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MomHa 3azy6a npu mbp208cka egeAka (6bA2apcku mbAkoBeH pelfHuk - 1984)
Sb3MomHa onaCHocm geacm8ue Ha eAyka c Hashygemga 3a yen ex 8b3MomHa 3a2y6a npu mbpzoSeka cgeAka (Pe4Huk Ha yymgume gYMU 8 6bAzapekufl e3uk 1982)
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nackaA U n ltgtepMa c aHaAU3a Ha pa3npocmpaHeHama npe3 XVII Bek uzpa Trivial Pursuit
no-Hamambk meopuAma Ha 6epOAmHocmume ce npeBpb~a om cpegcmBo 3a 3a6aBAeHUe Ha uzpa4ume B CUAeH uHcmpYMeHm 3a 06pa6omka U umoA3BaHe Ha uHltgt0pMauuAma n04mu cmo ZOgUHU CAeg peweHueshymo Ha Ii nackaA U n ltgtepMa gucugeHmbm cBeweHuk T liaOec uska3Ba 3a6eAegtkumeAHama meopeMa B cmamucshymukama 3a anocmepuopHama BepoAmHocm
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1 PL Bemstein Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
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ka nonYMlpHocm UMam aHkemume c noBelje om 500 Bbnpoca Ha AMepukaHckama acouuauul1 Ha MeHuggtkbshypume (American Management Association) ymBbpgeHu om 06LtJecmBomo 3a ynpaBeHue Ha pucka U 3acmpashyxoBaHemo (Risk and Insurance Management Society)
3a oleHka Ha pucka oCHoBHO ce mno3Bam mpu nogxoga
aHaU3 Ha cmamucmuljeckume gaHHu 3a He6ashy2OnpUl1mHU cb6umul1 B MUHaomo meopemUljeH aHaU3 Ha cmpykmypama Ha npushyljUHHo-cegcmBeHume BPb3ku Ha npoueca (cueHashypeH nogxog) ekcnepmeH nogxog IJJupokomo npuogtkeHue Ha nbpBul1 nogxog ce
cBbp3Ba c u3no3BaHemo Ha C1egHume ljemupu Meshymoga Memoga Ha gbpBomo Ha Cb6umul1ma Meshymoga Cb6umue-cegcmBue (HAZOR Hazard and Operability Research) Memoga Ha gbpBomo Ha omkashy3ume U Memoga Ha uHgekcume Ha onaCHocm (HanpushyMep uHgekca nay - Dow Fire and Explosion Index)
Memogume 3a oueHka Ha 3a2y6ume (LtJemume) BkoljBam kakmo npekume (HenocpegcmBeHu) 3azy6u maka U kocBeHume 3aly6u (nponycHamu nO3U 3aly6a Ha uMuggtk u mH)
Ha emana 1I0HOIIU3 HO puckd ce ltj)opMupam u MHogtkecmBo cueHapuu 3a pa3Bumue Ha He61a20npUl1mshyHU cumyauuu u 3a pa3u4Hu puckoBe MOlam ga 6bgam nocmpoeHu ltj)YHkuuu Ha pa3npegeeHue Ha Bepol1mshyHocmume 3a HacmbnBaHe Ha LtJema B 3aBucuMocm om HeUHUI1 pa3Mep
AHaU3bm Ha pucka ljecmo Mogtke ga npomulja B pa3u4Hu HanpaBeHUI1 HanpuMep om pa3kpuBaHe kbM oueHka U o6pamHo a gopu He BUHa2U e Bb3MOgtkshyHO m03U aHaU3 ga 6bge pa3geeH Ha caMOCmOl1meHu ljacmu om o6LtJuI1 npouec
CAegBaLtJul1m eman lIu360p HO Memogu 30 8b3shygeiicm8uR 8bPXY pucka e HaC04eH kbM MUHUMu3upashyHe Ha Bb3MogtkHama LtJema B 6bgeLtJe U nopagu moBa Bb3HukBa npo6eMbm 3a oueHI1BaHe Ha cpaBHumeHashyI rna eltj)ekmuBHocm Ha pa3zegtkgaHume gocmbnHU Meshymogu 3a Bb3geucmBue no MHogtkecmBo om pa3U4Hui kpumepuu Kakmo ljecmo ce onpegeI1 moBa Mogtke ga e mUnUljHa 3agalja Ha MHo2okpumepuaHUI1 aHaU3 u onmUMu3auUI1I
l Tpemul1m eman 1183eMaHe Ha peweHue BkoljBa
onpegeN1Hemo Ha Heo6xoguMume pecypcu 3a peaushy3upaHe Ha u36paHUl1 Memog 3a Bb3geucmBue BbPXY pucka aHaU3 Ha ycoBul1ma Ha cpegama pa3npegeshy
I
eHue Ha om2oBopHocmume Ha uuama no puck MeshyHuggtkMbHma U mH
npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
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104 __
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2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
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8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
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koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
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ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
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0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
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Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
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Puckbm 6 Ho6ama napaguzMa
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C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
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npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
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__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
Bmopu npuMep - 3akoH 3a ZeHemUYHO MogultjgtUuupashyHU OpzaHU3MU (3rMO)
B m03U 3akoH ce peZIlaMeHmUpa uflIIOCmHa npoueshygypa 3a oc606ogtkgaBaHe Ha ZeHemUYHO MogultjgtUl~upashyHU opzaHu3Mu (rMO) B OkOIlHama cpega U nyckaHemo Ha na3apa Ha rMO UIIU kOM6uHauufI om mflx kamo nposhygykmu UIIU CbcmaBka Ha npogykmu B ma3U npouegypa ce BkIIIoyBa
npegu oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU nyckaHemo UM Ha na3apa kamo npogykmu UIIU Cbcma8ka Ha npogykmu BCflko ltjgtu3u4ecko UIIU Iopuguyecko lIuue e gllbgtkti0 ga u3BbpWU oueHka Ha pucka 3a yoBewkomo 3gpaBe U OkOIlHama cpega Ol4eHshykama Ha pucka 6k11Ioy8a pe3YIImamu om u3BbpweHu Ha6111ogeHufI U nogp06eH nllaH 3a Ha6111ogeHue Ha noshymeHuuallHU kpamkocp04HU U gbllZOCpOYHU nOCIIeguuu 3a yoBewkomo 3gpaBe U eltjgtekma BbPXY OkOIlHama cpeshyga om oc806ogtkgaBaHemo Ha rMO 8 OkOllHama cpega U nyckaHemo UM Ha na3apa
OueHkama Ha pucka 06xBawa npeueHka 3a Bceku omgelleH CllY4au Ha Bcuyku nomeHuuallHU He6l1azonpushyflmHU nOCIIeguuu BbPXY 3gpa8emo Ha y08eka U gtku8omshyHume OkOIlHama cpega U 6UOIIOZUYHOmO pa3Ho06pashy3ue koumo Mozam ga Hacmbnflm npflko UIIU kocBeHo npu oc806ogtkgaBaHemo B OkOIlHama cpega UIIU nyckashyHemo Ha rMO Ha na3apa BkIIIoYUmellHO aHallU3 Ha noshymeHuuallHUme kYMYlIamuBHu gbllZOCpOYHU nOCIIeguuu om oc6060gtkga6aHemo UIIU nyckaHemo Ha rMO Ha nashy3apa OueHkama Ha pucka ce u38bPwBa Bb3 oCHoBa Ha Cbwecm8y8awume HaY4Hu u mexHu4ecku gaHHu om HauUOHaIlHU U MegtkgYHapogHu U3m04Huuu OueHkama Ha pucka ce u3Bbpw8a 8 Cbom8emcmBue c npuHuunushyme u MemogollolUflma 3a u38bpw6aHe Ha oueHka Ha pucka 3a OkOIlHama cpega U yoBewkomo 3gpaBe Bb3 oCHoBa Ha oueHkama Ha pucka BCflko ltjgtu3uyecko UIIU Iopuguyecko lIuue onpegellfl He06xoguMocmma u Meshymogume 3a ynpa811eHue Ha pucka OueHkama Ha pucka 8kllIoyBa U 3akllIoYeHUe 3a nomeHuuallHOmO Bb3geOcshymBue 6bPXY yoBewkomo 3gpaBe u OkOIlHama cpega om oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU npu nyckaHemo UM Ha na3apa
npu HallUYUe Ha HoBa HaY4Ha UHltjgtOpMaUUfl 3cl rMO U 3a noclIeguuume om ocB06ogtkga8aHemo My B OkOIlHama cpega UIIU nyckaHemo MY Ha na3apa BbPXY 40Bewkomo 3gpaBe UIIU OkOIlHama cpega ce u3BbpwBa HoBa oueHka Ha pucka C oueHkama ce onpegellfl gallu puckbm ce e npOMeHUII u gallu e He06xoguMa npoMflHa Ha HezoBomo ynpaBlIeHue
npu u3BbpwBaHemo Ha oueHka Ha pucka ce cna3shyBam CllegHume emanu
1 IIIgeHmultjgtuuupaHe Ha xapakmepucmukume koumo Mozam ga npUYUHflm He611azonpUflmHu nOCIIeshyguuu
Bcuyku xapakmepucmuku Ha rMO cBbp3aHu c zeHemU4Hama MogultjgtukaUUfl koumo Mozam ga npushy
106 __
4UHRm He6la20npURmHo 6b3geucm6ue 6bPXY 406ewshykomo 3gpa6e UIU OkOIHama cpega mpfl66a ga 6bgam ugeHmu(j)uuupaHu npu ugeHmu(j)uuupaHemo Ha noshymeHuualHU He61a20npUflmHu nOCleguuu c6bp3aHu c 2eHemU4Hama Mogu(j)ukauufl ce u36bpw6a U cpa6shyHeHue Ha xapakmepucmukume Ha rMO c me3U Ha HeshyMogU(j)UuupaHUfl opzaHu3bM npu cbom6emcm6awu yCl06Ufl Ha oc6060~ga6aHemo UIU ynompe6ama nOshymeHuualHUme He6lazonpURmHU nocleguuu Ha rMO ce ugeHmu(j)uuupam 3a 6ceku omgeleH clY4aQ U Mozam ga 6k11046am
a) npU4UHH6aHe Ha 3a6olfl6aHe y xopama 6klIashy4UmelHO alep2UYHU U mokcU4HU e(j)ekmu
6) npu4uHfl6aHe Ha 3a60lfl6aHe y ~u60mHume U pacmeHuRma 6klIoyumelHO mokcu4HU U alepZU4Hu e(j)ekmu
6) e(j)ekmu 6bPXY gUHaMukama Ha nonYAauuume Ha Bug06eme 6 npueMawama OkOIHa cpega u zeHemU4HOshymo pa3Ho06pa3ue Ha 6CHka om me3U nonylauuu
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g) He6Aa20npURmHo 61UHHUe 6bPXY e(j)ekmu6shyHocmma Ha np0(j)ulakmUYHU UIU mepane6mUYHU MeshyguuuHcku leyeHUH U Ha npUIaZaHUme Mepku 3a pacmushymelHa 3awuma HanpuMep Ype3 mpaHc(j)ep Ha zeHU 06ycla6flwu pe3ucmeHmHocm kbM aHmu6uomuuu u3noJ36aHu 6 XYMaHHama UIU 6emepuHapHama MegushyuUHa
e) e(j)ekmu 6bPXY 6uozeoxuMuflma (6uozeOXUMUYshyHume uuklu) oco6eHo 6bzlepogHuH U a30mHUfl kPbshy206pam Ype3 npoMeHu 6 pa3zpa~gaHemo Ha opzaHu4shyHa MamepuH 6 noY6ama
npu ugeHmu(j)uuupaHe Ha xapakmepucmukume koumo 6uxa MOZIU ga npu4uHflm He6la20npUflmHu nocshyIeguuu ce omyumam me3U koumo Mozam ga 6b3HUkshyHam 4pe3 npeku UIU koc6eHU MexaHU3MU 6kIIoY6awu pa3npocmpaHeHuemo Ha rMO 6 OkOIHama cpega mpaHc(j)ep Ha 6kAIo4eHuH ZeHemUyeH MamepuaJ
6 gpyzu 6ug06e opzaHu3Mu U 6 opzaHu3Mu om CbWUH Bug 6kl104UmelHO U zeHemU4HO MOgU(j)UshyuupaHu
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npoMeHu B Mepkume 3a ynpa6JeHue Ha pucka 6kJloyumeIHO kbgemo e npUIO~UMO 6 celckocshymonaHckama npakmuka 2 OueHka Ha nomeHuuaJHume nocleguuu om
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cmbn6aHemo Ha 6ceku He6Ja20npuHmeH e(j)ekm mpgtl6shy6a ga 06x6awa mRXHama 6elU4uHa npu oueHkama 3agb~umeJHo ce gonycka ye gageHama He6Ia20npUshyHmHa nocleguua we Hacmbnu U Cbwama ce u36bpw6a kamo ce omyumam xapakmepucmukume Ha npueMashywama okoJHa cpega u HaYUHbm Ha oc6060~ga6aHe Ha rMO
3 OueHka Ha 6epOllmHOCmma om Hacmbn6aHe Ha 6ceku ugeHmu(j)UuupaH nOmeHLUaIeH He6JazonpUgtlmeH e(j)ekm
rla8a 5
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5 npuJazaHe Ha cmpamezuu 3a ynpa6leHue 3a pucka om oc6060~ga6aHemo Ha rMO 6 OkOIHama cpeshyga UIU nyckaHemo UM Ha na3apa
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6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
ga ce u36bPWU kamo ce 63eMe npeg6ug 6cHka npegloshy~eHa cmpame2UH 3a ynpa61eHue Ha pucka
Tpemu npuMep - HauuoHaJHume cmaHgapmu 3a centlushyHaHco6u omlemu Ha MaJku u cpegHu npegnpuRmull
OmHacH ce no-koHkpemHo go c4em060geH cmaHgapm 32 koQmo onpegelH npUHLUnUme 3a onshypegeAAHe klacu(j)ULUpaHe npu3Ha6aHe oueHHBaHe u on06ecmH6aHe Ha uH(j)0pMaLURma 3a (j)uHaHcoBume uHcmpYMeHmu 6b6 (j)uHaHc06ume omYemu Ha npegshynpuHmuRma B m03U cmaHgapm ca ge(j)uHupaHu
$uHaHco8 puck - puck npucbw Ha (j)uHaHcoshy6ume UHcmpYMeHmu koQmo ce npoH6R6a noomgelHo UIU Cb4emaHO 6 clegHume pa3H06ugHocmu
a) puck Ha napULfHUfJ nomok - puck npou3mu4aw om kOle6aHUHma 6 pa3Mepa Ha 6bgewume napU4HU nomOLU c6bp3aHu c (j)uHaHc06 uHcmpYMeHm
6) kpegumeH puck - puck npou3mu4aw om 6b3shyMO~Hocmma npegnpullmuemo ga He nOJYYu 6 goz060shypeHuH pa3Mep UIU 6b06we (j)uHaHc06 akmu6 kakmo U 6b3Mo~Hocmma npegnpuHmuemo ga nOlY4u 6 nbleH pa3Mep (j)uHaHc06 akmu6 HO Ha no-kbcHa gama om yzoBopeHama
6) AukBugeH puck puck npOU3mUyaw om 6b3shyMotkHocmma npegnpuHmuemo ga He nozacu 6 g02060shypeHuH pa3Mep UIU U306wo (j)uHaHc06 nacu6 kakmo U Bb3MotkHocmma npegnpuHmuemo ga nozacu 6 nbleH pa3Mep (j)uHaHc06 nacu6 HO Ha no-kbcHa gama om y20shy60peHama
z) LjeHoBu puck - puck npOU3mUyaw om kOle6ashyHUHma 6 ueHama Ha (j)uHaHco6 uHcmpYMeHm kOOmo 6 3a6ucuMocm om 6uga Ha (j)uHaHc06uH uHcmpYMeHm Motke ga 6bge 6aJymeH puck puck npOU3mUyaw om npOMeHU
6b6 6aJymeH kypc IUX6eH puck puck npOU3mUyaw om npoMeHu 6
PUCKbm B HoBama napagu2Ma
lIux6eH npOleHm na3apeH puck - puck npoU3mu4aw om npoMeHu
6 na3apHa leHa XegmupaHe 3a leAUme Ha c4em06ogcm6omo
onpegeNlHe Ha egHu UIIU n06eye xeglkupawu UHCshympYMeHmu U3MeHeHuemo Ha YURmo cnpa6egllu6a cmOUHocm npegcma6M16a lRIIOCmHa UIIU yaCmUYHa kOMneHcaluR 3a npoMRHama 6 cnpa6egllu6ama cmoOshyHocm U 6 napUYHUme nomOlU Ha xeglkupaHama no-3UlUfl
XegmupaHa n03UlUR akmu6 nacu6 g02060p UIIU npozH03Ha 6bgewa cgelka kORmo a) U311aza npegshynpuRmuemo Ha puck om U3MeHeHURma 6 cnpa6egllu6ashyma cmOUHocm UIIU om npoMeHu 6 6bgewume napUYHU nomOlU U kORmo 6) 3a lelume Ha OmYUmaHe Ha xegshylkupaHemo ce onpegelfl kamo 3awuma6aHa n03UlUR
Xegmupaw uHcmpYMeHm onpegeleH npou3shy60geH ltj)uHaHc06 uHcmpYMeHm (npu pegku 06cmoRshymelcm6a Molke U HenpoU360geH ltj)uHaHc06 uHcmpyshyMeHm) YURmO cnpa6eglu6a cmoOHocm UIU napW-lHU nomOlU ce oyak6a ga kOMneHcupam npoMeHume 6 cnpa6egllu6ama cmOUHocm U 6 napUYHUme nomOlU Ha onpegelleHa xeglkupaHa n03UlUR 3a lellume Ha m03U cmaHgapm Henpou360geH ltj)uHaHc06 uHcmpyshyMeHm Molke ga 6bge onpegelleH xeglkupaw uHcmpyshyMeHm npu OmYUmaHe Ha xeglkupaHe caMO ako 3awushyma8a puck npoU3mU4aw om npoMeHu 6b6 6allymeH kypc (8allymeH puck)
Ecentlekmu6Hocm Ha xegmupaHe - cmeneHma go kORmo kOMneHCaluoHHUme npoMeHu 6 cnpa6egllushy6ama cmOUHocm UIIU napu4Hume nomOlU c8bp3aHu c gageH xeglkupaH ltj)uHaHco8 puck ce nocmuzam om xeglkupawuR uHcmpYMeHm
Ceklopumu3alUR - npOleCbm nocpegcm60M koumo ltj)uHaHco6ume akmu6u ce mpaHcltj)0pMupam 6 leHHU kHulka
npegnpuRmuRma u38bpw6awu xeglkupaHe npu 3ano46aHe Ha xeglkupaHemo clleg8a ga UMam oltj)ushylUailHa gokYMeHmalUR 3a 63auMoomHoweHuRma Ha xeglkupaHe U lelume Ha npegnpuRmuemo npu npegshynpueMaHe Ha ynpaBI1eHuemo Ha pucka (cpupMeHa nOJushymuka omHOCHO xegHwpaHemo) kORmo 3agblllkumellHo mpR66a ga pezllaMeHmupa cllegHume acnekmu
npUHlUnU Ha xeglkupaHe 8 npegnpuRmuemo lell Ha xeglkupaHemo U cmpamezuR 3a ynpa611eshy
Hue Ha centluHaHc06ume pucko6e 6 npegnpuRmuR onpegelflHe Ha xeglkupawume uHcmpYMeHmu U
Ha c6bp3aHume c mRX xeglkupaHu n03UlUU (eguHUlu) onpegelflHe Ha 8uga U ecmecm80mo Ha 06e3neshy
ya8aHUme ltj)uHaHco8u puck06e onpegelflHe Ha HaYUHa no koOmo we ce Oleshy
HA6a eltj)ekmu8Hocmma Ha xeglkupawume uHcmpYMeHshymu
npegnpuAmuAma mpA68a ga 04akBam 4e xegshylkupaHemo we 6bge 8ucoko eltj)ekmu6Ho npu 0leHR8ashyHemo My Ha mekywa 6a3a ga ca onpegellulu 8epOAmshyHocmma 3a oCbwecmBRBaHe Ha npoZH03Hama cgellka om npegnpuRmuemo cnpAMo kORmo ce npulaza xegshylkupaHe Ha ltj)UHaHcoBume U puckoBe kamo 3Ha4UMU ga UMam 6b3MolkHocm 3a HagelkgHa oleHka Ha eltj)ekshymuBHocmma om xeglkupaHe
107
B npullolkeHuemo kbM ltj)uHaHCoBugtI 2OgUWHUgtI omshy4em ce onoBecmflBa uHltj)0pMalUgtI 3a
I $uHaHco6ume uHcmpYMeHmu a) Cb3gageHume nopmltj)eullu om ltj)uHaHc06u UHCshy
mpYMeHmu 6 npegnpuAmuemo 6) 6b3npuema 6 npegnpuRmuemo ltj)upMeHa nOllushy
mula omHOCHO npu3Ha6aHemo om4umaHemo U oleHkama (nbPshy
80HayailHa U noclleg6awa) Ha ltj)uHaHco8ume UHCshympYMeHmu
Cb3gageHume nopmltj)eullu - lell Bug U cnelultj)ushyku 6) Bcuyku 3HaYUMU ltj)uHaHco6u puckoBe om 2legshy
Ha moYka Ha ltj)uHaHcoBama cma6uIIHocm Ha npegshynpuRmuemo koumo ca 6b3HukHalu npe3 om4emHUR nepuog kakmo U
geucmBuRma koumo ca npegnpuemu 3a npegoshym8pamR8aHemo UM 8 6bgewe
ce cbgbplkam 6 HalUYHUme ltj)uHaHcoBu uHcmpyshyMeHmu kbM gamama Ha ltj)uHaHcoBuR omyem
ce Cbgbplkam no npUHlUn 6 cb3gageHume om npegnpUJImuemo nopmltj)eOllu II XegmupaHemo a) 06wama cmOUHocm Ha
xeglkupawume uHcmpYMeHmu no Bug
pe3epBa om xeglkupaHe kbM gamama Ha ltj)uHaHcoshy8UR omYem
xeglkupaHume n03UlUU (eguHUlu) no 6ug Ha n03UlUUme U no 6ug Ha xeglkupaHume ltj)uHaHcoshy8u puck06e
cpegHama eltj)ekmu8Hocm om xeglkupaHemo 3a OmyemHUR nepuog B npegnpuRmuemo - 06w0 3a npegnpuflmuemo kamo lRIIO U no 6ug Ha xeglkushypawUt e uHcmpYMeHmu 6) gokYMeHmupaHama ltj)upMeHa nOllumuka 8
npegnpuAmuemo omHOCHO xeglkupaHemo 8) Bb3npuemuR HaYUH 3a oleHka Ha eltj)ekmu6shy
Hocmma Ha xeglkupaHemo
4em6bpmu npuMep - Hapeg6a N2 25 om 2006 2 3a u3uck6aHURma kbM geuHocmma Ha uHBecmulUOHHUshyme gpymecmBa U g0206opHume centloHgo8e
Cnopeg ma3U Hapeg6a uH8ecmulUOHHOmo gpyshylkecmBo cbom6emHo ynpaBIIR6awomo gpyJokecm60 koemo geOcm6a 3a cMemka Ha g02080peH ltj)OHg pa3shypa60mBa u npueMa BbmpeWHU npaBuJa 3a ynpaBI1eHue Ha pucka c lel nocmORHHO Ha61IogeHue U oleHka Ha pucka Ha 6cRka egHa n03UlUA u HeUHomo 611UAHue Ha puckoBuR npoltj)u Ha leIlUA nopmltj)eull
BbmpeWHume npa6ulla ypelkgam eltj)ekmu8HU npolegypu 3a ycmaH06R8aHe ynpa811eHue U Ha611logeshyHue Ha pucko8eme Ha koumo e u3110lkeHo UIU Molke ga 6bge U3lolkeHo uH6ecmulUOHHOmo gpylkecm60 Cbom8emHo g02080pHuRm ltj)OHg
Ako uH8ecmulUOHHomo gpylkecm80 cbom6emshyHO ynpa8l1A8awomo gpylkecm80 koemo geucm6a 3a cMemka Ha gow6opeH ltj)OHg uHBecmupa B gepu8ashymuBHu ltj)uHaHcoBu uHcmpYMeHmu npaBullama 3a ynshypaBlleHue Ha pucka mpR6Ba ga nocoY8am BugoBeme gepu8amuBHu uHcmpYMeHmu 8 koumo uH8ecmupam
108
oCHoBHume puckoBe kOflU4eCmBeHUme flUMUmU U U3shy6paHUme Memogu 3a 04eHka Ha pucka CBbp3aH Cme3U uHBecmuLuu
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1 Ilolumuku U npOLegypu 3a ugeHmultgtukaLUR Ha puckoBeme CBbp3aHU C geQHOCmma U uHBecmuLuUshyme
2 IlpoLegypu 3a oLeHka Ha puckoBeme npUJoshy~UMU Memogu onpegeAAHe U cna3BaHe Ha puckoBume ozpaHu4eHuR kakmo U 3a gonyckaHe Ha u3kAIo4eHuR B cly4au Ha u3BbHpegHu cumyaLuu
3 Pa3pa60meHu nOlumuku U npoLegypu 3a noeshyMaHe ynpaBleHUe Ha61IogeHue U pegYLUpaHe Ha Bceshyku Bug puck
4 Ilolumuku u npoLegypu 3a u3MepBaHe u ynpaBshyleHUe Ha BCU4ku CblllecmBeHu U3m04HULU Ha na3apeH puck
5 Kpamkocp04Ha U gbAZOCp04Ha cmpamezuR 3a ynpaBleHue Ha puckoBeme BkAIo4Ballla guBepcultgtushykaLufl Ha onepaLUOHHUme puckoBe cBbp3aHu c Bceku Bug geuHocm
