Free Editable Risk Management Report Template
Riskmanagementreportfor the six months ended 30 June 20101.2.3.4.5.6.7.8.9.10.11.12.OverviewRisk management frameworkRisk categoriesReporting frameworksCapital managementCredit riskCountry riskLiquidity riskMarket riskOperational riskReputational riskConclusionStandard Bank Group risk management report for the six months ended June 2010236810173638424854541
Risk management1. Overview1.1tough economic environment. Executive managementremained closely involved in important risk managementIntroductioninitiatives, which have focused particularly on preserving Effective risk management is fundamental to the businessappropriate levels of liquidity and capital, and effectivelyactivities of the group. While we remain committed tomanaging the risk portfolios.increasing shareholder value by developing and growingour business within our board-determined risk appetite, Responsibility and accountability for risk managementwe are mindful of achieving this objective in line withresides at all levels within the group, from the boardthe interests of all stakeholders.down through the organisation to each businessmanager and risk specialist. We seek to achieve an appropriate balance between riskand reward in our business, and continue to build and Risks are controlled at the level of individual exposuresenhance the risk management capabilities that assist inand at portfolio level, as well as in aggregate across alldelivering our growth plans in a controlled environment.businesses and risk types. Risk management is at the core of the operating structure1.2Focus areas for 2010of the group. We seek to limit adverse variations in In our 2009 annual report we set out specific risk focusearnings and capital by managing risk exposures withinareas for 2010. We continue to make good progress onagreed levels of risk appetite. Our risk managementthese initiatives.approach includes minimising undue concentrations ofexposure, limiting potential losses from stress events The group continues to focus significant attention on theand ensuring the continued adequacy of all our financialproposed changes to Basel II, and to this end we participatedresources.in the Comprehensive Impact Assessment as well as industrygroups at a local and global level. Our risk management processes have continued to proveeffective throughout the first half of 2010, despite aThe group uses the three lines of defence model:First line ofdefenceBusiness unit managementPrimarily responsible for risk management. The process of assessing, evaluatingand measuring risk is ongoing and is integrated into the day-to-day activities ofthe business. This process includes implementing the group’s risk managementframework, identifying issues and taking remedial action where required.Business unit management is also accountable for reporting to the governanceThird lineof defenceSecond line of defencebodies within the group.2Group and business unit riskThe group risk management function is primarily accountable for settingmanagement functions whichthe group’s risk management framework and policy, providing oversight andare appropriately independentindependent reporting to executive management through the group riskof business managementoversight committee, and to the board through the group credit committeeand the group risk and capital management committee. The business unit riskmanagement functions implement the group’s risks management frameworkand policy in the business units, approve risk within specific mandates andprovide an independent overview of the effectiveness of risk management bythe first line of defence.Internal audit functionProvides an independent assessment of the adequacy and effectiveness of theoverall risk management framework and risk governance structures, and reportsto the board through the group audit committee.Standard Bank Group risk management report for the six months ended June 2010
2. Risk managementframework2.1 Various committees allow executive management and theboard to evaluate the risks faced by the group, as well asthe effectiveness of the group’s management of theserisks. These committees are integral to the group’s riskGovernance structuregovernance structure. Strong independent oversight is in place at all levelsthroughout the group.The senior committees are set out in figure 1.Figure 1: Governance reporting structureStandard BankGroup boardManagement committeesGroup executivecommitteeBoard committeesGroup auditcommitteeGroup risk andcapital managementcommitteeGroup creditcommitteeSBSA large exposurecredit committeeGroup risk p riskcompliancecommitteeGroup capitalmanagementcommitteeGroup assetand upcountry lobal Personal& BusinessBanking creditcommittee1GlobalCorporate& InvestmentBanking creditcommittee1The board has delegated authority to these committees to act as nominated designated committees in respect of the regulations.The group audit committee (GAC) is responsible for: reviewing the group’s financial position and makingrecommendations to