial arbitration may result in their result, if the arbitration is carried out correctly, or loss - otherwise. The main types of speculative risk are the interest, currency and market (or positional) risks. Like any enterprise operating in the market conditions, the Bank is subject to risk of losses and bankruptcy. Naturally, seeking to maximize profits, the Bank's management at the same time seeks to minimize the possibility of damages. The two ways to a certain extent contradict each other. Maintaining the optimal ratio between profitability and risk is one of the main and most complex problems of bank management. The risk is associated with uncertainty, the latter is associated with events that are difficult or impossible to foresee. Credit portfolio commercial Bank It is subject to all major risk types that accompany financial activities: risk of liquidity, risk of percentage rate rates, and risk of non-payment on a loan. The last type of risk is especially important, since the non-risk of loans to borrowers brings large losses to banks and serves as one of the most frequent causes of bankruptcies of credit institutions.

Credit risk depends on exogenous factors associated with the state of the economic environment, with the situation, and endogenous, caused by the erroneous actions of the Bank itself. The possibilities of managing external factors are limited, although timely actions, the Bank may subject to a certain way to mitigate their influence and prevent losses. However, the main control levers credit risk Lyate in the field of domestic policy of the bank.

The main task facing bank structures is minimizing credit risks. To achieve this goal, a large arsenal of methods is used, comprising formal, semi-formal and informal procedures for assessing credit risks. Minimize bank credit risks allows diversification loan portfolio, the quality of the custor can be determined on the basis of the risk assessment of each individual loan and the risk of the entire portfolio as a whole. One of the criteria determining the quality of the loan portfolio as a whole is the degree of diversified portfolio, under which they understand the presence of negative correlations between the loans, or at least their independence from each other. The degree of diversification is difficult to express quantitatively, so under diversification, rather, it is understood as a set of rules that the lender must adhere to. The most famous of them are as follows: not to provide a loan to several enterprises of one industry; do not provide a loan to enterprises of different industries, but interrelated with each other technological process, etc. In essence, the desire to maximize diversification representing the process of a set of the most diverse loans, there is nothing but an attempt to form a loan portfolio with the most diverse types of risks in order to change in an external economic environment where enterprises-borrowers are functioning Negative impact on all loans. Changes in the economic environment should affect the situation of borrowers' enterprises in different ways. This means that under the most differentiated risks, lenders understand the most diverse response of loans to events in the economy. Ideally, it is desirable that the negative response of some loans, when the likelihood of their non-risk increases, was compensated by the positive response of others when the probability of their obstruction decreases. In this case, it can be expected that the income will not depend on the state of the market and will be maintained. It is important here to note that if the concept of a variety of risks by species is quite difficult to determine, then the diversity of the impact rendered to the situation of borrowers by changes in the economic situation is quite simple, because The natural measure of the impact is the magnitude of the incomplete income on a separate loan compared to the planned. In other words, the impact on credit is the difference between the planned and actual income volumes by a separate loan for a certain period of time.

Different types Financial risks, in addition, are closely related to each other, which can significantly increase the overall banking profile of risk. For example, a bank exercising currency operations is usually subject to currency risk, it will also be under an additional liquidity risk and interest risk if there will be open positions or discrepancies in the periods of requirements and obligations in the net position on urgent operations.

Operational risks depend: from the general business strategy of the bank; From its organization: from the functioning of internal systems, including computer and other technologies; from the consistency of the policy of the Bank and its procedures; From measures aimed at preventing errors in management and against fraud (although these risk types are extremely important and covered by banking risk management systems, this work does not pay much attention to them, since focused on financial risks). Business risks are associated with the external environment banking business, incl. With macroeconomic and political factors, legal conditions and regulatory conditions, as well as with the general infrastructure of the financial sector and the payment system. Extreme risks include all types of exogenous risks, which, in the event of an event, are able to expose the activities of the bank or undermine its financial condition and capital adequacy.

Deposit Risk - Risk associated with the possibility of no return deposit deposits (deferences of deposit certificates). This risk is rarely found and is associated with an unsuccessful choice of a commercial bank for the implementation of deposit operations of the enterprise. Nevertheless, cases of implementation of deposit risk are found not only in our country, but also in countries with a developed market economy. Abroad, the insured of this type of risk is the bank, and the insurance is carried out in a mandatory form.

Credit risk is the risk associated with the danger of non-payment by the borrower of the principal debt and interest due to the creditor. Causes of occurrence credit risk There may be unscrupulousness of the borrower, the deterioration of the competitive position of a particular company, unfavorable economic conjuncture.

Banking risks are divided into four categories: financial, operational, business and emergency.

Financial risks include two types of risks: clean and speculative.

Pure risks (credit risk, liquidity and solvency risks) can lead to a loss to the bank in improper management.

Speculative risks (interest, currency and market (or positional) risks) based on financial arbitration may have their result, if the arbitration is carried out correctly, or loss - otherwise.

Like any organization working in the market conditions, the Bank is subject to risk of losses and bankruptcy. The bank's management, seeking maximizing profits, at the same time wishes to minimize the possibility of damages. Maintaining the optimal relationship between profitability and risk is one of the main and most difficult issues of bank management.

The risk is associated with the uncertainty associated with events that are difficult or impossible to foresee. The loan portfolio of the commercial bank is subject to all major types of risk that are accompanied by financial activities: risk of liquidity, risk of interest rates, risk of non-payment on a loan. The last type of risk is especially important, as the non-risk of loans to borrowers brings large losses to banks and serves as one of the most particular causes of bankruptcies of credit institutions.

Credit risk depends on exogenous factors associated with the state, economic environment, conditions, and endogenous caused by the erroneous actions of the Bank itself. The possibilities of managing external factors are limited, although timely actions, the Bank may, to a certain extent, mitigate their influence and prevent losses. However, the main leverage of credit risk management lie in the field of domestic policy of the bank.

Minimize credit risks of banks allows the diversification of a loan portfolio, the quality of which can be determined on the basis of the risk assessment of each individual loan and the risk of the entire portfolio as a whole.

The degree of diversification of the loan portfolio is the presence of negative correlations between loans or their independence from each other.

The degree of diversification is difficult to express quantitatively, so under diversification, it is rather a set of rules that the lender must be adhered to, such as: failure to provide a loan to several enterprises in one industry; failure to provide loan to enterprises of various industries, interconnected with each other technological process, etc.

The desire for maximum diversification representing the process of a set of a wide variety of loans is an attempt to form a loan portfolio with the most diverse types of risks in order to change in an external economic environment where enterprises-borrowers are functioning, no negative impact on all loans. Changes in the economic environment should affect the situation of borrowers' enterprises in different ways. This means that under the most differentiated risks, lenders understand the most diverse response of loans to events in the economy. In this case, it can be expected that the income will not depend on the state of the market and will be maintained.

Different types of financial risks, moreover, are closely interrelated, which can significantly increase the overall banking profile of risk. For example, a bank exercising currency transactions is usually subject to currency risk, but it also will be under an additional liquidity risk and interest risk if there will be open positions or discrepancies in the periods and obligations in the net position on urgent operations.

Deposit risk - risk associated with the possibility of non-return of deposit deposits (non-missing certificates). This risk is rarely found and is associated with an unsuccessful choice of a commercial bank for the implementation of the organization's deposit operations.

45. International Financial and Credit Institutions.

International Financial Institutions

In order to develop cooperation and ensure the integrity and stabilization of the World Economy, international monetary and financial organizations have been established after World War II. Among them, the International Monetary Fund (IMF) and the World Bank Group (WB) are held.

The IMF and the WB Group have common features. They are organized by analogy with joint-stock company. Therefore, the share of contribution to capital determines the possibility of the country's influence on their activities. The headquarters of the IMF and the WB Group are located in Washington. The BB Group includes the International Bank for Reconstruction and Development (IBRD) and its three branches.

The main objectives of the IMF are as follows:

- promoting balanced growth international Trade;

- providing loans to member countries to overcome currency difficulties associated with their balance of payments;

- Cancel currency restrictions;

- Interstate currency regulation by monitoring compliance with the structural principles of the global monetary system recorded in the Foundation Charter.

IBRD, like the IMF, provide not only stabilization, but also structural loans. Their activity is mutually linked.

The specifics of the IBRD lies in its presence of three branches:

1) The International Development Association (Mar was established in 1960), provides preferential interest-free loans;

2) the International Finance Corporation (IFC, established in 1956), stimulates the direction of private investment in the industry of developing countries;

The Multilateral Investment Guarantee Agency (Mages, was established in 1988), carries out insurance.

International Financial Institutions - IMF and the WB Group - play an important role in regulating international credit relations.

The European Bank for Reconstruction and Development (EBRD) was established in 1990, London Location. The main goal of the EBRD is to contribute to the transition to a market economy in the states of the former USSR, the countries of Central and Eastern Europe. The EBRD credits projects only within certain limits.

