金融海嘯後台灣銀行業財富管理業務之風險管理研究

回顧金融海嘯，世界各地投資人因金融商品投資損失，紛紛對金融機構提出不當銷售的求償訴訟，「金融消費者保護主義」之風興起。各國主管機關在此氛圍下，開始檢討或制定對於財富管理及私人銀行業務之產品上架審查、產品條件與費用說明、風險揭露、客戶投資商品適合度等各種監理規範，銀行業者在高度監理要求及業務經營風險考量下，藉由引進各種技術工具及管理手法，重新調整財富管理業務的經營架構及風險管理機制，以符合主管機關要求並強化客戶權益保護、提升服務品質。本研究除整理分析財富管理業務相關經營及監管概況外，另以實務觀察及質化訪談方式來了解金融海嘯後台灣銀行業者對於財富管理業務之風險管理架構與運作實務，分別從風險管理組織架構、產品風險管理、客戶投資風險管理及交易風險管理等四大構面進行研究，相關發現及結論建議如下：一、台灣、香港及新加坡有關財富管理業務之監管，無論是產品面、客戶面，乃至銷售流程面，都有相當著墨，基本項目涵蓋面大致雷同，惟對於若干細部執行及彈性做法上仍有所差異，值得我國主管機關及業者進一步研究探討，藉以持續對相關監理規範做適度之調整及進化，塑造最適台灣金融環境且具國際競爭力之規範制度。二、台灣銀行業者對於財富管理業務之風險管理實務運作內容，互有異同，包括個案銀行在內，都有許多值得提出來做為標竿或再深入研議之管理機制或方法，本研究除對個案銀行做細部檢視分析外，亦從業界角度就各構面提出若干建議： (一) 風險組織及政策面：業者應強化三道防線體制及建立風險管理文件，以提升整體風險管理文化。 (二) 產品風險管理面：針對產品或服務機構查核作業、產品風險評等模型、篩選機制、審議程序及風險監控，業者可在統計資料及作業經驗持續累積下，繼續精進，提升效能，並鼓勵業者間之資訊分享交流。 (三) 客戶投資風險管理面：對於客戶投資風險屬性評核模型之考量變數，以及特殊身分客戶之檢核機制，業者可持續研究精進或嘗試尋求較一致之做法。此外，對於客戶投資風險之事前及事後管理，雖涉及業者成本及技術，然此為發展具特色之高階財富管理服務不可或缺之鑰，值得參酌。 (四) 交易風險管理面：此涉及銷售控管諸多作業細節，業者間對若干法規之解釋、認知及因應多所差異，尋求一致性及打破較僵化之法令規範是業者們值得努力的目標。現今財富管理市場已臻成熟，金融消費者之選擇愈趨多元，競爭更加激烈，業者唯有持續提升並細緻化本身的業務經營及風險管理，始能樹立更具特色化、專業化且提升消費者信賴感之品牌經營模式；本研究將台灣銀行業經營財富管理業務在風險管理實務做了架構性之觀察分析，拋磚引玉，希望提供學術界及實務界若干參考，並引發研究之興趣。

關鍵字

金融海嘯；財富管理；私人銀行；風險管理；內部控制；法令遵循；三道防線機制；適合度；充分瞭解客戶；充分瞭解產品；盡職審查；投資組合；風險評分卡；風險評級；風險因子；風險監控；專業投資人；易受傷客戶/投資人；越級投資；不當銷售；短線交易

並列摘要

In the wake of the latest financial tsunami, investors all over the world suffered substantial monetary loss and filed a great deal of lawsuits against financial institutions with a petition of compensation for mis-selling. Consumer protectionism within the financial sector has risen since then. Under such atmosphere, governmental authorizations worldwide have thus begun thorough reviews on wealth management and private banking in their product screening scheme, product information and risk disclosure, and suitability monitoring. In order to comply with the regulatory requirements as well as to uphold customer rights and service quality, banks and financial institutions have also developed tools and management measures to fine-tune their wealth management business model with a higher consciousness about risk. This research aims to understand the risk management changes undergone in the market and in banking institutions since the financial tsunami. In addition to analysis on wealth management business model and authorization supervision guideline, on-site observation and quantitative researches were adopted to further explore the actual risk operations among banks, especially in four aspects: organization structure, product risk management scheme, customer risk management scheme, as well as transactional risk management scheme. Major findings and suggestions are summarized as follows: I. Comparing Taiwan, Hong Kong and Singapore in terms of wealth management business supervision, regulated aspects as of product risk, customer risk, and sales process were mostly aligned in concepts, with deviation in detailed design in execution and flexibility. Such comparisons provide useful insights for Taiwanese authorities and banking institutions to take advanced steps in adjusting to a more localized and competitive risk model. II. Analysis on the risk operation of domestic banks reveals both common and differentiated practices. Many of them are benchmark setting, and some worthwhile further modification. This research not only covers the abovementioned analysis, but also provides practical suggestions to banking institutions in relationship to this topic: A. Risk organization and policy: banking institutions should establish three lines of defense and risk control documentation, in order to reinforce the risk conscious culture in the organization. B. Product risk scheme: concerning product or vendor evaluation, product risk labeling model, product screening model, approval procedure and risk monitoring, banking institutions should accumulate statistic data and operation experience to improve management efficiency. Sharing among peer banks should also be encouraged. C. Customer investment risk scheme: regarding factors adopted in customer risk appetite model, and auditing on special identification of certain types of customers, banking institutions should evolve and seek consistency in their approach. Besides, resources invested in managing customers’ pre- and post-investment risks, might involve huge cost and techniques; they are also the indispensable differentiators in serving high net worth customers. D. Transactional risk scheme: this covers many control designs in sales approach. The major issue now among banking institutions is to establish common translation and understanding of regulations and to minimize the rigidness. Taiwan’s wealth management market has reached a matured status. Diversification of financial solutions has triggered fierce competition. Banking institutions can only build a professional and trustworthy brand by continuously improving their service model and risk control. I hope this research has provided a structural observation and analysis of the wealth management risk operation in Taiwan, and might encourage further exploration from both the academics and practitioners in the market.

並列關鍵字

Financial Tsunami ； Wealth Management ； Private Banking ； Risk Management ； Internal Control ； Compliance ； Three lines of defense model ； Suitability ； Know Your Customer (KYC) ； Know Your Product ( KYP) ； Due Diligence ； Portfolio ； Risk Scorecard ； Risk Rating ； Risk Factors ； Risk Monitoring ； Professional Investor ； Vulnerable Investor ； Deviation ； Mis-selling ； Switching/Churning