FACTEURS DE RISQUES, GESTION DES RISQUES ET PILIER III Gestion des risques
Le risque de marché )? LCMKO? >? G;L=Bw ?MN F? LCMKO? >? J?LN? >? P;F?OL JLIPIKOw? J;L NION? @FO=NO;NCIH >w@;PIL;?M J;L;GvNL?M >? G;L=Bw ?M J;L;GvNL?M CH=FO?HN HIN;GG?HN F?M =IOLM >?M P;F?OLM GI?M G;NCvL?M JL?GCvL?M F?M N;OR >fCHNwLxN F?M =IOLM >?M CHMNLOG?HNM @CH;H=C?LM >wLCPwM ?N F?M N;OR >? =B;HA? ); FCKOC>CNw >?M ;=NC@M =IHMNCNO? wA;F?G?HN OH? =IGJIM;HN? CGJILN;HN? >O LCMKO? >? G;L=Bw "H =;M >? FCKOC>CNw CHMO@@CM;HN? IO CH?RCMN;HN? J;L ?R?GJF? >O @;CN >fOH? Lw>O=NCIH >O HIG? NL;HM;=NCIHM IO >fOH @ILN >wMwKOCFC? FfI@@L? ?N >? F; >?G;H>? >? =?LN;CHM ;=NC@M OH CHMNLOG?HN @CH;H=C?L IO NION ;ONL? ;=NC@ HwAI=C;? FCKOC>CNw J?ON L?@FwN?L OH ;==vM Lw>OCN ;OR G;L=BwM >? =;JCN;OR >?M ?RCA?H=?M CGJLwPO?M ?H G;NCvL? >? NLwMIL?LC? IO >? =;JCN;OR IO >?M L?MNLC=NCIHM DOLC>CKO?M Le risque opérationnel )? LCMKO? IJwL;NCIHH?F ?MN F? LCMKO? >? J?LN? LwMOFN;HN >fOH? CH;>wKO;NCIH IO >fOH? >w@;CFF;H=? >? JLI=?MMOM CHN?LH?M KOfCFM CGJFCKO?HN F? J?LMIHH?F IO F?M MSMNvG?M >fCH@ILG;NCIH IO KOfCFM MIC?HN FCwM r >?M wPwH?G?HNM ?RNwLC?OLM ;S;HN >?M CGJ;=NM @CH;H=C?LM LwAF?G?HN;CL?M DOLC>CKO?M IO >fCG;A? ); >CL?=NCIH MMOL;H=?M LCMKO?M $LIOJ? - " ; JIOL GCMMCIH >f;H;FSM?L F?M LCMKO?M IJwL;NCIHH?FM ;MMOL;? G?NNL? ?H JF;=? F?M =IOP?LNOL?M ;>wKO;N?M JIOL S @;CL? @;=? +;NCRCM ?N M?M @CFC;F?M ? JLIAL;GG?M >? =IOP?LNOL? >? M?M LCMKO?M IJwL;NCIHH?FM ;MMOL;? L?Gw>C?L ;OR wP?HNO?FF?M =IHMwKO?H=?M MCAHC@C=;NCP?M LwMOFN;HN >? @L;O>?M >? >wNIOLH?G?HNM ?N >? PIFM >? J?LN?M >f?RJFICN;NCIH IO >? GCM?M ?H =;OM? >? F; L?MJIHM;? +;NCRCM >? M?M @CFC;F?M IO >? =IFF;IHN ?FF? ; F; =B;LA? Le risque de non-conformité )? LCMKO? >? HIH
=IH@ILGCNw ?MN >w@CHC >;HM F; LwAF?G?HN;NCIH @L;Hu;CM? =IGG? F? LCMKO? >? M;H=NCIH DO>C=C;CL? ;>GCHCMNL;NCP? IO >CM=CJFCH;CL? ;MMILNC >? J?LN?M @CH;H=CvL?M MCAHC@C=;NCP?M IO >f;NN?CHN? r F; LwJON;NCIH KOC H;CMM?HN >O HIH