The EBRD specializes in lending to the production, technical assistance to the reconstruction and development of infrastructure, equity investments, especially privatized enterprises. Advantageous areas of EBRD activities, including in Russia, financial, banking sectors, power engineering, telecommunication infrastructure, transport, agriculture.

Regional currency and financial organizations of Western European integration are composite part its institutional structure. They pursue the goal of strengthening the integration and creation of the Economic, Currency and Political Union (EU). To the mainstream regional organizations The EU includes: European Investment Bank (EIB, Luxembourg), European Development Fund (EPR, 1958), European Fund orientation and Guarantee agriculture (1969), European Regional Development Fund (EPRR, 1975), European Currency Institute (Eva, Frankfurt am Main, 1994).

A special place among international monetary and credit institutions is the Bank of International Settlements (BMR, Basel, 1930). Essentially, this is the Bank of Central Banks. BMR facilitates their cooperation, accepts their deposits and provides loans.

International Financial and Credit Institutionscreated and operate on the basis of interstate agreements in order to regulate international economic relations. These include: Bank of international settlements (BMR), IMF, World Bank Group, European Bank for Reconstruction and Development (EBRD), European Central Bank (ECB).

Bank of international settlements (BMR)- The oldest global financial institution. It was created in 1930 on the basis of the Hague agreement of the central banks of six countries (Belgium, Great Britain, Germany, Italy, France, Japan) and the Convention of these States with Switzerland, where BMR is located (Basel). The founders of the BMR and the initial subscribers on its shares were along with the central banks of the specified countries of the US Commercial banks headed by the Banker's home Morgana. US Federal Reserve Banks have correspondent relationships with BMR. Representatives of the United States participate in the forums organized by BMR. Unlike the IMF and the World Bank, the leading position in the BMR belongs to the countries of Western Europe.

BMR - International Bank of Central Banks. Currently, BMR includes 34 countries, including Russia (since 1996).

The main activities of the BMR:

1) promoting cooperation between central banks in the field of monetary and monetary policies In order to stabilize international monetary and credit relations (conducts joint currency interventions of central banks in order to support leading currencies, organizes meetings of managers by central banks in order to coordinate world monetary and credit policies);

2) agent and manager in various international currency, settlement and financial transactions, a trustee or a bank depositary for international loans;

3) providing an intermediate loan under the guarantee of the Central Bank to countries awaiting Credit IMF;

4) Leading Information Research Center. Annual reports of BMR are one of the authoritative economic publications in the world.

Created at BMR Basel Committee on Banking Supervision Published periodically updated Basel concordate on the problem of improving banking supervision (especially for international operations of banks), developed the Basel Agreement (1988) on the international unification of capital calculation and on capital standards (Basel-1). Leading banks, including Russian, are obliged to comply with these requirements. In the early 2000s. New requirements (Basel-2) have been developed to determine capital adequacy, taking into account risks, on banking supervision and compliance with market discipline (transparency and accuracy of information).

International Monetary Fund (IMF)recognized as the main interstate body of regulating world currency and credit relations. The IMF has the status of a specialized UN agencies. It was established at the UN International Monetary and Finance Conference (1944) in Bretton Woods (USA) and began to function in 1946. The place of residence of the governing bodies - Washington (USA). IMF members are 184 countries (2004). Russia has become a member of the IMF in 1992

The CAPITAL IMF consists of contributions from Member States. Each country has pronounced in special borrowing rights (SDR) quota, determining the amount of subscription (contribution) to the IMF capital. The size of the quota is established on the basis of the country's specific gravity in the global economy. The number of votes that the member country has in the IMF governing bodies depends on the quota value.

The main activities of the IMF:

1) regulates international currency relations, a) creating international liquid assets in the form of a SDR to increase reserves of member countries, b) regulating the regime exchange rates member countries, c) seeking to eliminate currency restrictions on current international operations;

2) regulates international credit relations a) by providing loans to member countries, b) through the provision of creditors and borrowers of intermediary services, as well as c) as a guarantor of the debtors' solvency (achieving an agreement on the provision of the IMF of the loan is regarded as an indicator of international confidence in the country borrower);

3) performs constant supervision A) for macroeconomic and currency policies of member countries and b) for the state of the global economy. States are obliged to regularly provide the Fund a wide range of information about the state of their economy.

The World Bank,or group of World Bank - UN specialized institution. Group includes: International Bank for Reconstruction and Development (IBRD) and four branches(International Development Association (Mar), International Finance Corporation (IFC), Multilateral investment guarantee agency (Magicians)and the International Investment Dispute Settlement Center ( MTSU).Location – Washington.

Head structure of the BB Group - IBRD. It was established simultaneously with the IMF on the basis of Brettonvian agreements in 1944, began to function since 1946 the indispensable condition for membership in the IBRD - joining the IMF. The activities of the IBRD and the IMF are mutually linked, they complement each other.

The goal of creating The IBRD was capital accumulation from the global market to finance the economy of Western European countries undermined as a result of the 2nd World War. From the mid-1950s. The IBRD switches to lending to the economy of developing countries. In the 1990s. The object of its activities becomes transitional economies. Russia - Member of the IBRD since 1992

The main activities of the IBRD:

1) investment activities in developing countries on a wide range of areas (health, education and environment, infrastructure, structural economic reforms);

2) analytical and advisory activities economic issues;

3) mediation in the redistribution of resources between rich and poor countries.

MBRD provides long-term loans (15-20 years) both stabilization and structural (for the implementation of programs aimed at structural reforms in the economy).

First regional development bankswere created in the 60s. in Latin America (Inter-American Development Bank - MABR), Africa (African Development Bank - AFBR), Asia (Asian Development Bank - Azbr). Main goals of their creation -long-term lending to projects for the development of relevant regions (infrastructure projects, project development projects of mining and manufacturing industries).

In 1990, was established European Bank for Reconstruction and Development (EBRD).Location - London. the main objectiveThe EBRD is to promote the transition of countries in Central and Eastern Europe, including the CIS, to a market economy, the development of a private entrepreneurial initiative and promoting investments in the region.

The main objects of lending EBRD: private firms or privatized state-owned enterprises, newly created companies, including joint ventures involving foreign capital. The EBRD cooperates with other investors and creditors in providing loans and guarantees and investing funds to share capital.

The main inferences of the EBRD activities:

1) Financial, banking sectors, energy, telecommunication infrastructure, transport, agriculture;

2) support for small businesses;

3) advisory services in the development of development programs;

4) promoting the privatization of enterprises, their structural

perestroika and modernization.

European Central Bank (ECB) - Nadnodal Central Bank.It occupies a leading position in the structure of institutions responsible for maintaining the sustainability of the euro and the general macroeconomic balance in the European Union (EU).

ECB and 12 central banks of the eurozone countries form Eurosista.Eurosystem led by the ECB:

1) carries out the emission of a single European currency;

2) develops and is responsible for the implementation of a single monetary (monetary and currency) policies (defining targeted price increases and cashby setting the refinancing rate);

3) Determines the limit budget deficit And imposes sanctions to the participating countries, exceeding it.

In accordance with the Maastricht Treaty, it was created and began to operate from January 1, 1999. European system of central banks (ESSB),which consists of the ECB and the central banks of the EU member states.

the main goalthe creation of the ESSB is promoting the general EU economic policy. This goal determines tasks ESSB:

storage and management of official reserves of foreign currency Member States;

promoting Unified Functioning payment system mutual wholesale calculations in real time (target);

promoting the effective implementation of oversight of the activities of financial and credit institutions.

In the process of activity, commercial banks are subject to multiple risks. In general, bank risks are divided into four categories: Financial, operational, business and emergency.

Financial risks In the queue, include two types of risks: clean and speculative. Pure risks including Credit risk, liquidity and solvency risks can lead to a loss of bank in improper management. Speculative risks Based on the financial arbitration may have a profit result if arbitration is carried out correctly, or a loss - otherwise. It is worth noting that the main types of speculative risk: interest, currency and market (or positional).

Different types of financial risks, moreover, are closely related to each other, which can significantly increase the overall bank profile risk. For example, a bank exercising currency operations is subject to currency risk, but it will also be under an additional liquidity risk and interest risk if there will be open positions or discrepancies in the periods of requirements and obligations in the net position on urgent operations.

Operating risks depend on: the general business strategy of the bank; his organization; functioning of internal systems, including computer and other technologies; consistency of the Bank's policy and its procedures; measures aimed at preventing errors in management and against fraud. Business risks are associated with an external banking business environment, incl. With macroeconomic and political factors, legal conditions and regulatory conditions, as well as with the general infrastructure of the financial sector and the payment system. Extreme risks include all types of exogenous risks, which are capable of carrying out the activities of the Bank or undermine its financial condition and capital adequacy in the event of an event.

We characterize financial risks to pure risks, i.e., leading in the event of a risk case only to negative consequences.