6 llepuogu4eH npezleg Ha U3nOI3BaHUme Memoshygu 3a oLeHka
7 Ha61IogeHue u nepuogu4Ha oLeHka 3a CbomshyBemcmBue Ha npaBulama 3a ynpaBleHue Ha pucka c na3apHume YCIOBUR
8 IlpoLegypu 3a nblHO gocmoBepHo m04HO u cBoeBpeMeHHo gokYMeHmupaHe u oC4emoBogRBaHe Ha BCU4ku cgelku u oLeHka Ha eltgtekmuBHocmma Ha cgelkume
9 L113zpa~gaHe Ha eltgtekmuBHa u HaBpeMeHHa cucshymeMa 3a om4emHocm BkAlo48allla Hu8a u cpok08e 3a gokAag8aHe 8ug08e om4emu koumo ce npegcma8Rm Ha kOMnemeHmHume u ynpaBumeflHume opzaHu ltgtopshyMU Ha gokAag8aHe npu omkpu8aHe Ha zpewku HepegshyHocmu Henpa8ulHa ynompe6a U3MaMU UIU 3Ioynomshype6a
Ako uH8ecmuLUOHHOmo gpy~ecm80 cbom8emshyHO ynpa8AABalllomo gpy~ecm80 koemo geQcm8a 3a cMemka Ha goz080peH ltgtOHg uH8ecmupa 8 gepuBashymu8Hu uHcmpYMeHmu npa8uAama 3a ynpa81eHue Ha pucka BkAIo48am u
1 CnuCbk Ha gepu8amuBHume uHcmpYMeHmu B koumo uH8ecmupa kOlekmuBHama uH8ecmuLUoHHa cxeMa
2 OCHoBHume puck08e 3a 8ceku gepu8amu8eH uHcmpYMeHm
3 KOlU4eCm8eHume ozpaHu4eHuR 3a uH8ecmupashyHe Bb8 8ceku gepu8amuBeH uHcmpYMeHm
4 L1136paHume Memogu 3a oLeHka Ha pucka C8bpshy3aH c uH8ecmupaHemo 8 me3U uHcmpYMeHmu
C LeI eltgtekmu8Ho Ha61IogeHue U ynpa81eHue Ha pucka ynpa8AA8alllOmO gpy~ecm80 Cb3ga8a npa-8uIa 3a 8bmpewHa opzaHU3aLUR c RCHO onpegeleHu U np03pa4Hu Hu8a Ha omz080pHocm Me~gy IULama Y1acm8alllu 8 npoLeca Ha ynpa8leHue Ha pucka kakshy
mo u agek8amHu MexaHU3MU 3a 8bmpeweH kOHmpOfl 8kAIo4UmelHO RCHU agMuHucmpamuBHu u c4em080gshyHU npoLegypu
Ilpa8UJama ype~galllu 8bmpewHama opzaHushy3aLUR u omzoBopHocmu mpR68aga ocuzYPR8am u cbgbP~am
1 LIIgeHmultgtULUpaHe Cb6upaHe u pa3npocmpaHRshyBaHe 8 nogxogRllIa ltgtopMa u cpokoBe Ha Hage~gHa U gocm08epHa uHltgt0pMaLUR kORmo n03BoAA8a Ha 8CRko IULe 8 ynpa8AA8alllomo gp~ecmBo ga noeMe onpeshygeleHa omzoBopHocm
2 EltgtekmuBHa kOMYHukaLUR no XopU30HmalHa u 8epmukalHa IUHUR u Ha Bcu1ku uepapxu4Hu HuBa Ha gpy~ecm80mo
3 Ilolumuku u npoLegypu 3a pa3pewa8aHe u og06pR8aHe
4 Ilolumuku u npoLegypu 3a pa3geAAHe Ha omshyZOBopHocmume no Ha4UHa koumo He Ii03BOAABa eguH Cfly~umel egH08peMeHHO ga HOCU om20BopHocm no og06pRBaHe U3nb1HeHUe OC1emoBogR8aHe u kOHn1shypOI Ha cgelkume
5 Ilolumuku u npoLegypu 3a gocmbn go UHltgtOPshyMaLURma
6 Ilpa8ula 3a ynpa81eHue Ha 40Bewkume pecypshycu
3a npUlaZaHe Ha npaBulama 3a ynpaBfleHue Ha pucka ynpaBAABalllomo gpy~ecmBo Cb3ga8a 3BeHo 3a ynpaBleHue Ha pucka koemo ltgtYHkLuOHUpa He3aBucushyMO om 38eHomo 3a ckAIo48aHe Ha cgelku om4uma ce npRko npeg ynpaBumelHuR opzaH U
1 Pa3nOAaZa c nogxogRllIO kBalultgtuLUpaH nepcoshyHal
2 Pa3pa60m8a u BHegpRBaHe cucmeMama 3a ynshypaBleHUe Ha pucka
3 L11320mBfl u aHaAU3Upa e~egHe8Hume om4emu c Lel oLeHka Ha pucka Ha BCRka n03ULUR u Ha nopmltgteushyAa kamo LfllO u npegnpueMa Mepku 3a ozpaHu4a8aHe Ha puck08ume ekCn03ULUu
4 L113BbpwBa nbpBoHa4alHa U mekYllla npoBepka Ha Memogume 3a oLeHka Ha pucka u npa8u npeglo~eshyHue 3a mRXHama kopekLwl
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6 Y4acmBa B e~egHeBHume npoLecu no nAaHUshypaHe Ha61logeHue ynpa81eHue u kOHmpol Ha puckoshyBeme
YnpaBUmelHURm opzaH Ha uH8ecmuLuoHHomo gpy~ecmBo Cflegu 3a cna3BaHemo Ha npaBuAama 3a ynpa8leHue Ha pucka a ynpaBumelHuRm opzaH Ha ynshypaBIRBalllOmO gpy~ecmBo clegu 3a cna3BaHemo Ha npa8uAama 3a ynpaBleHue Ha pucka u Y1acmBa akmuBshyHO B npoLeca no ynpa81eHue Ha pucka
YnpaBUmelHURm opzaH Ha uH8ecmuLUoHHomo gp~ecmBo CbomBemHo ynpaBMBalllomo gpy~ecmshy80 u3BbpwBa nepuogU1eH e~ezogeH npeZlleg Ha nOAUshymukume u cmpamezuume 3a ynpaBAeHUe Ha puckoBeme
3BeHomo 3a BbmpeweH kOHmpol B ynpaBIRBashyllIomo gpy~ecmBo u3BbpwBa nOHe BegH~ zoguwHO npoBepka Ha npoLeca no ynpaBfleHue U u3MepBaHe Ha pucka kORmo 8kl1048a HaU-Malko np08epka Ha
I
Puckbm S HoSama napaguzMa
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2 Om4umaHemo Ha oueHkume Ha pucka B egtkeshygHeBHomo ynpaBieHUe Ha pucka U ueiocmma Ha ynshypaSieHckama uHltjgt0pMauuoHHa cucmeMa
3 Ilpoueca Ha ogo6peHue Ha Memogume U cucshymeMume 3a oueHka Ha pucka
4 06xSama Ha OCHoSHume puckoSe u ymSopgtkga~ SaHe Ha Scu4ku cowecmSeHu npoMeHu S npoueca Ha u3MepSaHe Ha pucka
5 T04Hocmma U nbiHOmama Ha gaHHume 3a n03Ushyuuume m04Hocmma u YMecmHocmma Ha gonyckaHuRshyma 3a SOiamUiHOCm u kopeiauuSl kakmo u m04Hocmshyma Ha oueHkama u U34UCieHURma 3a 4yScmSUmeiHOCm koM puck
6 CbBMeCmUMocmma HaSpeMeHHocmma U HashygegtkgHocmma Ha U3mo4Huuume Ha gaHHu BkAlo4ushymeiHO He3aSucuMocmma Ha uHltgt0pMauuoHHume U3shym04Huuu
7 Pe3YimamUme om mecmoBeme 3a BaAugHocm U m04Hocm Ha U3n0i3SaHUme Memogu
IlpoSepkama Ha npoueca no ynpaSieHUe Ha pucka ce gokyMeHmupa
IIIHBecmuuuoHHomo gpygtkecmBo coomSemHo ynpaSiRBawomo gpygtkecmBo koemo geOcmSa 3a cMemka Ha gozoSopeH ltjgtOHg u3SbpwBa npezieg Ha cucmeMama 3a ynpaBieHUe Ha pucka SegHbgtk zoguwshyHO U npegcmaBSI Ha kOMucuSlma gokiaga om npeziega Ilepuogom o6xSawa mekywama ltjgtuHaHcoSa zoguHa
B HauUOHaAHOmO 3akoHogameicmSo S nOCiegHushyme zOgUHu UMa egHa cowecmSeHa oco6eHocm kORmo ce cocmou SOS BbSegtkgaHemo Ha gupekmuSume Ha ESshyponeOckuR napAaMeHm U Ha CbBema B 6bizapckume HopMamuSHU akmoSe (Sgtk IlpuMep 52)
npUMep 52
3akoHbm 3a gonbiHUmeiHUR Hag30p SbPXY ltjgtuHaHcoshySume kOHZiOMepamu SbSega pa3nopeg6ume Ha JJupekshymuSa 200287EC Ha ESponeockuR napAaMeHm U CbSema 3a gonbiHUmeiHUR Hag30p Ha kpegumHume uHcmumyuuu 3acmpaXOSameiHUme npegnpuRmuR U uHSecmulIuoHHUshyme ltjgtUPMU SbS ltjgtuHaHcoS kOHZAoMepam U U3MeHRUJa gushypekmuSu 73239EEC 79267EEC 9249EEC 9296EEC 936EEC U 9322EEC Ha CbSema U gupekmuSu 9878EC U 200012EC Ha ESponeockuR napAaMeHm U CbSema
3akoHbm 3a kpegumHume uHcmumYlIuu SbSega pa3shynopeg6ume Ha JJupekmuSa 89117EEC Ha CbSema omHocshyHO 3agb~eHuRma Ha kioHoSeme Ha kpegumHu uHcmumyshylIUU U Ha ltjgtuHaHcoSu uHcmumYlluu ycmaHoSeHu S gbPaSa 4ieHka 4uumo ZAaSHu ynpaSleHuR ce HaMupam U3SbH ma3U gopaSa 4IIeHka omHOCHO ny61ukySaHemo Ha zoshyguwHU c4emoSogHu gokYMeHmu JJupekmuSa 200046EC Ha ESponeockuR napllaMeHm U Ha CbSema omHOCHO npegshynpueMaHemo ocoUJecmSRSaHemo Ha geOHocm U Hag30pa Hag geOHocmma Ha UHcmumYlluume 3a eAekmpOHHu napu JJupekmuSa 200124EC Ha ESponeOckuR napAaMeHm U Ha CbSema omHocHO peopzaHU3allURma U npekpamRBaHemo
Ha kpegumHu UHcmumYLUU U JJupekmuSa 200648EC Ha ESponeOckuR napllaMeHm U Ha CbSema omHOCHO npegnpueshy
__ 109
MaHemo U ocoUJecmSRBaHemo Ha geOHocm om kpegumHu uHcmumYlluu (nonpaBka)
3akoHbm 3a ny61u4Homo npegAaZaHe Ha lleHHu kHUshya SbSega pa3nopeg6ume Ha JJupekmuSa 85611jEItlO Ha CbSema omHOCHO koopguHupaHemo Ha3akoHoSume nog3ashykOHoSume u agMuHucmpamuBHume pa3nopeg6u omHOCHO npegnpuRmURma 3a kOlekmuSHO UHSecmupaHe S npexBbPshyIUMU lleHHu kHua (nKltlnUK) JJupekmuSa 9322EItlO Ha CbBema omHOCHO uHSecmulluoHHume yClyzu S o61acmma Ha lIeHHUme kHua JJupekmuSa 979EO Ha ESponeOckuR napllaMeHm u Ha CbSema omHOCHO cxeMume 3a 06e3UJemeshyHue Ha UHSecmumopume JJupekmuSa 200371EO Ha ESshyponeOckUR napllaMeHm U Ha CbSema omHocHO npocnekma koOmo ClegSa ga ce ny6lukySa kozamo ny61u4Ho ce npegshy
llazam lIeHHU kHua UIU k02amo ce gonyckam lleHHU kHUshya go mbpzySaHe u omHOCHO U3MeHeHue Ha JJupekmuSa 2001j34EO JJupekmuSa 200439EO Ha ESponeOckuR napshyAaMeHm u Ha CbSema omHOCHO na3apume Ha ltjgtuHaHcoBu uHcmpYMeHmu 3a U3MeHeHue Ha gupekmuBu 85611jEItlO u 936EItlO Ha CbSema u JJupekmuSa 200012EO Ha ESposhyneOckuR napllaMeHm u Ha CbSema u 3a omMRHa Ha JJupekshymuSa 9322EItlO Ha CbSema
HOBATA nAPAIllllrMA - IIIHTErPIIIPAHO ynPABAEHIIIE HA PIIICKA HA OprAHIII3AUlllJlTA3
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2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
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10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
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15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
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19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
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Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
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1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
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17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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kakmo B 6u3Heca maka U B gtkuSoma u306U0 npaBuAo 2 3Haume cmouHocmma Ha moBa koemo
BAageeme B MOMeHma He Bculko cmpySa napu HO nolshy
mu Bcuyko Mogtke ga ce OLeHU S napUIHO u3MepeHue ToBa mpR6Sa ga YMeeme ga npaBume UeHume ce npoMeHHm
CmoQHocmma Ha egHo SrageHue koemo ce HaMupa S egHu
pbLe 3aegHo c gpyzu (HanpuMep czpagama U 3eMRma Sbpshyxy kOHmo mR e nocmpoeHa) 3HalUmeAHO ce yBeAuIaBa 110
ma3U npUYUHa CbBkynHocmma Ha Bawume SAageHuR - Bashy
WUHm ltgtuHaHcoS nopmltgteOA - u3JckSa nepuogUYHO npeshyOLeHRBaHe no omHoweHue Ha na3aPa
npaBuAO 3 lI3noA3Bau BAageHuRma cu LeAeCb06shypa3Ho ToSa 03HalaSa Ie mpR6Sa ga ce HaYYUme pa3YMshyHO kOHcmpykmuSHo U pa36upaeMo ga ltgt0pMYAupame Sashy
wume leAU U me ga 6bgam cbnogluHeHu Ha cmeneHma Ha SalkHocm 3a Bac III LeAUme U CbomHoweHUHma Melkgy mHX MOcam ga ce npoMeHHm c meleHUe Ha SpeMemo Bashywume LeAU u3uckBam nepuoguIHo npeocMuCAHHe
npa8uAo 4 1136upaQme npa8uAHo Xopu30Hmume 3a 8cRka om 8awume LeAU rOAeMuHama Ha pucka 3aSucu om moBa gokoAko gaAel 8 6bgelllemo ce pa3npocmupam
Sawume nAaHoSe Bceku om Hac U Sceku 6u3Hec UMa c800
npOMeHHllI ce pumbM Ha gtkuBom HanpuMep koAkomo noshy
6bP30 Bue kapame no nbmH momoBa nO-HagaAel m03U
nbm mpR6Sa ga 6bge BUgHH Ako nagHe Mb2Aa ako Bue He uckame ga yBeAuIume pucka ckopocmma mpH6Ba ga 6bge HaMaAeHa npu U360pa Ha Xopu30Hmume 2AaSHama OCHoshy
Ba ca 3HaHUHma 3a SaWUH ltgtuHaHcoB nopmltgteOA u Bawume LeAU JlHec moSa e ympe III koAkomo no-gaAel e SawuHm Xopu30Hm moAkoBa no-6bp30 Sue llIe Mogtkeme ga pa3BuSashy
me BawuH 6U3Hec 06aye cnoc06Hu AU cme Bue ga SugtkQashyme mOAkoSa HagaAel TpH6Ba ga 3Haeme mOlHUH omz06op Ha m03U SbnpOc
npaBuAo 5 Cb3gaBaume c-eHapuu 3a 6bgelllemo puckbm 3aBucu om moSa kak B geQCmBumeAHocm llIe ce
pa3BuBam Cb6umuHma MUCAeme 3a 6bgelllemo OnumaQshy
me ce ga npozH03upame kak llIe ce pa3BuBam Cb6umUHma B3eMaOme peweHue Sb3 oCHoSa nOHe Ha mpu CLeHapuR onmUMUCmUyeH neCUMUCmUyeH U HaO-6epoRmeH HaQ-coshy
AeMume onaCHocmu ce kpURm He S onmUMUCmUIHUH UAU B neCUMUCmUIHUR CLeHapuQ HaQ-zoAeMume CbcmOHHUH ce 3azy6Bam UAU npug06uSam S cAYIaQ Ha gSe kpaQHU cumyshy
aLuu kamacmp0ltgtaAHa U BeAUkoAenHO 6AazonpUHmHa Qa ce npegBugu kamacmpoltgtama UAU oc06eHo ycnewHo pa3Sushy
mue Ha Cb6umuHma e U3SbHpegHo mpygHo 110-AecHo e ga
ce nogzomSuw 3a mRX B3eMaOku peweHuH 3a puckoSeme He U3kAIolBaQme om pa32AegtkgaHe me3U ekcmpeMHu CLeshy
Hapuu 1113noA3SaHemo Ha me3U CLeHapUU llIe Bu npegna3u
kakmo om CbkpywumeAHu nOCAegUlU maka U om zopyuBu CbaAeHUH omHOCHO nponycHamu 3AamHU waHcoBe
npaBuAo 6 11136upaume 06pa3LUme EgHa om
CbClflaSHUme Iacmu Ha ycnexa SbB BCRkakbB ompaCbA ce Cbgbplka S o6ukHoSeHama MUCbA B kpaQHa cMemka a3 nposhycnepupaM He n0-3Ae om gpycume TpH6Ba ga 3Haeme paSshy
HUllIemO Ha ycnexa kOQmo e xapakmepeH 3a o6ll1ecmSomo
npu 06cmOHmeAcmSa U LeAU aHaA02UIHU Ha Sawume IIIMa
cmapa nozoBopka Bceku cmpySa mOAkoSa kOAkomo caM
OLeHHSa ce6e cu ToSa e BHPHO ako ce HanpaBu Mamo HO BalkHo ymolHeHue Tu Mogtkew maka ga guzHew LeHama
cu (Sb3MOgtkHO e HanbAHO onpaBgaHo) Ie ga cmaHew Heshy
gocmbneH 3a BCUIku koemo 03HayaSa Ie ma3U Mbgpocm 6u mpH6SaAo ga 3Byyu no CAegHuR HalUH Bceku cmpyBa moAkoBa koAkomo moQ caM ce6e cu OLeHHBa He) He noBeye
omkoAkomo npegraGa nAamelkocnoco6Homo mbpceHel1o ma3U npUIUHa opueHmupoBbYHUme 06pa3LU Mozam ga 6bshygam gSa Buga 1) He cmpagaQ om MaAOLeHHOCm 2) He ce
3a6paSHQ MHOZO e SagtkHo ga 3Haeme nO-mOlHO peaAHama
06cmaHoSka Ha gHewHuH na3ap U ga ce HanpaSu npozH03a
kak mH Mogtke ga ce npOMeHU kbM kpaH Ha SpeMeBUH xopushy
30Hm
npaBuAo 7 O-eHHBaume CBOR nopm$euA Ha BAageshyHURma no mRXHomo CbcmORHue kbM kpaR Ha BpeMeBuR
I
Puckbm B HoBama napaguzMa
XopU30Hm no 6ceku om CLeHapUUme U CPl6HR6aOme peshy
3Yhmamume c 06pa3LUme npa8eme 8pb3ka C 6bgeLUemo OueHR8aQme Bceku om cueHapuume u no Bb3MOIkHUR ycshy
nex u no Bgt3MOIkHama 3azy6a npegcmaBeme CU He caMO
pagocmma om n06egama UIU 20p1u6UHama om 3azy6ama
HO U 6b3MolkHume pa301apo6aHUR om nponycHamume 8b3shyMolkHocmu T08a LUe 8u n03601u ga kalkeme Ha Bceku Hue
Hanpa6uxMe 6cu1ko 6b3MOikHO U HRMa 3a kak60 ga CblkalRshy6aMe
npa6uI0 8 HaMepeme kOhu~ecm6eHume noka3ameshy
hU Ha pucka koumo we n0360Mm ga 6bgam cpa6HR6aHu pa3lU~HU cmpamezuu npu pa3hu~Hu cLeHapuu He 6uHazu
m06a e 6b3MOIkHO 06aye ako e 8b3MOIkHO onumaOme ce
ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
kHuza B 61U3ko 6bgeLUe LUe ce nOR6Rm U gpY2U Memoguku
3a u3Mep6aHe Ha puck08eme
npa6uJ0 9 Il3noJ36aOme pa3Ju~Hu uHcmpYMeHmu 3a 3awuma om pucka lilHcmpYMeHmume ca MH020 HayYeshy
me zu U u36upaome me3U koumo 6u nogxolkgam Ha m03U
eman npa8uJ0 10 n03Ha6aOme puck06uR anemum - c600
u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
nagaHe LUe HaMepu onopa npeMbgpocmu Ha liiecyc CUH
Ha Cupax EiU6IUR
npa6uJ0 11 C Hac e 60l U 3akoHa Ha napemo 20 om npa6uIHume YCUIUR palkgam 80 om ycnexa 20 om
zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
96
BaA U gpo (cpprisque) (MaAbk pelHuk Ha lygtkgume gyMu B 6bAZapckufl e3uk - 1999)
puck - npeMegtkgue onaCHocm zomoSHocm 3a U3shyAazaHe Ha onaCHocm c Hagegtkga 3a ycnex cpprisque puckySaM Sbpwa npegnpueMaM He~o c puck myp Ha kbCMem olakSaCiku lecmuma CAYlaashyHocm U3AazaM ce (Ha) npeMegtkgue cpp risquer (CmecpaH MAageHoS PelHuk Ha lygtkgume gYMU S 6bAZapckufl e3uk - cpomomunHo u3gaHue om mpeshymomo gonbAHeHO nonpaSeHo U pa3wupeHo u3gashyHue om 1947 Z 113gameAcm80 Bek 22 COCPUR 1992 cmp361)
+) puck (CPp risque om um risico) 1 Bb3MogtkHa onacshyHocm 2 AeacmSue HaCAyku c Hagegtkga 3a ycnex 3 Bb3MogtkHa 3azy6a npu mbpzoScka cgeAka SbS SashyAymHume U S kpegumHume onepauuu 8 3acmpashyxoSameliHomo geAo u gpo (PelHuk Ha lygtkgume gYMU S 6bAZapckuR e3uk - 8mopo cpomomunHo usshygaHue 113gameAcmSo Ha 6bAZapckama akageMuR Ha Haykume COCPUR 1992 Z cmp743) AIo60numHo e ga ce om6eAegtku le m03U CMUCbA
He e npoMeHeH Cb~eCm8eHo npe3 zoguHume HanpushyMep 8 mpemomo u3gaHue Ha pelHuka Ha lygtkgume gYMU Ha A ltpymekoS om 1932 Z Mogtke ga ce omkpue CAegHomo (+ puckySaM (CPp) oCMeAR8aM ce npaSfl He~o Ha
~acmue pucky8aM ga 3azy6fl 8culko = SmypSaM ce ZAa80AOMHO moCi MHOZO pucky8a = MHOZO e CMeA
(+ puck oCMeARSaHe npegnpueMaHe Ha geCicmSue Ha ~acmue u C8bp3aHama c Hezo onaCHocm c ueA 3a nocmuzaHe ycnex c puck Ha gtkuBoma cu = npu onaCHocm ga 6bga 3azy6eH UAU yMpa noeMaM pucka = 3azy6ama Pa36upa ce S Aumepamypama ce cpe~am u MOshy
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1 PL Bemstein Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
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102 __
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B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
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__ 105
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106 __
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107
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108
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__ 111
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110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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112 __
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3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
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7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
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11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
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Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
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116 __
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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me makmukama Ha 6bP3U gpe6Hu ycnexu
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Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
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- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
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CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
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29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
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36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
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41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