the board on all financial matters, approving and monitoring the group’s risk profile andrisk tendency against risk appetite for each risk typeunder normal and potential stress conditions.including assessing the integrity and effectiveness ofaccounting, financial, compliance and other controlsystems; and Executive management oversight for all risk types atgroup level has been delegated by the group executive ensuring effective communication between internalcommittee to the group risk oversight committeeauditors, external auditors, the board, management(GROC). This committee considers and, to the extentand regulators.required, recommends for approval by the relevantboard committees: The group risk and capital management committee levels of risk appetite and tolerance;(GRCMC) and the group credit committee (GCC) provide, risk governance standards for each risk type;among other things, independent and objective oversight actions on the risk profile;of risk and capital management across the group by: risk strategy and key risk controls across the group; reviewing and providing oversight of the adequacy capital planning and capital funding activities;and effectiveness of the group’s risk management utilisation of risk appetite; andcontrol framework; usage and allocation of economic capital parameters approving risk and capital management governancefor modelling, stress testing and scenario analysis.standards and policies; andStandard Bank Group risk management report for the six months ended June 20103
Risk management continued The GRCMC, GCC, GAC and GROC meet at least quarterly, Compliance with risk standards is controlled through annualwith additional meetings conducted when necessary.self-assessments conducted by business units and group riskThe group risk management subcommittees set out inand review independently by the group internal auditors.figure 1 report directly to GROC and through GROC tothe GRCMC, the GCC and GAC.2.4Risk appetite Risk appetite is the maximum level of residual risk that2.2Approach and structurethe group is prepared to accept to deliver its business The group’s approach to risk management is based onobjectives. The group has developed a robust frameworkwell established governance processes and relies onthat is used to articulate risk appetite throughout theboth individual responsibility and collective oversight,group and to external stakeholders.supported by comprehensive reporting. This approachbalances strong corporate oversight at group level, The board establishes the group’s parameters for riskbeginning with proactive participation by the groupappetite by:chief executive and the group executive committee providing strategic leadership and guidance;in all significant risk matters, with independent risk reviewing and approving annual budgets andmanagement structures within individual business units.forecasts, under both normal and stressed conditions,for the group and each division; and regularly reviewing and monitoring the group’s risk Business unit heads are primarily responsible formanaging risk within each of their businesses and forperformance through quarterly board reports.ensuring that appropriate, adequately designed andeffective risk management frameworks are in place, and The board delegates the determination of risk appetite tothat these frameworks are compliant with the group’s riskthe GRCMC and ensures that risk appetite is in line withgovernance standards.group strategy and the group’s desired balance betweenrisk and reward. GROC recommends to both the GRCMC To ensure independence and appropriate segregation ofand the board the level of risk appetite for the group.responsibilities between business and risk management,business unit chief risk officers and chief credit risk The group’s risk appetite statements are defined by fiveofficers report operationally to their respective businessbroad metrics:unit heads and functionally to either the group chief risk headline earnings;officer or the group chief credit officer. liquidity; regulatory capital;2.3 Risk governance standards, policies andprocedures economic capital; and the confidence level applied to our capital adequacy The group has developed a set of risk governanceto cover any unexpected losses.standards for each major risk type to which it is exposed.The standards set out and ensure alignment and These metrics are then converted into tolerance levelsconsistency in the way in which we deal with major riskand limits through an analysis of the risks that impact ontypes across the group, from identification to reporting.them. All standards are applied consistently across the group42.5Stress testingand are approved by the GRCMC or the GCC. It is the The group’s stress testing framework guides the regularresponsibility of executive management in each businessexecution of stress tests at the business unit, legal entity andunit to ensure that the risk governance standards, as wellgroup levels. The group’s overall stress testing programme isas supporting policies and procedures, are implementeda key management tool within the organisation and facilitatesand independently monitored by the risk managementa forward-looking perspective on risk management andteam in that particular business unit.business performance. Stress testing involves identifyingStandard Bank Group risk management report for the six months ended June 2010
