Non-Bank Financial Institutions Workshop

FitchTraining
London, United Kingdom

Course Format: Classroom | E-learning | Virtual Class | Online | On-site | Blended | Self-paced

Course Description:

'' three day intensive, case study based, workshop offering an in depth view of the main non-bank financial institutions: finance and leasing companies, securities companies and regulated funds and fund managers.

Content
ANALYTIC OVERVIEW
Purpose payback model - a structured approach to credit analysis
Key risks - operating environment, financials, management and support
Exposure structures - key risks and mitigants by sector
Statement logic: using the business cycle to anticipate balance sheet structures
FINANCE AND LEASING COMPANIES
Operating environment
Key risks and competitive issues by sub-sector - sales finance, direct finance, equipment finance, credit cards and mortgages etc.
Impact of minimal regulation and supervision; legal framework of secured lending
Management, franchise and ownership
Franchise - assessing the validity of the business model, residual marketing
Critical management issues for finance and leasing companies - processes and systems, market knowledge, strategy and etc.
Shareholders - quality of financial and business support; risks and benefits of cross subsidies
Financial fundamentals
Statement logic; accounting policies for income, receivables, delinquencies and leases (finance versus capital leases etc.)
Business risk - use of financial tools to assess quality of lease and loan book; reserve adequacy, owned versus managed book; residual risk
Funding risk - stability and variety of wholesale funding sources, gap management, availability of contingency funding, liquidity and capital adequacy
Securitization - benefits and risk of off balance sheet funding vehicles; residual risk, mortgage servicing rights and gain on sale accounting
Performance risk - balancing risk and return; income stability and expense control
Early warning signals - lessons learned from a failed finance company
SECURITIES COMPANIES
Operating environment
Understanding the risks in the different securities markets
Key competitive issues by sub-sector - investment banks, wholesale brokers, specialists, prime brokers, retail brokers etc.
Regulation and supervision - focal points; impact on strategy and credit standing
Management, franchise and ownership
Critical management issues for securities companies - strategy, risk management (VAR and other models), corporate governance and key man issues
Shareholders - quality of financial and business support
Double leverage and other group or conglomerate risks
Franchise - maintaining advantage in a competitive market
Financial fundamentals
Statement logic - key accounting policies and risk of window dressing
Performance risk - earnings volatility and cost control
Business risk - risk profile of securities company products and businesses
Market risk / asset quality - key accounting issues, securities haircuts, off balance sheet exposures etc.
Financial risk - managing funding stability and liquidity risk
Capital adequacy - regulatory and analytic tools to assess the strength of capital and the risks of leverage
Early warning signals - lessons learned from a failed securities company
FUNDS AND FUND MANAGERS
Fund Orientation
Types of fund - regulated (mutual and pension funds), less or un-regulated (hedge funds, fund of funds etc.)
Fund objectives, policies and practices - assessing the risk profile
Structure and legal status of funds
Key parties - fund manager, custodian, prime broker etc.
Regulation and supervision
Financial fundamentals
Market risk - evaluating fund objectives and practices and the degree of market volatility and liquidity risk involved
Performance - benchmarking performance against indices and evaluating past performance; Sharpe and other performance measures
Size - reviewing size, diversification and market position of fund
Liquidity - redemption risk and benefits of capital locks, back up credit lines
Asset quality - assessing the risks in the asset composition, haircut analysis and NAV calculations
Leverage - current and maximum leverage, use of hybrid capital
Fund manager
Role and relevance of the fund manager; experience
Size, breadth and depth of client base; diversity of funds
Performance risk - earnings diversity and stability; control of expenses
Business risk - cash management, investments in funds, management controls, cash flow analysis
Financial risk - leverage, liquidity and earnings stability.
...''

Phone:+ 44 (0) 20 7201 2770

School Address:

28 Headfort Place, London, SW1X 7DH, United Kingdom.


Jobs & Resumes: London
Houses & Roommates: London
Travel Agencies: London

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