1、焊接的实质：利用热能加速金属原子间的扩散，由于金属焊接的实质：利用热能加速金属原子间的扩散，由于金属 原子间的吸引力使金属之间的连接处形成牢固的合金结合原子间的吸引力使金属之间的连接处形成牢固的合金结合在一起。在一起。焊接的实质：利用热能加速金属原子间的焊接的实质：利用热能加速金属原子间的扩散扩散，由于金属由于金属 原子间的吸引力使金属之间的连接处形原子间的吸引力使金属之间的连接处形成牢固的合金结合在一起。成牢固的合金结合在一起。锡焊的特征：焊锡和元件之间呈浸润状态锡焊的特征：焊锡和元件之间呈浸润状态浸润状态浸润状态非非浸润状态浸润状态正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正
2、确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接正确焊接1。加热。加热正确焊接1。加热。加热正确焊接1。加热。加热正确焊接1。加热。加热正确焊接1。加热。加热正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）
3、正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接2。加焊锡（松香）。加焊锡（松香）正确焊接正确焊接正确焊接3。撤离。撤离正确焊接3。撤离。撤离正确焊接3。撤离。撤离正确焊接3。撤离。撤离正确焊接正确焊点：牢固，光洁，大小适中正确焊点：牢固，光洁，大小适中焊锡用量过多焊锡用量过多焊锡用量太少焊锡用量太少虚焊：印制板铜泊加热不足虚焊：印制板铜泊加热不足虚焊：印制板铜泊加热不足虚焊：印制板铜泊加热不足虚焊：印制板铜泊加热不足虚焊：印制板铜泊加热不足虚焊：印制板铜箔加热不足虚焊：印制板铜箔加热不足错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接错误焊接
4、错误焊接错误焊接错误焊接错误焊接 虚焊：表面有氧化层，不洁净有毛刺；加热时间控制不当有毛刺；加热时间控制不当加热时间太长，印制板铜箔起翘，脱落加热时间太长，印制板铜箔起翘，脱落焊接的要点：焊接的要点：1.控制焊锡用量控制焊锡用量 2.控制加热时间控制加热时间焊接的实质：利用热能加速金属原子间的扩散，焊接的实质：利用热能加速金属原子间的扩散，由于金属由于金属 原子间的吸引力使金属之间的连接处形原子间的吸引力使金属之间的连接处形成牢固的合金结合在一起。成牢固的合金结合在一起。锡焊的特征：焊锡和元件之间呈浸润状态锡焊的特征：焊锡和元件之间呈浸润状态焊接步骤：焊接步骤：1.加热加热 2.加焊锡（松香）
5、加焊锡（松香）3.撤离撤离焊接的要点：焊接的要点：1.控制焊锡用量控制焊锡用量 2.控制加热时间控制加热时间Credit Risk ManagementEnhancing Your Bottom LineEbrahim ShabudinManaging Director Deloitte&Touche LLPThe AFP 23rd Annual Conference New OrleansNovember 3-6,2002Credit Background Thorough identification and accurate measurement of credit risk,supp
6、orted by strong risk management can help improve the bottom line.An uncertain and volatile economic environment significantly impacts this ability.The desire to grow and turn in outstanding results has a tendency to put pressure on the checks and balances within businessesValue PropositionCredit pla
7、ys a critical role in“selling”products and services Expands revenue opportunities with creditworthy,incremental customers Utilizes innovative structures to support business relationshipsEffective credit risk management limits credit losses and provides stable cash flows and earnings Marketplace rewa
8、rds companies exhibiting earnings and cash flow stability with higher P/E multiples Marketplace penalizes credit induced volatility and“surprises”Raises questions about quality of managementCorporate Credit Risk Companies are exposed to significant levels of credit risk emanating from different sour
9、ces Accounts Receivables Other Notes Receivables Buyer and Franchise Financing With Recourse Financing Project Finance Structured Transactions Leases with Recourse Derivatives Exposures FX,Interest Rate Risk,Commodities etc.Collateral Risk Parent or Third Party Guarantees Commercial and Standby Lett
10、ers of Credit Note also that Critical Suppliers to the company may pose specific credit riskDSO Impact an exampleCredit as a Facilitator Credit risk management is important Credit is a facilitator of business growth and performance High business margins tend to attract lower quality clients and ther
11、efore higher risk profile to manage Clients(buyers)may be concentrated in selected industries and provide limited portfolio diversification opportunity Poor credit risk management resulting in negative impact to bottom-line is heavily penalized by marketsCredit Strategy&Risk ToleranceuSpecific Quant
12、ifiable ObjectivesuManagement Review MethodologyCredit Objectives and Risk TolerancesCredit PoliciesCredit Risk Management ProcessesImprove ProfitabilityReportingCredit Strategy/PlanCommon PerformanceMetricsuCredit Strategy Statement and Risk ToleranceuCoordination with Business PlanThe business str
13、ategies and objectives drive the establishment of creditpolicies and procedures.Measurement and reporting as well as the use of current technologies enhance credit decision-making and improve risk management.The entire process is continually re-evaluated and improved.Credit Risk Areas to ConsiderCre
14、dit PolicyCredit Approval AuthorityLimit SettingPricing Terms and ConditionsDocumentation:Contracts and CovenantsCollateral and SecurityCollections,Delinquencies and WorkoutsExposure Management Aggregation ControlPeriodic Account Reviews Payments/Aging Credit ConditionCompliance with Covenants,Terms
15、Technology/Reports Transactions/Bookings Risk-adjusted ReturnnAnalysisuBusiness/IndustryuFinancialuCreditnCredit Scoring and RatingsOrigination/AssessmentAdministrationMonitoring/ControlRiskManagementnObjectivesnType of ExposurenInstruments or MethodsValue CreationBusiness Performance MeasuresOrgani
16、zations need a rigorous set of measures to support continuous improvementPerformance-based management utilizes metrics that measure actual performance against predetermined thresholds.The thresholds are established taking into account the organizations strategy,operatingenvironment and process contr
17、ols.The measures drive value creation and should support problem identification and correction.nBusiness StrategySystemsOperationsFinancePerformance ManagementSales channelsContracts&DocumentationCredit analysisCredit limitPricing&termsCredit AnalysisCredit DecisionsCollectionsCREDIT POLICYCollatera