L?MJ?=N >? >CMJIMCNCIHM JLIJL?M ;OR ;=NCPCNwM <;H=;CL?M ?N @CH;H=CvL?M KOf?FF?M MIC?HN >? H;NOL? FwACMF;NCP? IO LwAF?G?HN;CL? H;NCIH;F?M IO ?OLIJw?HH?M >CL?=N?G?HN ;JJFC=;? HILG?M JLI@?MMCIHH?FF?M ?N >wIHNIFIACKO?M IO >fCHMNLO=NCIHM >?M >CLCA?;HNM ?@@?=NC@M JLCM?M HIN;GG?HN ?H ;JJFC=;NCIH >?M ILC?HN;NCIHM >? FfILA;H? >? MOLP?CFF;H=? -;L >w@CHCNCIH =? LCMKO? ?MN OH MIOM
?HM?GO LCMKO? IJwL;NCIHH?F Le risque cyber )? LCMKO? =SOF?OR Mf;JJOS;HN MOL >?M GIS?HM HOGwLCKO?M ;@CH >f;NN?CH>L? F?M >IHHw?M J?LMIHH?FF?M <;H=;CL?M ;MMOL;HNC?FF?M N?=BHCKO?M IO MNL;NwACKO?M F?M NL;CN?G?HNM ?N F?M ONCFCM;N?OLM JIOL JILN?L MCAHC@C=;NCP?G?HN JLwDO>C=? r Ff?HNL?JLCM? M?M ?GJFISwM M?M J;LN?H;CL?M ?N M?M =FC?HNM n); NL;HM@ILG;NCIH >?M MSMNvG?M >fCH@ILG;NCIH <;H=;CL?M d KOC @IHN CHN?LP?HCL >? HIOP?FF?M N?=BHIFIAC?M IO L?=IOL?HN r OH? J;LN =LICMM;HN? >? M?LPC=?M ?RN?LH;FCMwM d I@@L? >? HIOP?FF?M IJJILNOHCNwM ;OR =S?M ;NN;KO?M >? JFOM ?H JFOM MIJBCMNCKOw?M ?N CH>OMNLC;FCMw?M ); >CMJIHCO MSMNvG? >fCH@ILG;NCIH F; A;L;HNC? >? FfCHNwALCNw ?N >? F; =IH@C>?HNC;FCNw >?M >IHHw?M ;CHMC KO? >? F; NL;u;? =B;KO? IJwL;NCIH =IH>CNCIHH?HN F; =;J;=CNw >? +;NCRCM r ?R?L=?L M?M ;=NCPCNwM
Le risque de réputation )? LCMKO? >? LwJON;NCIH ?MN F? LCMKO? >f;NN?CHN? r F; =IH@C;H=? KO? JILN?HN r Ff?HNL?JLCM? M?M =FC?HNM M?M =IHNL?J;LNC?M M?M @IOLHCMM?OLM M?M =IFF;IHN F; =IH@C;H=? r KO?FKO? NCNL? KO? =? MICN ?MN OH? =IH>CNCIH Hw=?MM;CL? r F; JIOLMOCN? HILG;F? >? Ff;=NCPCNw )? LCMKO? >? LwJON;NCIH ?MN ?MM?HNC?FF?G?HN OH LCMKO? =IHNCHA?HN r NIOM F?M ;ONL?M LCMKO?M ?H=IOLOM J;L F; <;HKO? Le risque juridique )? LCMKO? DOLC>CKO? ?MN >w@CHC >;HM F; LwAF?G?HN;NCIH @L;Hu;CM? =IGG? F? LCMKO? >? NION FCNCA? ;P?= OH? =IHNL?J;LNC? LwMOFN;HN >? NION? CGJLw=CMCIH F;=OH? IO CHMO@@CM;H=? MOM=?JNCfxNL? CGJON;? M?M IJwL;NCIHM Le risque de modèle &F L?JLwM?HN? F? LCMKO? >? J?LN? w=IHIGCKO? >CL?=N? IO LwMOFN;HN >fCGJ;=N >fCG;A? IO >? FCNCA? MOL F?M GI>vF?M >? P;FILCM;NCIH F?M GI>vF?M LwAF?G?HN;CL?M >? =;JCN;F IO ;ONL?M GI>vF?M ?H L;CMIH >f?LL?OLM >;HM F?OL wF;? N;OR >fCHNwLxN AFI<;F M? >w@CHCN =IGG? F? LCMKO? >? J?LN? MOL F? JILN?