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  ●本报记者赵中昊

  日前,中国证券业协会发布《证券公司并表管理指引(试行)》,引导券商完善并表管理架构和模式,加强对子公司的管控力度,不断提升券商核心竞争力及行业整体风险管理水平。

  中国证券报记者获悉,部分券商借助推进并表管理试点的契机,持续强化全面风险管理机制,通过构建自上而下的垂直风控体系强化境内外子公司监管,同步推进风险管理数字化、智能化转型。在深入实施并表管理的过程中,证券行业着力完善风险防控框架,提升风险识别和处置能力,为业务创新发展和资产规模扩张提供安全保障,实现风险管控与业务拓展的动态平衡。

  提出新要求和新标准

  业内人士认为,并表管理机制是证券行业在监管领域的创新课题,监管机构与证券行业均在探索中不断前行。

  “《并表管理指引》是加强券商风险管理能力、维护券商稳健运行、防范金融风险跨境跨业传染的重要保障,有助于券商更全面、及时、有效地评估证券公司整体风险,对证券行业高质量发展、更好服务实体经济具有重要的意义。”招商证券相关负责人对记者表示,在并表管理经历多年的探索后,证监会及各试点券商积累了丰富的实践成果和先进的管理经验,为《并表管理指引》的制定夯实了基础。

  在招商证券看来,《并表管理指引》明确了并表管理的机构范围不仅涵盖会计并表的机构,还包含了对券商可能造成重大影响的附属机构,体现了风险并表的管理原则;明确了并表管理的业务范围包含了各类表内外、境内外、本外币业务,以此强化对风险管理的全覆盖和穿透管理理念;明确了并表管理的要素包含了公司治理、业务协同与内部交易管理、风险管理、资本管理等,并对各要素的管理要求做了明确,为券商实施并表管理提供了详尽的标准规范和可操作的实践指导。

  华西证券认为,《并表管理指引》规范了证券行业并表管理的实践标准,是证券行业在持续完善全面风险管理的基础上,前瞻性考量行业发展趋势与潜在风险,对证券公司风险管理提出的新要求和新标准。

  以并表管理试点为契机

  3月28日,中证协发布《证券公司全面风险管理规范(修订稿)》和《证券公司市场风险管理指引》。业内人士表示,《修订稿》突出强监管、防风险、促高质量发展的主线要求,进一步强化规则的前瞻性引导与预防性规范功能:构建“穿透式+全景式”风控体系,深化子公司风险管理垂直一体化管控模式,建立跨境业务、场外衍生品等重点领域的穿透式监控机制,有效识别和防范潜在金融风险;细化同一业务、同一客户管理流程,提升对专项、复杂领域的风险管控;强化风险偏好及指标体系管理要求;压实一线风控责任,完善评价考核机制,加强风险考核的独立性要求;搭建全覆盖、穿透式的风险管理系统和贯穿整个生命周期的数据治理体系;融入中国特色金融文化,夯实行业风险管理文化根基,筑牢全体员工的风控责任。

  中证协表示,《并表管理指引》是对《修订稿》和各类风险管理规范的有效统筹和强化。

  在监管政策持续趋严的背景下,券商正着力推进风险管理体系的全面升级。上述招商证券相关负责人表示,在证监会指导下,招商证券以推进并表管理试点工作为契机,不断强化风险全覆盖管理,加强对境内外子公司的风险垂直管控,推动提升风控数智化水平,在深化并表管理的过程中持续完善风险管理体系和提升风险管理能力,助力公司在业务快速发展和资产增长过程中,有效控制业务风险。

  需要注意的是,《并表管理指引》充分考虑到了行业中不同体量的券商的差异性,设定一至三年的过渡期,有利于证券行业并表管理从试点转向常规的平稳过渡。

  招商证券表示,公司将在前期践行并表管理的基础上,进一步对照《并表管理指引》落实各项监管要求,持续完善风险管理体系,为证券行业的整体稳健运行和风险管理水平提升贡献积极力量。

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