NATIXIS - Document d'enregistrement universel et rapport financier annuel 2020

FACTEURS DE RISQUES, GESTION DES RISQUES ET PILIER III Gestion des risques

JLIN?=NCIH @CH;H=w?n FfwFCACCNCIHHw? J;L MIH =;>L? V DOLC>CKO? M; H;NOL? M€L?Nw @CH;H=CvL? M€L?Nw Lw?FF? IO =;M >? H?NNCHA ?N MIH wG?NN?OL ;CHMC KO? M; FCKOC>CNw "FF? >ICN @;CL? FfIfOH? P;FILCM;NCIH ;O GICHM OH? @ICM J;L ;H ?N LwJIH>L? MCGOFN;HwG?HN r JFOMC?OLM =IH>CNCIHMn NIOM F?M ;=N?M MIHN =IHNL;CAH;HNM JIOL NION?M F?M J;LNC?M ?N V DOLC>CKO?G?HN P;FC>?M >;HM NION?M F?M DOLC>C=NCIHM =IH=?LHw?M F; <;HKO? ; F? >LICN >? Lw;FCM?L F; M€L?Nw IO >? M? Ff;JJLIJLC?L V FwA;F?G?HN ?H =;M >? >w@;ON >fCHMIFP;? @;CFFCN? CF Hf?RCMN? J;M >? =ILLwF;NCIH JIMCNCP? CGJILN;HN? ?HNL? F; KO;FCNw V >O =Lw>CN >? F; =IHNL?J;LNC? ?N F; P;F?OL >? F; M€L?Nw Ff;=NC@ >ICN xNL? FCKOC>? ?N M; P;F?OL >ICN xNL? MO@@CM;GG?HN MN;;HM F? N?GJM JIOL J?LG?NNL? OH? Lw;FCM;NCIH =?LN;CH? IH=?LH;HN F?M GI>;FCNwM >? MOCPC F?M M€L?NwM ?N F?M =IHNL;NM >? =IGJ?HM;NCIH >IHH?HN FC?Onrn OH? ;H;FSM? FILM >? FfI=NLIC IO FILM >? F; LwPCMCIH >fOH >IMMC?L >? V =Lw>CN >? G;HCvL? r ;JJLwB?H>?L F; J?LNCH?H=? ?N Ff;GwFCIL;NCIH >? F; KO;FCNw >O LCMKO? ;JJILNw?M J;L FfCHMNLOG?HN IO F; A;L;HNC?n >?M NL;P;OR >? PwLC@C=;NCIH >? NL;CN?G?HN ?N >? >I=OG?HN;NCIH V Mf;JJOS;HN MOL F? L?=IOLM r >?M =IHNL;NM MN;H>;L>M IO P;FC>wM J;L F; >CL?=NCIH DOLC>CKO?n >?M JLI=w>OL?M >f?HL?ACMNL?G?HN ?N >? MOCPC >;HM F?M MSMNvG?M >? V A?MNCIH ;>GCHCMNL;NCP? ?N >? LCMKO? !? GxG? F?M @IOLHCMM?OLM >? JLIN?=NCIH PC; >?M A;L;HNC?M J;L MCAH;NOL? !0 IO >?M ;MMOL;H=?M >? =Lw>CN JLCPw?M @IHN FfIfOH ?R;G?H >fOH? HIN;NCIH ?N >fOH MOCPC r FfCHMN;L >? =?FOC G?Hw JIOL F?M >w? Lw>O=NCIH >O LCMKO? >? =IH=?HNL;NCIH J;L =IHNL?J;LNC? M?=N?OL ?N TIH? AwIAL;JBCKO? J?OP?HN xNL? GCM?M ?H `OPL? J;L +;NCRCM )f;H;FSM? >O LCMKO? >? =IH=?HNL;NCIH ?MN =IGJFwNw? J;L OH? ;H;FSM? >? NSJ? MNL?MM N?MN GCAL;NCIH >?M HIN;NCIHM ?H @IH=NCIH >? M=wH;LCIM G;=LIw=IHIGCKO?M +;NCRCM JIOLL;CN wA;F?G?HN JLI=w>?L r >?M ;=B;NM >? JLIN?