3 FACTEURS DE RISQUES, GESTION DES RISQUES ET PILIER III Gestion des risques
Opérations de titrisation 3.2.4 Politique générale 3.2.4.1 IHHp?M =?LNC@Cp?M J;L F?M =IGGCMM;CL?M ;OR =IGJN?M ;O NCNL? >`%"./h +;NCRCM ?MN CGJFCKOw? >;HM >?M IJwL;NCIHM >? NCNLCM;NCIH MIOM >C@@wL?HNM L~F?Mn ?H N;HN KOfCHP?MNCMM?OL PC; >?M IJwL;NCIHM >? @CH;H=?G?HN JIOL M?M V =FC?HNM PC; >?M IJwL;NCIHM >? >wLCPwM ?N G;LACH;F?G?HN PC; OH? ;=NCPCNw >? N?HO? >? G;L=Bw MOL =?LN;CHM 0 HIN;GG?HN MM?N
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Dispositif de notation externe 3.2.4.2 IHHp?M =?LNC@Cp?M J;L F?M =IGGCMM;CL?M ;OR =IGJN?M ;O NCNL? >`%"./h +;NCRCM J?ON @;CL? ;JJ?F r KO;NL? ILA;HCMG?M ?RN?LH?M >fwP;FO;NCIH >? =Lw>CN ?HNL? ;ONL?M >;HM F? =;>L? >?M IJwL;NCIHM >? NCNLCM;NCIHn *II>SfM ! /0 !IGCHCIH IH> /;NCHA 0?LPC=? #CN=B
& ?N 0N;H>;L> ;H> -IILfM
Véhicules des opérations 3.2.4.3 de titrisation
+;NCRCM ;ACN ?H N;HN KO? MJIHMIL >;HM >?M IJwL;NCIHM >? NCNLCM;NCIH >? NSJ? - ;OJLvM >? NLICM PwBC=OF?M >wHIGGwM 3?LM;CFF?M F?;=B?LM ?N *;A?HN; -;LGC =?M >?LHC?LM M?OFM >?OR @CAOL?HN >;HM F? JwLCGvNL? >? =IHMIFC>;NCIH LwAF?G?HN;CL? >? +;NCRCMn 3?LM;CFF?M ?N F?;=B?LM "H ?@@?N JIOL =?OR
=C +;NCRCM >wNC?HN ;O L?A;L> >? MIH L~F? JLwJIH>wL;HN >;HM F? =BICR ?N F; A?MNCIH >?M =Lw;H=?M ;=KOCM?M ;CHMC KO? F; A?MNCIH >O JLIAL;GG? >fwGCMMCIH F? JIOPICL MOL F?M ;=NCPCNwM J?LNCH?HN?M >O =IH>OCN FOC J?LG?NN;HN >fCH@FO?L MOL F? GIHN;HN >? M?M L?H>?G?HNM "H L?P;H=B? +;NCRCM Hf;JJ;LN?H;HN J;M r FfILA;H? >? AIOP?LH;H=? >wN?H;HN F? JIOPICL >? >w=C>?L >?M ;=NCPCNwM J?LNCH?HN?M >O =IH>OCN *;A?HN; =?FOC
=C Hf?MN J;M =IHMIFC>w >;HM F?M =IGJN?M >? +;NCRCM
Risques de marché 3.2.5 Objectifs et politique 3.2.5.1
IHHp?M =?LNC@Cp?M J;L F?M =IGGCMM;CL?M ;OR =IGJN?M ;O NCNL? >`%"./h ); >CL?=NCIH >?M LCMKO?M ;O NL;P?LM >O >wJ;LN?G?HN *;LE?N /CME Mf;NN;=B? r @ILG;FCM?L Ff?HM?G?M JIFCNCKO?M >? LCMKO?M FCw?M ;OR IJwL;NCIHM >? G;L=Bw ?H ;JJILN;HN OH? PCMCIH KO;FCN;NCP? ?N JLIMJ?=NCP? ?NN? >wG;L=B? M? <;M? HIN;GG?HN MOL F; L?PO? MNL;NwACKO? >?M ?HP?FIJJ?M AFI<;F?M >?M LCMKO?M F?M I?M GwNC?LM F?M wPIFONCIHM >?M J;L;GvNL?M >? G;L=Bw ?N Mf;JJOC? MOL F? L~F? JLI;=NC@ ?N >f;F?LN? >?M TIH?M >? LCMKO?M F?M JFOM M?HMC? LCMKO?M >? G;L=Bw Mf;LNC=OF?HN ;ONIOL >fOH ?HM?G? JLCH=CJ?M GwNBI>IFIACKO?M ?H N?LG?M >? MOCPC ?N >f?H=;>L?G?HN >?M LCMKO?M ?N JLIJIM?HN OH? ;JJLI=B? G;NLC=C?FF? >?M ;=NCPCNwM J;L =F;MM? >f;=NC@M ?N MNL;NwAC? >? A?MNCIH IHHp?M =?LNC@Cp?M J;L F?M =IGGCMM;CL?M ;OR =IGJN?M ;O NCNL? >`%"./h )? >CMJIMCNC@ >? G;{NLCM? >?M LCMKO?M >? G;L=Bw ?MN >w@CHC M?FIH OH? ;L=BCN?=NOL? >? >wFwA;NCIH >IHN F? =IGCNw >?M LCMKO?M AFI<;OR ?MN F? =IGCNw @;{NC?L ?N ;O M?CH >OKO?F F? =IGCNw >?M LCMKO?M >? G;L=Bw JLwMC>w J;L F? >CL?=N?OL AwHwL;F IO MIH >wFwA;N;CL? DIO? OH L~F? ?MM?HNC?F !;HM =? =;>L? F; >CL?=NCIH >?M LCMKO?Mn >w@CHCN F?M GwNBI>?M >? G?MOL? >?M LCMKO?M ?N >? Lw@;=NCIHM ?N F?M V MIOG?N JIOL P;FC>;NCIH ;O =IGCNw >?M LCMKO?M >? G;L=Bwn CHMNLOCN F?M L?PO?M ;HHO?FF?M >? FCGCN?M >IHN Ff;JJwNCN ;O LCMKO? ?N V F?M >?G;H>?M >? GI>C@C=;NCIHM JIH=NO?FF?M 3;/ MNL?MM N?MNM CH>C=;N?OLM IJwL;NCIHH?FM FIMM ;F?LNM n ;MMOL? F? L~F? >f;F?LN? >?M TIH?M >? LCMKO? PCM
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PCM >?M GwNC?LM ?N V >? F; >CL?=NCIH AwHwL;F?n ?MN L?MJIHM;? Ff;H;FSM? ?N >? F; G?MOL? KOINC>C?HH? >?M V LCMKO?M ?H=IOLOM >O L?JILNCHA KOINC>C?H ?N >? F; HINC@C=;NCIH >? NION >wJ;MM?G?HN ;OJLvM >O @LIHN I@@C=? ?N >O G;H;A?G?HNn Organisation de la maîtrise 3.2.5.2 des risques de marché
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NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020