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nackaA U n ltgtepMa c aHaAU3a Ha pa3npocmpaHeHama npe3 XVII Bek uzpa Trivial Pursuit
no-Hamambk meopuAma Ha 6epOAmHocmume ce npeBpb~a om cpegcmBo 3a 3a6aBAeHUe Ha uzpa4ume B CUAeH uHcmpYMeHm 3a 06pa6omka U umoA3BaHe Ha uHltgt0pMauuAma n04mu cmo ZOgUHU CAeg peweHueshymo Ha Ii nackaA U n ltgtepMa gucugeHmbm cBeweHuk T liaOec uska3Ba 3a6eAegtkumeAHama meopeMa B cmamucshymukama 3a anocmepuopHama BepoAmHocm
A zoguHama 1738 e cBbp3aHa c nbpBomo onucashyHue om n liepHYAU Ha npoueca sa u360p U B3eMaHe Ha peweHue U c oCHoBHama me3a Ha n liepHYAU Ie noA3ama om HeZOAAMO HapacmBaHe Ha 60zamcmBoshymo e 06pamHo nponopuuoHaAHa Ha BeAU4UHama Ha Be4e HaAU4Homo (nbpBoHa4aAHomo) 6ozamcmBo Ta3u me3a Ha n liepHYAU CbC CUAama Ha 3akoH cmaHa oCHoBHa napaguzMa Ha pauuoHaAHomo noBegeHue Ha CbBpeMeHHume npuHuunu 3a ynpaBAeHue Ha uHBecmushyuuume
Cnopeg HRkou u3cAegoBameAU kamo HanpUMep n libpH~aQH Megtkgy 1654 U 1760 ca 6UAU Cb3gageshyHU BCU4ku cpegcmBa koumo ceza ce u3noA3Bam npu ynpaBAeHue Ha pucka npu aHaAU3a Ha peweHuAma U u360pa Ha noBegeHue B cucmeMume om cmpozuR pashyuUOHaAeH nogxog Ha meopuAma Ha uzpume go xumpo 3anAemeHama meopuR Ha xaoca 1A3BbH m03U nepuog ca ocmaHaAU caMo gBe BagtkHu omkpumUR nbpBomo e omshykpumuemo npe3 1885 z om ltgt rbAmbH Ha pezpecuRma a Bmopomo e nopmltgteQAHama meopuA om 1952 z Ha X MapkoBuu
6e3 ga ce ocnopBa moBa 0606~eHue Ha n 6bPHshy~aOH He Mogtke ga He ce Mapkupam makuBa 3Ha4UMu ltgtakmu u pe3YAmamu kamo
CbcmaBRHemo om MameMamuuu o~e kbM 1725 z Ha ma6Auuu 3a o4akBaHama npogbAgtkumeAshyHocm Ha gtkuBoma u npogaBaHemo om 6pumaHshyckomo npaBumeAcmBo Ha npaBa Ha nogtku3HeHa peHma UsBbpwBaHemo owe om cpegama Ha XVIII Bek B 10HgOH Ha onepauuu no 3acmpaxoBku B MopeshynAaBaHemO nOABama Ha nbpBomo cepu03Ho u3CAegBaHe Puck HeonpegeAeHocm u ne4aA6a npe3 1921 z Ha ltgt HaOm 3aBbpWeHama npe31944 z 06eMucma (650 cmpashyHUUU) kHuza TeopuR Ha uzpume u UkoHoMu4ecko noBegeHue om ltgt HoOMaH u O MopzeH~epH u3BegtkgaHemo npe3 1970 z om ltgt 6Aek u M WOyA3 Ha MameMamu4ecku MogeA 3a u34uCARBaHe ueHashyma Ha onuUA u3ka3aHama om Y Wapn npe3 1990 z xunome3a Ie U3MeHeHuemo Ha 60zamcmBomo Cb~O BAUshyRe Bbpxy cmeneHma Ha HenpueMaHe Ha pucka u kamo CAegcmBue om moBa yBeAu4eHuemo Ha 60shyzamcmBomo Bogu go ycuABaHe Ha anemumume kbM pucka a 3azy6ume zo omcAa6Bam
1 PL Bemstein Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
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MHOZO CbweemBeHO o606weHue e ye U meopuRshyma Ha uzpume U MogeAbm Ha MapkoBuu ee oeHoBashyBam Ha kllocu1eckuraquo MogeJI 30 pO~UOHOIIHO noBegeHue 1I13CAegBaHuRma Ha 0 KaHeMaH U 111 TBepekuu cgtopshyMupaHemo BbPXY me3u u3eAegBaHuR Ha meopURma Ha nepenekmuBama noka3axa cmepeomunu Ha noBegeshyHuemo koumo He ea 3a6eJR3BaHU om npuBbPgtkeHuuushyme Ha pauuoHaAHomo B3eMaHe Ha peWeHUR Cnopeg KaHeMaH U TBepeku me3U emepeomunu Mozam ga ee npunuwam Ha gBe yoBewku CAa6oemu nbpBo Ha eMouuume koumo yeemo npeyam Ha caMokoHmpOAa Heo6xoguM npu pauuoHaAHomo noBegeHue u Bmopo - MHOZO lIeemo mpygHomo oCb3HaBaHe am xopama Ha moBa 3a kakBo mOYHO cmaBa gYMa
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Ha emana 1I0HOIIU3 HO puckd ce ltj)opMupam u MHogtkecmBo cueHapuu 3a pa3Bumue Ha He61a20npUl1mshyHU cumyauuu u 3a pa3u4Hu puckoBe MOlam ga 6bgam nocmpoeHu ltj)YHkuuu Ha pa3npegeeHue Ha Bepol1mshyHocmume 3a HacmbnBaHe Ha LtJema B 3aBucuMocm om HeUHUI1 pa3Mep
AHaU3bm Ha pucka ljecmo Mogtke ga npomulja B pa3u4Hu HanpaBeHUI1 HanpuMep om pa3kpuBaHe kbM oueHka U o6pamHo a gopu He BUHa2U e Bb3MOgtkshyHO m03U aHaU3 ga 6bge pa3geeH Ha caMOCmOl1meHu ljacmu om o6LtJuI1 npouec
CAegBaLtJul1m eman lIu360p HO Memogu 30 8b3shygeiicm8uR 8bPXY pucka e HaC04eH kbM MUHUMu3upashyHe Ha Bb3MogtkHama LtJema B 6bgeLtJe U nopagu moBa Bb3HukBa npo6eMbm 3a oueHI1BaHe Ha cpaBHumeHashyI rna eltj)ekmuBHocm Ha pa3zegtkgaHume gocmbnHU Meshymogu 3a Bb3geucmBue no MHogtkecmBo om pa3U4Hui kpumepuu Kakmo ljecmo ce onpegeI1 moBa Mogtke ga e mUnUljHa 3agalja Ha MHo2okpumepuaHUI1 aHaU3 u onmUMu3auUI1I
l Tpemul1m eman 1183eMaHe Ha peweHue BkoljBa
onpegeN1Hemo Ha Heo6xoguMume pecypcu 3a peaushy3upaHe Ha u36paHUl1 Memog 3a Bb3geucmBue BbPXY pucka aHaU3 Ha ycoBul1ma Ha cpegama pa3npegeshy
I
eHue Ha om2oBopHocmume Ha uuama no puck MeshyHuggtkMbHma U mH
npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
cmeneHy6a no npuopumemu Mepkume 3a npeshygom6pamfl6aHe HaMaM6aHe u ozpaHu4a6aHe Ha pucshyka kamo om4uma ycmaHo6eHufl puck npu4uHume 3a 6b3Huk6aHe Ha onaCHocmume allmepHamu6Hume peshyweHUfl 6k11Io4umellHO HoBocmume no Cbom6emHume npo611eMu oCbwecmBuMocmma Ha peweHuflma U Bb3shyMogtkHocmma 3a uH8ecmUl~uu
oCbwecm8f18a kOHmpoll 3a U3nbllHeHUemo U eltjgtekmuBHocmma Ha npegnpuemume Mepku
Pa6omogamellflm ym8bpgtkga8a U U3nbllHfl8a nposhyzpaMa 3a oueHflBaHemo Ha pucka OueHfl6aHemo Ha pucka Bkll1046a CllegHume nem emana kllacultjgtukauufl Ha mpyg08ume geuHocmu onpegellflHe Ha pa6omHushyuume u Cllygtkumellume U3l1ogtkeHu Ha onaCHocm onpeshygellflHe Ha elleMeHmUme Ha pucka oueHka Ha pucka gokYMeHmupaHe
nepuogu4Hocmma Ha oueHfl8aHe Ha pucka ce onshypegellfl om pa6omogamellfl 8 3a8ucuMocm om ycmashyHo8eHUfl puck u 8 Cbom8emcm8ue c u3uckBaHuRma Ha HopMamu8Hume akmoBe
3a 6cflka ugeHmultjgtUuupaHa onaCHocm ce onpeshygellflm eAeMeHmUme Ha pucka koumo mfl Cb3ga6a a UMeHHO
nbpBo megtkecmma Ha Bpegama kOflmo ce npeshyueHflBa Cb06pa3Ho 6uga Ha o6ekmume nogllegtkawu Ha 3awuma - xopa uMywecm80 pa60mHa U okollHa cpega megtkecmma Ha 8b3MogtkHume HapaHfl6aHufI UIIU yBpegtkgaHufI Ha 3gpa6emo - He3Ha4UmeIlHU cepu03Hu onaCHU ltjgtamaIlHU 06x8ama Ha Bpegama
Bmopo 8epoflmHocmma 3a HaHaCflHe Ha ma3U 8peshyga kOflmo ce npeueHflBa no 4ecmomama npogbllgtkushymellHOCmma U cneuultjgtuka Ha U311aZaHe BepoflmHocmshyma om 8b3HukBaHe Ha onaCHO Cb6umue mexHuyeckume 6b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya6aHe Ha 8peshygama y08ewkume 8b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya8aHe Ha 8pegama - k6allultjgtukauufl onum U npakmu4ecku 3HaHUfl U YMeHufI OCMUCMHe Ha puckoshyBeme 83auMogeucm6ue Megtkgy xopama nCUXOIIOZU4shyHU COUUallHU U epZOHOMUYHU acnekmu u gpyzu acnekshymu koumo MOlam ga okagtkam 6b3geucm6ue Bbpxy pucka cmOUHocm Ha noka3amellume U ltjgtakmopume no cneuultjgtUYHUme noka3amellu 3a 6e30nacHocm Ha pashy60mHume npouecu pa60mHo 060pyg6aHe U pa60mHu Mecma cmOUHocmume Ha elleMeHmUme 3a MukpokllushyMama mOkCUYHUme 6ewecmBa 8b6 6b3gyxa wYMa 8u6pauuume oCBemlleHUemO UIIbyeHUflma
C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
OueHflBaHemo Ha pucka ce gokyMeHmupa no peg U HaYUH onpegelleH om pa60mogamellfl
npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
OcBeH uumupaHa no-lope Hapeg6a CbwecmByBam U ca 8 CUIIa pa311UIjHU gpYlU Hapeg6u HenocpegcmBeHo
__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
Bmopu npuMep - 3akoH 3a ZeHemUYHO MogultjgtUuupashyHU OpzaHU3MU (3rMO)
B m03U 3akoH ce peZIlaMeHmUpa uflIIOCmHa npoueshygypa 3a oc606ogtkgaBaHe Ha ZeHemUYHO MogultjgtUl~upashyHU opzaHu3Mu (rMO) B OkOIlHama cpega U nyckaHemo Ha na3apa Ha rMO UIIU kOM6uHauufI om mflx kamo nposhygykmu UIIU CbcmaBka Ha npogykmu B ma3U npouegypa ce BkIIIoyBa
npegu oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU nyckaHemo UM Ha na3apa kamo npogykmu UIIU Cbcma8ka Ha npogykmu BCflko ltjgtu3u4ecko UIIU Iopuguyecko lIuue e gllbgtkti0 ga u3BbpWU oueHka Ha pucka 3a yoBewkomo 3gpaBe U OkOIlHama cpega Ol4eHshykama Ha pucka 6k11Ioy8a pe3YIImamu om u3BbpweHu Ha6111ogeHufI U nogp06eH nllaH 3a Ha6111ogeHue Ha noshymeHuuallHU kpamkocp04HU U gbllZOCpOYHU nOCIIeguuu 3a yoBewkomo 3gpaBe U eltjgtekma BbPXY OkOIlHama cpeshyga om oc806ogtkgaBaHemo Ha rMO 8 OkOllHama cpega U nyckaHemo UM Ha na3apa
OueHkama Ha pucka 06xBawa npeueHka 3a Bceku omgelleH CllY4au Ha Bcuyku nomeHuuallHU He6l1azonpushyflmHU nOCIIeguuu BbPXY 3gpa8emo Ha y08eka U gtku8omshyHume OkOIlHama cpega U 6UOIIOZUYHOmO pa3Ho06pashy3ue koumo Mozam ga Hacmbnflm npflko UIIU kocBeHo npu oc806ogtkgaBaHemo B OkOIlHama cpega UIIU nyckashyHemo Ha rMO Ha na3apa BkIIIoYUmellHO aHallU3 Ha noshymeHuuallHUme kYMYlIamuBHu gbllZOCpOYHU nOCIIeguuu om oc6060gtkga6aHemo UIIU nyckaHemo Ha rMO Ha nashy3apa OueHkama Ha pucka ce u38bPwBa Bb3 oCHoBa Ha Cbwecm8y8awume HaY4Hu u mexHu4ecku gaHHu om HauUOHaIlHU U MegtkgYHapogHu U3m04Huuu OueHkama Ha pucka ce u3Bbpw8a 8 Cbom8emcmBue c npuHuunushyme u MemogollolUflma 3a u38bpw6aHe Ha oueHka Ha pucka 3a OkOIlHama cpega U yoBewkomo 3gpaBe Bb3 oCHoBa Ha oueHkama Ha pucka BCflko ltjgtu3uyecko UIIU Iopuguyecko lIuue onpegellfl He06xoguMocmma u Meshymogume 3a ynpa811eHue Ha pucka OueHkama Ha pucka 8kllIoyBa U 3akllIoYeHUe 3a nomeHuuallHOmO Bb3geOcshymBue 6bPXY yoBewkomo 3gpaBe u OkOIlHama cpega om oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU npu nyckaHemo UM Ha na3apa
npu HallUYUe Ha HoBa HaY4Ha UHltjgtOpMaUUfl 3cl rMO U 3a noclIeguuume om ocB06ogtkga8aHemo My B OkOIlHama cpega UIIU nyckaHemo MY Ha na3apa BbPXY 40Bewkomo 3gpaBe UIIU OkOIlHama cpega ce u3BbpwBa HoBa oueHka Ha pucka C oueHkama ce onpegellfl gallu puckbm ce e npOMeHUII u gallu e He06xoguMa npoMflHa Ha HezoBomo ynpaBlIeHue
npu u3BbpwBaHemo Ha oueHka Ha pucka ce cna3shyBam CllegHume emanu
1 IIIgeHmultjgtuuupaHe Ha xapakmepucmukume koumo Mozam ga npUYUHflm He611azonpUflmHu nOCIIeshyguuu
Bcuyku xapakmepucmuku Ha rMO cBbp3aHu c zeHemU4Hama MogultjgtukaUUfl koumo Mozam ga npushy
106 __
4UHRm He6la20npURmHo 6b3geucm6ue 6bPXY 406ewshykomo 3gpa6e UIU OkOIHama cpega mpfl66a ga 6bgam ugeHmu(j)uuupaHu npu ugeHmu(j)uuupaHemo Ha noshymeHuualHU He61a20npUflmHu nOCleguuu c6bp3aHu c 2eHemU4Hama Mogu(j)ukauufl ce u36bpw6a U cpa6shyHeHue Ha xapakmepucmukume Ha rMO c me3U Ha HeshyMogU(j)UuupaHUfl opzaHu3bM npu cbom6emcm6awu yCl06Ufl Ha oc6060~ga6aHemo UIU ynompe6ama nOshymeHuualHUme He6lazonpURmHU nocleguuu Ha rMO ce ugeHmu(j)uuupam 3a 6ceku omgeleH clY4aQ U Mozam ga 6k11046am
a) npU4UHH6aHe Ha 3a6olfl6aHe y xopama 6klIashy4UmelHO alep2UYHU U mokcU4HU e(j)ekmu
6) npu4uHfl6aHe Ha 3a60lfl6aHe y ~u60mHume U pacmeHuRma 6klIoyumelHO mokcu4HU U alepZU4Hu e(j)ekmu
6) e(j)ekmu 6bPXY gUHaMukama Ha nonYAauuume Ha Bug06eme 6 npueMawama OkOIHa cpega u zeHemU4HOshymo pa3Ho06pa3ue Ha 6CHka om me3U nonylauuu
z) npUYUHfl6aHe Ha npoMeHeHa yy6cm6umelHocm (nogamlu60cm) Ha namozeHU cnoMazawa pa3nposhycmpaHeHuemo Ha 3apa3Hu 60lecmu UIU Cb3ga6awa H06u pe3ep60apu UIU 6ekmopu
g) He6Aa20npURmHo 61UHHUe 6bPXY e(j)ekmu6shyHocmma Ha np0(j)ulakmUYHU UIU mepane6mUYHU MeshyguuuHcku leyeHUH U Ha npUIaZaHUme Mepku 3a pacmushymelHa 3awuma HanpuMep Ype3 mpaHc(j)ep Ha zeHU 06ycla6flwu pe3ucmeHmHocm kbM aHmu6uomuuu u3noJ36aHu 6 XYMaHHama UIU 6emepuHapHama MegushyuUHa
e) e(j)ekmu 6bPXY 6uozeoxuMuflma (6uozeOXUMUYshyHume uuklu) oco6eHo 6bzlepogHuH U a30mHUfl kPbshy206pam Ype3 npoMeHu 6 pa3zpa~gaHemo Ha opzaHu4shyHa MamepuH 6 noY6ama
npu ugeHmu(j)uuupaHe Ha xapakmepucmukume koumo 6uxa MOZIU ga npu4uHflm He6la20npUflmHu nocshyIeguuu ce omyumam me3U koumo Mozam ga 6b3HUkshyHam 4pe3 npeku UIU koc6eHU MexaHU3MU 6kIIoY6awu pa3npocmpaHeHuemo Ha rMO 6 OkOIHama cpega mpaHc(j)ep Ha 6kAIo4eHuH ZeHemUyeH MamepuaJ
6 gpyzu 6ug06e opzaHu3Mu U 6 opzaHu3Mu om CbWUH Bug 6kl104UmelHO U zeHemU4HO MOgU(j)UshyuupaHu
(j)eHomunHa UIU zeHemU4Ha Hecma6ulHOCm
63auMogeOcm6ufl c gpyzu opzaHu3Mu
npoMeHu B Mepkume 3a ynpa6JeHue Ha pucka 6kJloyumeIHO kbgemo e npUIO~UMO 6 celckocshymonaHckama npakmuka 2 OueHka Ha nomeHuuaJHume nocleguuu om
Hacmbn6aHemo Ha 6ceku He6la20npURmeH e(j)ekm OueHkama Ha nomeHuuaJHume nocJeguuu om Hashy
cmbn6aHemo Ha 6ceku He6Ja20npuHmeH e(j)ekm mpgtl6shy6a ga 06x6awa mRXHama 6elU4uHa npu oueHkama 3agb~umeJHo ce gonycka ye gageHama He6Ia20npUshyHmHa nocleguua we Hacmbnu U Cbwama ce u36bpw6a kamo ce omyumam xapakmepucmukume Ha npueMashywama okoJHa cpega u HaYUHbm Ha oc6060~ga6aHe Ha rMO
3 OueHka Ha 6epOllmHOCmma om Hacmbn6aHe Ha 6ceku ugeHmu(j)UuupaH nOmeHLUaIeH He6JazonpUgtlmeH e(j)ekm
rla8a 5
OueHkama Ha 6epoHmHocmma om HacmbnBaHe Ha 6ceku ugeHmu(j)ULUpaH nomeHuualeH He6Ia20shynpuHmeH e(j)ekm mpH66a ga omyuma xapakmepucshymukume Ha npueMawama OkOIHa cpega U Ha4UHa Ha oc6060~ga6aHe Ha rMO
4 OueH1I6aHe Ha pucka npou3mu4aw om BCHka ugeHmu(j)ULUpaHa xapakmepucmuka Ha rMO kOHmo Mo~e ga npUYUHU He6Ja20npuHmHu nocleguuu
OLeHkama Ha pucka npOU3mUyaw om BCHka ugeHshymU(j)uLUpaHa xapakmepucmuka Ha rMO kOHmo Mo~e ga npU4UHU He6Ja20npuHmHu nocleguLU mpfl66a ga ce u36bpw6a 6 cbom6emcm6ue c HalUYHUme Hay4Hu U mexHuyecku gaHHu 4pe3 kOM6uHupaHe Ha 6epoHmshyHocmma 3a Hacmbn6aHe U 6elUYUHama Ha He6Ja20shynpuHmHume nocleguuu
5 npuJazaHe Ha cmpamezuu 3a ynpa6leHue 3a pucka om oc6060~ga6aHemo Ha rMO 6 OkOIHama cpeshyga UIU nyckaHemo UM Ha na3apa
KOlamo oueHkama Ha pucka ugeHmu(j)ULUpa puck koQmo u3uck6a npegnpueMaHemo Ha Mepku 3a Hez060shymo ynpa6leHUe 3aR6umeJHm e glb~eH ga pa3pa60mu cmpame2UH 3a Hez06omo ynpa6JeHue
6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
ga ce u36bPWU kamo ce 63eMe npeg6ug 6cHka npegloshy~eHa cmpame2UH 3a ynpa61eHue Ha pucka
Tpemu npuMep - HauuoHaJHume cmaHgapmu 3a centlushyHaHco6u omlemu Ha MaJku u cpegHu npegnpuRmull
OmHacH ce no-koHkpemHo go c4em060geH cmaHgapm 32 koQmo onpegelH npUHLUnUme 3a onshypegeAAHe klacu(j)ULUpaHe npu3Ha6aHe oueHHBaHe u on06ecmH6aHe Ha uH(j)0pMaLURma 3a (j)uHaHcoBume uHcmpYMeHmu 6b6 (j)uHaHc06ume omYemu Ha npegshynpuHmuRma B m03U cmaHgapm ca ge(j)uHupaHu
$uHaHco8 puck - puck npucbw Ha (j)uHaHcoshy6ume UHcmpYMeHmu koQmo ce npoH6R6a noomgelHo UIU Cb4emaHO 6 clegHume pa3H06ugHocmu
a) puck Ha napULfHUfJ nomok - puck npou3mu4aw om kOle6aHUHma 6 pa3Mepa Ha 6bgewume napU4HU nomOLU c6bp3aHu c (j)uHaHc06 uHcmpYMeHm
6) kpegumeH puck - puck npou3mu4aw om 6b3shyMO~Hocmma npegnpullmuemo ga He nOJYYu 6 goz060shypeHuH pa3Mep UIU 6b06we (j)uHaHc06 akmu6 kakmo U 6b3Mo~Hocmma npegnpuHmuemo ga nOlY4u 6 nbleH pa3Mep (j)uHaHc06 akmu6 HO Ha no-kbcHa gama om yzoBopeHama
6) AukBugeH puck puck npOU3mUyaw om 6b3shyMotkHocmma npegnpuHmuemo ga He nozacu 6 g02060shypeHuH pa3Mep UIU U306wo (j)uHaHc06 nacu6 kakmo U Bb3MotkHocmma npegnpuHmuemo ga nozacu 6 nbleH pa3Mep (j)uHaHc06 nacu6 HO Ha no-kbcHa gama om y20shy60peHama
z) LjeHoBu puck - puck npOU3mUyaw om kOle6ashyHUHma 6 ueHama Ha (j)uHaHco6 uHcmpYMeHm kOOmo 6 3a6ucuMocm om 6uga Ha (j)uHaHc06uH uHcmpYMeHm Motke ga 6bge 6aJymeH puck puck npOU3mUyaw om npOMeHU
6b6 6aJymeH kypc IUX6eH puck puck npOU3mUyaw om npoMeHu 6
PUCKbm B HoBama napagu2Ma
lIux6eH npOleHm na3apeH puck - puck npoU3mu4aw om npoMeHu
6 na3apHa leHa XegmupaHe 3a leAUme Ha c4em06ogcm6omo
onpegeNlHe Ha egHu UIIU n06eye xeglkupawu UHCshympYMeHmu U3MeHeHuemo Ha YURmo cnpa6egllu6a cmOUHocm npegcma6M16a lRIIOCmHa UIIU yaCmUYHa kOMneHcaluR 3a npoMRHama 6 cnpa6egllu6ama cmoOshyHocm U 6 napUYHUme nomOlU Ha xeglkupaHama no-3UlUfl
XegmupaHa n03UlUR akmu6 nacu6 g02060p UIIU npozH03Ha 6bgewa cgelka kORmo a) U311aza npegshynpuRmuemo Ha puck om U3MeHeHURma 6 cnpa6egllu6ashyma cmOUHocm UIIU om npoMeHu 6 6bgewume napUYHU nomOlU U kORmo 6) 3a lelume Ha OmYUmaHe Ha xegshylkupaHemo ce onpegelfl kamo 3awuma6aHa n03UlUR
Xegmupaw uHcmpYMeHm onpegeleH npou3shy60geH ltj)uHaHc06 uHcmpYMeHm (npu pegku 06cmoRshymelcm6a Molke U HenpoU360geH ltj)uHaHc06 uHcmpyshyMeHm) YURmO cnpa6eglu6a cmoOHocm UIU napW-lHU nomOlU ce oyak6a ga kOMneHcupam npoMeHume 6 cnpa6egllu6ama cmOUHocm U 6 napUYHUme nomOlU Ha onpegelleHa xeglkupaHa n03UlUR 3a lellume Ha m03U cmaHgapm Henpou360geH ltj)uHaHc06 uHcmpyshyMeHm Molke ga 6bge onpegelleH xeglkupaw uHcmpyshyMeHm npu OmYUmaHe Ha xeglkupaHe caMO ako 3awushyma8a puck npoU3mU4aw om npoMeHu 6b6 6allymeH kypc (8allymeH puck)
Ecentlekmu6Hocm Ha xegmupaHe - cmeneHma go kORmo kOMneHCaluoHHUme npoMeHu 6 cnpa6egllushy6ama cmOUHocm UIIU napu4Hume nomOlU c8bp3aHu c gageH xeglkupaH ltj)uHaHco8 puck ce nocmuzam om xeglkupawuR uHcmpYMeHm
Ceklopumu3alUR - npOleCbm nocpegcm60M koumo ltj)uHaHco6ume akmu6u ce mpaHcltj)0pMupam 6 leHHU kHulka
npegnpuRmuRma u38bpw6awu xeglkupaHe npu 3ano46aHe Ha xeglkupaHemo clleg8a ga UMam oltj)ushylUailHa gokYMeHmalUR 3a 63auMoomHoweHuRma Ha xeglkupaHe U lelume Ha npegnpuRmuemo npu npegshynpueMaHe Ha ynpaBI1eHuemo Ha pucka (cpupMeHa nOJushymuka omHOCHO xegHwpaHemo) kORmo 3agblllkumellHo mpR66a ga pezllaMeHmupa cllegHume acnekmu
npUHlUnU Ha xeglkupaHe 8 npegnpuRmuemo lell Ha xeglkupaHemo U cmpamezuR 3a ynpa611eshy
Hue Ha centluHaHc06ume pucko6e 6 npegnpuRmuR onpegelflHe Ha xeglkupawume uHcmpYMeHmu U
Ha c6bp3aHume c mRX xeglkupaHu n03UlUU (eguHUlu) onpegelflHe Ha 8uga U ecmecm80mo Ha 06e3neshy
ya8aHUme ltj)uHaHco8u puck06e onpegelflHe Ha HaYUHa no koOmo we ce Oleshy
