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Whatever your size or your sector of activity, before going to see your banker
or raising funds on the stock market, update your risk management to better
alignment of the economic results of risk management activities.

Effective from January 1, 2023, as prescribed by BCBS to be transposed according
to jurisdictions calendar such as those recalled below, Template CR3 Mandatory
for all banks meets the insurer's ORSA since it covers all CRM techniques
recognized in the applicable accounting framework

(DIS40 - Credit risk of BCBS of December 15. 2019 recalled in Annex XVIII,
Disclosure of the use of credit risk mitigation techniques of all supervisors
and regulators: European Banking Authority, Union Bank of India, OSFI of Canada,
Bank of England, etc.).

This requirement makes all non-accounting software obsolete. This includes the
mathematical approach software (statistics and probabilities) which was
provisionally used for OPE30 - Advanced measurement approaches: "Updated the out
of force date to 31 Dec 2022, given the revised implementation date of Basel III
announced on 27 March 2020" (BCBS, Past & future changes to the Basel
Framework).

The technical requirement overcome is to ALLOW THIRD PARTIES to REPLICATE
business mapping for loss mitigation for RWA hedge accounts that must be
disclosed for credit risk mitigation (CRM) recognition such as collateral and
guarantees: 

 * "Where guarantees or credit derivatives fulfill the minimum operational
   conditions set out in CRE22.70 to CRE22.72, banks may take account of the
   credit protection offered by such credit risk mitigation techniques in
   calculating capital requirements" (BCBS).



The same goes for the insurer.

Credit insurance is part of the insurer's management accounting through ORSA
since the interest for the insurer is to reduce losses of credit insurance or
trade credit insurance which protects companies against losses that could result
from non-payment by their customers. Instead of being directly affected by
unpaid and late invoices and having to face turnover problems or even
bankruptcy, the insured is partially or fully compensated by insurers for the
loss suffered.

 * The accounting issue is protection for unpaid invoices, improvement of
   profitability and financial health of customers and prospects as well as
   credit control procedures, strengthening competitiveness and growth to
   facilitate access to financing.



 * The required accounting model has been expected since 2017 with ASC 815 and
   IFRS 9 standard for hedge accounting. This is also the case for financial
   market authorities, including the SEC's Financial Reporting Manual updated on
   December 31, 2022.

 This guide is based on peer-reviewed reference publications that are
co-authored by authoritative experts and academics in this area of expertise.
The network has been coordinated since 2013 by HCM Accounting Academy, the
innovation hub of LELE-HCM Accounting Industry Inc (Leaders and affiliated
universities in part V).

Fully automated services and certification in SaaS mode:

Interaction Fintech operates in SaaS mode, therefore no modification to existing
IT. The starting point is training in performing workstation interaction tasks.
The internal teams of the bank, insurer and clients benefit from 90 days of
certified pre-training with free use of Fintech interaction. This gives both the
bank, insurer, and clients a guarantee of performance and an overview of the
cost-benefits through the 1st quarter accounts of the 3-year counterparty credit
risk mitigation plan. Download the “Applied Certification Handbook” from
http://www.hcm-accounting.com/ 

Supporting recent publication:

Journal of Financial Risk Management > Vol.13 No.1, March 2024

https://www.scirp.org/journal/paperinformation?paperid=132197

This paper focuses on the cases of banks, insurance companies and industries.
The reader is invited to refer to this brochure or other publications for a
complete study: 

 * "For service sector accounts, including local authorities, see author's other
   publications or go to http://www.hcm -accounting.com/"

Address

Scientific Research Publishing

1521 Melwood Drive, Glendale
CA 91207, USA

 

Download the full case study brochure

- Through this study, you have a DEMO of comparable cost/benefit outlook
accounts from 15 entities forming 3 banking pools with 4 clients each (1
insurance company, 1 industry, 1 service company and 1 local authority for the
public sector).

Please click HERE to access Microsoft Word Brochure you can share to be
customized with its logo by any issuer.

Please click HERE to access the pdf version.

 

 

Catalog of our products and Services 

 (a) Certify and equip your business team for Operational Risk Capital (ORC)
requirements.