ad hoc assessment of the impact of changes inpossible events or future changes in economic conditionsthat could have an impact on the group.short-term macroeconomic factors on the group’sperformance Stress tests are used in proactively managing the group’srisk profile, capital planning and management, strategic During the first half of the year, the group performedbusiness planning and setting of capital buffers. Stressgroup-wide stress tests across all major risk typestesting is an integral component of the group’s internalbased on a number of macroeconomic scenarios, eachcapital adequacy assessment process (ICAAP), and is usedwith different levels of severity. The outcome of theseto assess and manage the adequacy of regulatory andstress tests indicated that the group was well within itseconomic capital.risk tolerance levels in all of the scenarios. In 2009,the group-wide macroeconomic stress testing process More specifically, stress testing may reveal a reductionwas conducted twice in line with changing economicin surplus capital or a shortfall in capital under specificconditions, and will continue to be conducted biannuallyscenarios. This may then serve as a leading indicatorduring 2010 and for the foreseeable future.to the group to raise additional capital, reduce capitaloutflows, adjust the capital structure and/or reduce its Portfolio-specific stress tests are conducted morerisk appetite.frequently within business units, with many executedmonthly. This enables early and proactive management of The appropriateness of the group-wide stress scenariosthe potential impact of stress scenarios on the group’sand the severity of the relevant scenarios are approvedrisk profile at a business unit level.by the GRCMC based on GROC’s recommendations, andare reviewed at least annually. The group has also implemented reverse stress testing tocomplement the overarching stress testing programme. Executive management considers the outcomes of stressReverse stress testing identifies those scenarios that couldtesting on earnings and capital adequacy in determiningprevent the group from meeting its financial and strategican appropriate risk appetite, to ensure that these remainobjectives, and serves to inform what management actionabove the group’s minimum capital requirements.should be taken to mitigate this risk. These tests are aManagement reviews the outcomes of stress tests and,useful risk management tool as they assist in testingwhere necessary, determines appropriate mitigatingassumptions about business strategy, capital planning andactions to minimise and manage the risks induced bycontingency planning.potential stresses. Examples of potential mitigatingactions include reviewing and changing risk limits,2.6limiting exposures and hedging strategies. Stress tests The group has completed a gap analysis to identifyare regularly discussed with regulators.King IIIdifferences between current risk governance andmanagement and the recommendations of the third King The objective of stress testing is to support a number ofreport on corporate governance (King III). No gaps whichvalue-added business processes across the group. Theserequire substantial changes to current procedures andprocesses include:governance practices have been identified. assessment of potential changes in the risk profileand monitoring of risk appetite; The key risk workstreams set out in King III pertain to strategic planning and budgeting;boards of directors (encompassing ethics and leadership capital planning and management, including settingculture), combined assurance and internal financialcapital buffers for the group; communicationwithinternalcontrols, and integrated reporting and disclosure.andexternalstakeholders;Project plans for appropriately implementing therecommendations of King III have been finalised. the assessment of the impact of stresses on earningsvolatility; andStandard Bank Group risk management report for the six months ended June 20105
