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4. “Transfer of risk occurs when the firm passes a risk through to an independent financially capable third party at a reasonable economic cost under a legally enforceable arrangement. ” (DeLoach, Enterprise-Wide Risk Management, 274). 33 3 Chase Manhattan Corporation* Under the old system, as a person in the lending area, you were always incented to make loans you thought were good—even if they had marginal profitability—because you were paid on that income, and generally there is a positive spread.

Webster describes Chase’s thinking on the hypothetical scenarios: We construct hypothetical scenarios because history repeats itself, but not always the same way. There are nuances to how the markets develop; there are nuances to how market participants interact. They change over time: the leverage in the system may change or risk appetite of other dealers may change. So it [scenario construction] is something that you need to come back to and evaluate, and so we do hypothetical scenarios. 3 Stress Testing Disclosures Stress Testing The following table represents the potential stress test loss (pre-tax) in Chase’s trading portfolio predicted by Chase’s stress test scenarios.

Rather, they are adopting it because it offers even greater potential success—better control of risks along with some surprising efficiencies. UGG was able to finance its greatest risk, grain volume fluctuations, in an insurance package that cost no more than its old package. That type of success is almost 24 Lessons Learned From Case Studies impossible to believe—it appears to be a free lunch, something for nothing. But it really is completely logical and is merely the result of a creative, innovative application of enterprise-wide risk management.

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