HA6a eltj)ekmu8Hocmma Ha xeglkupawume uHcmpYMeHshymu
npegnpuAmuAma mpA68a ga 04akBam 4e xegshylkupaHemo we 6bge 8ucoko eltj)ekmu6Ho npu 0leHR8ashyHemo My Ha mekywa 6a3a ga ca onpegellulu 8epOAmshyHocmma 3a oCbwecmBRBaHe Ha npoZH03Hama cgellka om npegnpuRmuemo cnpAMo kORmo ce npulaza xegshylkupaHe Ha ltj)UHaHcoBume U puckoBe kamo 3Ha4UMU ga UMam 6b3MolkHocm 3a HagelkgHa oleHka Ha eltj)ekshymuBHocmma om xeglkupaHe
107
B npullolkeHuemo kbM ltj)uHaHCoBugtI 2OgUWHUgtI omshy4em ce onoBecmflBa uHltj)0pMalUgtI 3a
I $uHaHco6ume uHcmpYMeHmu a) Cb3gageHume nopmltj)eullu om ltj)uHaHc06u UHCshy
mpYMeHmu 6 npegnpuAmuemo 6) 6b3npuema 6 npegnpuRmuemo ltj)upMeHa nOllushy
mula omHOCHO npu3Ha6aHemo om4umaHemo U oleHkama (nbPshy
80HayailHa U noclleg6awa) Ha ltj)uHaHco8ume UHCshympYMeHmu
Cb3gageHume nopmltj)eullu - lell Bug U cnelultj)ushyku 6) Bcuyku 3HaYUMU ltj)uHaHco6u puckoBe om 2legshy
Ha moYka Ha ltj)uHaHcoBama cma6uIIHocm Ha npegshynpuRmuemo koumo ca 6b3HukHalu npe3 om4emHUR nepuog kakmo U
geucmBuRma koumo ca npegnpuemu 3a npegoshym8pamR8aHemo UM 8 6bgewe
ce cbgbplkam 6 HalUYHUme ltj)uHaHcoBu uHcmpyshyMeHmu kbM gamama Ha ltj)uHaHcoBuR omyem
ce Cbgbplkam no npUHlUn 6 cb3gageHume om npegnpUJImuemo nopmltj)eOllu II XegmupaHemo a) 06wama cmOUHocm Ha
xeglkupawume uHcmpYMeHmu no Bug
pe3epBa om xeglkupaHe kbM gamama Ha ltj)uHaHcoshy8UR omYem
xeglkupaHume n03UlUU (eguHUlu) no 6ug Ha n03UlUUme U no 6ug Ha xeglkupaHume ltj)uHaHcoshy8u puck06e
cpegHama eltj)ekmu8Hocm om xeglkupaHemo 3a OmyemHUR nepuog B npegnpuRmuemo - 06w0 3a npegnpuflmuemo kamo lRIIO U no 6ug Ha xeglkushypawUt e uHcmpYMeHmu 6) gokYMeHmupaHama ltj)upMeHa nOllumuka 8
npegnpuAmuemo omHOCHO xeglkupaHemo 8) Bb3npuemuR HaYUH 3a oleHka Ha eltj)ekmu6shy
Hocmma Ha xeglkupaHemo
4em6bpmu npuMep - Hapeg6a N2 25 om 2006 2 3a u3uck6aHURma kbM geuHocmma Ha uHBecmulUOHHUshyme gpymecmBa U g0206opHume centloHgo8e
Cnopeg ma3U Hapeg6a uH8ecmulUOHHOmo gpyshylkecmBo cbom6emHo ynpaBIIR6awomo gpyJokecm60 koemo geOcm6a 3a cMemka Ha g02080peH ltj)OHg pa3shypa60mBa u npueMa BbmpeWHU npaBuJa 3a ynpaBI1eHue Ha pucka c lel nocmORHHO Ha61IogeHue U oleHka Ha pucka Ha 6cRka egHa n03UlUA u HeUHomo 611UAHue Ha puckoBuR npoltj)u Ha leIlUA nopmltj)eull
BbmpeWHume npa6ulla ypelkgam eltj)ekmu8HU npolegypu 3a ycmaH06R8aHe ynpa811eHue U Ha611logeshyHue Ha pucko8eme Ha koumo e u3110lkeHo UIU Molke ga 6bge U3lolkeHo uH6ecmulUOHHOmo gpylkecm60 Cbom8emHo g02080pHuRm ltj)OHg
Ako uH8ecmulUOHHomo gpylkecm80 cbom6emshyHO ynpa8l1A8awomo gpylkecm80 koemo geucm6a 3a cMemka Ha gow6opeH ltj)OHg uHBecmupa B gepu8ashymuBHu ltj)uHaHcoBu uHcmpYMeHmu npaBullama 3a ynshypaBlleHue Ha pucka mpR6Ba ga nocoY8am BugoBeme gepu8amuBHu uHcmpYMeHmu 8 koumo uH8ecmupam
108
oCHoBHume puckoBe kOflU4eCmBeHUme flUMUmU U U3shy6paHUme Memogu 3a 04eHka Ha pucka CBbp3aH Cme3U uHBecmuLuu
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1 Ilolumuku U npOLegypu 3a ugeHmultgtukaLUR Ha puckoBeme CBbp3aHU C geQHOCmma U uHBecmuLuUshyme
2 IlpoLegypu 3a oLeHka Ha puckoBeme npUJoshy~UMU Memogu onpegeAAHe U cna3BaHe Ha puckoBume ozpaHu4eHuR kakmo U 3a gonyckaHe Ha u3kAIo4eHuR B cly4au Ha u3BbHpegHu cumyaLuu
3 Pa3pa60meHu nOlumuku U npoLegypu 3a noeshyMaHe ynpaBleHUe Ha61IogeHue U pegYLUpaHe Ha Bceshyku Bug puck
4 Ilolumuku u npoLegypu 3a u3MepBaHe u ynpaBshyleHUe Ha BCU4ku CblllecmBeHu U3m04HULU Ha na3apeH puck
5 Kpamkocp04Ha U gbAZOCp04Ha cmpamezuR 3a ynpaBleHue Ha puckoBeme BkAIo4Ballla guBepcultgtushykaLufl Ha onepaLUOHHUme puckoBe cBbp3aHu c Bceku Bug geuHocm
6 llepuogu4eH npezleg Ha U3nOI3BaHUme Memoshygu 3a oLeHka
7 Ha61IogeHue u nepuogu4Ha oLeHka 3a CbomshyBemcmBue Ha npaBulama 3a ynpaBleHue Ha pucka c na3apHume YCIOBUR
8 IlpoLegypu 3a nblHO gocmoBepHo m04HO u cBoeBpeMeHHo gokYMeHmupaHe u oC4emoBogRBaHe Ha BCU4ku cgelku u oLeHka Ha eltgtekmuBHocmma Ha cgelkume
9 L113zpa~gaHe Ha eltgtekmuBHa u HaBpeMeHHa cucshymeMa 3a om4emHocm BkAlo48allla Hu8a u cpok08e 3a gokAag8aHe 8ug08e om4emu koumo ce npegcma8Rm Ha kOMnemeHmHume u ynpaBumeflHume opzaHu ltgtopshyMU Ha gokAag8aHe npu omkpu8aHe Ha zpewku HepegshyHocmu Henpa8ulHa ynompe6a U3MaMU UIU 3Ioynomshype6a
Ako uH8ecmuLUOHHOmo gpy~ecm80 cbom8emshyHO ynpa8AABalllomo gpy~ecm80 koemo geQcm8a 3a cMemka Ha goz080peH ltgtOHg uH8ecmupa 8 gepuBashymu8Hu uHcmpYMeHmu npa8uAama 3a ynpa81eHue Ha pucka BkAIo48am u
1 CnuCbk Ha gepu8amuBHume uHcmpYMeHmu B koumo uH8ecmupa kOlekmuBHama uH8ecmuLUoHHa cxeMa
2 OCHoBHume puck08e 3a 8ceku gepu8amu8eH uHcmpYMeHm
3 KOlU4eCm8eHume ozpaHu4eHuR 3a uH8ecmupashyHe Bb8 8ceku gepu8amuBeH uHcmpYMeHm
4 L1136paHume Memogu 3a oLeHka Ha pucka C8bpshy3aH c uH8ecmupaHemo 8 me3U uHcmpYMeHmu
C LeI eltgtekmu8Ho Ha61IogeHue U ynpa81eHue Ha pucka ynpa8AA8alllOmO gpy~ecm80 Cb3ga8a npa-8uIa 3a 8bmpewHa opzaHU3aLUR c RCHO onpegeleHu U np03pa4Hu Hu8a Ha omz080pHocm Me~gy IULama Y1acm8alllu 8 npoLeca Ha ynpa8leHue Ha pucka kakshy
mo u agek8amHu MexaHU3MU 3a 8bmpeweH kOHmpOfl 8kAIo4UmelHO RCHU agMuHucmpamuBHu u c4em080gshyHU npoLegypu
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1 LIIgeHmultgtULUpaHe Cb6upaHe u pa3npocmpaHRshyBaHe 8 nogxogRllIa ltgtopMa u cpokoBe Ha Hage~gHa U gocm08epHa uHltgt0pMaLUR kORmo n03BoAA8a Ha 8CRko IULe 8 ynpa8AA8alllomo gp~ecmBo ga noeMe onpeshygeleHa omzoBopHocm
2 EltgtekmuBHa kOMYHukaLUR no XopU30HmalHa u 8epmukalHa IUHUR u Ha Bcu1ku uepapxu4Hu HuBa Ha gpy~ecm80mo
3 Ilolumuku u npoLegypu 3a pa3pewa8aHe u og06pR8aHe
4 Ilolumuku u npoLegypu 3a pa3geAAHe Ha omshyZOBopHocmume no Ha4UHa koumo He Ii03BOAABa eguH Cfly~umel egH08peMeHHO ga HOCU om20BopHocm no og06pRBaHe U3nb1HeHUe OC1emoBogR8aHe u kOHn1shypOI Ha cgelkume
5 Ilolumuku u npoLegypu 3a gocmbn go UHltgtOPshyMaLURma
6 Ilpa8ula 3a ynpa81eHue Ha 40Bewkume pecypshycu
3a npUlaZaHe Ha npaBulama 3a ynpaBfleHue Ha pucka ynpaBAABalllomo gpy~ecmBo Cb3ga8a 3BeHo 3a ynpaBleHue Ha pucka koemo ltgtYHkLuOHUpa He3aBucushyMO om 38eHomo 3a ckAIo48aHe Ha cgelku om4uma ce npRko npeg ynpaBumelHuR opzaH U
1 Pa3nOAaZa c nogxogRllIO kBalultgtuLUpaH nepcoshyHal
2 Pa3pa60m8a u BHegpRBaHe cucmeMama 3a ynshypaBleHUe Ha pucka
3 L11320mBfl u aHaAU3Upa e~egHe8Hume om4emu c Lel oLeHka Ha pucka Ha BCRka n03ULUR u Ha nopmltgteushyAa kamo LfllO u npegnpueMa Mepku 3a ozpaHu4a8aHe Ha puck08ume ekCn03ULUu
4 L113BbpwBa nbpBoHa4alHa U mekYllla npoBepka Ha Memogume 3a oLeHka Ha pucka u npa8u npeglo~eshyHue 3a mRXHama kopekLwl
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6 Y4acmBa B e~egHeBHume npoLecu no nAaHUshypaHe Ha61logeHue ynpa81eHue u kOHmpol Ha puckoshyBeme
YnpaBUmelHURm opzaH Ha uH8ecmuLuoHHomo gpy~ecmBo Cflegu 3a cna3BaHemo Ha npaBuAama 3a ynpa8leHue Ha pucka a ynpaBumelHuRm opzaH Ha ynshypaBIRBalllOmO gpy~ecmBo clegu 3a cna3BaHemo Ha npa8uAama 3a ynpaBleHue Ha pucka u Y1acmBa akmuBshyHO B npoLeca no ynpa81eHue Ha pucka
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2 Om4umaHemo Ha oueHkume Ha pucka B egtkeshygHeBHomo ynpaBieHUe Ha pucka U ueiocmma Ha ynshypaSieHckama uHltjgt0pMauuoHHa cucmeMa
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4 06xSama Ha OCHoSHume puckoSe u ymSopgtkga~ SaHe Ha Scu4ku cowecmSeHu npoMeHu S npoueca Ha u3MepSaHe Ha pucka
5 T04Hocmma U nbiHOmama Ha gaHHume 3a n03Ushyuuume m04Hocmma u YMecmHocmma Ha gonyckaHuRshyma 3a SOiamUiHOCm u kopeiauuSl kakmo u m04Hocmshyma Ha oueHkama u U34UCieHURma 3a 4yScmSUmeiHOCm koM puck
6 CbBMeCmUMocmma HaSpeMeHHocmma U HashygegtkgHocmma Ha U3mo4Huuume Ha gaHHu BkAlo4ushymeiHO He3aSucuMocmma Ha uHltgt0pMauuoHHume U3shym04Huuu
7 Pe3YimamUme om mecmoBeme 3a BaAugHocm U m04Hocm Ha U3n0i3SaHUme Memogu
IlpoSepkama Ha npoueca no ynpaSieHUe Ha pucka ce gokyMeHmupa
IIIHBecmuuuoHHomo gpygtkecmBo coomSemHo ynpaSiRBawomo gpygtkecmBo koemo geOcmSa 3a cMemka Ha gozoSopeH ltjgtOHg u3SbpwBa npezieg Ha cucmeMama 3a ynpaBieHUe Ha pucka SegHbgtk zoguwshyHO U npegcmaBSI Ha kOMucuSlma gokiaga om npeziega Ilepuogom o6xSawa mekywama ltjgtuHaHcoSa zoguHa
B HauUOHaAHOmO 3akoHogameicmSo S nOCiegHushyme zOgUHu UMa egHa cowecmSeHa oco6eHocm kORmo ce cocmou SOS BbSegtkgaHemo Ha gupekmuSume Ha ESshyponeOckuR napAaMeHm U Ha CbBema B 6bizapckume HopMamuSHU akmoSe (Sgtk IlpuMep 52)
npUMep 52
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3akoHbm 3a kpegumHume uHcmumYlIuu SbSega pa3shynopeg6ume Ha JJupekmuSa 89117EEC Ha CbSema omHocshyHO 3agb~eHuRma Ha kioHoSeme Ha kpegumHu uHcmumyshylIUU U Ha ltjgtuHaHcoSu uHcmumYlluu ycmaHoSeHu S gbPaSa 4ieHka 4uumo ZAaSHu ynpaSleHuR ce HaMupam U3SbH ma3U gopaSa 4IIeHka omHOCHO ny61ukySaHemo Ha zoshyguwHU c4emoSogHu gokYMeHmu JJupekmuSa 200046EC Ha ESponeockuR napllaMeHm U Ha CbSema omHOCHO npegshynpueMaHemo ocoUJecmSRSaHemo Ha geOHocm U Hag30pa Hag geOHocmma Ha UHcmumYlluume 3a eAekmpOHHu napu JJupekmuSa 200124EC Ha ESponeOckuR napAaMeHm U Ha CbSema omHocHO peopzaHU3allURma U npekpamRBaHemo
Ha kpegumHu UHcmumYLUU U JJupekmuSa 200648EC Ha ESponeOckuR napllaMeHm U Ha CbSema omHOCHO npegnpueshy
__ 109
MaHemo U ocoUJecmSRBaHemo Ha geOHocm om kpegumHu uHcmumYlluu (nonpaBka)
3akoHbm 3a ny61u4Homo npegAaZaHe Ha lleHHu kHUshya SbSega pa3nopeg6ume Ha JJupekmuSa 85611jEItlO Ha CbSema omHOCHO koopguHupaHemo Ha3akoHoSume nog3ashykOHoSume u agMuHucmpamuBHume pa3nopeg6u omHOCHO npegnpuRmURma 3a kOlekmuSHO UHSecmupaHe S npexBbPshyIUMU lleHHu kHua (nKltlnUK) JJupekmuSa 9322EItlO Ha CbBema omHOCHO uHSecmulluoHHume yClyzu S o61acmma Ha lIeHHUme kHua JJupekmuSa 979EO Ha ESponeOckuR napllaMeHm u Ha CbSema omHOCHO cxeMume 3a 06e3UJemeshyHue Ha UHSecmumopume JJupekmuSa 200371EO Ha ESshyponeOckUR napllaMeHm U Ha CbSema omHocHO npocnekma koOmo ClegSa ga ce ny6lukySa kozamo ny61u4Ho ce npegshy
llazam lIeHHU kHua UIU k02amo ce gonyckam lleHHU kHUshya go mbpzySaHe u omHOCHO U3MeHeHue Ha JJupekmuSa 2001j34EO JJupekmuSa 200439EO Ha ESponeOckuR napshyAaMeHm u Ha CbSema omHOCHO na3apume Ha ltjgtuHaHcoBu uHcmpYMeHmu 3a U3MeHeHue Ha gupekmuBu 85611jEItlO u 936EItlO Ha CbSema u JJupekmuSa 200012EO Ha ESposhyneOckuR napllaMeHm u Ha CbSema u 3a omMRHa Ha JJupekshymuSa 9322EItlO Ha CbSema
HOBATA nAPAIllllrMA - IIIHTErPIIIPAHO ynPABAEHIIIE HA PIIICKA HA OprAHIII3AUlllJlTA3
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Hewo noSe4e Pa3Sumuemo Ha kOMnaHuume om HoSama UkOHOMuka me Ha kOMnaHuume Ha Sucoshykume meXHOi02UU zu C6ibCkSa c ZOiRM 6poO CAOgtkHU Hen03Hamu u HeU3Y4eHu puckoSe koumo cowecmSeHo 8iURRm 8bpxy mRXHama opzaHu3auuR ueiu u noSegeshyHue
EgUH gaie4 He nblleH cnucok om ltjgtakmopu koumo ca npU4UHa 3a HeonpegeieHOCmma u pucka 806wama amMocltjgtepama Ha 6u3Heca 8kA1048a
meXHOiOZUUme u IIIHmepHem mepopucmu4Hume 3aniaXU pacmRwama Zio6aiHa kOHkypeHuuR y8eiU4a8aHe Ha c806ogama Ha mbpzo8uSlma u
uH8ecmuuuume S c8emoSeH Mawa6 iOW MeHuggtkMbHm
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kopynuuoHHu npakmuku
omCAa6BaHe Ha gbpgtka8Homo pezyiUpaHe 8 omshypaCAume Ha UkoHoMukama
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3 T Barton W Shenkir P Walker Making enterprise risk manshyagement pay off Pearson Education Inc N Y 2002
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112 __
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2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
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paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
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17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
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28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
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1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
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17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
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7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
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__ 115
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116 __
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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me kOHzlloMepamu (3QH(jgtK)
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5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
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9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
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36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
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BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
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41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
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48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
98
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npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
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__ 105
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106 __
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107
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108
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__ 109
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2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
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6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
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2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
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paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
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cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
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8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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AeHUR Ha cmuxuume 6 npupogama +) OZpaHUleHOCm Ha lfoBewkomo n03HaHue 3a nposhy
6AeMHu cumyauuu npouecu U R6AeHuR 6 npuposhygama u 06wecm60mo
(+ cmOXaCmUlfHOCm u MHozo6apuaHmHocm Ha COUUshyaAHo-ukoHOMUleckume u meXHOAOZUleckume omshyHoweHUR u Ha nOCAeguuume om mRX
+ HaAUlUe Ha npomu60peluBu uHmepecu HaZMCU oueHku HaMepeHuR u kOHcjgtAukmHu meHgeHuuu 6 06wecm60mo u B omgeAHume cy6ekmu (600shyHU MegtkgYHapogHu kOHcjgtAukmu kOHkypeHuuR u mH)
cmoxaCmUleH xapakmep Ha nOR6ama Ha Ho6ume meXHOAOZUU omkpumuR u306pemeHuR cucmeMU
u peweHuR 6b6 6culku ccjgtepu Ha 06wecm6eHama npakmuka kakmo u Ha nocAeguuume om mRX
100 __
lt HenbAHoma 3azy6a UAU u3kpuBRBaHe Ha UHltjgt0pMashy~uRma 3a RBAeHuR npo~ecu U 06ekmu U ozpaHushy4eHU Bb3MogtkHocmu Ha 40Beka U mexHu4eckume cucmeMU 3a Cb6upaHe npegaBaHe U 06pa60mBashyHe Ha UHltjgtopMa~UR
++ ozpaHU4eHocm Ha pecypcu U geltjgtu~um Ha BpeMe B HenocpegcmBeHa Bpb3ka c o~eHkama - U3shy
MepBaHemo U U3m04Hu~ume Ha pucka e U ynpaBAeshyHuemo Ha pucka TeopUllma U oc06eHo npakmukama Ha ynpaBAeHuemo Ha pucka ce C6AbckBam c Bce noshyCbBbpweHU mexHuku kamo gUHaMu4HO xeggtkupaHe Ha unomeku cmagHuR CUHgpOM U kpegumHume geshypuBamu It1 Bce nak Cb~Hocmma Ha ynpaBAeHuemo Ha pucka e 6b6 63eMaHemo Ha peweHue 3a MakcuMushy3upaHe Ha MHomecm6omo om ltjgtakmopu YCAo6uH U o6cmoHmeAcm6a koumo Mozam ga ce ynpa6AH6am U MUHUMu3auUH Ha MHomecm6omo om ltjgtakmopu YCAo6uH U o6cmoHmeAcm6a koumo He Mozam ga ce ynpa6M6am U 6 paMkume Ha koumo 6pb3kama npulluHa-cAegcm6ue e ckpuma UAU Heu36ecmHa
Ynpa6AeHUemO Ha pucka kamo m6opllecku npouec
B COUUOAOZURma ynpaBAeHUemO Ha pucka ce onpegeMI kamo mBoptfecku npo~ec tfUHmO peallu3a~uH e u3k11lowshymellHO 3agbllHlteHUe U oCHoBHO CPYHk~UH HO lIugepume B OpZOHu30~uume PbkoBogumeAume UMam 3agbAgtkeHushyemo nocmORHHO ga u3BbpwBam kOHmpoA Hag pucka U ga cAegRm 3a nomeHuUaAHUme onaCHocmu koumo ca npRko cBbp3aHu c meXHume omzoBopHocmu PbkoshyBogumeAume U AU4HURm CbcmaB Ha BCU4ku pa6Hu~a ynpaBARBam pucka npu U3nbAHeHuemo Ha pa3AU4Hume geOHocmu U ynpagtkHRBaHemo Ha nbAHOMO~URma cu BCRko pbkoBogcmBo ce peaAU3upa kamo nOCAegoBashymeAHU kOMaHgHo-ynpaBAeHcku npo~ecu 3a Ha6AlogeshyHue opueHmauUR peweHue U geOcm6ue 06eguHeHu 6 eguHeH kozHumuBeH uukbA koomo e kOH~enmyaAHa nopagtkga~a Memaltjgtopa ompa3R6a~a oCH06Hama nocshyAegoBameAHocm om geOcm6uR U3nbAHRBaHa B npoueshyca Ha cmpamezu-Iecko pbk060gcm60
OCHoBHume cpakmopu koumo mpR66a ga ce omshy-Iumam U xapakmepu3upam Bceku puck ca HeonpegeshyAeHocm nopagu He3HaHue ujUAU Aunca Ha uHltjgt0pMashy~UR Hem04Hocm 6 pe3YAmam Ha Hegocm06epHu UAU HenbAHU kOAu4ecmBeHu ujufu ka4ecm6eHu oueHku 3a pa3ZAegtkgaHama np06AeMHa cumyauUR u kOHqpoHmashy~URma nopogeHa om npomuBogeucmBuR c pa3AU-IeH zeHe3UC