Risk management continued3. Risk categories3.1the host country due to political or economicconditions in the host country.Credit risk Credit risk comprises counterparty risk, settlementrisk and concentration risk. These risk types aredefined as follows:3.3solvent, cannot maintain or generate sufficient cash Counterparty risk is the risk of credit loss to theresources to meet its payment obligations as they fallgroup as a result of failure by a counterparty todue, or can only do so at materially disadvantageousmeet its financial and/or contractual obligationsterms.to the group. This risk type has three components: primary credit risk, which is the exposureat default (EAD) arising from lending and This type of event may arise where counterpartieswho provide the bank with funding withdraw or do notrelated banking product activities includingroll over that funding, or as a result of a generalisedtheir underwriting;disruption in asset markets which results in normally pre-settlement credit risk, which is the EADliquid assets becoming illiquid.arising from unsettled forward and derivativetransactions. This risk arises from the defaultof the counterparty to the transaction andis measured as the cost of replacing the3.4market value or earnings of a portfolio of financialinstruments caused by adverse movements in market issuer risk, which is the EAD arising fromvariables such as equity, bond and commodity prices;traded credit and equity products includingcurrency exchange and interest rates; credit spreads;their primary market underwriting.recovery rates and correlations; as well as implied Settlement risk is the risk of loss to the groupvolatilities in all of the above.from settling a transaction where value isexchanged, but where it fails to receive all or partof the counter value.Market risk This is the risk of a change in the actual or effectivetransaction at current market rates; andLiquidity risk Liquidity risk arises when the group, despite being3.5Operational risk Credit concentration risk is the risk of loss to Operational risk is the risk of loss resulting fromthe group as a result of excessive build-up ofinadequate or failed internal processes, peopleexposure to, among others, a single counterpartyand systems or from external events. This includesor counterparty segment, an industry, a market,information and legal risk but excludes reputationala product, a financial instrument or type ofand strategic risk.security, a country or geography, or a maturity.This concentration typically exists where a3.6number of counterparties are engaged in similar Business risk relates to the potential revenue shortfallBusiness riskactivities and have similar characteristics, whichcompared to the cost base due to strategic and/orcould result in their ability to meet contractualreputational reasons. From an economic capitalobligations being similarly affected by changes inperspective, business risk capital requirements areeconomic or other conditions.calculated as the potential loss arising over a oneyear timeframe, within a certain level of confidence,3.2Country riskas implied by the group’s chosen target rating. The Cross-border transfer risk, herein referred to asgroup’s ability to generate revenue is impactedcountry risk, is the uncertainty that a client orby, among others, the external macroeconomiccounterparty, including the relevant sovereign, willenvironment, its chosen strategy and its reputation inbe able to fulfil its obligations to the group outsidethe markets in which it operates.6Standard Bank Group risk management report for the six months ended June 2010
3.7Reputational risk Reputational risk results from damage to the group’simage among stakeholders, which may impair itsability to retain and generate business. Such damagemay result from a breakdown of trust, confidence orbusiness relationships.3.8Insurance risk This is the risk that future claims and relatedexpenses will exceed the allowance for expectedclaims and expenses, as determined throughmeasuring policyholder liabilities and in reference toproduct pricing principles. Insurance risk arises due touncertainty regarding the timing and amount of futurecash flows from insurance contracts, whether due tovariations in mortality, morbidity or withdrawal rate,or due to deviations from investment performanceassumptions in the case of life products, and claimsincidence and severity assumptions in the case ofshort-term insurance products. Further insurance riskdisclosures are not provided in this interim report, buton an annual basis in line with International FinancialReporting Standards (IFRS) requirements.Standard Bank Group risk management report for the six months ended June 20107
Risk management continued4. Reporting frameworks4.1.1 Includes the full risk-weighted exposure amounts of This risk management report addresses the disclosurea subsidiary in the group consolidated risk-weightedrequirements of Basel II pillar 3 and is not audited.4.1Consolidatedexposures, for example banking and financial entities.Basel II consolidation4.1.2 Pillar 3 disclosures, as set out in the RegulationsProportionately consolidated Includes the pro rata portion of the risk-weightedRelating to Banks, apply at a group level, thusexposure amounts of the entity in the groupdisclosures related to individual banks within the groupconsolidated risk-weighted exposures, for exampleare not required. Contrary to accounting principles,banking and financial entities where joint control exists.banking regulations view consolidation as includingonly those group companies (subsidiaries, joint4.1.3ventures and voluntarily consolidated minority-ownedDeduction The respective investment in the entity is deductedentities) that conduct