Deposit risk - Risk associated with the possibility of non-return of deposit deposits (deferences of deposit certificates). This risk is rarely found and is associated with an unsuccessful choice of a commercial bank for the implementation of deposit operations of the enterprise. It is important to note that however, with all this cases, the implementation of deposit risk is found not only in our country, but also in countries with a developed market economy. Abroad, the insured of this type of risk is the bank, and the insurance is carried out in a mandatory form.

Credit risk - The risk associated with the danger of non-payment by the borrower of the principal debt and interest due to the creditor. The causes of the occurrence of credit risk may be the unscrupulousness of the borrower, the deterioration of the competitive position of a particular company, adverse economic conjuncture.

57. Investment banks, their functions and operations

Investment banks are special credit institutions that implement funding and lending to investments. These banks are engaged in unidentic banking institutions, which is associated with the peculiarities of the loan capital market and the differences in the banking legislation of individual industrialized countries. So, the classic type of US investment bank is approved by the banking act of 1935 (Act of Gloss-Stigolla). In accordance with the specified act, commercial banks are prohibited from investment activities, with the exception of operations with state and municipal bonds. Such operations are in the acquisition of part of state and municipal bonds, organizing the placement of some of their share among the population, conducting subscription operations on bonds and payment of coupons (cutting tickets to the bond, giving the right to receive a certain amount of interest after a period of one period).

The main function of the investment bank in the United States is the emission function - negotiations with trade and industrial companies on the release of new shares and bonds and technical training of such issues with the obligations of securities on the market and the acquisition of that part of them that will not be posted subscription.

A characteristic feature of cash capital accumulation Investment banks of the United States is to attract savings of not only the richest segments of the population, but also small investors with low incomes - small bourgeoisie, farmers and relatively well-paid workers and employees.

In European industrial developing countries, such a clear distinction between commercial and investment banks does not exist. So, in the UK, trading banks are traditionally involved in investment operations. The most influential of them (about 60) are included in the Association of Investment Banks. Since 1970, commercial banks from 1970 are actively invaded.

In France, financing and lending to capital investments are carried out by special credit institutions, among which the leading place is owned by the national loan (exchanging). This bank distributes state subsidies, provides loans for a period of 7-15 years and gives guarantees on loans.

In Germany, investment banks as independent institutions did not get distribution. Here banks combine both short-term and long-term investment operations. At the same time, Grossbanks (German, Dresden and Commercial) are held in the market of loan capital capital countries.

Functions of investment banks and banks of long-term investments in Eastern Europe are fulfilled by popular, national, as well as government banks (Bulgaria, Hungary) or specialized banks (Romania). The structure and functions of these banks systematically undergo changes. Thus, the investment bank "Prague" was approved in 1948 to 1950. He carried out funding and long-term lending to capital construction included in the state plan. In 1959, his functions were transferred to the State Bank.

Romania Investment Bank is a specialized bank for financing and long-term lending to industry, construction, communications, trade, with the exception of agriculture, food industry and water management.

In Japan, the issuance of long-term loans is carried out both public and private banks. For example, a Japanese Development Bank is engaged in lending to industry, construction, energy, transport, which is held in second place among the state credit institutions of the country. This bank entrusts preferential lending (under low interest And for a period of at least a year) sectors of the economy, in lending to which private banks are little interested (risk of mastering, large capital intensity, duration of capital turnover, unprofitability of production, etc.). Significant difference between interest rates on bank loans and more profitable rates The market of loan capital is covered from the state budget.

Only in a few developing countries with a relatively developed capitalist sector of the economy there are investment banks: in Latin America - Argentina, Bolivia, Brazil, Mexico; In Southeast Asia - Malaysia, Singapore, Sianggan (Hong Kong - now as part of China), South Korea; In Africa - Ghana, Nigeria, as well as in some French franc countries. Investment banks exist along with regional development banks of developing countries: Asian Development Bank, dealing with long-term lending to the development of Asian and Pacific Development Projects; The Inter-American Development Bank, providing promoting the development of the economy of Latin America; The African Development Bank, promoting the economic development of African and several non-African states. International Credit Institutions: International Bank for Reconstruction and Development, Arab Investment Companies and other international organizations play a significant role in the implementation of investments of developing countries.

Since the main task of investment banks is financing and lending to investments, consider the concept and types of investment.

[Investments - long-term investments of capital in industry, agriculture, transport, construction and other industries. The purpose of investment activities is to receive entrepreneurial income or percentage.

Investments are divided into financial and real.

Financial investments - investments in securities (shares, bonds, etc.), manufactured by private companies and the state, as well as bank deposits and objects of thesorration (treasures, i.e. storage of money at home).

Real investments - investments in fixed assets and on the increase in material and industrial stocks. In the context of the modern scientific and technical revolution, along with an increase in real elements of fixed capital,

in the development of spiritual productive forces in the development of spiritual productive forces, the intellectual potential becomes the most active element of production, increasing the role of scientific research, qualifications, knowledge and experience of workers. The accumulation acquires a comprehensive nature, and the costs of science, education, training and retraining of personnel, etc. become productive investments.

There are also investments to expand and invest updates of consumed fixed capital.

The source of expansion investment is part of the newly created value directed to the accumulation. Entrepreneurs mobilize her at the expense of their own profits (self-financing) and in the market of loan capital (attracted funds). The source of investment of fixed capital updates are depreciation.

Real investments in fixed assets are characterized by sectoral and technological structures, whose proportions largely determine the efficiency of savings.

Shifts in the sectoral investment structure in all developed capitalist countries in the 50-70 GG. They were expressed in the advanced growth of their share in the manufacturing industries, primarily in mechanical engineering, construction, transport, communications. The lag at this time of investments in the extractive industry and the fuel and energy complex was one of the reasons for the energy-raw crisis of the 70s.

The technological structure of the investment is determined by the cost ratio of the active elements of fixed capital (machines, equipment) and its passive elements (buildings, structures). The effectiveness of investments is usually increasing with the growth of the share of the active part.

Investments in the reproduction of fixed assets, along with industry and technological structures of capital investments, are also characterized by territorial and reproductive structures.

The territorial structure of capital investments means their distribution in individual regions of the country with an increase in the share of investments in areas that give the greatest returns that have sufficient raw materials and energy resources and the necessary workforce.

The reproductive structure of capital investments involves the direction of them for new construction, on the technical

the re-equipment and reconstruction of the existing industries, since such costs ensure the acceleration of updating the current fundamental funds.

Reconstruction and technical re-equipment of enterprises make it possible to increase production volumes, improve product quality and other technical and economic indicators with less costs than in the construction of new enterprises. At the same time, the deadlines for entering new capacities are reduced by one and a half - twice. Considering this, the scale of technical re-equipment and reconstruction of the current manufacturing office for last years We systematically increase. So, if in 1985 the share of capital investments for these purposes in industrial construction was 36%, then in 1993 - 51%.

The main share of real investments in developed capitalist countries is private investments. However, the state also participates in the investment process by investing in the public sector, both directly and indirectly through the provision of loans, subsidies, implementing economic regulation policies. The main part of public investment is sent to the infrastructure industry, the development of which is necessary to ensure the normal course of public reproduction (science, education, health, environmental protection, transport and communication).

In developing countries, investment growth is an indispensable condition for overcoming economic retardation. The state plays an important role in expanding the production potential of these countries, which is confirmed by a significant increase in public investment, the main areas of investment of which are the production and social infrastructure and manufacturing industry.

In order to carry out investment operations, investment banks mobilize long-term loan capital and provide its borrowers (entrepreneurs and the state) through the issuance and placement of bonds or other types of borrowed obligations. In addition, investment banks buy and sell stakes and bonds at their own expense, as well as provide loans to customers of securities.

Dear Chairman and Members of the State Attestation Commission, you are invited to the topic of the topic - the monetary policy of the Central Bank of the Russian Federation. This topic is currently relevant, since today in Russia, a rational monetary policy is intended to minimize inflation, to promote sustainable economic growth, support the exchange rate ratios, at an economically reasonable level, stimulating the development of export and import-substituting industries, and significantly replenish the country's foreign exchange reserves .
Analyze how the Central Bank coped with the tasks that stand in front of him at each stage of economic reforms, what steps it is necessary to take and what instruments of monetary policy to use further - to be the main purpose of the study of this work.
As methods of study, predominantly statistical models and methods, such as the method of grouping, comparative analysis, methods of classifications and graphic images were used.
The theoretical and methodological basis of the study was served both general systematic courses on monetary handling and special publications and economic periodicals.
The information base of the study and practical material for analysis, generalizations and conclusions formulated in this paper served reported and forecast data from the Central Bank of the Russian Federation.