PuckoBuRm mOAepaHc u3Mep6a lIuHgu6ugyaAHuR anemum 3a puck cnopeg koomo xopama ca u36Rz6ashy~U pucka mbpCa-lU Ha pucka U HeympaAHu kbM pucka Te3U oc06eHocmu B anemuma Ha Bceku -I06ek 3a6ushyCRm om kOHkpemHama np06AeMHa cumya~uR U AU4HOCshymHama xapakmepucmuka om Bb3pacmma om 06pa3oshyBaHuemo om MamepUaAHOmO 6AazonoAY4ue U mH
npueMa ce 4e puck MeHuggtkMbHmbm nOR6uA ce 6bB Bmopama nOAoBuHa Ha XX Bek Bce noBe-le ce ymBbPgtkga6a kamo CUHmemUtfHa HOY-lHO guc~unlluHo kORmo u3yYaBa BAuRHuemo BbPXY pa3AU-IHU cltjgtepu Ha 406ewkama geuHocm Ha cAyYauHu Cb6umuR koumo HaHaCRm ltjgtu3u-lecku ujUAU MamepuaAHu ~emu
npU moBa mpR6Ba ga ce 3Hae -Ie HaU-Hanpeg noshyHRmURma puck ~ema ca ce nORBuAU 63acmpaxoBashymeAHomo geAo a no-kbcHo U 6 60pcoBama geuHocm B mexHu4eckume Hayku ce u3Y4aBa HagegtkgHocmma Ha pa3AU4HU ycmpoOcmBa U cucmeMU am me3U Hayku B puck MeHuggtkMbHma BAR30xa maku6a Memogu kamo HanpuMep 9bpBo Ha Cb6umuRma U 9bPBo Ha omka3ushyme am MeHuggtkMbHma CbomBemHO BAR30xa makuBa nogxogu kamo nomokoBu U cmpykmypHu guazpaMu om ltjgtuHaHcume - MHogtkecmBo Memogu Ha ltjgtUHaHcoshyBUR aHaAU3 U mH 5e3cnopHo meopuRma Ha BepoRmshyHocmume U MameMamU-Ieckama cmamucmuka 3aegHo c meopURma 3a B3eMaHe Ha peweHuR gagoxa He caMo nOHRmueH ana pam HO U oCHoBeH uHcmpYMeHmapuYM 6 puck MeHuggtkMbHma
Tyk e Cb~ecm6eHo ga ce om6eAegtku 4e om mepshyMUHOAOZU-IHa ZAegHa mO-lka puck MeHuggtkMbHmbm He e B 3aBbpweHo U HanbAHo ycmaHoBeHo CbcmoRHue Pa36upa ce eg6a AU e 6b3MogtkHO u He06xoguMo ga ce yegHak6Rm Bcu-Iku nOHRmUR U UHcmpYMeHmu koumo ca ym6bpgeHu U ce U3noA36am B pa3AU-IHU cqepu Ha -IoBewkama geaHocm HanpUMep c06cm6eH e3uk U Memogu UMa B 3acmpaxoBaHemo B MameMamU4ecshykama cmamucmuka ~B gpyzu Hanpa6AeHuR koumoce pa3Au4a6am om 06~onpuemume B puck MeHuggtkMbHshyma no-BagtkHomo e He ga ce cmaHgapmu3upam pa3shyAU-IURma a ga ce n03Ha6am
ETAIlIIIIII CTPATErIllIll HA ynPABAEHCKIII$I npOUEC
Cb~ecm6y6am pa3AU4HU cxeMU Ha npo~eca Ha ynpa6shyAeHue Ha pucka 06~omo 6bB Bcu-Iku cxeMU e 4e me npegcmaBARBam MHozoemaneH npo~ec koamo UMa 3a ~eA ga HaMaAU UAU kOMneHcupa ~emume 3a 06ekma npu HacmbnBaHe Ha He6AazonpuRmHu Cb6umuR
HaO--Iecmo kamo oCHoBHU ce cucmeMamu3upam CAegHume nem emana Ha npoueca Ha ynpaBAeHue Ha pucka
aHaAU3 Ha pucka u360p Ha Memogu 3a Bb3geacm6ue BbPXY pucshyka 63eMaHe Ha peweHue HenocpegcmBeHo Bb3geucmBue BbPXY pucka kOHmpoA U kopuzupaHe Ha pe3YAmamume Emanbm aHaAU3 Ha pucka BkAlo-l6a gBa nogemashy
na a) pa3kpuBaHe (ycmaH06R6aHe ugeHmultjgtukauUR) Ha 6CU4ku puck06e koumo ca npuCb~u Ha u3Cieg6ashyHama cucmeMa 6) kOAU-Iecm6eHa UjUAU ka4ecmBeHa o~eHka Ha ycmaHoBeHume puck06e me Ha meXHume xapakmepucmuku kakmo U Ha 6epoRmHocmma U pa3shyMepa Ha 6b3MogtkHama ~ema UAU 3azy6u
3a ugeHmuquka~uR Ha puck06eme Mozam ga ce u3noA3Bam pa3AU-IHU Memogu u cpegcmBa kamo HashynpuMep aHkemu (cmaHgapmHu UAU cne~uaAu3upaHu) cmpykmYPHu guazpaMu nomok06u guazpaMU Heshynocpegcm6eHa uHcnek~uR Ha MRcmo aHaAU3 Ha ltjgtushyHaHcoBama u ynpaBAeHckama om4emHocm u mH B c6em06Hama npakmuka wupoko pa3npocmpaHeHue UMam cmaHgapmu3upaHume aHkemu pa3pa60meHu om MegtkgYHapogHu aco~ua~uu kOHCYAmaHmcku u U3shycAeg06ameAcku uHcmumyuuu Taka HanpuMep wuposhy
PUckbm B HoBama napaguzMa
ka nonYMlpHocm UMam aHkemume c noBelje om 500 Bbnpoca Ha AMepukaHckama acouuauul1 Ha MeHuggtkbshypume (American Management Association) ymBbpgeHu om 06LtJecmBomo 3a ynpaBeHue Ha pucka U 3acmpashyxoBaHemo (Risk and Insurance Management Society)
3a oleHka Ha pucka oCHoBHO ce mno3Bam mpu nogxoga
aHaU3 Ha cmamucmuljeckume gaHHu 3a He6ashy2OnpUl1mHU cb6umul1 B MUHaomo meopemUljeH aHaU3 Ha cmpykmypama Ha npushyljUHHo-cegcmBeHume BPb3ku Ha npoueca (cueHashypeH nogxog) ekcnepmeH nogxog IJJupokomo npuogtkeHue Ha nbpBul1 nogxog ce
cBbp3Ba c u3no3BaHemo Ha C1egHume ljemupu Meshymoga Memoga Ha gbpBomo Ha Cb6umul1ma Meshymoga Cb6umue-cegcmBue (HAZOR Hazard and Operability Research) Memoga Ha gbpBomo Ha omkashy3ume U Memoga Ha uHgekcume Ha onaCHocm (HanpushyMep uHgekca nay - Dow Fire and Explosion Index)
Memogume 3a oueHka Ha 3a2y6ume (LtJemume) BkoljBam kakmo npekume (HenocpegcmBeHu) 3azy6u maka U kocBeHume 3aly6u (nponycHamu nO3U 3aly6a Ha uMuggtk u mH)
Ha emana 1I0HOIIU3 HO puckd ce ltj)opMupam u MHogtkecmBo cueHapuu 3a pa3Bumue Ha He61a20npUl1mshyHU cumyauuu u 3a pa3u4Hu puckoBe MOlam ga 6bgam nocmpoeHu ltj)YHkuuu Ha pa3npegeeHue Ha Bepol1mshyHocmume 3a HacmbnBaHe Ha LtJema B 3aBucuMocm om HeUHUI1 pa3Mep
AHaU3bm Ha pucka ljecmo Mogtke ga npomulja B pa3u4Hu HanpaBeHUI1 HanpuMep om pa3kpuBaHe kbM oueHka U o6pamHo a gopu He BUHa2U e Bb3MOgtkshyHO m03U aHaU3 ga 6bge pa3geeH Ha caMOCmOl1meHu ljacmu om o6LtJuI1 npouec
CAegBaLtJul1m eman lIu360p HO Memogu 30 8b3shygeiicm8uR 8bPXY pucka e HaC04eH kbM MUHUMu3upashyHe Ha Bb3MogtkHama LtJema B 6bgeLtJe U nopagu moBa Bb3HukBa npo6eMbm 3a oueHI1BaHe Ha cpaBHumeHashyI rna eltj)ekmuBHocm Ha pa3zegtkgaHume gocmbnHU Meshymogu 3a Bb3geucmBue no MHogtkecmBo om pa3U4Hui kpumepuu Kakmo ljecmo ce onpegeI1 moBa Mogtke ga e mUnUljHa 3agalja Ha MHo2okpumepuaHUI1 aHaU3 u onmUMu3auUI1I
l Tpemul1m eman 1183eMaHe Ha peweHue BkoljBa
onpegeN1Hemo Ha Heo6xoguMume pecypcu 3a peaushy3upaHe Ha u36paHUl1 Memog 3a Bb3geucmBue BbPXY pucka aHaU3 Ha ycoBul1ma Ha cpegama pa3npegeshy
I
eHue Ha om2oBopHocmume Ha uuama no puck MeshyHuggtkMbHma U mH
npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
cmeneHy6a no npuopumemu Mepkume 3a npeshygom6pamfl6aHe HaMaM6aHe u ozpaHu4a6aHe Ha pucshyka kamo om4uma ycmaHo6eHufl puck npu4uHume 3a 6b3Huk6aHe Ha onaCHocmume allmepHamu6Hume peshyweHUfl 6k11Io4umellHO HoBocmume no Cbom6emHume npo611eMu oCbwecmBuMocmma Ha peweHuflma U Bb3shyMogtkHocmma 3a uH8ecmUl~uu
oCbwecm8f18a kOHmpoll 3a U3nbllHeHUemo U eltjgtekmuBHocmma Ha npegnpuemume Mepku
Pa6omogamellflm ym8bpgtkga8a U U3nbllHfl8a nposhyzpaMa 3a oueHflBaHemo Ha pucka OueHfl6aHemo Ha pucka Bkll1046a CllegHume nem emana kllacultjgtukauufl Ha mpyg08ume geuHocmu onpegellflHe Ha pa6omHushyuume u Cllygtkumellume U3l1ogtkeHu Ha onaCHocm onpeshygellflHe Ha elleMeHmUme Ha pucka oueHka Ha pucka gokYMeHmupaHe
nepuogu4Hocmma Ha oueHfl8aHe Ha pucka ce onshypegellfl om pa6omogamellfl 8 3a8ucuMocm om ycmashyHo8eHUfl puck u 8 Cbom8emcm8ue c u3uckBaHuRma Ha HopMamu8Hume akmoBe
3a 6cflka ugeHmultjgtUuupaHa onaCHocm ce onpeshygellflm eAeMeHmUme Ha pucka koumo mfl Cb3ga6a a UMeHHO
nbpBo megtkecmma Ha Bpegama kOflmo ce npeshyueHflBa Cb06pa3Ho 6uga Ha o6ekmume nogllegtkawu Ha 3awuma - xopa uMywecm80 pa60mHa U okollHa cpega megtkecmma Ha 8b3MogtkHume HapaHfl6aHufI UIIU yBpegtkgaHufI Ha 3gpa6emo - He3Ha4UmeIlHU cepu03Hu onaCHU ltjgtamaIlHU 06x8ama Ha Bpegama
Bmopo 8epoflmHocmma 3a HaHaCflHe Ha ma3U 8peshyga kOflmo ce npeueHflBa no 4ecmomama npogbllgtkushymellHOCmma U cneuultjgtuka Ha U311aZaHe BepoflmHocmshyma om 8b3HukBaHe Ha onaCHO Cb6umue mexHuyeckume 6b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya6aHe Ha 8peshygama y08ewkume 8b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya8aHe Ha 8pegama - k6allultjgtukauufl onum U npakmu4ecku 3HaHUfl U YMeHufI OCMUCMHe Ha puckoshyBeme 83auMogeucm6ue Megtkgy xopama nCUXOIIOZU4shyHU COUUallHU U epZOHOMUYHU acnekmu u gpyzu acnekshymu koumo MOlam ga okagtkam 6b3geucm6ue Bbpxy pucka cmOUHocm Ha noka3amellume U ltjgtakmopume no cneuultjgtUYHUme noka3amellu 3a 6e30nacHocm Ha pashy60mHume npouecu pa60mHo 060pyg6aHe U pa60mHu Mecma cmOUHocmume Ha elleMeHmUme 3a MukpokllushyMama mOkCUYHUme 6ewecmBa 8b6 6b3gyxa wYMa 8u6pauuume oCBemlleHUemO UIIbyeHUflma
C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
OueHflBaHemo Ha pucka ce gokyMeHmupa no peg U HaYUH onpegelleH om pa60mogamellfl
npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
OcBeH uumupaHa no-lope Hapeg6a CbwecmByBam U ca 8 CUIIa pa311UIjHU gpYlU Hapeg6u HenocpegcmBeHo
__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
Bmopu npuMep - 3akoH 3a ZeHemUYHO MogultjgtUuupashyHU OpzaHU3MU (3rMO)
B m03U 3akoH ce peZIlaMeHmUpa uflIIOCmHa npoueshygypa 3a oc606ogtkgaBaHe Ha ZeHemUYHO MogultjgtUl~upashyHU opzaHu3Mu (rMO) B OkOIlHama cpega U nyckaHemo Ha na3apa Ha rMO UIIU kOM6uHauufI om mflx kamo nposhygykmu UIIU CbcmaBka Ha npogykmu B ma3U npouegypa ce BkIIIoyBa
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106 __
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4 OueH1I6aHe Ha pucka npou3mu4aw om BCHka ugeHmu(j)ULUpaHa xapakmepucmuka Ha rMO kOHmo Mo~e ga npUYUHU He6Ja20npuHmHu nocleguuu
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5 npuJazaHe Ha cmpamezuu 3a ynpa6leHue 3a pucka om oc6060~ga6aHemo Ha rMO 6 OkOIHama cpeshyga UIU nyckaHemo UM Ha na3apa
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6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
ga ce u36bPWU kamo ce 63eMe npeg6ug 6cHka npegloshy~eHa cmpame2UH 3a ynpa61eHue Ha pucka
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6) kpegumeH puck - puck npou3mu4aw om 6b3shyMO~Hocmma npegnpullmuemo ga He nOJYYu 6 goz060shypeHuH pa3Mep UIU 6b06we (j)uHaHc06 akmu6 kakmo U 6b3Mo~Hocmma npegnpuHmuemo ga nOlY4u 6 nbleH pa3Mep (j)uHaHc06 akmu6 HO Ha no-kbcHa gama om yzoBopeHama
6) AukBugeH puck puck npOU3mUyaw om 6b3shyMotkHocmma npegnpuHmuemo ga He nozacu 6 g02060shypeHuH pa3Mep UIU U306wo (j)uHaHc06 nacu6 kakmo U Bb3MotkHocmma npegnpuHmuemo ga nozacu 6 nbleH pa3Mep (j)uHaHc06 nacu6 HO Ha no-kbcHa gama om y20shy60peHama
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6 na3apHa leHa XegmupaHe 3a leAUme Ha c4em06ogcm6omo
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107
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xeglkupawume uHcmpYMeHmu no Bug
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108
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8 IlpoLegypu 3a nblHO gocmoBepHo m04HO u cBoeBpeMeHHo gokYMeHmupaHe u oC4emoBogRBaHe Ha BCU4ku cgelku u oLeHka Ha eltgtekmuBHocmma Ha cgelkume
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110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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1 I113Bbpw6aHemo Ha cgeAku UAU noga6aHemo Ha HapegtkgaHuA koumo Cb3ga6am UAU Mozam ga Cb3gashygam He6ApHa UAU nogBegtkgal4a npegcmaBa omHOCHO mbpceHemo npegAaZaHemO UAU ~eHama Ha cpUHaHcoshyBu UHcmpYMeHmu UAU koumo onpegeMm 4pe3 geQcshymBUHma Ha egHo Au~e UAU 4pe3 CbBMecmHU geOcmBuH Ha gBe UAU noBe4e Au~a ~eHama Ha eguH UAU HAkoAko cpUHaHcoBu uHcmpYMeHma Ha He06u4aOHo UAU U3kyCshymBeHo Hu60
2 1113BbpwBaHemo Ha cgeAku UAU nogaBaHemo Ha HapegtkgaHuH npu koumo ce u3nol3Bam cpukmuBHu cnoco6u UAU gpyzu CPOPMU Ha U3MaMHU geOcmBuH
3 Pa3npocmpaHHBaHemo 4pe3 cpegcm6ama 3a MacoBo ocBegOMHBaHe BkAIo4umeAHo 4pe3 IIIHmepshyHem UAU no kakbBmo U ga e gpyz Ha4UH Ha UHCPOpshyMa~UA kOAmo Cb3gaBa UAU Mogtke ga Cb3gage HeBHpHa UAU nogBegtkgal4a npegcmaBa omHocHo cpUHaHcoBu UHcmpyMeHmu BkAlo4umeAHo pa3npocmpaHABaHemo Ha cAyxoBe U HeBepHe UAU 3a6AygtkgaBal4u HoBuHU koshyzamo Au~emo koemo pa3npocmpaHABa UHcpopMa~UAshyma 3Hae UAU e gAbgtkHO ga 3Hae 4e UHcpopMa~UHma e HeBApHa UAU nogBegtkgal4a
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112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
1 KakBu ea omGoBopHocmume Ha Buewume pbkoBogushy
melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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ce YCbBbpweHcmBa
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kakb6 gokyMeHm
__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
LRIOmO npegnpuRmue 3aUo 7 Kou U3nOl3BaHU om Bac Memogu 3a ynpaBleHue Ha
pueka UIU go6pu npakmuku 6uxme npenOpb4alU Ha gpyzu npegnpuRmuR 3aU0
8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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MHOZO 3aBucu om kYlmYPHama cpega Ha kOMnaHuRma u Ha HeOHume CbmpygHULU 3aHuMaBaUu ee c HoBoBbBegeHuRshyma B ma3U o6lacm YPOK 2 EltjlekmuBHomo ynpaBleHue B CbBpeMeHHume yCloshy
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
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kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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YPOK 18 I1pegnocmaBka 3a peaAU3aLuH Ha puck MeHuggtkshyMbHma B paMkume Ha LRAOmo npegnpuHmue ca AUIHUme
YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ma3U npUYUHa CbBkynHocmma Ha Bawume SAageHuR - Bashy
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__ 117
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npUlogtkeHue 4
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
100 __
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++ ozpaHU4eHocm Ha pecypcu U geltjgtu~um Ha BpeMe B HenocpegcmBeHa Bpb3ka c o~eHkama - U3shy
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npueMa ce 4e puck MeHuggtkMbHmbm nOR6uA ce 6bB Bmopama nOAoBuHa Ha XX Bek Bce noBe-le ce ymBbPgtkga6a kamo CUHmemUtfHa HOY-lHO guc~unlluHo kORmo u3yYaBa BAuRHuemo BbPXY pa3AU-IHU cltjgtepu Ha 406ewkama geuHocm Ha cAyYauHu Cb6umuR koumo HaHaCRm ltjgtu3u-lecku ujUAU MamepuaAHu ~emu
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ETAIlIIIIII CTPATErIllIll HA ynPABAEHCKIII$I npOUEC
Cb~ecm6y6am pa3AU4HU cxeMU Ha npo~eca Ha ynpa6shyAeHue Ha pucka 06~omo 6bB Bcu-Iku cxeMU e 4e me npegcmaBARBam MHozoemaneH npo~ec koamo UMa 3a ~eA ga HaMaAU UAU kOMneHcupa ~emume 3a 06ekma npu HacmbnBaHe Ha He6AazonpuRmHu Cb6umuR
HaO--Iecmo kamo oCHoBHU ce cucmeMamu3upam CAegHume nem emana Ha npoueca Ha ynpaBAeHue Ha pucka
aHaAU3 Ha pucka u360p Ha Memogu 3a Bb3geacm6ue BbPXY pucshyka 63eMaHe Ha peweHue HenocpegcmBeHo Bb3geucmBue BbPXY pucka kOHmpoA U kopuzupaHe Ha pe3YAmamume Emanbm aHaAU3 Ha pucka BkAlo-l6a gBa nogemashy
na a) pa3kpuBaHe (ycmaH06R6aHe ugeHmultjgtukauUR) Ha 6CU4ku puck06e koumo ca npuCb~u Ha u3Cieg6ashyHama cucmeMa 6) kOAU-Iecm6eHa UjUAU ka4ecmBeHa o~eHka Ha ycmaHoBeHume puck06e me Ha meXHume xapakmepucmuku kakmo U Ha 6epoRmHocmma U pa3shyMepa Ha 6b3MogtkHama ~ema UAU 3azy6u
3a ugeHmuquka~uR Ha puck06eme Mozam ga ce u3noA3Bam pa3AU-IHU Memogu u cpegcmBa kamo HashynpuMep aHkemu (cmaHgapmHu UAU cne~uaAu3upaHu) cmpykmYPHu guazpaMu nomok06u guazpaMU Heshynocpegcm6eHa uHcnek~uR Ha MRcmo aHaAU3 Ha ltjgtushyHaHcoBama u ynpaBAeHckama om4emHocm u mH B c6em06Hama npakmuka wupoko pa3npocmpaHeHue UMam cmaHgapmu3upaHume aHkemu pa3pa60meHu om MegtkgYHapogHu aco~ua~uu kOHCYAmaHmcku u U3shycAeg06ameAcku uHcmumyuuu Taka HanpuMep wuposhy
PUckbm B HoBama napaguzMa
ka nonYMlpHocm UMam aHkemume c noBelje om 500 Bbnpoca Ha AMepukaHckama acouuauul1 Ha MeHuggtkbshypume (American Management Association) ymBbpgeHu om 06LtJecmBomo 3a ynpaBeHue Ha pucka U 3acmpashyxoBaHemo (Risk and Insurance Management Society)
3a oleHka Ha pucka oCHoBHO ce mno3Bam mpu nogxoga
aHaU3 Ha cmamucmuljeckume gaHHu 3a He6ashy2OnpUl1mHU cb6umul1 B MUHaomo meopemUljeH aHaU3 Ha cmpykmypama Ha npushyljUHHo-cegcmBeHume BPb3ku Ha npoueca (cueHashypeH nogxog) ekcnepmeH nogxog IJJupokomo npuogtkeHue Ha nbpBul1 nogxog ce
cBbp3Ba c u3no3BaHemo Ha C1egHume ljemupu Meshymoga Memoga Ha gbpBomo Ha Cb6umul1ma Meshymoga Cb6umue-cegcmBue (HAZOR Hazard and Operability Research) Memoga Ha gbpBomo Ha omkashy3ume U Memoga Ha uHgekcume Ha onaCHocm (HanpushyMep uHgekca nay - Dow Fire and Explosion Index)
Memogume 3a oueHka Ha 3a2y6ume (LtJemume) BkoljBam kakmo npekume (HenocpegcmBeHu) 3azy6u maka U kocBeHume 3aly6u (nponycHamu nO3U 3aly6a Ha uMuggtk u mH)
Ha emana 1I0HOIIU3 HO puckd ce ltj)opMupam u MHogtkecmBo cueHapuu 3a pa3Bumue Ha He61a20npUl1mshyHU cumyauuu u 3a pa3u4Hu puckoBe MOlam ga 6bgam nocmpoeHu ltj)YHkuuu Ha pa3npegeeHue Ha Bepol1mshyHocmume 3a HacmbnBaHe Ha LtJema B 3aBucuMocm om HeUHUI1 pa3Mep
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CAegBaLtJul1m eman lIu360p HO Memogu 30 8b3shygeiicm8uR 8bPXY pucka e HaC04eH kbM MUHUMu3upashyHe Ha Bb3MogtkHama LtJema B 6bgeLtJe U nopagu moBa Bb3HukBa npo6eMbm 3a oueHI1BaHe Ha cpaBHumeHashyI rna eltj)ekmuBHocm Ha pa3zegtkgaHume gocmbnHU Meshymogu 3a Bb3geucmBue no MHogtkecmBo om pa3U4Hui kpumepuu Kakmo ljecmo ce onpegeI1 moBa Mogtke ga e mUnUljHa 3agalja Ha MHo2okpumepuaHUI1 aHaU3 u onmUMu3auUI1I
l Tpemul1m eman 1183eMaHe Ha peweHue BkoljBa
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I
eHue Ha om2oBopHocmume Ha uuama no puck MeshyHuggtkMbHma U mH
npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
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__ 105
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106 __
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6) npu4uHfl6aHe Ha 3a60lfl6aHe y ~u60mHume U pacmeHuRma 6klIoyumelHO mokcu4HU U alepZU4Hu e(j)ekmu
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5 npuJazaHe Ha cmpamezuu 3a ynpa6leHue 3a pucka om oc6060~ga6aHemo Ha rMO 6 OkOIHama cpeshyga UIU nyckaHemo UM Ha na3apa