banking and other financialfrom the consolidated capital and reserve funds andoperations. This includes credit institutions, securitiesthe related assets are removed from the consolidatedfirms and financial entities, but no other companies.balance sheet, for example insurance and commercialentities or financial entities where no control exists. Basel II information has been disclosed in accordancewith the following approaches:Table 1: Treatment of legal entities under the Basel II consolidationType of ommercialentities4Insuranceentities5June 2010Consolidated235Proportionately 9December 2009ConsolidatedProportionately consolidatedDeductionTotal411121075246951075 anks – public companies registered as banks in terms of the Banks Act, 1990 or the relevant legislation if the entity is registered outside of theBRepublic of South Africa. Securities firms – entities that conduct securities business as envisaged in the Securities Services Act, 2004 or the relevant legislation if the entity isregistered outside of the Republic of South Africa.3 Financial entities – entities that conduct financial activities, for example, lending business, financial leasing, consumer credit, mortgage credit, moneytransmission, portfolio management or money broking.4Commercial entities – entities primarily involved in the production of goods or non-financial services.5 Insurance entities – entities that conduct insurance business including any entity registered as an insurer in terms of the Short-term Insurance Act,1998 or Long-term Insurance Act, 1998 or the relevant legislation if the entity is registered outside the Republic of South Africa.128Standard Bank Group risk management report for the six months ended June 2010
4.2Basel II approaches adoptedgroup’s investment in financial entities and to exclude4.2.1Credit riskunappropriated profits in terms of the RegulationsRelating to Banks. The group obtained approval from the South AfricanReserve Bank (SARB) to adopt the advanced internalratings-based (AIRB) approach for its credit portfolios4.3.2in The Standard Bank of South Africa (SBSA). Certain Banking book equity exposures were restated toportfolios outside of SBSA, for which the standardisedexclude an investment in a money market unit trustandpreviously included in the ng book equity exposuresapproaches were initially adopted, are being migrated4.3.3to the AIRB approach.Specific impairments The breakdown of specific impairments by industry was4.2.2restated to align with the classification definitions ofOperational riskthe Regulations Relating to Banks. The group applies the standardised approach (TSA) foroperational risk and has implemented some qualitativeaspects of the advanced measurement approach (AMA) Specific impairments by asset class were restatedto bring the group in line with risk management bestfollowing a refinement in the classification methodology.practice. The group is progressing well in developingand implementing an AMA operational risk framework4.3.4by 2012. The disclosure methodology for securitisations wasSecuritisationsrevised, this resulted in two restatements.4.2.3Market risk The group obtained approval from SARB to adopt theinternal model approach for most of its principal trading Capital deductions were restated to include the firstloss provision, as reflected in the regulatory returns.books. On- and off-balance sheet exposures were restated4.3Restatementsto show the Blue Titanium liquidity facility, previously4.3.1Capital managementreported as on-balance sheet, as off-balance sheet, in Tier I and tier II capital were restated for theorder to reflect the nature of the underlying exposure.December 2009 period to correctly reflect theStandard Bank Group risk management report for the six months ended June 20109
Risk management continued5. Capital management allocating capital to support the group’s strategicplans; The group’s capital management framework serves applying stress tests to assess the group’s capitalto ensure that the group and its principal subsidiariesadequacy under stress scenarios;are capitalised in line with the risk profile, regulatory developing, reviewing and approving ICAAP;requirements, economic capital standards and target capital planning and forecasting to ensure thatratios approved by the board, at both group andcapital ratios exceed the targets set by the board;subsidiary level. The group capital managementandobjectives are to: capital raising on a timely basis. maintain sufficient capital resources to meetminimum regulatory capital requirements set by In addition to these processes, GROC and the board,SARB in accordance with Basel II requirements;through the GRCMC, review and set risk appetite ensure that the group’s foreign regulatedannually and analyse the impacts of stress scenarios tosubsidiaries meet the minimum requirements ofunderstand and manage the group’s projected capitaltheir particular jurisdiction/s;adequacy. maintain sufficient capital resources to support thegroup’s risk appetite; cover unexpected loss within