Exploring the topic of thesis, I came to the following conclusions:
As we all know, since the appearance of the first banks, the monetary and financial economy of many countries is in a constant process of structural changes. The credit system is rebuilt, new types of credit and financial institutions and operations arise, the system of relations between banks and financial and credit institutions is modified.
Significant changes occur in the functioning of banks: the independence and role of banks in the national economy increases; The functions of the current and new financial and credit institutions are being created; Survident Efficiency Growth Ways banking service internal and foreign economic relations; Search for optimal delineation of the fields of activity and functions, specialized financial and credit and banking institutions; New banking legislation is being developed in accordance with the tasks of the current stage of economic development.
And in order to cope with these tasks, the formation of a clear mechanism of monetary regulation, allowing the Central Bank to influence business activity, control the activities of commercial banks, to achieve stabilization of money circulation.
It is historically reasonable that monetary policy is a very effective tool for the impact on the country's economy, which does not violate the sovereignty of most business system subjects. Although there is a limitation of their framework economic freedom (Without this, no regulation of economic activity is generally impossible, but the key decisions taken by these subjects, the state affects only indirectly.
Ideally, the monetary policy is designed to ensure the stability of prices, full employment and economic growth is such a higher and final goal. However, in practice, it is necessary to solve and narrower, responding to the urgent needs of the country's economy.
The main purpose of the monetary policy is currently helping the economy in achieving the production volume characterized by full-time, lack of inflation and growth. In our country, at this stage, rational monetary policy should minimize inflation and decline in production, prevent unemployment growth. The regulatory mechanism includes methods, tools for regulating cash and non-cash banking operations and specific forms of control over the dynamics of money supply, bank interest rates, bank liquidity on the macro and micro levels.
In this regard, it seems to be correct to consider such monetary policy tools first such as the operation of the central bank on the open market, changing the norm of mandatory reserves and accounting rates, their role and application in russian economyAnd then other mono-credit tools used by the Bank of Russia at the present stage, as well as those offered to the use of economics scientists.
We must not forget that monetary policy is extremely powerful, and therefore an unusually dangerous tool. With its help, you can get out of the crisis, but also the sad alternative is not an exacerbation of negative trends in the economy. Only very suspended decisions made at the highest level after a serious analysis of the situation, consideration of alternative ways of impact of monetary policy on the state economy, will give positive results. The central emission bank of the state acts as a monetary policy conductor. Without the right monetary policy held by the Central Bank, the economy cannot effectively function. Role Central Bank In the current conditions of development and stabilization of the economy, the day of day is increasing. The central bank today is a key element of the financial and credit system of any developed state. He acts as conductor of official monetary policy. In turn, monetary policy, along with budget, is the basis of the entire state regulation of the economy. It should continue to continue the implementation of activities aimed at raising the sustainability and competitiveness of the banking sector Russian Federation. In addition, it is necessary to improve the banking supervision system.
It seems that a gradual reduction in the participation of the Bank of Russia on the internal currency market It will contribute to the transition to the mode of a freely floating exchange rate, thereby the Central Bank will be able to focus its efforts at the maximum accurate achievement of the objectives of inflation. It should not be forgotten that support for the Bank of Russia's monetary policy actions actions of the Government of the Russian Federation in the field of budgetary, tax, tariff, structural and social policy is an important part of anti-inflation policy in Russia.
The Central Bank of Russia primarily takes care and sustainability of the country's banking system. It analyzes the degree of compliance with banks of economic standards, the frequency of deductions to centralized funds and determines the effectiveness of state regulation of banking activities.
Status, tasks, functions, powers and principles of the organization and activities of the Central Bank of the Russian Federation, the structure of the banking system of Russia and its function, as well as the activities of commercial banks and methods for regulating and monitoring their work, allowing to ensure the balance of total demand and suggestions, are determined by the laws "about Central Bank of Russia "and" On Banks and Banking ". In these documents, direct holistic and continuous control and supervision of the activities of commercial banks of Russia is the prerogative of the Central Bank of the Russian Federation. This axiom is necessary in order to ensure the sustainability of individual banks and the entire system as a whole. Thus, the Central Bank of Russia is the "fluger" of the state, which indicates the direction of the monetary policy of Russia, and therefore the level of welfare of Russians.
So, monetary policy is the activities of state and management bodies, aimed at regulating relations related to lending and monetary appeal, the purpose of which is the economic growth of the state, the full employment of resources in the country's economy, price stability, the sustainability of the national currency.
To achieve these goals, central banks of states use various tools. The most famous of these are open market operations, changing the norm of mandatory reserves and refinancing rates. IN russian legislation It also provides for their application, but the proper impact on the country's economy, these tools do not provide. First of all, this is due to the underdevelopment of the investment and stock market in Russia. Even though, in recent years, the credit investments of Russian banks in the non-financial sector increased, their level remains still very insignificant: 13-15% of the GDP value, which is almost four times less than the global norm. The influence of the stock market remains as minor, because the total market value Enterprises that appeal on the market does not exceed 20% of GDP, and this is 3-5 times less than in Western European countries.
Thus, the main goal of monetary policy in Russia at the present stage should be the creation of favorable conditions for investment, primarily in the real sector of the economy.
On November 25, 2005, the main directions of the Unified State Monetary Policy for 2006 were published in the Bulletin of the Bank of Russia for 2006. As the main goal of state monetary regulation, as before, is a limitation of consumer price growth (within 7.8.5%), to achieve that the Bank of Russia will use already known tools: deposit auctions to attract funds for credit institutions (on The term of two weeks to three months), auctions of the exchange modified repo for the sale of OFZ with the obligation of reverse redemption (for a period of 28 days to six months), direct sales by the Bank of Russia of government bonds from their portfolio without the obligation to redeem, carrying out lombard credit auctions, Overnight loans and intraday. In 2006, the Bank of Russia provided for the issuance of its own bonds for up to one year. Such a policy, according to the Bank of Russia, will ultimately be promoted to stimulate investments and an increase in economic growth rates in processing industries.
As studies have shown in this work, through the conduct of monetary policy over the past few years, conditions have been created for the sustainable development of the economy and maintain financial stability (for this purpose, the Bank of Russia has made the main focus (and continues to do) on a sustainable decline in inflation, in addition The Central Bank of the Russian Federation carried out control over the formation of a monetary supply and regulated the liquidity of the banking system, taking into account the trends in the development of demand for money). Certain regulation trends were formed: increasing the attractiveness of the national currency as a means of savings and payment, the formation of money supply in the necessary volumes, liberalization of currency regulation and strengthening confidence in the country's banking system. The implementation of the outlined trends, as well as further economic growth, will contribute to the most efficient use of monetary policy tools.
As was revealed during the study, the main problems of monetary policy are the short-term effect of activities carried out, as well as the insufficient effectiveness of the tools of the mechanism under study, mainly refinancing systems, deposit tools, interest policy. In particular, interest policy, when the refinancing rate exceeds market rates, and the rates of the interbank market are formed independently of the existing refinancing rate, leads to the fact that many credit organizations are in the situation of the practical impossibility of obtaining funds from the market or at the Central Bank. Deposit operations are unattractive even in conditions of oversupply of liquidity due to very low rates, and due to the poorly well-established refinancing system distorts the monetary regulatory mechanism even subject to the effectiveness of all other tools.
All of the above shows that it is necessary to seek new ways to develop and improving the monetary regulatory system. First of all, to achieve goals in the long run, it is necessary to maintain monetary policy Bank of Russia actions of the Government of the Russian Federation in the field of budget, tax, tariff, structural and social policy,
Secondly, you should pay special attention eliminate the shortcomings of the monetary control tools used. In particular, to change the approach to establishing the refinancing rate and market rates (setting them at the same level), which will contribute to more efficient maintenance of the liquidity of the banking sector. In order to improve the efficiency of sterilization of funds, it is necessary to revise the rates on deposit operations. In addition, you need to rebuild the current refinancing system by making changes to national specifics, in particular, to change the existing lombard list, expand the practice of applying such an important refinancing tool as providing medium-term loans on bail credit requirements banks to clientele, etc.
In essence, the solution of a number of problems will create a modern monetary regulatory system, which will contribute to stability in banking sector And give a powerful impetus to further economic growth.

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Graduation qualifying work

Financial managementrisks of a commercial bank

INmaintenance

financial Commercial Bank Risk

The ability to risk intelligently - one of the elements of the culture of entrepreneurship as a whole, and banking activities - especially.

In market conditions, each of its participants takes certain rules of the game and to a certain extent depends on the behavior of partners. One of these rules can be readily readiness to take risk and take into account the possibility of its implementation in its activities.

In the West, even in relatively stable economic conditions, business entities pay close attention to risk management issues. At the same time, in the Russian economy, where the factors of economic instability have increasingly complicate the effective management of enterprises, analysis of the analysis and management of risks arising in the process of their economic activity, is clearly insufficient attention.

Until recently, such an approach dominated not only at the enterprises of the real sector of the economy, but also in financial and credit institutions. Close attention to the issue of risk management began to be given only after the coming financial crisis, which clearly identified the entire severity of this problem in Russia.