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6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
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107
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ce cbgbplkam 6 HalUYHUme ltj)uHaHcoBu uHcmpyshyMeHmu kbM gamama Ha ltj)uHaHcoBuR omyem
ce Cbgbplkam no npUHlUn 6 cb3gageHume om npegnpUJImuemo nopmltj)eOllu II XegmupaHemo a) 06wama cmOUHocm Ha
xeglkupawume uHcmpYMeHmu no Bug
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108
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6 llepuogu4eH npezleg Ha U3nOI3BaHUme Memoshygu 3a oLeHka
7 Ha61IogeHue u nepuogu4Ha oLeHka 3a CbomshyBemcmBue Ha npaBulama 3a ynpaBleHue Ha pucka c na3apHume YCIOBUR
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Ha kpegumHu UHcmumYLUU U JJupekmuSa 200648EC Ha ESponeOckuR napllaMeHm U Ha CbSema omHOCHO npegnpueshy
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MaHemo U ocoUJecmSRBaHemo Ha geOHocm om kpegumHu uHcmumYlluu (nonpaBka)
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__ 111
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110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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112 __
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3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
rlaBa 5
npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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Puckbm B HoBama napagu2Ma
12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
ynpaBleHue Ha pucka npu kpU3U
r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
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ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
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melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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ce YCbBbpweHcmBa
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
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3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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YPOK 3 liMa pa31U4HU Memogu 3a pa3kpuBaHe Ha pucka T03u npoLec mpR6Ba ga 6bge nocmoRHeH YPOK 4 PuekoBeme mpR6Ba ga ce paHgtkupam no onpegeshyleHa ekala e om4umaHe Ha mRXHama 3Ha4uMocm cepuo3shy
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
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ceH Ha paSHUllIemO Ha lAAomo npegnpuRmue nogxog kbM ynpaSAeHUemO Ha puckoSeme YPOK 14 Kozamo Helllama ce omHaCRm go ynpaSAeHue Ha pucka kOHcYAmaHmume ako me CblllecmSySam mpH6Sa ga gonbASam a He ga 3aMecmSam Sucwemo pbkoSogcmSo Ha
kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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YPOK 18 I1pegnocmaBka 3a peaAU3aLuH Ha puck MeHuggtkshyMbHma B paMkume Ha LRAOmo npegnpuHmue ca AUIHUme
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AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
nagaHe LUe HaMepu onopa npeMbgpocmu Ha liiecyc CUH
Ha Cupax EiU6IUR
npa6uJ0 11 C Hac e 60l U 3akoHa Ha napemo 20 om npa6uIHume YCUIUR palkgam 80 om ycnexa 20 om
zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
PUckbm B HoBama napaguzMa
ka nonYMlpHocm UMam aHkemume c noBelje om 500 Bbnpoca Ha AMepukaHckama acouuauul1 Ha MeHuggtkbshypume (American Management Association) ymBbpgeHu om 06LtJecmBomo 3a ynpaBeHue Ha pucka U 3acmpashyxoBaHemo (Risk and Insurance Management Society)
3a oleHka Ha pucka oCHoBHO ce mno3Bam mpu nogxoga
aHaU3 Ha cmamucmuljeckume gaHHu 3a He6ashy2OnpUl1mHU cb6umul1 B MUHaomo meopemUljeH aHaU3 Ha cmpykmypama Ha npushyljUHHo-cegcmBeHume BPb3ku Ha npoueca (cueHashypeH nogxog) ekcnepmeH nogxog IJJupokomo npuogtkeHue Ha nbpBul1 nogxog ce
cBbp3Ba c u3no3BaHemo Ha C1egHume ljemupu Meshymoga Memoga Ha gbpBomo Ha Cb6umul1ma Meshymoga Cb6umue-cegcmBue (HAZOR Hazard and Operability Research) Memoga Ha gbpBomo Ha omkashy3ume U Memoga Ha uHgekcume Ha onaCHocm (HanpushyMep uHgekca nay - Dow Fire and Explosion Index)
Memogume 3a oueHka Ha 3a2y6ume (LtJemume) BkoljBam kakmo npekume (HenocpegcmBeHu) 3azy6u maka U kocBeHume 3aly6u (nponycHamu nO3U 3aly6a Ha uMuggtk u mH)
Ha emana 1I0HOIIU3 HO puckd ce ltj)opMupam u MHogtkecmBo cueHapuu 3a pa3Bumue Ha He61a20npUl1mshyHU cumyauuu u 3a pa3u4Hu puckoBe MOlam ga 6bgam nocmpoeHu ltj)YHkuuu Ha pa3npegeeHue Ha Bepol1mshyHocmume 3a HacmbnBaHe Ha LtJema B 3aBucuMocm om HeUHUI1 pa3Mep
AHaU3bm Ha pucka ljecmo Mogtke ga npomulja B pa3u4Hu HanpaBeHUI1 HanpuMep om pa3kpuBaHe kbM oueHka U o6pamHo a gopu He BUHa2U e Bb3MOgtkshyHO m03U aHaU3 ga 6bge pa3geeH Ha caMOCmOl1meHu ljacmu om o6LtJuI1 npouec
CAegBaLtJul1m eman lIu360p HO Memogu 30 8b3shygeiicm8uR 8bPXY pucka e HaC04eH kbM MUHUMu3upashyHe Ha Bb3MogtkHama LtJema B 6bgeLtJe U nopagu moBa Bb3HukBa npo6eMbm 3a oueHI1BaHe Ha cpaBHumeHashyI rna eltj)ekmuBHocm Ha pa3zegtkgaHume gocmbnHU Meshymogu 3a Bb3geucmBue no MHogtkecmBo om pa3U4Hui kpumepuu Kakmo ljecmo ce onpegeI1 moBa Mogtke ga e mUnUljHa 3agalja Ha MHo2okpumepuaHUI1 aHaU3 u onmUMu3auUI1I
l Tpemul1m eman 1183eMaHe Ha peweHue BkoljBa
onpegeN1Hemo Ha Heo6xoguMume pecypcu 3a peaushy3upaHe Ha u36paHUl1 Memog 3a Bb3geucmBue BbPXY pucka aHaU3 Ha ycoBul1ma Ha cpegama pa3npegeshy
I
eHue Ha om2oBopHocmume Ha uuama no puck MeshyHuggtkMbHma U mH
npu B3eMaHe Ha peweHue oco6eHO MI1CmO 3aeMa uHmyuuUl1ma Ha MeHuggtkbpa a m02aBa kOlamo ga ce oueHu puckbm e MH020 mpygHo ce u3no3Bam pa3UljshyHU cucmeMU om eBpUCmUljHU npaBula
EgHa npenopb4BaHa om pa3UljHU aBmopu cucmeshyMa UMa C1egHume eBpucmu4Hu npaBua He mpR6Ba ga ce puckyBa noBeLle omkoAkomo
Moike ga mu n03BoAu co6cmBeHuRm kanumaA ( BUHa2u mpR6Ba ga ce MUCAU 3a nocAegUfUme om
pucka ) nOAoikumeAHo peweHue ce B3eMo caMo npu Aunca
__ 101
Ha CbMHeHuR He mpR6Ba go ce puckyBo MH020 3apagu MaAko npu HOAULlue HO CbMHeHUR ce B3eMam ompUfomeAshy
HU peweHuR He mpR6Bo ga ce MUCAU LIe BUHazu UMa caMO egHo
peweHue Bb3MOikHO ega UMa U gpyzu BopuaHmu CucmeMume om eBpucmu4HU npaBUAa no CbLtJeCshy
mBo ca oLtJe egHo goka3amecmBo Ie B puck MeHuggtkshyMbHma 2OmoBu peuenmu HRMa u He Mogtke ga UMa
LJemBbpmURm eman HenocpegcmBeHo Bb3geucshymBue BbPXY pucka ce npegcmaBI1 om mpu oCHoBHU mexHuku Icnoco6u sa Bb3geucmBue HaMoARBaHe 3ashyna3BaHe U npegaBoHe (mpaHccentep)
HaMaN1BaHemo Ha pucka e HaMaARBaHe UU Ha pa3Mepa Ha Bb3MogtkHama LtJema uu Ha BepOl1mHOCmshyrna 3a HacmbnBaHe Ha He61a20npUl1mHU Cb6umul1 3a Bb3HukBaHe Ha puck 6e3cnopHo HaMaRBaHemo Ha pucka BkoljBa u nbHomo mko4BaHe Ha pucka 06ukHoBeHo HaMaARBaHemo Ha pucka Mogtke ga ce peau3upa kamo CbBkynHocm om npegynpegumeHu 0p2aHu3auuoHHo-mexHu4ecku MepOnpUl1mul1 kamo HanpUMep cucmeMU 3a kOHmpoA u onoBecml1BaHe npomuBonogtkapHu mexHu4ecku cpegcmBa ycuBaHe Ha 6e30nacHocmma Ha cbopbgtkeHuR u c2pagu o6Y4eshyHue Ha nepCOHala u gpyzu
3ana3BaHe Ha pucka Ha CbLtJecmByBaLtJomo paBHUshyLtJe 03Ha4aBa Cb3gaBaHe Ha cneuuaAHu pe3epBHU ltj)OHshygoBe sa caMo3acmpaxoBaHe uu 3a puck om koumo LtJe 6bgam kOMneHcupaHu LtJemume OcBeH m03U nogxog Ha caMo3acmpaxoBaHe e Bb3MogtkHo 3a kOMneHcupaHe Ha LtJemume ga ce npuBAu4am u BbHWHU mmo4Huuu Ha kpegumu uu gomauuu Kamo zpaHu4eH C1y4au 3ashyna3BaHemo Ha pucka npegnola2a U nogxog 6e3 ltj)uHaHshycupaHe me omka3BaHe om BCRkakBu geucmBuR Hacoshy4eHU kbM kOMneHcupaHe Ha LtJemume me npueMaHe Ha pucka
npegaBaHemo (mpaHcltj)epbm) Ha pucka 03Ha4aBa npegaBaHe Ha om20BopHocmume 3a Hezo Ha mpemu Auua npu 3ana3BaHe Ha CbLtJecmByBaLtJomo paBHuLtJe Ha pucka npegaBaHemo Ha om2oBopHocmume Bko4Ba 3acmpaxoBaHe nOAY4aBaHe Ha pa3AU4HU ltj)uHaHcoBu zapaHuuu nopb4umecmBa g020Bopu c ycoBul1 3a npexBbpARHe Ha pucka BbPXY kOHmpa2eHma npu HashycmbnBaHeHa onpegeeHu cb6umul1 u MH020 gpy2U
Hau-06LtJo ka3aHo u gBama cnoco6a - 3ana3BaHe u npegaBaHe Ha pucka BkAo4Bam Mepku koumo no cBoRma CbLtJHOCm ca ltj)uHaHcoBu MexaHU3MU ToBa om egHa cmpaHa Om gpYla cmpaHa BCU4ku cnoco6u sa HenocpegcmBeHo Bb3geucmBue BbPXY pucka Mozam ga 6bgam pa3geAeHu Ha gOCb6umuuHu u C1egcb6umuOHu B 3aBucUMocm om MOMeHma Ha ml1XHama peau3auUI1 - npegu uu ceg HacmbnBaHemo Ha He6a2onpUl1mshyHomo Cb6umue
nOClegHuRm eman IIkoHmpOIl U kopuzupOHe Ha pe3Yllmamume Bko4Ba nOY4aBaHemo Ha uHltj)0pMashyUUI1 3a LtJemume u kpegumupaHume geOcmBul1 3a mRXshy
Hama MUHuMu3auuR Ha m03U eman e Bb3MogtkHO ga ce pa3kpul1m u HoBu o6cmoRmecmBa koumo npoMeHRm paBHULtJemO Ha pucka a moBa Mogtke ga npegnoa2a gaBaHe Ha HoBu gaHHu 3a 3acmpaxoBameHomo gpyshygtkecmBa npoBepka 3a eltj)ekmuBHocmma Ha pa60ma
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
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Puckbm 6 Ho6ama napaguzMa
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__ 105
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106 __
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107
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108
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__ 111
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110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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112 __
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3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
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7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
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11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
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Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
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116 __
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
102 __
Ha cucmeMama 3a OCuzYPflSaHe Ha 6e30nacHocmma U mH
B puck MeHuglkMbHma MHOZO guckycuu ce SogRm omHOCHO cmpameltuume 3a ynpaSJeHue Pa36upa ce nOHflmUflma cmpame2Ufl U makmuka ugSam om SoeHshyHomo u3kycmBo HaO--Iecmo S moBa u3kycmSo cmpashyme2URma e ~flAocmeH nogxog 3a BoloSaHe c Bpaza gokamo makmukume ca cne~ultjgtU-IHUme cpegcmSa 3a peaAU3upaHe Ha cmpame2URma B elkegHeSHama pe-l cmpame2URma ce omHacfl go nO-cblLleCmSeHomo U noshyBalkHomo a makmukama - go nogp06Hocmume UAU go gemauAume npu moBa 3a eguH -IoBek onpegeAeHa cmpamezuR Molke ga e makmukama a 3a gpyz - mbkshyMO 06pamHomo OcSeH moSa ako gHec HelLlO e cmpashymeZUfl mo ympe Molke ga e makmuka UAU 06pamHo ElkegHeSuemo Molke ga HU nogHece mSbpge MHOZO nom8bplkgaSalLlu npUMepu 3a me3U o6lL1u pa3CblkgeshyHUR
B egHa opzaHU3a~UR cAeg kamo e onpegeAeHa HeOHama MUCUR U ~eAU cAegSalLlama cmbnka e HaMUshypaHemo Ha oCHo8Hume HanpaBAeHufl koumo opzaHUshy3a~URma lLIe U3nOA3Ba 3a gocmuzaHe Ha cBoume ~eAU TbkMO cmpameZURma SkAIo-lBa u360pa Ha OCHoSHume Hanpa8AeHuR
B YHuSepcumemckume gucuunAuHu no oCHo8u Ha ynpaSAeHue (MeHuglkMbHma) MHOZO -Iecmo ce npu8shyAU-lam mSbpgeHuR Ha pa3AU-IHU u3CJegoSameAu HashynpuMep cnopeg XeHpu MUH~6bPZ (Henry Mintzberg - 1987) (Five Ps for Strategy) cmpamezuRma ce npegshycmaSR -Ipe3 nem 8b3MOlkHu pa3AU-IHU gecpuHUIUU nAaH (plan) ~eAeHaCO-leHO geOcmBue xumbp xog (ploy) MaHeBpa cepUR om MaHe8pu 3a
gocmuzaHe Ha onpegeAeHa ~eA MogeA Ha noSegeHue (pattern) n03U~UR (position) YHukaAHa n03U~UR kOflmo Cb3shy
gaBa peHma UAU npeB3eMa mepumopuR 2JegHa mO-lka (perspective) 0606lL1eHa npegcmashy
Sa HaMepeHue ga ce pezYAupa noBegeHuemo Om zAegHa mO-lka Ha 6u3Hec opZaHU3alURma
cmpamezuRma mpR6Sa ga 06xBalLla Bcu-lku CblLlecshymSeHu geuHocmu u 8 0606lL1eHama u geltjgtuHuuufl ce BkAIo-l8am wecm oCH08HU acnekma kamo
uHmezpupaH MogeA 3a B3eMaHe Ha peweHuflma S opzaHU3a~URma
cpegcmBo 3a onpegeMHe Ha gbAzocp0-lHume ~eAU Ha opzaHU3a~URma
geltjgtuHu~uR Ha kOHkypeHmHama 06Aacm Ha opshy2aHU3a~URma
peakuuR Ha opzaHu3auURma kamo npo~ec Ha akshymuBHo U nocmORHHO npucnoco6flSaHe cnpRMo cpegashyma 3a ga ce nocmU2He kOHkypeHmHo npeguMcm80
A02U-lecka cucmeMa 3a gultjgtepeH~upaHe Ha ynshypaSAeHckume 3aga-lu Ha kopnopamuBHo 6U3Hec u ltjgtYHshykuuoHaAHo paBHUlLIe
geltjgtuHuuuR Ha UkOHOMU-leckuR U HeukoHOMU-IeCshykUR npuHOc Ha opzaHu3auURma 3a 3aUHmepec08aHume cmpaHU
B 3aUHmepeco8aHume cmpaHu e npuemo ga ce BkAIo-l8am Scu-Iku cy6ekmu koumo npflko UAU koc8eshyHO nOAY-laBam nOA3U UAU nOHaCRm ~eHamalt om geushyHocmma Ha opzaHU3a~URma KbM MHolkecm80mo Ha
3aUHmepecoSaHume cmpaHU npuHagAelkam ak~UOHeshypume nepCOHaAa MeH UglkbPU me nompe6umeAume gocmaS-Iu~ume kpegumopume 06lL1ecmBeHocmma npa8umeAcmSomo U mH
Kamo ce npueMe ltjgtUAocoltjgtURma Ha nemme Ps 3a cmpamezuflma (Five Ps for Strategy) Mozam ga ce o606lL1flm cmpameltuu 3a ynpaSJeHue Ha pucka Cnopeg 3 fiogu U P MbpmbH2 me3U OCHOSHU cmpashyme2UU onpegeAeHu kamo mexHuku (risk management techniques) ca
u36l1lt6aHe Ha pucka (risk avoidance) me Cb3HameAHO peweHue 3a aHYAupaHe (u36RzSaHe) Ha onshypegeAeHBug puck HanpuMep u36Rz8aHe Ha onpegeAeshyHa npoltjgtecuR nopagu moBa -Ie mR e SucokopuckoBa Pa36upa ce He Bceku puck Molke ga 6bge aHYAupaH HanpuMep puck om 60Aecmu cMbpm u gp
npegom6pamRSaHe Ha 3alty6ama u kOHmpoJ (loss prevention and control) e mexHuka 3a HaMaMBashyHe Ha 8epoRmHocmma 3a lLIema u 3a MUHuMu3a~ufl Ha HeOHume nocAegu~u npu moSa ma3u mexHuka mpfl6shySa ga ce npUAaza npegu ga ce nORSu lLIemama no SpeshyMe Ha lLIemama U CAeg kamo mR ce CAy-lU HanpuMep Molke ga ce HaMaAU puckbm om 60Aecm ako ce lkuSee 3gpaBocAoBHO
npueMaHe Ha pucka (risk retention) e maka8a mexHuka kORmo ce Cbcmou S nokpuSaHe Ha lLIemume 3a cMemka Ha co6cmSeHume pecypcu Ha UkoHoMu-lecshykUR cy6ekm nOHRkoza moSa cmaSa om caMo ce6e cu kozamo -IoSek He 3Hae 3a onpegeAeH puck UAU He zo npoZHo3upa Oc8eH moSa e Bb3MolkHa cumya~ufl kozashymo -IoSek caM Cb3HameAHo pewaBa ga npueMe pucka
mpaHcltjgtep Ha pucka (risk transfer) e meXHuka 3a npeHaCRHe Ha pucka 8bPXY gpyzu cy6ekmu Ta3U mexshyHuka Molke ga ce peaAu3upa no CAegHume mpu OCHOSshyHU Memoga xeglkupaHe 3acmpaxoBaHe u guBepcultjgtushyka~uR
XeggtkupaHe (hedging) Ha pucka e makoSa geOcshymBue koemo ce npegnpueMa 3a ga ce HaMaAU puckbm U egHoBpeMeHHo c moSa 80gu go HeSb3MolkHocm ga ce nOAY-lU onpegeAeH goxog EgUH eAeMeHmapeH npushyMep e ako ceAckocmonaHcku npou380gumeA CkAIo-lu gozo80p 3a npogalk6a Ha 6bgelLl g06u8 Ha nweHu~a no ltjgtukcupaHa ~eHa mo moO egHoSpeMeHHo u36RzSa pucka om HaMaAfl8aHe Ha ueHama Ha nweHuuama S 6bshygelLle HO 3aegHo c moBa ce AuwaBa u om onpegeAeHa gonbAHumeAHa ne-laA6a npu noBuwa8aHe Ha ~eHama Hag ltjgtukcupaHama 8 g0208opa C gpyzu gYMU nposhyu3BogumeMm ce xeglkupa c gozoBopa no ltjgtukcupaHa ~eHa cpelLlY ~eHo8uR puck Ha nweHu~ama
XeglkupaHemo e makbB Memog 3a npeHaCRHe (npexSbpARHe) Ha pucka npu koumo geOcmSuRma HashyCO-leHU kbM HaMaARSaHe Ha pucka 80gRm u go omka3shySaHe om 8b3MolkHa ne-laA6a
npu xeglkupaHemo oCHoBHO MRcmo 3aeMam geshypu8amu8ume UepuSamuSbm e makbB ltjgtuHaHc08 UHCshympYMeHm a) -IURmO cmOUHocm ce MeHU B omzoSop
2 50gu 3 P MepmoH CJUHGHCbl (nep c aHlA) Y-I noe 113shygameAbCkuQ gOM BUAbRMC MockSa 2000
Puckom 6 Ho6ama napagU2Ma
Ha npoMRHama 8 kOHkpemeH Aux6eH npoueHm ueHa Ha ueHHa kHuza ueHa Ha cmoka 8aAymeH kypc ueHo6u UAU peOmuHzo6 uHgekc kpegumeH peOmuHz UAU kpeshygumeH uHgekc UAU gpyza nogo6Ha npaMeHAu6a (kORshymo nOHRko2a ce Hapu4a 6a308a) 6) koOmo He u3uck6a nbp6oHa4aAHa HemHa uH6ecmuuUR UJU n04mu Hukak8a HemHa uH8ecmuuUR c omHoweHue kbM gpyzu 6ugoBe gozoBopu koumo peazupam no nogo6eH Ha4UH Ha npoMeHume 8 na3apHume yCJ08UR u 6) nAamUM Ha 6bgewa gama
Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
a) xeg)upaHe Ha cnpaBegAuBa cmoOHocm - 3awushyma6aHe Ha cmeneHma Ha puck om U3MeHeHUR B cnpashyBegAu6ama cmoOHocm Ha npU3Ham akmuB UJU nacuB UJU Ha pa3zpaHu4eHa 4acm om nog06eH akmuB UAU nashycuB Ha kORmo ce npunucBa onpegeAeH puck U kORmo we okae 6AuRHue BbPXY om4emeHama HemHa ne4aAshy6a UJU 3azy6a
6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
Aaza 3anAawaHe Ha onpegeAeHa 3acmpaxo6ameAHa BHocka (npeMuR) 3a u36R2SaHe Ha wemume om gageHo 3acmpaxoBameAHo cb6umue HanpuMep 3acmpaxoBka cpewy noap B anapmaMeHm npegnoJaza 3anfawashyHe Ha onpegeJeHa 3acmpaxoBameAHa BHocka kORma kamo napu4Ha cyMa Moe ga 6bge HRkoAko kpamHo nO-MaAka om eBeHmyaJHume wemu npu4uHeHu om peaAeH noap B uJuwemo TbkMO CbC 3acmpaxoBashymeAHUR g020Sop cpewy noap ce U36R2Bam mBbpge ZOAeMU pa3xogu ako Hacmbnu 3acmpaxoSameAHomo Cb6umue
C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
CbwecmBySa egHa oCHoBHa pa3Auka Megy xegshyupaHe U 3acmpaxoBaHe Aokamo npu xegupaHemo Moe ga ce HaMaAU a gopu U ga ce aHyAupa pucka mo npu 3acmpaxoBaHemo CbC 3acmpaxoBameAHama npeshyMUR Moe ga ce aHyAupa pucka HO ce 3ana3Sa Bb3MOshyHocmma 3a nOAY-laBaHe Ha onpegeAeHa ne4aA6a