(b) Standard OPE 25 - Calculation of RWA for operational risk, in force from
January 1, 2023, now underpins the internal accounting and financial management
strategy of Banks and Credit Risk Counterparties or CCR (insurance companies,
industries and services, including local authorities) on the Economic Capital
accounts and the SOX ratio to be provided to the investor considering the
insurer's ORSA and the risk appetite threshold.

(c) The forecast management paradigm serving as the basis for the insurance of
bank credit and the raising of funds on the stock market has thus changed:
forecasting sales using past trade data is no longer sufficient with the OPE25.
To be realistic, the quantitative approach (statistics and probabilities) for
estimating the forecast turnover and future cash flow of a company, in
particular the calculation of the growth rate, must now include in the use of
historical data (of at least 5 years) and the future financial performance plan
(over at least 3 years), the operational risk loss mitigation accounts
determining its cost prices and the competitiveness of its products.

(d) The SOX ratio is the FinTech solution to the thorny problem of variable
salary predictability or Incentivized Pay securing investments based on internal
assurance(Financial Stability Board, June 27, 2017, and BCBS, June 2019).

 

Serious Gaps in Skills and Tools Finally Addressed

US Federal Reserve, UK, EU, and central banks of all G20 countries aim to adopt
last Basel III part by January 2023 with new requirements to be calibrated for
“capital neutrality” BCBS, progress report on adoption of the Basel regulatory
framework, October 2021, https://www.bis.org/bcbs/publ/d525.pdf



This Quick Guide is the culmination of the research and practical work of the
network of academics and industries which has been set up worldwide to help
banks and the credit risk counterparty business sectors to cross the threshold
of OPE25 effective January 1, 2023.

- The issue is the economic capital accounts and the SOX ratio of predictability
(forward-looking management) of variable salaries that banks and CCR should now
provide for WCR and investment financing.

The difficulty to overcome is that, although the Human Resources function is an
eminently transversal function of corporate accounting, neither the Human
Resources Managers nor the other corporate functions have been trained to
perform the interaction tasks of their workstation to act in real time as an
organizational team based on the operational risk appetite threshold. The
compartmentalization of teaching in universities and MBA programs in specialized
disciplines have not solved the problem of real-time integration of HR-Finance
processes.

As a result, few graduates today have the cross-cutting or vertical skills
required to act, in real time, from their workstation in accordance with the
pyramid shape of the organization chart as an organization team based on the
risk appetite threshold to create value.



Why do you need to take this step?

Your financial ratios to be completed under OPE25:

 * You must now add the SOX Ratio to the 4 ways to assess the performance of
   your business (liquidity ratios, efficiency ratios, profitability ratios and
   financial leverage ratios)

The recognition of the coverage of operational risk losses by insurance cannot
exceed 20% before considering the economic capital accounts", BCBS, October
2010.


It derives the SOX ratio (Economic Capital/ Variable Salary or Incentivized Pay)
to be calculated for monitoring internal financial stability as part of the
insurer's Own Risk and Solvency Assessment (ORSA).
 
Until now, two ratios were used to measure a company's leverage (the ratio
borrowings/equity and debt ratio). The SOX ratio complements the main balance
sheet ratios (Financial autonomy ratio, Net debt ratio, General liquidity ratio
and Stable employment coverage ratio).


The urgency is to fill the gaps in the internal assurance you give to the
investor for economic capital based on your historical income statements and the
added value of the Total Paid Workforce impacting your future financial
performance.
 
This requirement affects all aspects of your access to credit and investment
finance, including major aspects of the insurance industry [Trade credit
insurance, Investment insurance, General Insurance, Inward Reinsurance
(Financial Risk), Export credit insurance, Comprehensive Trade Credit Insurance,
Investment Insurance for equity investors, etc.].


The challenge of the SOX is that when the company pays bonuses or variable
salaries, and the turnover varies little or stagnates, or when the company can
neither identify nor mitigate its operational risk losses, this is a business
that may be in arrears on its debt and may not be able to borrow additional
funds to ensure its survival. A long period of slow growth can indeed render the
company insolvent.



Where to provide investors with this OPE25 data that was missing until now in
your financial publications?