In an effort to stabilize the socio-economic situation of enterprises, their financial independence, increase the efficiency of activity and ultimately maximize profits or, as a last resort, avoid damages and bankruptcy, executives of enterprises in modern conditions Start increasing attention to pay financial planning. This is undoubtedly one of the factors of the normalization of economic turnover, ensuring it necessary resources, strengthening the financial situation of enterprises in the face of the uncertainty of the economic situation.

Consequently, in a market economy, the decision-making process at all levels of management occurs in conditions when the final result is unknown. So, there is ambiguity and uncertainty, and, consequently, risk increases, that is, the danger of failure, unforeseen losses. In particular, it is inherent in the initial stages of the development of entrepreneurship.

In modern economic theory As an indicator of uncertainty, such a category is like a risk.

The problem of risk management exists in any sector of management - from agriculture and industry to trade and financial institutions, which explains its relevance.

In this regard, it is relevant to the definition of a risk assessment indicators system when planning an enterprise, factors affecting it, development practical recommendations to reduce and minimize risks, as well as the development of a risk management strategy.

The financial activity of the enterprise in all its forms is associated with numerous risks, the degree of influence of which the results of this activity increase significantly with the transition to a market economy. The risks accompanying this activity are allocated to a special group of financial risks playing the most significant role in the general "risk portfolio" of the enterprise. The increase in the degree of influence of financial risks on the results of the financial activity of the enterprise is associated with the rapid variability of the economic situation in the country and the conjuncture of the financial market, the expansion of the sphere financial relations and its "liberty", the appearance of new financial technologies and tools and a number of other factors for our economic practice.

Financial risk management of the enterprise is a specific scope of financial management, which in recent years has been stated in a special area of \u200b\u200bknowledge - "risk management". Special qualification requirements, in particular, knowledge of the basics of the economy and finance of the enterprise, mathematical methods, the foundations and applied apparatus of statistics, insurance business, etc. The main function of such specialists ("risk managers") is the management of financial risks of the enterprise.

Financial risk as an object of management implies its assessment and minimization using risk management methods. There are several ways to assess the financial risk and a great set of methods for controlling them. The main goal of financial management to ensure that with the worst decision of the financial state, it can only be about a certain decrease in profit, but in no case there was a bankruptcy question. Therefore, special attention is paid to the continuous improvement of risk management - risk management. This explains the practical significance of exhaust qualifying work.

The purpose of the study is to analyze financial risks and reserves for their decline.

In accordance with the aim, the tasks of graduation qualifying work were formulated:

Consider the theoretical foundations of financial risk as a subject of management;

Make an assessment and analysis of financial risk on the example of CJSC VTB;

Determine the main directions of management of financial risks of an enterprise.

The object of the study was the commercial bank of VTB CJSC, which needs to develop measures to prevent financial losses.

The theoretical and methodological basis served the scientific works of domestic and foreign scientists and financiers.

The practical significance of the work is that the proposed measures to improve the efficiency of financial risk management can be used in its work to reduce the influence of financial risks and increase the efficiency of the enterprise.

1. Theoretical basis Financial risks

1.1 The essence of financial risk, its types and causes of occurrence

Considering the essence and content of risk, now there is no need to prove that the success of the entrepreneur, businessman, the manager largely depends on the understanding of attitudes towards risk. This problem is of particular interest and deserves a comprehensive study.

Risk is an economic category. As an economic category, it is the ability to make an event that may entail three economic results:

- Negative (loss, damage, loss);

- zero;

- Positive (winnings, benefit, profit).

An analysis of the economic literature devoted to the problem of risk showed that among the researchers there is no consensus regarding the definition and one-to-one understanding of the essence of risk. This explains, in particular, the multidimensionality of this phenomenon, practically complete ignoring its economic legislation in real economic practices and management activities. In addition, the risk is a complex phenomenon that has many inconsistent, and sometimes opposite real bases. This causes the possibility of the existence of several risk definitions from different points of view.

Let us dwell on the next risk determination that the most fully reflects the concept of "risk".

The risk is activities related to overcoming uncertainty in the situation of inevitable choice, in the process of which it is possible to quantitatively and qualitatively assess the likelihood of achieving the intended result, failure and rejection of the goal.

An analysis of numerous risk definitions made it possible to identify the highlights that are characteristic of the risk situation, such as:

- the random nature of the events that determines which outcomes are implemented in practice (the presence of uncertainty);

- availability of alternative solutions;

- are known or you can determine the probabilities of outcomes and expected results;

- the likelihood of damages or the likelihood of additional profit.

It should be noted that the difference between risk and uncertainty refers to a method for setting information and is determined by the presence (in case of risk) or the absence (with uncertainty) of probabilistic characteristics of uncontrolled variables. In a noted sense, these terms are used in the mathematical theory of the study of operations, where they distinguish the tasks of decision-making at risk and, accordingly, in conditions of uncertainty.

If it is possible to qualitatively and quantify the degree of likelihood of a particular option, then it will be a risk situation.

Under the financial risk of the enterprise means the likelihood of adverse financial implications in the form of income and capital loss in the situation of uncertainty of the conditions for the implementation of its financial activities.

There are various definitions of the concept of "risk". So, in the most general form, at risk, the likelihood of losses or incomplete income is understood as compared with the predicted option, i.e. This is a situational characteristic of activities consisting of the uncertainty of its outcome and possible steps with which it can be optimized.

Another risk determination is any event, as a result of which the financial performance of the Company may be lower than expected. When making a financial decision, it is necessary to analyze financial risk.

In the most general form, the financial risk is an image of action in an unclear, an indefinite environment associated with the monetary sphere.

In investment activities, under financial risk, the risk imposed on shareholders (owners) of the enterprise associated with the uncertainty of payments on their debt obligations is implied.

Thus, the financial risk is the degree of uncertainty associated with a combination of borrowed and own funds used to finance a company or property; The larger the share of borrowed funds, the higher the financial risk.

A distinctive feature of financial risk analysis is that the objectivity of the management decisions made largely depends on its results.

Risk is inherent in a number of features, among which you can allocate:

- inconsistency,

- alternativeness,

- uncertainty.

Contribuability is manifested in the fact that, on the one hand, the risk has important economic, political and spiritual and moral consequences, since accelerates public and technical progress, has a positive impact on public opinion and the spiritual atmosphere of society. On the other hand, the risk leads to adactivity, voluntarism, subjectivism, inhibits social progress, generates certain socio-economic and moral costs, if in the conditions of incomplete source information, the risk situation is chosen without taking into account the objective patterns of the development of the phenomenon in relation to which The decision is made.

Alternativeness implies the need to choose from two or several possible solutions. The lack of choices takes off talk about risk. Where there is no choice, the risky situation does not arise and, therefore, there will be no risk.

The existence of risk is directly associated with uncertainty. It is heterogeneous in the form of manifestation and content. The risk is one of the ways to withdraw the uncertainty, which represents ignorance of a reliable, lack of unambiguity. Across the attention on this property of risk is important due to the fact that optimizing management and regulation in practice, ignoring objective and subjective sources of uncertainty, unpromising.

Financial risk is a function of time. As a rule, the degree of risk for this financial asset or an embodiment of capital investments is increased over time.

Financial risk is manifested in the field of economic activity of the enterprise. Financial risk is associated with the formation of resources, capital, income and financial results Enterprises are characterized by possible monetary losses in the process of economic activity. Financial risk is defined as a category of economic, occupying a certain place in the system of economic categories.

The expected level of financial operational performance varies depending on the type and level of risk in a rather significant range. Thus, the financial risk may be accompanied by both significant financial losses for the enterprise and the formation of additional income.

Financial risk is an integral part of all economic operations and inherent in all areas of the enterprise. The objective nature of the manifestation of financial risk remains unchanged.

Despite the fact that the manifestations of financial risks have an objective nature, the main indicator of financial risk is the level of risk - is subjective. The subjectivity of risk assessment is due to various levels of accuracy of management information, professional experience and qualifications of financial managers and other factors.

The risk is not a permanent value, the level of financial risk is changed. First of all, it changes in time. In addition, the indicator of the level of financial risk varies significantly under the influence of numerous objective and subjective factors affecting the risk.

During the preparation and adoption of the economic decision, it is impossible to argue with complete confidence, which particular conjuncture will be in the market, which changes in the surrounding economic environment will entail commissioning or new characteristics of the functioning of an industrial facility, which unexpected technical obstacles or constructive problems may arise. Buyers may not like a new product, the conjuncture in the market sector of this enterprise may change for reasons, not an unemployed entrepreneur, etc. However, by exposing the idea to a versatile critical role, identifying potential hazards and analyzing the possible consequences, finally attracting additional informationIt is possible to provide measures to neutralize or mitigate the unwanted consequences of the manifestation of certain financial risk factors.