HRkou U3cAegoBameJu BkAIo48am 3acmpaxoSashyHemo kbM xegupaHemo koemo onpegeMm kamo 3acmpaxoBaHe cpewy ueHoSuR puck npu mo6a HaOshy
__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
ou6epcuqukauwlma (diversifying) Ha pucka e pa3shyHo06pa3RSaHe Ha npumeaSaHume pucko6u akmu6u U 03HalaSa U3MIol6aHe Ha kOHueHmpauuR Ha uH6ecmushypaHemo caMO 6 eguH pucko8 akmu6 U maka ce 02paHushyla8a pucka cBbp3aH c m03U eguH eguHcm6eH puck06 akmu6 HanpuMep eguH uHSecmumop eAae ga 6AOshyu 100 000 e6po 6 akuuu mbpzy6aHu Ha 60pcama Ako moO kynu 3a 100 000 e6po akuuu caMo om kOMnaHURshyma At mo m06a Moe ga g06ege go y6eAu4a6aHe Ha pucka om HaMaJeHue Ha 6opco6ama ueHa Ha akuuume Ha kOMnaHuRma A Au6epcultlgtukauuRma 03Ha4a6a UHshy6ecmumopbm ga 3akynu akuuu om HRkoAko pa3AUlHU kOMnaHuu U mo makuBa Ha koumo 6b3BpbwaeMocmushyme ca nepltlgtekmHo ompuuameJHo kopeAupaHu
Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
cmeneHy6a no npuopumemu Mepkume 3a npeshygom6pamfl6aHe HaMaM6aHe u ozpaHu4a6aHe Ha pucshyka kamo om4uma ycmaHo6eHufl puck npu4uHume 3a 6b3Huk6aHe Ha onaCHocmume allmepHamu6Hume peshyweHUfl 6k11Io4umellHO HoBocmume no Cbom6emHume npo611eMu oCbwecmBuMocmma Ha peweHuflma U Bb3shyMogtkHocmma 3a uH8ecmUl~uu
oCbwecm8f18a kOHmpoll 3a U3nbllHeHUemo U eltjgtekmuBHocmma Ha npegnpuemume Mepku
Pa6omogamellflm ym8bpgtkga8a U U3nbllHfl8a nposhyzpaMa 3a oueHflBaHemo Ha pucka OueHfl6aHemo Ha pucka Bkll1046a CllegHume nem emana kllacultjgtukauufl Ha mpyg08ume geuHocmu onpegellflHe Ha pa6omHushyuume u Cllygtkumellume U3l1ogtkeHu Ha onaCHocm onpeshygellflHe Ha elleMeHmUme Ha pucka oueHka Ha pucka gokYMeHmupaHe
nepuogu4Hocmma Ha oueHfl8aHe Ha pucka ce onshypegellfl om pa6omogamellfl 8 3a8ucuMocm om ycmashyHo8eHUfl puck u 8 Cbom8emcm8ue c u3uckBaHuRma Ha HopMamu8Hume akmoBe
3a 6cflka ugeHmultjgtUuupaHa onaCHocm ce onpeshygellflm eAeMeHmUme Ha pucka koumo mfl Cb3ga6a a UMeHHO
nbpBo megtkecmma Ha Bpegama kOflmo ce npeshyueHflBa Cb06pa3Ho 6uga Ha o6ekmume nogllegtkawu Ha 3awuma - xopa uMywecm80 pa60mHa U okollHa cpega megtkecmma Ha 8b3MogtkHume HapaHfl6aHufI UIIU yBpegtkgaHufI Ha 3gpa6emo - He3Ha4UmeIlHU cepu03Hu onaCHU ltjgtamaIlHU 06x8ama Ha Bpegama
Bmopo 8epoflmHocmma 3a HaHaCflHe Ha ma3U 8peshyga kOflmo ce npeueHflBa no 4ecmomama npogbllgtkushymellHOCmma U cneuultjgtuka Ha U311aZaHe BepoflmHocmshyma om 8b3HukBaHe Ha onaCHO Cb6umue mexHuyeckume 6b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya6aHe Ha 8peshygama y08ewkume 8b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya8aHe Ha 8pegama - k6allultjgtukauufl onum U npakmu4ecku 3HaHUfl U YMeHufI OCMUCMHe Ha puckoshyBeme 83auMogeucm6ue Megtkgy xopama nCUXOIIOZU4shyHU COUUallHU U epZOHOMUYHU acnekmu u gpyzu acnekshymu koumo MOlam ga okagtkam 6b3geucm6ue Bbpxy pucka cmOUHocm Ha noka3amellume U ltjgtakmopume no cneuultjgtUYHUme noka3amellu 3a 6e30nacHocm Ha pashy60mHume npouecu pa60mHo 060pyg6aHe U pa60mHu Mecma cmOUHocmume Ha elleMeHmUme 3a MukpokllushyMama mOkCUYHUme 6ewecmBa 8b6 6b3gyxa wYMa 8u6pauuume oCBemlleHUemO UIIbyeHUflma
C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
OueHflBaHemo Ha pucka ce gokyMeHmupa no peg U HaYUH onpegelleH om pa60mogamellfl
npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
OcBeH uumupaHa no-lope Hapeg6a CbwecmByBam U ca 8 CUIIa pa311UIjHU gpYlU Hapeg6u HenocpegcmBeHo
__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
Bmopu npuMep - 3akoH 3a ZeHemUYHO MogultjgtUuupashyHU OpzaHU3MU (3rMO)
B m03U 3akoH ce peZIlaMeHmUpa uflIIOCmHa npoueshygypa 3a oc606ogtkgaBaHe Ha ZeHemUYHO MogultjgtUl~upashyHU opzaHu3Mu (rMO) B OkOIlHama cpega U nyckaHemo Ha na3apa Ha rMO UIIU kOM6uHauufI om mflx kamo nposhygykmu UIIU CbcmaBka Ha npogykmu B ma3U npouegypa ce BkIIIoyBa
npegu oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU nyckaHemo UM Ha na3apa kamo npogykmu UIIU Cbcma8ka Ha npogykmu BCflko ltjgtu3u4ecko UIIU Iopuguyecko lIuue e gllbgtkti0 ga u3BbpWU oueHka Ha pucka 3a yoBewkomo 3gpaBe U OkOIlHama cpega Ol4eHshykama Ha pucka 6k11Ioy8a pe3YIImamu om u3BbpweHu Ha6111ogeHufI U nogp06eH nllaH 3a Ha6111ogeHue Ha noshymeHuuallHU kpamkocp04HU U gbllZOCpOYHU nOCIIeguuu 3a yoBewkomo 3gpaBe U eltjgtekma BbPXY OkOIlHama cpeshyga om oc806ogtkgaBaHemo Ha rMO 8 OkOllHama cpega U nyckaHemo UM Ha na3apa
OueHkama Ha pucka 06xBawa npeueHka 3a Bceku omgelleH CllY4au Ha Bcuyku nomeHuuallHU He6l1azonpushyflmHU nOCIIeguuu BbPXY 3gpa8emo Ha y08eka U gtku8omshyHume OkOIlHama cpega U 6UOIIOZUYHOmO pa3Ho06pashy3ue koumo Mozam ga Hacmbnflm npflko UIIU kocBeHo npu oc806ogtkgaBaHemo B OkOIlHama cpega UIIU nyckashyHemo Ha rMO Ha na3apa BkIIIoYUmellHO aHallU3 Ha noshymeHuuallHUme kYMYlIamuBHu gbllZOCpOYHU nOCIIeguuu om oc6060gtkga6aHemo UIIU nyckaHemo Ha rMO Ha nashy3apa OueHkama Ha pucka ce u38bPwBa Bb3 oCHoBa Ha Cbwecm8y8awume HaY4Hu u mexHu4ecku gaHHu om HauUOHaIlHU U MegtkgYHapogHu U3m04Huuu OueHkama Ha pucka ce u3Bbpw8a 8 Cbom8emcmBue c npuHuunushyme u MemogollolUflma 3a u38bpw6aHe Ha oueHka Ha pucka 3a OkOIlHama cpega U yoBewkomo 3gpaBe Bb3 oCHoBa Ha oueHkama Ha pucka BCflko ltjgtu3uyecko UIIU Iopuguyecko lIuue onpegellfl He06xoguMocmma u Meshymogume 3a ynpa811eHue Ha pucka OueHkama Ha pucka 8kllIoyBa U 3akllIoYeHUe 3a nomeHuuallHOmO Bb3geOcshymBue 6bPXY yoBewkomo 3gpaBe u OkOIlHama cpega om oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU npu nyckaHemo UM Ha na3apa
npu HallUYUe Ha HoBa HaY4Ha UHltjgtOpMaUUfl 3cl rMO U 3a noclIeguuume om ocB06ogtkga8aHemo My B OkOIlHama cpega UIIU nyckaHemo MY Ha na3apa BbPXY 40Bewkomo 3gpaBe UIIU OkOIlHama cpega ce u3BbpwBa HoBa oueHka Ha pucka C oueHkama ce onpegellfl gallu puckbm ce e npOMeHUII u gallu e He06xoguMa npoMflHa Ha HezoBomo ynpaBlIeHue
npu u3BbpwBaHemo Ha oueHka Ha pucka ce cna3shyBam CllegHume emanu
1 IIIgeHmultjgtuuupaHe Ha xapakmepucmukume koumo Mozam ga npUYUHflm He611azonpUflmHu nOCIIeshyguuu
Bcuyku xapakmepucmuku Ha rMO cBbp3aHu c zeHemU4Hama MogultjgtukaUUfl koumo Mozam ga npushy
106 __
4UHRm He6la20npURmHo 6b3geucm6ue 6bPXY 406ewshykomo 3gpa6e UIU OkOIHama cpega mpfl66a ga 6bgam ugeHmu(j)uuupaHu npu ugeHmu(j)uuupaHemo Ha noshymeHuualHU He61a20npUflmHu nOCleguuu c6bp3aHu c 2eHemU4Hama Mogu(j)ukauufl ce u36bpw6a U cpa6shyHeHue Ha xapakmepucmukume Ha rMO c me3U Ha HeshyMogU(j)UuupaHUfl opzaHu3bM npu cbom6emcm6awu yCl06Ufl Ha oc6060~ga6aHemo UIU ynompe6ama nOshymeHuualHUme He6lazonpURmHU nocleguuu Ha rMO ce ugeHmu(j)uuupam 3a 6ceku omgeleH clY4aQ U Mozam ga 6k11046am
a) npU4UHH6aHe Ha 3a6olfl6aHe y xopama 6klIashy4UmelHO alep2UYHU U mokcU4HU e(j)ekmu
6) npu4uHfl6aHe Ha 3a60lfl6aHe y ~u60mHume U pacmeHuRma 6klIoyumelHO mokcu4HU U alepZU4Hu e(j)ekmu
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107
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108
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3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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akmoBe Cbge6Ha npakmuka u gOZOBOpHU pa3nopeg6u ype~ga Mamepuflma 3a pucka u ynpaBAeHuemo Ha pucshyka CbZAaCHO c eBponeuckama u MegtltgYHapogHa npakshymuka
7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
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r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
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Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
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puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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ce YCbBbpweHcmBa
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
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9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
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12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
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14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
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18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
Puckom 6 Ho6ama napagU2Ma
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Tunu4Hu npuMepu 3a gepu6amu8u ca ltIgtIo4bpcume U ltIgt0pYbpgHume cyanoBume U onuUOHHume cgeJku
CbwecmBy8am mpu 6uga B3auMoomHoweHuR Ha xegupaHe
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6) xeg)upaHe Ha napU1eH nomok - 3awuma6aHe Ha cmeneHma Ha puck om SapupaHe Ha napu4Hume nomouu Ha koumo ce npunuc6a onpegeAeH puck cBbp3aH c npu3Ham
akmuS UJU nacuB (kamo BCU4ku UAU HRkou 6bgeshyWU AuxBeHu nAawaHUR BbPXY gbA2 CHenocmORHeH peOmuHz) UAU npozHo3Ha cgeAka (kamo o4ak6aHa nokynka UJU npoga6a) U
we okaam BAuRHue SbPXY om4emeHama HemHa ne4aA6a UAU 3azy6a XegupaHemo Ha Henpu3Ham YCAo6eH aHzauMeHm ce om4uma kamo xegushypaHe Ha napu4eH nomok Makap 4e UMa puck 3a cnpaBegAuSama cmoOHocm U B) xeg)upaHe Ha HemHa uHBecmutjuH B npegnpuHshy
mue B 1y)6UHG 3acmpaxo6aHemo (insurance) Ha pucka npegnoshy
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C gpyzu gYMU 3acmpaxo6aHemo e 3anAawaHe Ha onpegeAeHa cyMa napu (3acmpaxo8ameAHa npeMuR) 3a ga ce u36e2He Bb3MoHuRm puck om 3a2y6a Ha noshyZOAeMU CYMU
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__ 103
lecmo ce ga6am cxeMama Ha ltIgtuHaHco8a onepauUR B kORmo egHama cmpaHa e xegbp kooma ce 3acmpashyx06a om pucka npu n06uwa6aHe UAU nOHua6aHe Ha ueHama Ha 6a306 akmu6 a 6mopama cmpaHa e cnekyshyAaHm koOmo pa3lUma ga nOJY4U goxog om npoZHo3ushypaHoma om Hezo U3MeHeHue Ha ueHume Toza6a kamo HaO-pa3npocmpaHeHu nogxogu 3a xegupaHe ce onpeshygeMm 3acmpax06aHemo ltIgt0PYbpgHU ltIgtIo4bpcHU U onshyUUOHHU kOHmpakmu Aux6eHU U 6aAymHu cyanu U gpo
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Au6epcultIgtukauuRma e Memog 3a HaMaM6aHe Ha pucka om egHa uH6ecmuuuR 4pe3 pa3npegeMHemo Ha m03U puck Megy MH020 pucko6u akmu6u 6Mecmo kOHueHmpauuR Ha uH6ecmuuuRma 6 eguH UAU caMo B HRkoAko puck06u akmu6u Om zAegHa m04ka Ha gu6epshycultIgtukauuRma ce onpegeMm g6a 6uga puck gu6epcushyltIgtuuupyeM u Hegu6epcultIgtuuupyeM puck Au6epcultIgtushyuupyeM puck (diversifiable risk) UAU HecucmeMamU4eH puck (unsystematic risk) e maka6a lacm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo Moe ga 6bge HalaAeHa lpe3 kOM6uHupaHe c gpyzu pucko6u akmu6u Hegu8epcultlgtuuupyeM puck (nondiversifiable risk) cucmeMamU4eH puck (systematic risk) UAU na3ashypeH puck (market risk) e makaBa 4acm om 06WUR puck Ha nopmltlgteOAa om ueHHU kHua kORmo He Moe ga 6bge HaMaAeHa 4pe3 gu6epcultIgtukauuR
B no-o6w nAaH npu na3apHama UkoHoMuka gushy6epcultlgtukauuRma Ha npou38ogcm8eHama geOHocm Ha 8ceku cmonaHcku cy6ekm ce R6R6a 3agbAumeAHo ycshyA08ue 3a ycmoOlu60cm
PIIICKbT ~ HALJ1II0HAAHOTO 3AKOHOoATEACTBO
B 3akoHogameAcmBomo Ha Peny6Auka 6bA2apUR pa3shyZJegaHo kamo d6kynHocm om 3akoHo6u u nog3ashykOH08u HopMamu6Hu akmo6e Cbge6Ha npakmuka U goZ06opHU pa3nopeg6uHa HauUOHaAHO e8poneocko U MegYHapogHo paSHuwe mepMuHpm puck ce cpewa B Hag 1000 gokYMeHma TOlHURmI6poO Ha gokyMeHshymume 3a8ucu om gbA604uHama lIa mbpceHe 6 kOHkshypemHama npa6Ho-uHltIgt0PMauuoHHa cucmeMa To8a om egHa cmpaHa Om gpY2a cmpaHa mpR68a ga ce nOMHU 4e HauUOHaAHomo 3akoHogameAcm80 ce HaMupa 8 HeshynpekbcHam npouec Ha pa36umue YCb8bpweHcm8aHe u npoMRHa
KbM 6culko moSa mpR68a ga ce go6a6u U ltIgtakshymbm Ha Cbwecm6yBaHe Ha He MaAbk 6poO pa3nopegshy6u koumo ypegam gemaOAu3upaHo MamepuR koshy
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
cmeneHy6a no npuopumemu Mepkume 3a npeshygom6pamfl6aHe HaMaM6aHe u ozpaHu4a6aHe Ha pucshyka kamo om4uma ycmaHo6eHufl puck npu4uHume 3a 6b3Huk6aHe Ha onaCHocmume allmepHamu6Hume peshyweHUfl 6k11Io4umellHO HoBocmume no Cbom6emHume npo611eMu oCbwecmBuMocmma Ha peweHuflma U Bb3shyMogtkHocmma 3a uH8ecmUl~uu
oCbwecm8f18a kOHmpoll 3a U3nbllHeHUemo U eltjgtekmuBHocmma Ha npegnpuemume Mepku
Pa6omogamellflm ym8bpgtkga8a U U3nbllHfl8a nposhyzpaMa 3a oueHflBaHemo Ha pucka OueHfl6aHemo Ha pucka Bkll1046a CllegHume nem emana kllacultjgtukauufl Ha mpyg08ume geuHocmu onpegellflHe Ha pa6omHushyuume u Cllygtkumellume U3l1ogtkeHu Ha onaCHocm onpeshygellflHe Ha elleMeHmUme Ha pucka oueHka Ha pucka gokYMeHmupaHe
nepuogu4Hocmma Ha oueHfl8aHe Ha pucka ce onshypegellfl om pa6omogamellfl 8 3a8ucuMocm om ycmashyHo8eHUfl puck u 8 Cbom8emcm8ue c u3uckBaHuRma Ha HopMamu8Hume akmoBe
3a 6cflka ugeHmultjgtUuupaHa onaCHocm ce onpeshygellflm eAeMeHmUme Ha pucka koumo mfl Cb3ga6a a UMeHHO
nbpBo megtkecmma Ha Bpegama kOflmo ce npeshyueHflBa Cb06pa3Ho 6uga Ha o6ekmume nogllegtkawu Ha 3awuma - xopa uMywecm80 pa60mHa U okollHa cpega megtkecmma Ha 8b3MogtkHume HapaHfl6aHufI UIIU yBpegtkgaHufI Ha 3gpa6emo - He3Ha4UmeIlHU cepu03Hu onaCHU ltjgtamaIlHU 06x8ama Ha Bpegama
Bmopo 8epoflmHocmma 3a HaHaCflHe Ha ma3U 8peshyga kOflmo ce npeueHflBa no 4ecmomama npogbllgtkushymellHOCmma U cneuultjgtuka Ha U311aZaHe BepoflmHocmshyma om 8b3HukBaHe Ha onaCHO Cb6umue mexHuyeckume 6b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya6aHe Ha 8peshygama y08ewkume 8b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya8aHe Ha 8pegama - k6allultjgtukauufl onum U npakmu4ecku 3HaHUfl U YMeHufI OCMUCMHe Ha puckoshyBeme 83auMogeucm6ue Megtkgy xopama nCUXOIIOZU4shyHU COUUallHU U epZOHOMUYHU acnekmu u gpyzu acnekshymu koumo MOlam ga okagtkam 6b3geucm6ue Bbpxy pucka cmOUHocm Ha noka3amellume U ltjgtakmopume no cneuultjgtUYHUme noka3amellu 3a 6e30nacHocm Ha pashy60mHume npouecu pa60mHo 060pyg6aHe U pa60mHu Mecma cmOUHocmume Ha elleMeHmUme 3a MukpokllushyMama mOkCUYHUme 6ewecmBa 8b6 6b3gyxa wYMa 8u6pauuume oCBemlleHUemO UIIbyeHUflma
C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
OueHflBaHemo Ha pucka ce gokyMeHmupa no peg U HaYUH onpegelleH om pa60mogamellfl
npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
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__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
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106 __
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107
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108
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110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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1 I113Bbpw6aHemo Ha cgeAku UAU noga6aHemo Ha HapegtkgaHuA koumo Cb3ga6am UAU Mozam ga Cb3gashygam He6ApHa UAU nogBegtkgal4a npegcmaBa omHOCHO mbpceHemo npegAaZaHemO UAU ~eHama Ha cpUHaHcoshyBu UHcmpYMeHmu UAU koumo onpegeMm 4pe3 geQcshymBUHma Ha egHo Au~e UAU 4pe3 CbBMecmHU geOcmBuH Ha gBe UAU noBe4e Au~a ~eHama Ha eguH UAU HAkoAko cpUHaHcoBu uHcmpYMeHma Ha He06u4aOHo UAU U3kyCshymBeHo Hu60
2 1113BbpwBaHemo Ha cgeAku UAU nogaBaHemo Ha HapegtkgaHuH npu koumo ce u3nol3Bam cpukmuBHu cnoco6u UAU gpyzu CPOPMU Ha U3MaMHU geOcmBuH
3 Pa3npocmpaHHBaHemo 4pe3 cpegcm6ama 3a MacoBo ocBegOMHBaHe BkAIo4umeAHo 4pe3 IIIHmepshyHem UAU no kakbBmo U ga e gpyz Ha4UH Ha UHCPOpshyMa~UA kOAmo Cb3gaBa UAU Mogtke ga Cb3gage HeBHpHa UAU nogBegtkgal4a npegcmaBa omHocHo cpUHaHcoBu UHcmpyMeHmu BkAlo4umeAHo pa3npocmpaHABaHemo Ha cAyxoBe U HeBepHe UAU 3a6AygtkgaBal4u HoBuHU koshyzamo Au~emo koemo pa3npocmpaHABa UHcpopMa~UAshyma 3Hae UAU e gAbgtkHO ga 3Hae 4e UHcpopMa~UHma e HeBApHa UAU nogBegtkgal4a
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112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
1 KakBu ea omGoBopHocmume Ha Buewume pbkoBogushy
melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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ce YCbBbpweHcmBa
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kakb6 gokyMeHm
__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
LRIOmO npegnpuRmue 3aUo 7 Kou U3nOl3BaHU om Bac Memogu 3a ynpaBleHue Ha
pueka UIU go6pu npakmuku 6uxme npenOpb4alU Ha gpyzu npegnpuRmuR 3aU0
8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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MHOZO 3aBucu om kYlmYPHama cpega Ha kOMnaHuRma u Ha HeOHume CbmpygHULU 3aHuMaBaUu ee c HoBoBbBegeHuRshyma B ma3U o6lacm YPOK 2 EltjlekmuBHomo ynpaBleHue B CbBpeMeHHume yCloshy
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
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kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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YPOK 18 I1pegnocmaBka 3a peaAU3aLuH Ha puck MeHuggtkshyMbHma B paMkume Ha LRAOmo npegnpuHmue ca AUIHUme
YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ma3U npUYUHa CbBkynHocmma Ha Bawume SAageHuR - Bashy
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__ 117
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npUlogtkeHue 4