1/ Complete your HR critical financial ratios that matter to the investor, as we
did below with FinTech V1 for a banking group (add lines 8-18 for missing
financial security accounts):

 

 

2017

2018

2019

2020

2021

1

Net income group share per share (in $)

1.12 

1.39 

1.48 

0.8 

1.84 

2

Diluted net income group share per share (in $)

1.12 

1.39 

1.48 

0.8 

1.84 

3

Operating coefficient (in %)

65.49 

63.79 

61.6 

60.7 

59.3 

4

International solvency ratio (in %)

11.7 

11.5 

12.1 

13.1 

11.9 

5

Return on equity (ROE)

6.52 

7.67 

7.7 

4.41 

8.9 

6

Workforce at the end of the year

76, 305 

75, 811 

0 

73, 817 

75, 711 

7

Average workforce

71, 308 

72, 510 

72, 524 

72, 520 

75, 975 

8

Accounts of the Human Resources added value of loss mitigation based on the risk
appetite threshold (we also say "HR efficiency") that this bank should program
and publish on a 3-year plan under OPE25

9

Current average workforce

(a)

60,211

10

Current average net income (group share) (b)

(b)

$4,074,400,000

11

Current contribution per employee to average net income (Group share)

(b)/(a)

$67,668

12

Estimated Absolute VaR (EL + UL) = Gross loss =loss before recoveries (BCBS,
Dec. 2017)

$1,543,974,423

13

Potentially Recoverable Losses (PRL) or recovery = Absolute VaR - Risk Appetite
Threshold (Net loss) calibrated at 0.02% for 99.98% PRL

$1,543,665,628

 

N : 30 %

N+1 : 60 % 

N+2 : 100 % 

14

Free Gross Cash Flow per employee at the new risk appetite threshold on a 3-year
plan

$7,691 

$15,383 

$25,638 

15

Economic Capital or Net Cash Surplus of its loss control system on a 3-year plan
for 67% of PRL

$1,034,255,971 

16

Variable salaries or Incentivized Pay (Earnings bonus for employees mobilized by
the cross-cutting dynamics of the organization on a 3-year plan for 33% of PRLs)

$509,409,657 

17

SOX ratio of the capital structure (Economic Capital/Variable Salary or
Incentivized Pay) securing investments and the predictability of variable
salaries over a 3-year plan

2.03 

18

 Measurement Data of the Future Financial Performance of Fixed Wages [Average of
the last five years in millions in line with the logical historical basis of the
new standardized approach to operational risk (BCBC, Dec. 2017)].

$20,509,000,000 

 


SOURCES OF CORRECTION DATA

Income statement (Historical bank data)

Thousands $

2017

2018

2019

2020

2021

Net banking income

19,500,000

19,736,000 

20,152 000 

20,500,000 

22,650,000 

Net profit

3,138,000

5,027,000 

5,458 000 

3,238,000 

6,849,000 

Net income (group share)

2,592,000

4,400,000 

4,844,000 

2,692,000 

5,844,000 

Gross HR financial ratios provided (without calculating HR efficiency)

Workforce at the end of the year

76, 305 

75, 811 

0 

73, 817 

75, 711 

Average workforce

71, 308 

72, 510 

72, 524 

72, 520 

75, 975 

2/ Then complete your financial hedging instruments:

A hedging financial instrument is a derivative financial product which makes it
possible to reduce or cancel the risk inherent in a hedged item called the
underlying. Many underlying financial instruments can be the subject of a
hedging operation, we quote in particular, shares, bonds, currencies, raw
materials, rates.

You should under OPE25 add Economic Capital (EC) among the main risks below that
can impact an underlying financial instrument (such as stocks, bonds,
currencies, commodities, rates):

 * Issuer risk: linked to the quality and prospects of the person who issued the
   financial instrument.
 * Market risk: related to general variations in the economy and financial
   markets.
 * Liquidity risk: this is the fact of not being able to convert a financial
   instrument into immediate liquidity for lack of a buyer on the market at a
   given time.
 * The interest rate risk related to the financial commitment.

FinTech tools to automate OPE25 cross-cutting accounting interactions (standard
approach).