=NCIH ?N r >?M IJwL;NCIHM >? NCNLCM;NCIH MSHNBwNCKO? ;@CH >? Lw>OCL? NION IO J;LNC? >? Ff?RJIMCNCIH ;O LCMKO? >? =Lw>CN ;NN;=Bw? r =?LN;CHM ;=NC@M J;L OH NL;HM@?LN ;O G;L=Bw >? =? LCMKO? !;HM =? =;>L? +;NCRCM JILN? F? LCMKO? >? =IHNL?J;LNC? >?M P?H>?OLM >? JLIN?=NCIHM KOC MIHN AwHwL;F?G?HN >?M <;HKO?M , !" !;HM F? =;M >fIJwL;NCIHM Lw;FCMw?M ;P?= >?M NC?LM HIH <;H=;CL?M F?M NL;HM;=NCIHM MIHN CHNwAL;F?G?HN =IFF;NwL;FCMw?M ?H ?MJv=?M ?MnIJwL;NCIHM MIHN MIOGCM?M ;OR JLI=w>OL?M >? >w=CMCIH ?N >? MOCPC >?M NL;HM;=NCIHM MOL JLI>OCNM >wLCPwM Atténuation du risque de contrepartie +;NCRCM Lw>OCN F? LCMKO? >? =IHNL?J;LNC? ;OKO?F ?FF? ?MN MIOGCM? r Ff;C>? >? NLICM F?PC?LMn F; GCM? ?H JF;=? >f;==IL>M >? =IGJ?HM;NCIH ? >w@;ON >fOH? =IHNL?J;LNC? >? =IHMC>wL?L ?H LCMKO? OHCKO?G?HN F? MIF>? >?M P;FILCM;NCIHM JIMCNCP?M ?N HwA;NCP?M >?M NL;HM;=NCIHM ?@@?=NOw?M ;P?= =?NN? =IHNL?J;LNC?n Ff;>DIH=NCIH >f;HH?R?M r =?M =IHNL;NM >w@CHCMM;HN F; GCM? ?H JF;=? V >fw=B;HA? >? =IFF;NwL;F @FO=NO;HN ;O ALw >? F; P;FILCM;NCIH KOINC>C?HH? >?M JILN?@?OCFF?M >? NL;HM;=NCIHM @;CN?M ;P?= F?M =IHNL?J;LNC?M =IH=?LHw?Mn FfONCFCM;NCIH >? =B;G? =IGJ?HM;NCIH ?M >?LHCvL?M ?H M? V MOBwL?HNM JL?HH?HN r F?OL =B;LA? Ff?MM?HNC?F >?M LCMKO?M >? =IHNL?J;LNC? -FOM J;LNC=OFCvL?G?HN ?FF?M G;{NLCM?HN =? LCMKO? J;L OH Gw=;HCMG? >? G;LA? CHCNC;F? CHCNC;F G;LACH ?Nn>f;JJ?FM >? G;LA? P;LC;NCIH G;LACH +;NCRCM ; GCM ?H JF;=? OH >CMJIMCNC@ >? G;{NLCM? >?M LCMKO?M JILNwM J;L F?M =B;G? =IGJ?HM;NCIH "H =? KOC =IH=?LH? F?M IJwL;NCIHM AwLw?M ?H CMJIMCNC@ ; wNw GCM ?H JF;=? JIOL MOCPL? F?M ?RCA?H=?M GCHCG;F?M r L?MJ?=N?L ?H N?LG?M >f;NNwHO;N?OLM >O LCMKO? >? =IHNL?J;LNC? KOC L?FvP?HN >?M =;L;=NwLCMNCKO?M >?M =IHNL;NM >? =IGJ?HM;NCIH ?N >?M ;HH?R?M =IFF;NwL;OR HwAI=CwM ;P?= F?M =IHNL?J;LNC?M