@?OCFF? <;H=;CL? ?HA?H>Lw J;L OH GIOP?G?HN ;>P?LM? >?M N;OR >fCHNwLxN ?H L;CMIH >fOH ;>IMM?G?HN CGJ;L@;CN ?HNL? F? N;OR >?M ?GJFICM ?N =?FOC >?M L?MMIOL=?M IGG? F; JFOJ;LN >?M <;HKO?M >? @CH;H=?G?HN ?N >fCHP?MNCMM?G?HN +;NCRCM ; J?O >f;=NC@M ?N >? J;MMC@M @CH;H=C?LM AwHwL;HN >?M JIMCNCIHM >? N;OR MNLO=NOL?FF?Mn F? LCMKO? >? N;OR >fCHNwLxN AFI<;F >? +;NCRCM LwMOFN? G;DILCN;CL?G?HN >fIJwL;NCIHM =IHNL;=NO?FF?M )?M JIMCNCIHM F?M JFOM MCAHC@C=;NCP?M =IH=?LH?HN >?M ?RJIMCNCIHM MOL F; J;LNC? =IOLN? >?M =IOL?M N;OR ?N MIHN HIN;GG?HN FCw?M ;O >w=;F;A? >? >;N? >? L?@CR;NCIH >?M N;OR & ,/ &F Mf;ACN >IH= >fOH LCMKO? >? M?=IH> IL>L? r Ffw=B?FF? >? F; <;HKO? Le risque de liquidité )? LCMKO? >? FCKOC>CNw ?MN F? LCMKO? KO? +;NCRCM H? JOCMM? J;M @;CL? @;=? r M?M ?HA;A?G?HNM PCM
r
PCM >? M?M =Lw;H=C?LM ?H L;CMIH >? F; >C@@wL?H=? JIMCNCP? ?HNL? F; >OLw? >?M ?GJFICM ?N =?FF? >?M L?MMIOL=?M ? LCMKO? M? Lw;FCM? J;L ?R?GJF? ?H =;M >? L?NL;CNM G;MMC@M >?M >wJ~NM >? F; =FC?HNvF? IO >fOH? =LCM? >? =IH@C;H=? IO >? FCKOC>CNw AwHwL;F? >O G;L=Bw "H N;HN KO? <;HKO? >? @CH;H=?G?HN ?N >fCHP?MNCMM?G?HN =? LCMKO? JIOL +;NCRCM LwMOFN? JLCH=CJ;F?G?HN >? JIMCNCIHM >? NL;HM@ILG;NCIH ?HNL? IJwL;NCIHM ;MMILNC?M >fOH? w=Bw;H=? =IHNL;=NO?FF? +;NCRCM >CMJIM;HN >? GICHM >? L?MMIOL=?M =FC?HNvF? MN;? YnL?N;CFn^ ?N M? L?@CH;Hu;HN ?H J;LNC? MOL F?M G;L=BwM )? LCMKO? >? MJL?;> ?MN F? LCMKO? >f;OAG?HN;NCIH >O =IN >? F; L?MMIOL=? >;HM OH =IHN?RN? >? =LCM? >? FCKOC>CNw @;=? r >?M ?H=IOLM FIHAM r G;LA? @CRw? IO >? L?JF;=?G?HN >? L?MMIOL=?M FIHAO?M r G;LA?M JFOM wF?Pw?M KO? =?FF?M >?M ?GJFICM >CMJIHC? =B;HA? MNLO=NOL?F M? >w@CHCN =IGG? F? LCMKO? >? J?LN? ?H =;JCN;OR JLIJL?M L?=S=F;Lw J;L OH GIOP?G?HN ;>P?LM? >?M J;LCNwM >? =B;HA? =IHNL? F; >?PCM? >? L?JILNCHA >? =IHMIFC>;NCIH ?H L;CMIH >? F; >?PCM? >?M CHP?MNCMM?G?HNM H?NM >O L?@CH;H=?G?HN J;L ;=B;N >? F; GxG? >?PCM? >C@@wL?HN? >? =?FF? >?M =;JCN;OR JLIJL?M )? LCMKO? >? =B;HA? MNLO=NOL?F >? +;NCRCM =IH=?LH? NLvM G;DILCN;CL?G?HN F?M JIMCNCIHM MNLO=NOL?FF?M ?H >IFF;L ;GwLC=;CH >O @;CN >? F; JLwM?H=? >;HM MIH JwLCGvNL? >? =IHMIFC>;NCIH >? MO==OLM;F?M ?N >? @CFC;F?M r FfwNL;HA?L >INw?M >;HM =?NN? >?PCM?
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NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020