We provide in SaaS mode, two essential platforms for the cross-cutting
interactions required for SOX Internal Control accounts to the OPE25 standard
[the CEO platform for forward-looking management and the CFO platform to manage
internal financial performance in real time and provide the accounts non-GAAP
reporting required for the SOX Ratio (Economic Capital/ Incentivized Pay)]:

 



 



 

Free starting point technology:

FinTech SAF platform of the CEO or SENIOR MANAGEMENT for Board forward-looking
management decision-making based on the SOX Ratio



Board decision making system

1- Current average net income (group share)

2- Current contribution per employee to average net profit (Group share)

3- Absolute VaR estimate (EL + UL) = Gross loss = Loss before recoveries (BCCB,
Dec 2017)

4- Current Potentially Recoverable Losses (Absolute VaR - Risk Appetite
Threshold or Net Loss calibrated to the % of the business sector's risk appetite
threshold

5- Gross Free Cash Flow (Economic Capital) per employee at the new risk appetite
threshold on a 3-year plan

6- Economic capital or net cash surplus of the loss control system over a 3-year
plan for 67% of the PRL (Not for distribution: SEC, April 2018)

7- Variable remuneration or Incentivized Pay (Bonus for employees mobilized by
the transversal dynamic of the organization on a 3-year plan for 33% of PRLs)

8- SOX ratio of the capital structure (Economic Capital/Variable Salary or
Incentivized Pay) securing investments over a 3-year plan

9- Data for measuring the future financial performance of the fixed salary,
basis for calculating the differences to be considered for the fixed salary
evolution grid.

 Regulatory requirements to do this:

For EU, article 9a, of the May 17, 2017, European Directive (“Shareholder Rights
II”): “The remuneration policy shall contribute to the company’s business
strategy and long-term interests and sustainability and shall explain how it
does so. Where a company awards variable remuneration, the remuneration policy
shall set clear, comprehensive, and varied criteria for the award of the
variable remuneration. It shall indicate the financial and non-financial
performance criteria, including, where appropriate, criteria relating to
corporate social responsibility, and explain how they contribute to the
objectives set out in the first scope, and the methods to be applied to
determine to which extent the performance criteria have been fulfilled. It shall
specify information on any deferral periods and on the possibility for the
company to reclaim variable remuneration.”

For USA, SEC Non-GAAP Financial Measures of April 4, 2018: “Companies are
permitted to present non-GAAP performance measures on a per-share basis, such as
adjusted EPS (Adjusted earnings per share), but they are prohibited from
presenting non-GAAP measures of liquidity or cash flow, such as free cash flow,
on a “per-share basis”. 



CFO's FinTech SAF (Internal Loss Mitigation)

FinTech V2-1 is the CFO's FinTech module to coordinate and drive internal
financial performance in real time to meet working capital requirements (WCR)
and investment profitability.

With V2-1, the CFO calculates the sum of Potentially Recoverable Losses
(absolute VaR - Risk appetite threshold), plans, distributes the expected
economic capital from services and workstations based on their consumption of
resources or budget, monitors, and provides for real time feedback, periodic
reporting. 

This SOX requirement is long-standing:

The US Senate vote creating “The Human Capital Assessment and Accountability
Framework (HCAAF)” was passed in 2002, i.e., the same year as SOX Act whose
Section 902 (Corporate Responsibility for Financial Report) was to be considered
with Sections 404 (Operational Risk Control), 302 (Financial Reports and
Internal Controls), 409 (Feedback in Real Time) and 802 (Criminal Requirements
for Falsification of Documents).



HRD FinTech SAF (Employee engagement surveys module)

HRD's internal financial performance mission (BCBS Principles 4 and 5-6, Sep
2008) requires two FinTech modules (V2-2a and V2-2b).

With V2-2a, the HR function:

a) Conducts surveys to anticipate the deterioration of the social situation to
provide data on the motivation and mobilization of the total paid workforce.

b) Ensures integration of corporate learning to manage turnover and have data on
knowledge gaps to identify hiring needs.

c) Uses the internal dashboard to monitor and support the improvement of the
financial performance and purchasing power of employees indexed on five
socio-economic indicators which are levers on which each employee can act in
real time.

d) Uses the internal dashboard to take immediate and effective action to address
risks based on six key areas of socio-economic improvement:

- Labor conditions

- Work organization

- Consultation, communication, coordination (3C)

- Integrated training

- Management of working time and

- Strategic implementation.