Despite the fact that theoretically, as a result of the consequences of the manifestation of financial risk, both positive (profit) and negative (loss, loss) of deviations can be, and the financial risk is characterized by the level of possible adverse effects. This is because negative consequences Financial risks determine the loss of not only income, but also the capital of the enterprise and this leads it to bankruptcy and termination of activities.

Blank I.A. Under financial risk understands the likelihood of adverse financial implications in the form of loss of income or capital in the situation of uncertainty conditions for the implementation of its financial activities. For this definition of financial risk, most risks fall, because in the implementation of most risks, income loss occurs, and uncertainty - feature Any risk. In addition, the risk of liquidity loss (element of financial risk) in the conditions of the inflationary economy for the enterprise, as a rule, does not lead to money losses.

Kovalev V.V. It gives the definition of financial risk as a risk associated with the possible disadvantage of interest on long-term loans and borrowings. However, this approach narrows the content of the category. The above definition can be considered a private case with the risk characteristic of the liquidity loss of the enterprise.

Financial risk is not a fatal phenomenon, but a largely managed process. Its parameters, it is possible to effect on its level. Since such an impact can only be provided on the "cognitive" risk, then it is necessary to treat it rationally, i.e. It must be studied, analyze the manifestations of risk in economic situations, identify and identify its characteristics: the composition and significance of risk factors, the scope of the consequences of their manifestation, etc.

Determining the acceptable value of the level of financial risk is an independent task of a special study. It is preceded by a large analytical work and special calculations, and the regulatory establishment of some level as an acceptable - the prerogative of the highest management of the enterprise. The boundary between acceptable and unacceptable for the economic entity level of risk in different periods of entrepreneurial activity and in various sectors of the economy is different. For example, if we evaluate the risk in a probabilistic scale, then according to some data, for highly technological production, the allowable probability of obtaining a negative result at the stage of fundamental studies is 5-10%, applied scientific developments about 80-90%, design and design developments 90-95% .

Economic I. political development modern Mira It gives rise to new types of risks that are quite difficult to determine and evaluate quantitatively. Transnationalization of business is accompanied by the creation of complex financial and production relationships. Strengthening computerization and automation of production and economic activities of entrepreneurial organizations leads to the possibility of losses due to failures in computer systems and in the work of computing technology. In recent years, the risks associated with political factors have become of particular importance, as they carry large losses for entrepreneurship.

In the field of financing, the project may be risky if this is primarily facilitated:

- economic instability in the country;

- inflation;

- the current situation of non-payment in the industry;

- shortage of budget funds.

As the causes of the financial risk of the project, the following can be called:

- political factors;

- fluctuations in exchange rates;

- state regulation of accounting banking rate;

- the increase in the cost of resources in the capital market;

- increase production costs;

- lack of information resources;

- Personal qualities of the entrepreneur.

Thus, the listed reasons may lead to an increase in interest rates, higher prices for financing, as well as increase in prices and contracts for contracts.

1. 2 Classification of financial risks and methods for their assessment

The concept of "risk" is inextricably linked with human activity and has the same years as Civilization exists. Its existence is associated with the inability in many cases, it is significant to anticipate the onset of certain events that may not depend on the desires, preferences and actions of the subject.

Entrepreneurial activities carried out in the harsh conditions of the market economy is also no exception. When implementing any type of economic activity, there is an objectively danger (risk) of losses, the volume of which is due to the specifics of a particular business. The risk is the likelihood of losses, losses, inappropriate planned income, profits. Losses that occur in business activities can be divided into material, labor, financial.

The risk of business has a dual nature and includes not only adverse outcomes (loss), but also favorable opportunities (for example, increasing profitability). This combination of danger and favorable possibilities clearly symbolizes the essence of risk and a compromise of the compromise of the decisions taken in business: the higher the risk generated by the danger, the greater there should be a reward associated with a favorable opportunity.

Currently, such a look at risk is characteristic of many economic disciplines. In particular, it underlies one of the most common approaches in the financial management, according to which the risk is interpreted as the possibility of deviating the actual results of the operations of the expected (projected). The wider range of possible deviations, the higher the risk of a business operation. In this case, the result of the operation usually understand its yield, i.e. The amount of received payments, calculated as a percentage of the amount of costs.

Under the classification, the system of the coented concepts of any field of knowledge or human activity used as a means of improving relations between these concepts is understood. Thus, the classification of risks means the systematization of a plurality of risks based on any signs and criteria to combine subsets of risks into general concepts. Scientific risk classification promotes a clear definition of the place of each risk in general System and create potential opportunities to effectively apply the appropriate methods, risk management techniques. In my opinion, the most informative is the classification of banking risks proposed by Peter S. Rose, which allocates the following six main types of risk of commercial bank and four additional species. The main types of risk P. Rose refers the following:

· Credit risk;

· Risk of liquidity imbalance;

· Market risk;

· Percentage risk;

· Risk of inconstitution of profits;

· The risk of insolvency;

To other important types of risk Rose P. refers four more types, which it determines as follows:

· Inflationary risk;

· Currency risk;

· Political risk;

· Risk of abuse.

The advantage of this classification is that this system includes both the risks arising within the bank and risks, the emerging pnene of the bank and affect its activities.

At the same time, currently such a classification cannot be used by commercial banks for practical application In view of its consolidation, and therefore, a more detailed classification is needed with the allocation of groups and subgroups of risk, depending on the specifics of the operations conducted by the Bank. The classification of Sheremete A.D., the classification of Sheremete A.D., is the classification of Sheremete, the advantage of which is the creation of a certain risk system, which includes certain types of risk, and the basis of risks on external and internal risks. This allows you to divide the risks that arise outside the bank, and affect the operating activities of the Bank and the risks arising within the bank in the process of implementing the bank of their "production" activities. This is a fundamental difference between two risk classes determines the attitude towards them from banks, control methods and management capabilities. Risks According to the type of relations to the internal and external environment of the bank are classified as follows:

· Risks associated with the instability of economic legislation and the current economic situation, the conditions for investing and using profits.

· Foreign economic risks (the possibility of introducing restrictions on trade and supply, closure of borders, etc.).

· The possibility of deterioration of the political situation, the risk of adverse socio-political changes in the country or region.

· Ability to change the natural and climatic conditions, natural disasters.

· Fluctuations of market conditions, exchange rates, etc.

internal:

· Related with active operations (credit, currency, market, settlement, leasing, factoring, cash registers, risk on correspondent account, on financing and investment, etc.)

· Bank's obligations (risks on deposit and deposit operations, according to the involved interbank loans)

· Associated with the quality of management of the bank with their assets and liabilities (interest risk, the risk of unbalanced liquidity, insolvency, risks of capital structure, leverage, bank capital failure)

· Risk-related financial services (operational, technological, innovation risks, strategic, accounting, administrative, risks of abuse, security).

Unlike the Western Risk Management Practices, in Russia only recently included the instructions of the Central Bank of the Russian Federation in the form of a letter dated 23.06.2004 No. 70-T "On Typical Banking Risks", in which 10 risks groups were allocated: credit, country, market, stock, currency , interest, liquidity, legal, risk of loss of business reputation and strategic. In addition, the Central Bank proposed commercial banks to monitor risks at three main levels: individual (employee level), micro - and macro levels.

The risks of the individual level include risks caused by the consequences of unlawful or incompetent solutions of individual workers.

The risks of the micro level include the risks of liquidity and reducing capital generated by the decisions of the management apparatus.

The risks of the macro level include risks predetermined by external to the bank macroeconomic and regulatory and legal activities. The main documents that are guided by the risk managers of Western companies in practical activity are developed by the Basel Committee on Banking Supervision and are called banking supervisory principles. This document contains 25 principles, the implementation of which is called upon by the minimum necessary condition for ensuring efficient banking supervision, as well as comments on them based on the recommendations of the Basel Committee and the best international practice in the field of banking and banking supervision. Among the Basss Principles, it is possible to allocate principles 6-15 associated with risks of banking. Integration of Russian banking financial statements with International standards Financial Reporting (IFRS) will undoubtedly gain its development in the application of these principles in Russian practice. International auditing companies operating in Russia, on the basis of the recommendations of the Basel Committee, develop their own risk classifications, an example of a risk map ( detailed structure Financial risks of a commercial bank), established by PricewaterhouseCoopers, called GARP (Tab. 1).

It is necessary to give a brief characteristic of the risks given in Table:

1. Credit risk is the risk of possible losses related to the worsening of creditworthiness caused by the inability or reluctance to fulfill their obligations in accordance with the terms of the agreement. For the Bank, credit activities are the main in the structure of active operations, so fails to fulfill its obligations to financial losses and, ultimately, leads to a decrease in capital adequacy and liquidity.