18、l acceptancePortfolio managementFinancial analysisDisposal/Risk mitigationCollateral managementCustomer managementExposure measurementManagement reportingExposure aggregationRecoveriesCredit scoringRisk ratingRISK MANAGEMENTCredit Risk Managements Inter-related ActivitiesComplianceOriginationReporti
19、ngTransactionsCredit Policies&Procedures Analysis&RiskManagementGovernance,Controland ImplementationMeasurementMethodologiesTechnology&Data IntegrityCredit Strategy&Risk ToleranceA complete and coherent risk management framework contains the following elementsCredit Risk ManagementReassessment Credi
20、t Strategy&Risk ToleranceA New Paradigm A new business paradigm had evolved:causing a lack of reliance on good fundamental analysis The idea that stock market values would continue to go up indefinitely Increasingly competitive,complex and volatile market place Higher than expected actual debt burde
21、ns Extensive reliance on unrealistic future cash flows Failures in corporate governance Questionable personal and corporate ethicsImplications for Corporate Governance Current organization structures to be revisited Clarity around roles and responsibilities Need for honesty,integrity and independenc
22、e(self-regulation)Technical expertise of people and strong management processes Improved disclosure requirements Importance and implementation of sanctions Increased legislation and compliance requirementsRisk Identification,Origination,Credit Administration,etc.Risk Identification,Transaction Struc
23、turing,Approval&Pricing Decisions,Reserving,etc.Portfolio Risk Concentration,Risk Based Limits,etc.Pricing decisions,Performance measurement,business and customer segmentation,compensation,etc.A business model view of Credit Risk Infrastructure componentsCredit Risk Management Strategic VisionDevelo
24、pment Stages Foundation Stage includes application of risk identification methodologies,risk scoring or rating systems and strong underwriting standards Basic Stage tends to include managing on a transactional basis by evaluating specific attributes such as structuring,collateral and pricing Advance
25、d Stage represents managing on a portfolio basis including aspects such as concentrations,correlations and diversification The Sophisticated Stage includes application of highly developed measurement techniques for transactions and portfolios,supported by decision-making relating to segments or busi
26、nesses against established hurdle rates.Credit Risk ClarifiedBusinesses have to contend with Expected and Unexpected LossesExpected Losses Anticipated Cost of doing business Charged to provisions Captured in pricing Relatively easier to measureAssessing expected loss includes determining exposure,de
27、fault probability and severityUnexpected Losses Unanticipated but inevitable Must be planned for Covered by reserves Allocated to businesses Difficult to measureAssessing unexpected loss requires making qualitative judgments around potential volatility of average lossesCredit Risk Management Explain
28、ed Although credit risk may be difficult to measure it is important to estimate and manage What does Credit Risk Management mean?It represents an institutions ability to properly identify and evaluate the potential risk of default in payment of obligations of customers It incorporates the firms abil
29、ity to effectively manage and control this exposure in a way that is consistent with the institutions business strategy,risk appetite and credit cultureImportant Building Blocks Effective Credit Risk Management requires Clear origination and underwriting standards A strong corporate and credit cultu
30、re Highly developed risk measurement techniques Ability to recognize and cover expected and unexpected losses Pricing commensurate with risks undertaken Methodologies to assess net profit contributions by customers and appropriate business segments Proper allocation of capital and management resourc
31、es In order to:Improve overall corporate performance,measured by a higher EPS or P/E ratio(or market value)Credit Policy and Process Credit Policy should be clear and concise Credit Underwriting Standards must be developed and included in policy Credit Processes should be reasonable and allow quick
32、response to clients Healthy balance between sales and credit approval should exist and be respectedRisk Monitoring Exposure must be complete and current Regular reporting and updating of clients payment performance Minimum annual reviews of clients should be performed Financial conditions should be
33、regularly assessed Required action must be initiated and follow up must take placeContract Terms and Documentation Contract negotiations must take place at the right level in the organization Appropriate approvals must be obtained Internal or external legal departments must document completely Terms