HRD FinTech SAF (Psychosocial risks module)

With V2-2b, the HR function carries out the periodic survey to provide alert
data on the HR dashboard according to six areas recommended in 2012 (Report of
the International College of Expertise on the monitoring of psychosocial risks:
www college-risquespsychosocial-travail.fr):

a) Work requirements

b) Emotional requirements

c) Autonomy

d) Margins of maneuver

e) Social and labor relations

f) Different value conflicts.



FinTech SAF of the OM function (Workstations Loss Treatment module)

Operational Managers' internal financial performance mission for "General
criteria on loss data identification, collection and treatment" as required for
OPE25- Calculation of RWA for operational risk (version effective from 01 Jan
2023) requires two FinTech modules (V2-3a and V2-3b) to drive and provide
non-GAAP reporting of real time internal financial performance feedback
measuring the economic capital value added of the total paid workforce.

With V2-3a, the OM function accompanies with heads of operational units, weekly
procedures and processes documented by daily record sheets for the
identification, collection and treatment of internal loss data caused by:

 * Absenteeism,
 * Work accident,
 * Quality defects,
 * Direct productivity gaps (overtime and overconsumption of materials) and
 * Know-how gaps (including lack of versatility).

Operating structurally, these socio-economic indicators are taken together in
the weighting system provided by the HRM. This FinTech module avoids the mistake
of focusing excessive attention on the socioeconomic indicator of greatest
concern without realizing that its costs are transferred to the other
indicators.



FinTech SAF of the OM function (Employee Incentivized Pay module)

Through the automatically generated variable salary e-slip (e-bulletin), OM's
FinTech V2-3b gives each employee the means to measure in real time, improve and
enhance their internal performance, in particular the amount of the associated
Incentive Remuneration by considering the five socio-economic indicators
measuring its contribution to the collective result.

FinTech V2-3b is essential to measure the Incentive Pay Leverage Effect (IPLE)
of the financial performance of variable remuneration distinct from that of
fixed remuneration as now required by country regulations [see SEC Non-GAAP
financial measures, April 4, 2018, or European Directive (EU) of May 17, 2017].

FinTech V2-3b avoids the inefficiency of distributing random amounts or the same
reward amounts as the 13th month or exceptional bonus to all employees.

This module allows employees to manage 33% of Potentially Recoverable Losses
(PRL) measured by the Incentivized Pay Leverage Effect (IPLE) or the added value
of human capital required to calculate the SOX Ratio. The OM function thus
avoids the dupe game translated by this well-known Russian joke under the USSR:
“As long as the bosses pretend to pay us, we will pretend to work” (The
Guardian, 2017).



Essential billing and ordering:

FinTech base, Incentivized Pay e-bulletins or e-sheets (variable salaries) and
certification

1/ Standard price of the Fintech base (The price is the same regardless of the
total paid workforce of the company): $120,000 per year per company
corresponding to 1% of the simulated economic capital (in comparison, an SAP ERP
which does not generate no measured economic capital, costs $2,550 per user).
You can pay your FinTech SAF base by monthly bank withdrawals for 12 months or
by year in one go.

 * The use of the FinTech V1 base is free. 
 * The use of the FinTech V2 database is free during the certification period
   (You thus have 90 days to test its effectiveness and profitability since you
   pay until your first economic capital assessment, only the certification
   costs and the E-sheets Incentivized Pay).
 * For SMEs with at least 10 employees and public entities with a small
   workforce, the price to be paid for the FinTech base will be set at the end
   of the test period.

2/Incentivized Pay E-sheets: this is the instrument for measuring the financial
performance linked to the variable salary under the regulations in force, in
particular EU Directive of May 17, 2017, and SEC guidance of April 14, 2018: you
will pay $6.06 per month per employee.

3/Cross-Cutting Interaction Skills Certification Cost:

The certification is an In-house training.

