Woods and Dowd (2008) Financial Risk Management for Management Accountants.
Disponible en:
[Link]
Government
Management
Internal audit
• Board of • Risks (Line) • Independent
Directors • The second action
• Risk line of risk
Commission management
(support)
IAI (2020). El modelo de las 3 líneas de IIA 2020. Disponible en: [Link]
update-of-the-three-lines-of-defense-july-2020/[Link]
•
•
Implementation
Mission, vision and Formulation of
Strategy and Value
values objectives
performance
Martens y Rittemberg (2020). Risk Apetite– Critical to Success. Risk Appetite — Critical to Success. Using Risk Appetite to thrive in a changing world.
Disponible en [Link]
Woods and Dowd (2008) Financial Risk Management for Management Accountants. Disponible en:
[Link]
Alta
Priority line
Probability
Media
Baja
Bajo Medio Alto
Impact
•
•
•
•
▪
▪
▪
▪
Strategies
Financial Risks
Internal Shared Transfered
Market risks
Installment
Stock risks
contracts Options
Interest rate risks Natural coverage
Futures Insurance
Internal netting
Exchange rate risks Joint ventures Securitisations
Swaps
Commodity risks
Credit risks Purchase of
Research
Customer risks warranties
Exposure limits
Credit derivatives Credit insurance
Supplier risks Supervision
(CDS, Total Return Securitisations
Netting
Swaps and Credit-
Partner Risks Credit reinforcement
Linked Notes)
Liquidity risks
Lines of Credit
Financing risks
Working capital
Market liquidity risk management Liquidity insurance
Debt ratio
Cash flow risks management
▪
▪
▪
▪
▪
▪
▪
−
−
−
▪
▪
▪
▪
▪
•
•
•
Hedge Speculation
•
•
•
• •
o o
BME: Operating with futures
Position Risk Hedging operation
Investing portfolio: Decrease the value Future sell over the assets to
- Equity hedge
- Fixed interest
- Currency
Expectative of buying in short Increase the value Buy a future over the asset to
term a portfolio: hedge
- Equity
- Fixed interest
- Currency
Future
Options Warrants Swaps
Option
•
o
o
•
o
•
•
o
•
•
o
o
o
o
•
•
𝐶𝑎𝑙𝑙 𝑉𝑎𝑙𝑢𝑒 = 𝑆𝑡𝑜𝑐𝑘 𝑃𝑟𝑖𝑐𝑒 − 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒; 𝑖𝑓 𝑆𝑡𝑜𝑐𝑘 𝑃𝑟𝑖𝑐𝑒 > 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒
𝐶𝑎𝑙𝑙 𝑉𝑎𝑙𝑢𝑒 = 0; 𝑖𝑓 𝑆𝑡𝑜𝑐𝑘 𝑃𝑟𝑖𝑐𝑒 ≤ 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒
•
𝑃𝑢𝑡 𝑉𝑎𝑙𝑢𝑒 = 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒 − 𝑆𝑡𝑜𝑐𝑘𝑃𝑟𝑖𝑐𝑒; 𝑖𝑓 𝑆𝑡𝑜𝑐𝑘 𝑃𝑟𝑖𝑐𝑒 < 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒
𝑃𝑢𝑡 𝑉𝑎𝑙𝑢𝑒 = 0; 𝑖𝑓 𝑆𝑡𝑜𝑐𝑘 𝑃𝑟𝑖𝑐𝑒 ≥ 𝑆𝑡𝑟𝑖𝑘𝑒 𝑃𝑟𝑖𝑐𝑒
•
This position diagram does not account for the initial cost of buying the option or the initial proceeds
from selling it.
•
This position diagram does not account for the initial cost of buying the option or the initial proceeds
from selling it.
•
•
For example, buying a put is identical to buy a call, invest present value of exercise price in a safe asset,
and sell the share.
•
•
•
MEFF
▪
▪
▪ The performance of organizations is no longer measured
exclusively by the economic-financial result. How much
has a company's turnover increased? Has an organization's
EBITDA grown above the Ebitda of its competitors?
▪ Before they were questions as valuable as they are today,
but today they will not be the only ones that companies
must answer before their investors, their financiers, their
clients or their employees.
▪ In addition to purely economic-financial criteria
(profitability, liquidity, solvency, etc.), today it is necessary
to observe environmental, social and governance criteria
to measure the performance of an organization.
What is ESG?
-
-
-
-
-
-
•
•
▪
▪
Content of the NFIS
•
•
General •
Information •
•
•
Stakeholders y •
materiality
Human Rights &
Environment People Society
Corruption
• Human Resources Policies • Human Rights Policies and
• Policies and certifications
• Personnel breakdowns Risks • Supply Chain Management
• Main risks and actions
• Remuneration and gap • Compliance Management • Customer Management
• Relevant indicators
• Health & Safety System • CSR actions
(electricity, fuels, waste,
• Organization of work • Corporate governance • Tax information
etc.)
• Equality measures
•
•
•
•
Reporting Frameworks
▪
▪
•
•
▪
▪
▪
▪
▪
▪
▪
Banco de España (2022): Las empresas fintech: panorama, retos e iniciativas. Disponible en:
[Link]
df
•
•
Banco de España (2022): Las empresas fintech: panorama, retos e iniciativas. Disponible en:
[Link]
df
50
45 43
40
35
30
25
20
15
9 9
10 6 6 6 5 5 4 3 3 2
5 1 1 1
0
Banco de España (2022): Las empresas fintech: panorama, retos e iniciativas. Disponible en:
[Link]
df
▪
Banco de España (2022): Las empresas fintech: panorama, retos e iniciativas. Disponible en:
[Link]
df
•
Banco de España (2022): Las empresas fintech: panorama, retos e iniciativas. Disponible en:
[Link]
df
Ciberseguridad 2
Calificación crediticia 2
Recobro 2
Asesoramiento y consultoría 9
Software para seguros 12
Seguros 16
Medios y portales de información 24
Identidad digital 25
Finanzas personales 75
Infraestructura y soluciones tecnológicas 137
0 20 40 60 80 100 120 140 160
▪
▪
Transacción
Entidad A envía
se representa
dinero a B
como bloque
Los
miembros de El bloque se
la red transmite a
aprueban la toda la red
transacción
El bloque se
El dinero se
añade a la
mueve
cadena
▪
▪
▪
▪
▪
▪
▪
▪