Table1.1. Financial Risk Map of Commercial Bank

Risk class	View of risk	Risk variety
Credit risk	Direct credit risk
	Estimated risk
	Risk of credit equivalent
	Risk of correlation
	Stock risk	Risk of variability of stock price Risk of variability of volatility Basis risk Risk of dividend
Market risk	Percentage risk	Risk of interest rate Risk of yield curve Interest rate risk The basic risk of interest rate / percentage spread risk Risk of prepayment
	Currency risk	Risk of currency rate Volatility of exchange rates Risk of profit conversion
	Trade risk	Risk price for goods Risk of forward price Risk of price volatility for goods Basic trade risk / recession
Risk of portfolio concentration	Credit Spread
	Risk of tools
	Risk of a substantial operation
	Risk of sector economy
Risk of liquidity	Risk of liquidity funding
	The risk of liquidity of assets
Operational risk	Risk of transaction	Error in performance Product complexity Error in accounting Error in calculations Risk delivery of goods Risk of documentation / Contract risk
	Risk of operational control	Excess limits Unfair trading Fraud Money laundering Risk of security Risk of main personnel Risk processing operation
	Risk of systems	Programming errors Error about the model / Methodology Error defining a market price Management information Computer system failure Error telecommunication systems Planning events in case of emergency situations
Risk Business Events	Risk of currency convertibility
	Pest Reputation
	Tax risk
	Legal risk
	The risk of unforeseen circumstances	Natural disasters. Military actions. Crisis / suspension of operations in the market
	PIR legislation	Failure to comply with capital requirements. Changes in legislation

2. Market risk is a possible adverse rejection of the bank's financial results from planned, caused by changes in market quotations (market prices).

3. The risk of a portfolio concentration is a class of risks associated with increased dependence of the Bank from individual counterparties or groups of related counterparties, individual industries, regions, products or service providers.

4. The risk of liquidity is the risk associated with the reduction in the ability to finance the received positions on transactions, when the deadlines for the elimination of their elimination, the impossibility of covering the requirements of counterparties, as well as the requirements of ensuring, and finally the risk associated with the inability to eliminate assets on various segments of the financial market . Maintaining a certain level of liquidity is carried out by managing assets and liabilities. The main task is to maintain the optimal relationship between liquidity and profitability, as well as balance between the terms of investments in assets and liabilities. To provide current liquidity The bank must have a sufficient stock of liquid assets, which imposes restrictions on investment in low-liquid assets (loans).

5. Operational risk is the risk of losses associated with human actions (both deliberate and unintentional), malfunctions or external influences.

6. The risk of a business event is a class of risks faced by the Bank as an economic entity. These risks are not specific to banks, any other business entity faces with them.

The classification submitted covers all types of banking operations. The advantages of this classification should include the allocation of the most problematic zones of financial risks in the Bank's activities, accounting for fluctuations in market rates, concretization of the risks of a business-event. When considering various classifications of financial risks, a morphological table of the risks of a commercial bank cannot be noted (Fig. 2) proposed by Savinskaya N.A., which can be used to create an informational and analytical base of systemic determination and research of bank risks.

Table 1.2. Morphological Table of Risk Commercial Bank

Morphological variable	Types of risk
Logistics links (stream type)	material	financial	information
Process type	innovative	infrastructure	industrial
Place in the system	at the exit	in the process	at the exit
Subjective factor	individual	collective

Such a classification allows you to determine the sources and types of risk by tracking links: the flow is a process - system characteristic is a subjective factor, as well as organize the structure and directions of a comprehensive analysis of emerging risks. After analyzing various risks classifications, we want to note that each commercial bank has its own risks, depending on the specifics of banking activities. Although all banks are inherent in balance and off-balanced risks, the risks of financial services and external risks, their combination, main zones, sizes and priority areas will be developed differently depending on the preferential specialization of banks, and therefore, it is different to characterize each type of banking activity in different ways . So, for banks, wide-dealing accumulation of free money and their placement among other credit institutions (Bank of Moscow, AKB Eurofinance), which determine the risks on deposit and deposit operations and on the possible return of interbank loans.

Banks specializing in innovation (Alfa-Bank OJSC, AKB ROSBANK, OJSC Investment Bank "Trust"), prevail the risks associated with long-term and medium-term lending to new technologies, i.e. Credit, market or portfolio risk. Banks specializing in the service of foreign trade operations (OJSC "Foreign Trade Bank", Gazprombank Bank) carry mainly risks associated with changing the value of assets and liabilities due to changes in currency rates, the risk of the uncertainty of the transaction value in the future national currency, the risk of translation (differences in accounting of liabilities and is active in the invalyuts). Thus, it seems that the classification of financial risks in banks should be based on the six fundamental risks of the highlighted company "PricewaterhouseCoopers", which in the future each credit organisation Specifies and complements depending on the profile of its activities.

The primary task of any commercial bank is to develop a risk map, which must, first, to reflect the specifics of a specific credit institution; secondly, to display a holistic representation of the entire range of risks (however, in one group should not directly unite the risks of different levels of consideration); And, thirdly, allocate such characteristic signs of risk, as a source, an object that is risk and a subject, perceiving risk. The classification developed taking into account these requirements is intended for effective qualitative and quantitative risk assessment and is the basis for effective financial risk management of commercial banks.

1.3 Methods for assessing financial risks

Many financial operations (Venture Investment, Purchase of Shares, Seling Operations, Credit Operations, etc.) are associated with a rather significant risk. They require to assess the degree of risk and determine its magnitude.

The degree of risk is the probability of the occurrence of the case of losses, as well as the size of possible damage from it.

The risk can be:

· Allowable - there is a threat of full loss of profits from the implementation of the planned project;

· Critical - it is possible not only for profit, but also revenue and

coverage of losses at the expense of the entrepreneur;

· Catastrophic - possible loss of capital, property and bankruptcy of the entrepreneur.

Quantitative analysis is a definition of a specific amount of monetary damage of individual subspecies of financial risk and financial risk in aggregate. Sometimes a qualitative and quantitative analysis is made on the basis of an assessment of the influence of internal and external factors: an elemental assessment of the specific gravity of their influence on the work of this enterprise and its monetary expression is carried out. This method of analysis is quite laborious from the point of view of quantitative analysis, but brings its undoubted fruits in high-quality analysis. In this regard, more attention should be paid to the description of the methods of quantitative analysis of financial risk, since there are some skills for their competent application.

In absolute terms, the risk can be determined by the magnitude of possible losses in the onserial-real (physical) or value (monetary) expression. In relative terms, the risk is defined as the value of possible losses, attributed to a certain base, in the form of which is most convenient to accept either the property status of the enterprise or total costs resources for this type of business, or expected income (profit). Then the losses will be considered a random deviation of profits, income, revenue in the direction of decline. Compared to expected values. Entrepreneurial losses are primarily a random decline in entrepreneurial income. It is the magnitude of such losses and characterizes the degree of risk. Hence the risk analysis is primarily associated with the study of losses.

Depending on the magnitude of the likely loss, it is advisable to divide them into three groups:

· Losses whose value does not exceed the calculated profit, can be called admissible;

· Losses whose magnitude more settlement profits relate to the category of critical - such losses will have to compensate from the owner's pocket;

· The catastrophic risk is even more dangerous, in which the entrepreneur risks to incur losses exceeding all his property.

If it is possible to predict in one way or another, to estimate possible losses on this operation, then a quantitative risk assessment was obtained to which an entrepreneur is. Dividing the absolute value of possible losses on the calculated value of costs or profits, we obtain a quantitative risk assessment in relative terms, as a percentage.

Speaking that the risk is measured by the magnitude of possible probable losses, the random nature of such losses should be taken into account. The probability of an event occurs can be determined by an objective method and subjective. An objective method is used to determine the likelihood of an event on the basis of the calculus of the frequency with which this event occurs. The subjective method is based on the use of subjective criteria, which are based on various assumptions. Such assumptions may include judgment evaluating, his personal experience, assessment of the expert on the rating, the opinion of the consultant auditor, etc.

Thus, the basis of the assessment of financial risks is based on the dependence between the definite dimensions of the enterprise loss and the probability of their occurrence. This dependence finds an expression in the probability curve under construction of a certain level of loss.

The construction of a curve is an extremely difficult task, requiring employees dealing with financial risk issues, sufficient knowledge experiences. To build the probability curve of a certain level of loss (risk curve), various ways are applied: statistical; analysis of expediency costs; Expert estimate method; analytical method; Method of analogy. Among them should be especially distinguished by three: a statistical method, expert assessment method, analytical method.

The essence of the statistical method is that the statistics of losses and profits that occurred in this or similar production are being studied, the magnitude and frequency of obtaining one or another economic return are made up, the most likely forecast for the future is compiled. Undoubtedly, the risk is a probabilistic category, and this sense is the most reasonable from scientific positions to characterize and measure it as the likelihood of a certain level of loss. The probability means the possibility of obtaining a certain result.