 * Number of managers (Loss Executives) to be expected (around 11: CEO, CFO, HRM
   and max 8 OM) = $900 per person. 
 * Number of team leaders or cash-generating units (1 per 20 employees) = $900
   per person.

4/ Ordering:

A single order by the employer for all workstations to be connected and internal
team members to be certified

Structural, regulatory, and technical requirements making this transversal risk
management expenditure essential



1. It is the structural condition to operate all the workstations in the
direction of the real-time organization chart based on risk appetite threshold
as an organizational team.

2. The articulation of Corporate Accounting FinTech skills of all internal team
workstations is essential to meet the "general criteria for identifying,
collecting and processing loss data for the OPE - calculation of RWA for risk
(OPE25 - Standardized operational approach).

The BCBS obliges you to do so by specifying that:

“Any banking or non-banking activity that cannot be easily mapped in the
business repository, but which represents an ancillary function to an activity
included in the repository, must be attributed to the business line it supports.
If more than one business line is supported by the ancillary activity, an
objective mapping criterion must be used” (BCBS, OPE25-Calculation of RWA for
operational risk, First version of 15 Dec 2019).

The BCBS adds that the measurement system must "be able to support an allocation
of economic capital for operational risk between the businesses so as to create
incentives to improve the operational risk management of the businesses" (BCBS,
OPE25-Calculation of RWA for operational risk, First version of 15 Dec 2019).

3. The standardized operational risk approach impacting counterparty credit risk
relies on now well-known corporate accounting procedures to connect operating
units or cash-generating units (CGUs) to the board's internal financial
performance plan. administration coordinated by the CEO in conjunction with the
CFO:

3.1/ Any discrepancy must be linked to a simple and transparent socio-economic
indicator available to all employees to act to mitigate the losses of the
factors or causes of operational risk losses impacting the key ESG metrics.

3.2/ For banks in particular, the socio-economic indicators come under the
heading “Other operating expenses” of the “Service” activity indicator, the
typical sub-item “Losses incurred at the series of operational loss events that
have not been provisioned/reserved in previous years” (BCBS, December 2017).

3.3/ For insurance companies and therefore for policyholders, the consideration
of insurance and other risk transfer mechanisms should not exceed 20% of the
operational risk capital required before the recognition of the economic capital
generated by risk mitigation techniques (BCBS, Dec. 2010).

Our Networking references:

Publications and key meetings of our global university-industry network



NETWORK CONFERENCES:

 * The 2020 World Finance Conference ($Malta)
 * The Society for Interdisciplinary Business Research (SIBR) 2020 conferences
   in OSAKA, SEOUL, and SYDNEY.
 * The 2020 management conference in Berlin (Germany) and
 * The 2020 international conference of Lyon-France in conjunction with the
   Academy of Management (AOM).

NETWORK PUBLICATIONS:

 * The Journal of Corporate Accounting and Finance, “Human capital management
   accounting issues for SOX compliance with Basel III final framework
   operational risk standards, USA, published on July 05, 2022, with the
   University of San Francisco and HCM Accounting Academy (Innovation Hub of
   LELE- HCM ACCOUNTING INDUSTRY INC.).

 * The book (449 pages) "Recent Developments in Asian Economics - International
   Symposia in Economic Theory and Econometrics" published in UK (Emerald
   Publishing) on March 1, 2021, with 54 universities coordinated by Harvard
   University (USA), the Center for Financial Stability (USA) and the Accounting
   Department of the University of San Francisco (USA).

 * The accompanying articles of Basel III of banks, as well as Solvency II and
   NAIC of insurance companies in 2013, 2014 and 2016 with ISACA Journal by
   academics from the FinTech SAF network of EU universities (Malta, UK,
   Germany) and US (New Jersey, and Georgia).



Download Customer support Material

The accounting certification handbook

Customer Handbook for cash surpluses (economic capital) to be programmed on a
three-year plan

Terms & Conditions [Legal conditions of use of HCM ACCOUNTING ACADEMY services:
training and SaaS Intranet software)

 

Formalize your orders for pro-forma invoicing





 





   




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7 THINGS YOU NEED TO KNOW

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