the group’s target5.1Capital adequacy The group manages its capital base to achieve aconfidence levels and support the group’s creditprudent balance between maintaining capital ratiosrating;to support business growth and depositor confidence, allocate capital to businesses to support theand providing competitive returns to shareholders.group’s strategic objectives, including optimisingreturns on economic and regulatory capital; and ensure the group holds capital in excess of The capital management process ensures that eachgroup entity maintains sufficient capital levels forminimum requirements in order to achieve thelegal and regulatory compliance purposes. The grouptarget capital adequacy ratios set by managementensures that its actions do not compromise soundand approved by the board, to achieve debt ratinggovernance and appropriate business practices.objectives and to withstand the impact of potentialstress events.5.2Regulatory capital During the period under review, the group complied The GRCMC ensures compliance with the group’scapital management objectives. The committee reviewsactual and forecast capital adequacy on a quarterlybasis. The processes in place for delivering the group’scapital management objectives are: establishing internal targets for capital adequacy; managing the sensitivity of capital ratios to foreignexchange rate movements; ensuring regulatory capital adequacy requirementswith all externally-imposed capital requirements towhich its banking activities and insurance operationsare subject. These include, but are not limited to,the relevant requirements of the Banks Act andRegulations Relating to Banks (which are broadlyconsistent with the Basel II guidelines issued by theBank for International Settlements), as well as those ofthe Financial Services Board (FSB) in South Africa andother insurance regulatory bodies.for foreign and local entities are met;10Standard Bank Group risk management report for the six months ended June 2010
In addition to the requirements of host countryat 30 June 2010 (31 December 2009: R79,7 billion).regulators, the group complies with capital adequacyThe change in the group’s tier I capital was primarilyrequirements of South African banking regulations.due to an increase in retained earnings by the group.Regulatory capital adequacy is measured via two riskbased ratios: tier I and total capital adequacy, both The group maintained a well capitalised position basedof which are stated as a percentage of risk-weightedon core tier I, tier I and total capital ratios for the sixassets.months ending June 2010, as set out in the tables onthe pages that follow. Tier I capital represents the permanent forms of capitalsuch as share capital, share premium, retained earnings Furthermore,thegroupparticipatedintheand perpetual, non-cumulative preference shares,Comprehensive Impact Assessment (Basel III) whichwhile total capital additionally includes other itemswas submitted to the Bank Supervision Departmentsuch as subordinated debt, impairments for performing(BSD) of the SARB in April 2010. On the basis of thisloans and revaluation reserves. Risk-weighted assetsassessment the group internally reviewed the impactare determined on a granular basis by using risk weightson its capital position, taking into account the reformscalculated from internally-derived risk parameters.in promoting a more resilient financial sector, to arriveBoth on- and off-balance sheet exposures are includedat an appropriately-calibrated total level of risk-in the overall credit risk-weighted assets of the group.weighted assets, qualifying capital and leverage ratio. Notional risk-weighted assets for the market and5.3Capital transferabilityoperational risk components are determined using the Subject to appropriate motivation and approval byrisk drivers that impact on regulatory capital as inputs.exchange control authorities, no significant restrictionsexist on the transfer of funds and regulatory capital The group’s tier I capital, excluding unappropriatedwithin the banking group. The transfer of funds andprofits, was R61,8 billion as at 30 June 2010regulatory capital within the group is conducted(31 December 2009: R60,3 billion) and total capital,after due consideration has been given to theexcluding unappropriated profits, was R79,2 billion asappropriateness of
Standard Bank Group risk management report for the six months ended June 2010 1 Risk management report for the six months ended 30 June 2010 1. Overview 2 2. Risk management framework 3 3. Risk categories 6 4. Reporting frameworks 8 5. Capital management 10 6. Credit risk 17 7. Country risk 36 8. Liquidity risk 38 9. Market risk 42 10 .
81. Risk Identification, page 29 82. Risk Indicator*, page 30 83. Risk Management Ω, pages 30 84. Risk Management Alternatives Development, page 30 85. Risk Management Cycle, page 30 86. Risk Management Methodology Ω, page 30 87. Risk Management Plan, page 30 88. Risk Management Strategy, pages 31 89. Risk
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