34、 and conditions should be understood and compliance mechanism put in place Exceptions must be reported and managed urgently to resolutionRisk Rating System EffectivenessCredit Scoring is generally used to“risk rate”homogeneous portfoliosHighest applicability is in consumer and retail portfoliosSome
35、advanced scoring systems are being migrated for use in rating“middle market”clientsSuch models are only as good as the underlying assumptionsInternal credit rating systems are difficult to assess and are often not independently validatedClient relationship may interfere with objective assessment of
36、risksRating criteria usually a matter of practice rather than written policyRatings are not consistent over timeQualitative credit assessments often lag current market informationInstitutions often assume a mapping with external ratings in order to quantify credit riskEffective Risk Rating Systems S
37、ufficient granularity of risk rating categories Accurate and timely assignment of ratings Clear and consistent application of default definition Periodic calibration,triangulation and validation of risk ratings Accurate identification of migration of transactions and portfolios(as reflected by upgra
38、des and downgrades in ratings)Credit Evaluation:Financial Factors Get the information you need to make a full analysis Some information will need to be cross-checked and obtained on a regular and timely basis Be constructively cynical:new business models are difficult to pull off Be cognizant of del
39、aying tactics Numbers dont tell the whole story!Credit Evaluation:Qualitative Factors Evaluation of subjective factors is often times more important than the numerical analysis People make a business:visions,values and strategies are only words unless people implement them Management,industry,produc
40、t,geography,competition etc.all influence results and must be properly assessed Analysis-paralysis may lead to wrong decisionsArt and Science of Judgment Getting access to the best clients and all the relevant information is a challenge Ensuring proper analysis is done requires a strong corporate cu
41、lture Utilizing qualified resources both internally and externally enhances the results Often the lack of the will to act is what causes high lossesConcluding Comments Companies that measure and manage credit risk in a pro-active manner will benefit from a favorable risk profile resulting in Higher
42、revenue Lower losses Improved efficiencies Higher EPS,P/E ratios and market valuesConcluding CommentsRisk Assessment and Limit ManagementCredit Infrastructure and Portfolio ManagementCredit Analytics SupportCredit Technology Enablement Credit Quality Credit Underwriting Risk Rating System Effectiven
43、ess Counterparty and Portfolio Limits Organizational Structure Policies and Procedures Technology Selection and Implementation Problem Asset Management Risk Rating Calibration Transaction Pricing,Structure and Support Default Probability and Recovery Calibration Credit Reserve Methodology Risk Based
44、 Pricing Models Risk Adjusted Return Analysis Portfolio Value Measurement Credit Risk Measurement Credit Performance ScorecardsAppendix:Business Proposal Checklist Business Proposal Summary Customer,Rating,Legal Status,Line of Business Guarantor,if anysame Collateral,if anytrue value explained Other
45、 Support,if any.Legal or moral only The Transactionrisks and mitigation Amount,purpose,terms and conditions Sources of repayment clearly identified Client payment history and relationshipAppendix:Business Proposal Checklist Rationale and Analysis Customer,Guarantor,Collateral,Support Facility Descri
46、ption Amount,purpose,tenor,pricing,terms,conditions,covenants,restrictions etc.Consider affect on above e.g.new leverage Facility Rating?Repayment Capacity Future cash flow,conversion of assets etc.Consistency with Credit Strategy and Policy Confirm,and identify any exceptions to policy,underwriting
47、 standards,or process Risk adjusted return acceptability Appendix:Business Proposal Checklist Client Relationship Business strategy:increase,maintain or decrease exposure or exit relationship Consider relation to rating,latest risk profile and payment performance Customer profitability:risk adjusted
48、 return,revenue,fees,direct and allocated costs etc.Any conflicts of interest or special concernsAppendix:Business Proposal Checklist Macro Analysis Business Environment Review Customers competitive market position and future industry prospects:size,cycle,volatility,new entrants Strength of customer
49、s business and financial strategies Management Evaluation:competency,experience and effectivenessAppendix:Business Proposal Checklist Customer Analysis Company history,background,objectives and performance Relevance and strength of future business plans Consider seasonality and scenario analysis Pri
50、mary and secondary sources of repayment Historical financial capacity and analysis of future performance:sales,profitability,working capital,liquidity,cash flow,leverage,tangible net worth etc.Quality of earnings Absolute and ratio analysis Peer comparisonsAppendix:Business Proposal Checklist Streng