The financial risk, as well as any other, has a mathematically pronounced likelihood of a loss that relies on statistics and can be calculated with sufficiently high accuracy. To quantify the amount of financial risk, it is necessary to know all possible consequences of any separate action and the likelihood of the consequences themselves. In relation to economic problems, the methods of probability theory are reduced to determine the values \u200b\u200bof the probability of occurrence of events and to choose from possible events of the most preferable based on the greatest value of the mathematical expectation, which is equal to the absolute value of this event multiplied by the likelihood of its occurrence. The main tools of the statistical method for calculating financial risk: variation, dispersion and standard (rms) deviation.

Variation is a change in quantitative indicators during the transition from one result of the result to another.

Dispersion - measure of deviation of the actual knowledge from its average value.

Thus, the size of the risk, or the degree of risk, can be measured by two criteria: the average expected value, the volatility (variability) of a possible result. The average expected value is the value of the value of the event that is associated with an uncertain situation. It is a weighted average of all possible results, where the probability of each result is used as a frequency, or weight corresponding to the value. Thus, the result is calculated that is presumably expected.

Analysis of expediency of costs is focused on identifying potential risk areas based on indicators financial Sustainability firms. In this case, it is easy to do with standard techniques of financial analysis of the results of the main enterprise and the activities of its counterparties (bank, investment fund, client enterprises, issuer enterprises, investor, buyer, seller, etc.)

The method of expert assessments is usually implemented by processing the opinions of experienced entrepreneurs and specialists. It differs from statistical only by collecting information to build a risk curve. This method involves the collection and study of estimates made by various specialists (this enterprise or external experts) of probabilities of the occurrence of different levels of losses. These estimates are based on accounting of all financial risk factors, as well as statistical data. The implementation of the method of expert estimates is significantly complicated if the number of evaluation indicators is small.

An analytical method for constructing a risk curve is most complex, since underlying its elements of the game theory are available only to very narrow specialists. The subspecies of the analytical method is more often used - the model sensitivity analysis.

Analysis of the sensitivity of the model consists of the following steps:

The choice of a key indicator relative to which the sensitivity is estimated (the internal rate of return, net reduced income, etc.);

The choice of factors (the level of inflation, the degree of state of the economy, etc.);

Calculation of key indicator values \u200b\u200bat various stages of the project (purchase of raw materials, production, sale, transportation, caption, etc.).

The costs of the costs and receipts of financial resources formed in this way make it possible to determine the flow of funds funds for each moment (or time segment), i.e. Determine the performance indicators. Diagrams are being built, reflecting the dependence of the selected resulting indicators from the value of the initial parameters. Comparing the obtained diagrams among themselves, the so-called key indicators can be determined, which most affecting the estimate of the profitability of the project.

Sensitivity analysis has also serious disadvantages: it is not comprehensive and does not specify the probability of alternative projects.

The method of analogy When analyzing the risk of a new project is very useful, since in this case the data on the consequences of the impact of adverse factors of financial risk on other similar projects of other competing enterprises are investigated.

Indexing is a way to preserve the real value of monetary resources (capital) and profitability in inflation. It is based on the use of various indices. For example, when analyzing and forecast of financial resources, it is necessary to consider the price change, for which prices are used. The price index is an indicator that characterizes the change in prices for a certain period of time.

Thus, the existing methods for constructing the probability curve of the occurrence of a certain level of losses are not equivalent, but one way or another allows you to make an approximate assessment of the total volume of financial risk.

2. Financial risk management CJSC VTB24

2.1 Characteristics of CJSC VTB24

Bank VTB 24 (CLOSED JOINT-STOCK COMPANY) (former name - CLOSED JOINT-STOCK COMPANY "A Commercial Bank for the Development of Entrepreneurial Activities" Guta-Bank ") was established on the basis of the decision of the General Meeting of Participants in the Commercial Bank for the Development of Entrepreneurial Activities" Guta Bank "(Limited Liability Company) (Protocol No. 77 of March 31, 2000 on the transformation of society).

The Bank is the successor of KB GUTA-Bank LLC for all its rights and responsibilities in accordance with the transfer act.

Until July 16, 2004, the Bank was part of the Group of Affiliated Companies - "Gut Group", implementing the functions of the main settlement center of the Group. In the summer of 2004, as a result of a "mini-crisis" on banking marketThe bank collided with liquidity problem. The deficit of liquid funds has negatively affected the ability of the Bank to fulfill all the obligations on customer payments at the specified period. Since the owners of the bank - "Guta Group" could not consolidate funds in the required volume to consolidate funds for the operational recovery of the Bank's liquidity, on July 16, 2004, the agreement was signed on the sale of a controlling stake in the Bank (85.81%) of OJSC Vneshtorgbank. Thus, the "Guta Group" has lost control over the Bank on July 16, 2004.

Despite the 2004 liquidity crisis, as well as a clientele's outflow and reduction of operations, the Bank managed not only to restore lost positions, but also to significantly increase the loan portfolio and resource base. On March 25, 2005, the Supervisory Board of Development of CJSC KB GUTA-BANK was approved by the Supervisory Board of OJSC, in accordance with which a specialized retail bank was created on the basis of the bank, focusing on servicing and lending to the population and small businesses within the VTB Group. As part of the approved development strategy and, in accordance with the decision of the General Meeting of Shareholders dated June 6, 2005, CJSC "KB GUTA-BANK" was renamed Retail services to ZAO. On the retail market, its activities were carried out using the trademark "Vneshtorgbank-24". On November 14, 2006, CJSC Vneshtorgbank Retail services was renamed VTB 24 (CJSC).

The bank has a general license issued by the Central Bank of the Russian Federation to carry out banking operations in rubles and foreign currency with legal I. individuals, license to carry out operations with precious metals, a dealer license in the securities market, a broker license in the futures market and options, etc.

The bank is a member of the Deposit Insurance System.

In 2005-1th half of 2006 The bank passed restructuring, received additional capital From the Mother Bank, received a new name and a new team of managers.

Bank VTB 24 (Closed Joint Stock Company) - is a credit commercial organization, the main purpose of which is profit.

Creating goals:

The Bank was created with the aim of obtaining profit in the implementation of banking operations CJSC KB GUTA-Bank specialized, mainly on the provision of settlement services and lending to the Gut Group. VTB 24 (CJSC) specializes in the provision banking services and lending to the population and small business enterprises.

2.2 Analysis of financial risks CJSC VTB 24

The formation of a financial risk management system is necessary, first of all, for such industrial enterprises, whose work indicators indicate unsatisfactory financial condition. This situation is reflected in the tables below.

Table 2.1. Profit change indicators

The analysis of the data of the table shows that revenue from implementation decreased in 2013 compared with 2012 by 2.11%, and in 2014 compared with 2013 - by 6.9%. Nonealization revenues increased in 2013 by 21%, and in 2014 compared with 2013 decreased by 113.3%. Operating income increased in 2013 by 39%, and in 2014 compared with 2013 decreased by 13.3%.

Credit risk are subject to investment of a credit organization - the Issuer in the debt obligations of corporations: bills, bonds, etc. In connection with the release of mortgage-coated bonds, the issuer is subject to credit risk on mortgage, which is included in the mortgage coating

Table 2.2. Formation of the costs produced by the organization

Indicator
		Specific weight,%	Absolute value, thousand rubles.	Specific weight,%	Absolute value, thousand rubles.	Specific weight,%
Material costs
Labor costs
Executions
Depreciation of fixed assets
Other costs

The data analysis of the table allows us to conclude that the costs produced by the organization increased in 2013 compared with 2012 by 271%, in 2014 compared with 2013 - by 3%. The greatest share in the composition of material costs was material costs (51% in 2012, 76.22% in 2013, 72.6% in 2014).

With regard to the formation of receivables, the analysis of the table data allows us to conclude that in the period from 2012-2014. The enterprise increases the level of receivables for up to 12 months.

Compared with 2012 in 2013, the growth occurred at 15074802 thousand rubles. or by 2838%. In 2008, compared with 2007, receivables rates increased by 23.5% and amounted to 19272833 thousand rubles. At the same time, the share of overdue receivables increased from 12.7% in 2012 to 79% in 2014. Received receivables for up to 12 months in 2014 by 384% more than in 2012, and in 2014 G. 87.6% than in 2013

Table 2.4. Formation of receivables

Indicator
	Absolute value, thousand rubles.		Absolute value, thousand rubles.		Absolute value, thousand rubles.
Arising receivables (up to 12 months)
Including Overdue
Around receivables (more than 12 months)
Including Overdue
Repaid in the reporting period (for a period of up to 12 months)
Including Overdue
Repaid in the reporting period (more than 12 months)
Including Overdue

Analysis of the movement of fixed assets led to the following conclusions:

1) For 2012 - 2014 there was an increase in the deadline for updating fixed assets, which led to an increase in the renewal coefficient of fixed assets from 2.48 in 2012 to 5.77 in 2014

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