Techniques de réduction 3.2.3.8 du risque d e crédit et de contrepartie Atténuation du risque de crédit

IHHp?M =?LNC@Cp?M J;L F?M =IGGCMM;CL?M ;OR =IGJN?M ;O NCNL? >`%"./h )f;NNwHO;NCIH >O LCMKO? >? =Lw>CN ?MN OH? N?=BHCKO? J?LG?NN;HN >? Lw>OCL? F? LCMKO? >? =Lw>CN ?H=IOLO J;L F; <;HKO? ?H =;M >? >w@;CFF;H=? >fOH? =IHNL?J;LNC? KOC J?ON xNL? J;LNC?FF? IO NIN;F? +;NCRCM L?=IOLN r JFOMC?OLM N?=BHCKO?M >f;NNwHO;NCIH >? LCMKO?Mn =IHNL;NM >? =IGJ?HM;NCIH A;L;HNC?M J?LMIHH?FF?M A;L;HNC?M MOL ;=NC@M IO ;=B;NM >? JLIN?=NCIH PC; >?M =L?>CN >?@;OFN MQ;JM !0 )?M N?=BHCKO?M >f;NNwHO;NCIH >O LCMKO? >? =Lw>CN M? G;NwLC;FCM?HN J;L >?OR NSJ?M >? JLIN?=NCIHn M€L?NwM HIH @CH;H=w?M >CN?M J?LMIHH?FF?Mn V )?M M€L?NwM J?LMIHH?FF?M =IHMCMN?HN >;HM Ff?HA;A?G?HN >fOH IO JFOMC?OLM NC?LM r J;S?L F? =Lw;H=C?L ?H FC?O ?N JF;=? >O >ww@;CFF;HN &F ?RCMN? HIN;GG?HN F?M =;ONCIHM J?LMIHH?FF?M F?M )?M M€L?NwM @CH;H=w?M =IHMCMN?HN r ;==IL>?L ;O =Lw;H=C?L OH >LICN Lw?F ;==?MMICL? MOL OH IO JFOMC?OLM O >wfOH NC?LM =IHMNCNO;HN )?M JLIN?=NCIHM >? =Lw>CN @CH;H=w?M MIHN HIN;GG?HN =IHMNCNOw?M >? >wJ~NM >f?MJv=?M >? NCNL?M >? G;NCvL?M JL?GCvL?M FfIL J;L ?R?GJF? >? M€L?NwM CGGI? =Lw;H=?M CGGI? H;HNCMM?G?HNM >? =IHNL;NM >f;MMOL;H=? PC? )fwFCAC?M JLIN?=NCIHM ?MN ?H=;>Lw? J;L F? JLI=?MMOM MOCP;HNn OH? P;FC>;NCIH J;L F; >CL?=NCIH DOLC>CKO? >?M ;=N?M L?F;NC@M r F; JLCM? V >? A;L;HNC? ?N >O =;L;=NvL? ?R?Lu;?M A;L;HNC?Mn OH? P;FC>;NCIH J;L F; >CL?=NCIH >?M LCMKO?M V ); <;HKO? Mf;MMOL? wA;F?G?HN =IH@ILGwG?HN ;OR >CMJIMCNCIHM LwAF?G?HN;CL?M >? F; P;FILCM;NCIH >?M A;L;HNC?M ?N >O =IHNL~F? JwLCI>CKO? >? =?M P;FILCM;NCIHM ?N JLI=v>? ;OR ;DOMN?G?HNM Hw=?MM;CL?M ); M€L?Nw ?MN ;DOMNw? >? M; PIF;NCFCNw ?H @IH=NCIH >? M; H;NOL? )?MnLw=OJwL;NCIHM MOL F?M M€L?NwM MIHN ?MNCGw?M r OH? @LwKO?H=? NLCG?MNLC?FF? IO ;HHO?FF? MOL F; <;M? >? P;FILCM;NCIHM =IHM?LP;NLC=?M ?N >? >w=IN?M JL?H;HN ?H =IGJN? F; Lw;FCM;NCIH >?M >CN?M M€L?NwM ?H JwLCI>? >? L;F?HNCMM?G?HN w=IHIGCKO? )?M M€L?NwM >ICP?HN MOCP;HN F?OL H;NOL? M;NCM@;CL? ;OR =IH>CNCIHM J;LNC=OFCvL?M >fwFCAC?M A;L;HNC?M J?LMIHH?FF?M ?MN V =IH>CNCIHHw? J;L F; KO;FCNw >O A;L;HN ?N >ICN M;NCM@;CL? JFOMC?OLM =IH>CNCIHMn ?FF? L?JLwM?HN? OH? =Lw;H=? >CL?=N? MOL F? A;L;HN ?N @;CN Lw@wL?H=? V r >?M ?RJIMCNCIHM MJw=C@CKO?M ?FF? ?MN CLLwPI=;CNCIHH?FF? V ?H =;M >? >w@;ON >? F; =IHNL?J;LNC? F; <;HKO? J?ON JIOLMOCPL? F? V A;L;HN >;HM F?M >wF;CM L?KOCM JIOL KOfCF Mf;=KOCNN? >?M ;LLCwLwM ;O NCNL? >? Ff;=N? LwACMM;HN F; NL;HM;=NCIH F; A;L;HNC? ?MN OH? IO A;L;HN F? A;L;HN =IOPL? NIOM F?M NSJ?M >? J;C?G?HNM KO? Ff?GJLOHN?OL V =ILL?MJIH>;HN ?MN =?HMw ?@@?=NO?Ln A;L;HNC?M r JL?GCvL? >?G;H>? F?M >wLCPwM >? =Lw>CNn M€L?NwM @CH;H=w?M >CN?M Lw?FF?M IO JLxNM Mw=OLCMwMn V

3

135

www.natixis.com

NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020