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
104 __
pecnoHgupalta c pucka Tyk Mozam ga ce omHecam u makuBa gokYMeHmu B koumo nOHRmuemo puck He ce cnOMeHaBa kOHkpemHO HO cucmeMamUIHOmO U A02UIeckomo mbAkyBaHe Ha m03U akm egH03HalshyHO geltjluHupa gupekmHa 3aBucUMocm CbC 3akoHoBu u nog3akoHoBu HopMamuBHu akmoBe 3a pucka u ynpaBshyAeHuemo Ha pucka
C HRkoAko kpamku u CAyyaUHO nog6paHu npUMepu om 3akoHU nocmaH06AeHUR Ha MUHucmepckuR CbBem (MC) Hapeg6u u3gageHu om MUHucmepcm60mo Ha ltjlUHaHcume (MltP) MUHucmepcmBomo Ha mpyga U COshy~uaAHama nOAumuka (MTCn) MUHucmepcmBomo Ha 3gpaBeona3BaHemo (M3) EibAZapckama HapogHa 6aHka (5H6) KOMuCURma 3a ltjluHaHcoB Hag30p (KltPH) U mH Mogtke ga ce nokagtkam kOHkpemHU HopMamuBHu peweshyHUR cBbp3aHu c pucka
nbpBu npUMep - 3akoH 3a 3gpaBocAoBHU U 6e30nacshyHU YCAoBuR Ha mpyg (335YT)
T03U 3akoH peGAaMeHmUpa Ie ocuzYPRBaHemo Ha 3gpaBocAoBHU U 6e30naCHU YCAoBuR Ha mpyg u3uck6a B3eMaHe Ha Mepku 3a
1 npegom6pamR6aHe Ha pucka 3a gtku60ma u 3gpashy6emo
2 o~eHka Ha pucka koumo He Mogtke ga 6bge npeshygom6pameH
3 6op6a C pucka npu U3mOlHUka Ha 6b3Huk6aHeshymOMY
4 npucnoco6R6aHe Ha YCAo6uRma Ha mpyg kbM uHgu6uga c ~eA HaMaAR6aHe u npeMax6aHe Ha 6pegHoshymo UM 6AuRHue 6bPXY Hezo60mo 3gpa6e
5 6b6egtkgaHe Ha mexHuyeckuR npo2pec B meXHOshyAOWIHUme npoLecu MaWUHU U CbopbgtkeHuR
6 3aMRHa Ha onaCHume npou360gcm6a pa60mHo 060pyg6aHe uHcmpYMeHmu 6eltecm6a cyp06uHU U MamepuaAu c 6e30nacHu UAU c no-MaAko onaCHU
7 npUAaZaHe Ha eguHHa 06lta nOAumuka 3a npeshy6aHmu6Hocm 06xBaltalta meXHOAOZURma pa60mHushyme Mecma u opzaHu3aLURma Ha pa6oma YCA06Ullma Ha mpyg U COLUaAHUme 63auMoomHoweHuR
8 u3noll36aHe Ha kOllekmuBHume cpegcm6a 3a 3altUma C npeguMcmBo npeg IIUYHUme npegna3Hu cpegcm6a
9 npegocmaBRHe Ha pa60meltume Au~a Ha He06shyxoguMama uHltjl0pMaLUR 6bB Bpb3ka C ocuzypR6aHemo Ha 3gpa6ocA06HU U 6e30nacHu YCA06uR Ha mpyg
100603HaYa6aHe Ha Cbltecm6y6altume onaCHOCshymu U U3mOYHuuume Ha 6pegHu 3a 3gpa6emo U 6e30shynaCHocmma ltjlakmopu
B 33EiYT nocllegoBameAHo ca geltjluHupaHu 3gpa60cA06HU U 6e30nacHu YCA06uR Ha mpyg ca
maku6a YCA06uR Ha mpyg koumo He 60gRm go npoltjleshyCUOHaAHU 3a6oAA6aHUR U 3AonoAyku npu pa60ma u Cb3shyga6am npegnocma6ka 3a nbAHO ltjlu3uyecko ncuxuyecko U couuaAHQ6AazonOAyYue Ha pa6omeltume AULa
BpegHu ltjlakmopu 3a 3gpa6emo U 6e30naCHocmshyma ca ltjlu3u4ecku (6 m06a YUCAO MeXaHUYHU akycmuyshyHU eAekmpulecku onmuyecku AbyeBu UOHU3UpaltU 8u6paLUOHHU u gp) XUMuyecku 6UOA02Uyecku ncushyXOllowyecku op2aHu3a~uOHHU U gpyw 8b3geucmBuR
koumo 8AURRm Hezamu8Ho UAU 3anAaw8am 3gpa8emo U 6e30nacHocmma Ha pa60meltume
npoltjlecuoHaAeH puck (puck) e 8epoRmHocmshyma om 8b3Huk8aHe Ha He6AazonpuRmHu nOCAegu~u 3a 3gpa8emo U 6e30naCHocmma Ha pa60meltume AUla npu kOHkpemHo Bb3geucm8ue Ha 8pegHu ltjlakmopu npu pa60ma U cmeneHma Ha nOCAegu~ume
3gpa8eH puck e 6epoRmHocmma om 8b3Huk6ashyHe Ha He6AazonpURmHU U3MeHeHUR 6 3gpa60CA08Homo CbcmORHue npu kOHkpemHo Bb3geucm6ue Ha 6pegHu 3a 3gpa6emo ltjlakmopu U cmeneHma Ha me3U U3MeHeHUR
3anucaHo e ye pegbm HaYUHbm U nepuoguyshyHocmma Ha u3BbpwBaHe Ha oueHkama Ha pucka ce onpegeAA c Hapeg6a Ha MUHucmbpa Ha mpyga U coshylUaAHama nOllumuka U MUHucmbpa Ha 3gpaBeona3BashyHemo
To8a e Hapeg6a NQ 5 om 11051999 z 8 kORmo ca gageHu CAegHume onpegeAeHuR
6pega e ltjlu3uyecko HapaHRBaHe UUAU y6shypegtkgaHe Ha 3gpa6emo
onacHocm e 8b3MogtkeH U3mOYHUk Ha 6pega lIugeHmultjluka~uR U onacHocm e npo~eCbm Ha
ycmaH06R6aHe cbltecm6y6aHemo Ha onaCHocm U Ha onpegellRHemo Ha HeuHume xapakmepucmuku
puck e 8epoRmHocmma 3a Hacmbn6aHe Ha Bpeshyga npu kOHkpemHu YCll06uR Ha U3Aa2aHe u megtkecmma Ha Bpegama
eAeMeHmu Ha pucka ca megtkecmume Ha 6pegashyma U 6epoRmHocmma 3a 6b3Huk6aHe Ha ma3U 6pega
onaCHO Cb6umue e cumya~uR 8 kORmo 10Bek e u3AogtkeH Ha onacHocm kORmo g08egtkga go 6pega
aHaAu3 Ha pucka e u3noll36aHe Ha pa3noAazaeshyMa uHltjl0pMalUR 3a ugeHmultjlULUpaHe Ha onaCHU Cb6ushymUR U 3a onpegeAAHe eAeMeHmume Ha pucka
oLeHka Ha pucka e npoLec Ha 83uMaHe Ha peshyweHUR omHOCHO gonycmuMocmma Ha pucka Ha 6a3a Ha aHaAU3a Ha pucka pa3nopeg6ume Ha HopMamuBHume akmo8e U OmYUmaHe Ha ltjlakmopu kamo mexHulecku gocmugtkeHuR okoAHa cpega nCUXOA02Ulecku UkOHOshyMuyecku U co~uaAHu acnekmu
0LeHR8aHe Ha pucka e npo~ecbm Ha aHallU3 U oLeHka Ha pucka
OLeHRBaHemo Ha pucka 06x6alta pa60mHume npo~ecu pa60mHomo o60pyg6aHe nOMelteHURma pa60mHume Mecma opzaHU3aLURma Ha mpyga U3nOAshy36aHemo Ha cyp08UHu U MamepuaAu gpyzu CmpaHUIshyHU ltjlakmopu koumo M02am ga nopogRm puck
OLeHRBaHemo Ha pucka ce u36bPw8a om pa60moshygamellR Ilpu OLeHR6aHemo Ha pucka yyacm6am CAygtkshy6u no mpyg08a MegULUHa opzaHume 3a 6e30naCHocm U 3gpa6e U gpyw CneLUaAUCmu om npegnpuRmuRma Ilpu He06xoguMocm pa60mogameARm npU8AUya u gpyzu 6bHWHU opzaHU3aLUU U CneLuaAucmu
Ha oCH06a Ha oLeHkama Ha pucka pa6omogameshyIIRm
nAaHUpa U npUilaza nogxogRltU Mepku 3a npegoshym6pamR8aHe Ha pucka a kozamo mo6a He e 6b3MOgtkHO ocuzYPR6a 3altuma Ha pa60mHuuume U cAygtkumeAume u Ha 8cuYku ocmaHallU AULa koumo no gpyz no60g ce HaMupam 6 UAU 6 6Au30cm go MRcmomo kbgemo UMa puck
Puckbm 6 Ho6ama napaguzMa
cmeneHy6a no npuopumemu Mepkume 3a npeshygom6pamfl6aHe HaMaM6aHe u ozpaHu4a6aHe Ha pucshyka kamo om4uma ycmaHo6eHufl puck npu4uHume 3a 6b3Huk6aHe Ha onaCHocmume allmepHamu6Hume peshyweHUfl 6k11Io4umellHO HoBocmume no Cbom6emHume npo611eMu oCbwecmBuMocmma Ha peweHuflma U Bb3shyMogtkHocmma 3a uH8ecmUl~uu
oCbwecm8f18a kOHmpoll 3a U3nbllHeHUemo U eltjgtekmuBHocmma Ha npegnpuemume Mepku
Pa6omogamellflm ym8bpgtkga8a U U3nbllHfl8a nposhyzpaMa 3a oueHflBaHemo Ha pucka OueHfl6aHemo Ha pucka Bkll1046a CllegHume nem emana kllacultjgtukauufl Ha mpyg08ume geuHocmu onpegellflHe Ha pa6omHushyuume u Cllygtkumellume U3l1ogtkeHu Ha onaCHocm onpeshygellflHe Ha elleMeHmUme Ha pucka oueHka Ha pucka gokYMeHmupaHe
nepuogu4Hocmma Ha oueHfl8aHe Ha pucka ce onshypegellfl om pa6omogamellfl 8 3a8ucuMocm om ycmashyHo8eHUfl puck u 8 Cbom8emcm8ue c u3uckBaHuRma Ha HopMamu8Hume akmoBe
3a 6cflka ugeHmultjgtUuupaHa onaCHocm ce onpeshygellflm eAeMeHmUme Ha pucka koumo mfl Cb3ga6a a UMeHHO
nbpBo megtkecmma Ha Bpegama kOflmo ce npeshyueHflBa Cb06pa3Ho 6uga Ha o6ekmume nogllegtkawu Ha 3awuma - xopa uMywecm80 pa60mHa U okollHa cpega megtkecmma Ha 8b3MogtkHume HapaHfl6aHufI UIIU yBpegtkgaHufI Ha 3gpa6emo - He3Ha4UmeIlHU cepu03Hu onaCHU ltjgtamaIlHU 06x8ama Ha Bpegama
Bmopo 8epoflmHocmma 3a HaHaCflHe Ha ma3U 8peshyga kOflmo ce npeueHflBa no 4ecmomama npogbllgtkushymellHOCmma U cneuultjgtuka Ha U311aZaHe BepoflmHocmshyma om 8b3HukBaHe Ha onaCHO Cb6umue mexHuyeckume 6b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya6aHe Ha 8peshygama y08ewkume 8b3MogtkHocmu 3a u36f1z6aHe UIIU ozpaHuya8aHe Ha 8pegama - k6allultjgtukauufl onum U npakmu4ecku 3HaHUfl U YMeHufI OCMUCMHe Ha puckoshyBeme 83auMogeucm6ue Megtkgy xopama nCUXOIIOZU4shyHU COUUallHU U epZOHOMUYHU acnekmu u gpyzu acnekshymu koumo MOlam ga okagtkam 6b3geucm6ue Bbpxy pucka cmOUHocm Ha noka3amellume U ltjgtakmopume no cneuultjgtUYHUme noka3amellu 3a 6e30nacHocm Ha pashy60mHume npouecu pa60mHo 060pyg6aHe U pa60mHu Mecma cmOUHocmume Ha elleMeHmUme 3a MukpokllushyMama mOkCUYHUme 6ewecmBa 8b6 6b3gyxa wYMa 8u6pauuume oCBemlleHUemO UIIbyeHUflma
C oueHkama Ha pucka ce ycmaH08f18a gonycmushyMocmma Ha onpegelleHufI puck u Heo6xoguMocmma om npUIlaZaHe Ha Mepku 3a Hezo60mo npegomBpamflshy6aHe UIIU HaMallflBaHe U ozpaHuya6aHe
OueHflBaHemo Ha pucka ce gokyMeHmupa no peg U HaYUH onpegelleH om pa60mogamellfl
npu oueHkama Ha pucka 3agbNkumellHo ce U3shyn0ll36am MegtkgYHapogHu u 6b11zapcku cmaHgapmu ufllIama HopMamuBHa ypeg6a 3a ocuzypfl8aHe Ha 3gpashyBOCIIoBHU U6e30nacHu YClIoBufl Ha mpyg kakmo u gaHshyHU u uHltjgt0pMauufI om oltjgtUuuaIlHU opzaHU HauUOHaIlHU clIygtk6u U uHcmumyuuu kOMnemeHmHu B Cbom6emHashyma 06l1acm
OcBeH uumupaHa no-lope Hapeg6a CbwecmByBam U ca 8 CUIIa pa311UIjHU gpYlU Hapeg6u HenocpegcmBeHo
__ 105
cBbp3aHU CbC 3awuma Ha pa6omewume om puckoBe c6bp3aHu c ekcn03uuufI Ha a36ecm WYM 6UOIIOZUYHU azeHmu kaHuepozeHu u MymazeHu XUMUYHU azeHmu ekcM03uBHa amMocltjgtepa u mH
Bmopu npuMep - 3akoH 3a ZeHemUYHO MogultjgtUuupashyHU OpzaHU3MU (3rMO)
B m03U 3akoH ce peZIlaMeHmUpa uflIIOCmHa npoueshygypa 3a oc606ogtkgaBaHe Ha ZeHemUYHO MogultjgtUl~upashyHU opzaHu3Mu (rMO) B OkOIlHama cpega U nyckaHemo Ha na3apa Ha rMO UIIU kOM6uHauufI om mflx kamo nposhygykmu UIIU CbcmaBka Ha npogykmu B ma3U npouegypa ce BkIIIoyBa
npegu oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU nyckaHemo UM Ha na3apa kamo npogykmu UIIU Cbcma8ka Ha npogykmu BCflko ltjgtu3u4ecko UIIU Iopuguyecko lIuue e gllbgtkti0 ga u3BbpWU oueHka Ha pucka 3a yoBewkomo 3gpaBe U OkOIlHama cpega Ol4eHshykama Ha pucka 6k11Ioy8a pe3YIImamu om u3BbpweHu Ha6111ogeHufI U nogp06eH nllaH 3a Ha6111ogeHue Ha noshymeHuuallHU kpamkocp04HU U gbllZOCpOYHU nOCIIeguuu 3a yoBewkomo 3gpaBe U eltjgtekma BbPXY OkOIlHama cpeshyga om oc806ogtkgaBaHemo Ha rMO 8 OkOllHama cpega U nyckaHemo UM Ha na3apa
OueHkama Ha pucka 06xBawa npeueHka 3a Bceku omgelleH CllY4au Ha Bcuyku nomeHuuallHU He6l1azonpushyflmHU nOCIIeguuu BbPXY 3gpa8emo Ha y08eka U gtku8omshyHume OkOIlHama cpega U 6UOIIOZUYHOmO pa3Ho06pashy3ue koumo Mozam ga Hacmbnflm npflko UIIU kocBeHo npu oc806ogtkgaBaHemo B OkOIlHama cpega UIIU nyckashyHemo Ha rMO Ha na3apa BkIIIoYUmellHO aHallU3 Ha noshymeHuuallHUme kYMYlIamuBHu gbllZOCpOYHU nOCIIeguuu om oc6060gtkga6aHemo UIIU nyckaHemo Ha rMO Ha nashy3apa OueHkama Ha pucka ce u38bPwBa Bb3 oCHoBa Ha Cbwecm8y8awume HaY4Hu u mexHu4ecku gaHHu om HauUOHaIlHU U MegtkgYHapogHu U3m04Huuu OueHkama Ha pucka ce u3Bbpw8a 8 Cbom8emcmBue c npuHuunushyme u MemogollolUflma 3a u38bpw6aHe Ha oueHka Ha pucka 3a OkOIlHama cpega U yoBewkomo 3gpaBe Bb3 oCHoBa Ha oueHkama Ha pucka BCflko ltjgtu3uyecko UIIU Iopuguyecko lIuue onpegellfl He06xoguMocmma u Meshymogume 3a ynpa811eHue Ha pucka OueHkama Ha pucka 8kllIoyBa U 3akllIoYeHUe 3a nomeHuuallHOmO Bb3geOcshymBue 6bPXY yoBewkomo 3gpaBe u OkOIlHama cpega om oc6060gtkgaBaHemo Ha rMO B OkOIlHama cpega UIIU npu nyckaHemo UM Ha na3apa
npu HallUYUe Ha HoBa HaY4Ha UHltjgtOpMaUUfl 3cl rMO U 3a noclIeguuume om ocB06ogtkga8aHemo My B OkOIlHama cpega UIIU nyckaHemo MY Ha na3apa BbPXY 40Bewkomo 3gpaBe UIIU OkOIlHama cpega ce u3BbpwBa HoBa oueHka Ha pucka C oueHkama ce onpegellfl gallu puckbm ce e npOMeHUII u gallu e He06xoguMa npoMflHa Ha HezoBomo ynpaBlIeHue
npu u3BbpwBaHemo Ha oueHka Ha pucka ce cna3shyBam CllegHume emanu
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106 __
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107
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108
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2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Om egHo kpamko u3AogtlteHue 3a pucka ynpaBAeHUemO Ha pucka U HoBama napaguzMa 3a puck MeHuggtltMbHshyma e mpygHo ga ce npaSflm U3S0gU egHakSo 3agbushymeHU u 0606LlaBaLlu kakmo 3a meopuflma maka U 3a npakmukama
Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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akmoBe Cbge6Ha npakmuka u gOZOBOpHU pa3nopeg6u ype~ga Mamepuflma 3a pucka u ynpaBAeHuemo Ha pucshyka CbZAaCHO c eBponeuckama u MegtltgYHapogHa npakshymuka
7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
I
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12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
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r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
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npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
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Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
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puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
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ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
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melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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ce YCbBbpweHcmBa
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kakb6 gokyMeHm
__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
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me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
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paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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__ 117
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He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
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cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
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mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
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30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
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31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
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35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
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Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
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He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
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41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
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48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
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__ 105
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106 __
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6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
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107
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108
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Ha kpegumHu UHcmumYLUU U JJupekmuSa 200648EC Ha ESponeOckuR napllaMeHm U Ha CbSema omHOCHO npegnpueshy
__ 109
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2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
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paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
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8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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m06a e 6b3MOIkHO 06aye ako e 8b3MOIkHO onumaOme ce
ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
kHuza B 61U3ko 6bgeLUe LUe ce nOR6Rm U gpY2U Memoguku
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6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
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zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
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ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
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koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
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6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
106 __
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a) npU4UHH6aHe Ha 3a6olfl6aHe y xopama 6klIashy4UmelHO alep2UYHU U mokcU4HU e(j)ekmu
6) npu4uHfl6aHe Ha 3a60lfl6aHe y ~u60mHume U pacmeHuRma 6klIoyumelHO mokcu4HU U alepZU4Hu e(j)ekmu
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4 OueH1I6aHe Ha pucka npou3mu4aw om BCHka ugeHmu(j)ULUpaHa xapakmepucmuka Ha rMO kOHmo Mo~e ga npUYUHU He6Ja20npuHmHu nocleguuu
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5 npuJazaHe Ha cmpamezuu 3a ynpa6leHue 3a pucka om oc6060~ga6aHemo Ha rMO 6 OkOIHama cpeshyga UIU nyckaHemo UM Ha na3apa
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6 OnpegeJ1lHe Ha ulIJocmHUll puck om rMO OueHkama Ha LflIOCmHUH puck om rMO mpH6Ba
ga ce u36bPWU kamo ce 63eMe npeg6ug 6cHka npegloshy~eHa cmpame2UH 3a ynpa61eHue Ha pucka
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OmHacH ce no-koHkpemHo go c4em060geH cmaHgapm 32 koQmo onpegelH npUHLUnUme 3a onshypegeAAHe klacu(j)ULUpaHe npu3Ha6aHe oueHHBaHe u on06ecmH6aHe Ha uH(j)0pMaLURma 3a (j)uHaHcoBume uHcmpYMeHmu 6b6 (j)uHaHc06ume omYemu Ha npegshynpuHmuRma B m03U cmaHgapm ca ge(j)uHupaHu
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a) puck Ha napULfHUfJ nomok - puck npou3mu4aw om kOle6aHUHma 6 pa3Mepa Ha 6bgewume napU4HU nomOLU c6bp3aHu c (j)uHaHc06 uHcmpYMeHm
6) kpegumeH puck - puck npou3mu4aw om 6b3shyMO~Hocmma npegnpullmuemo ga He nOJYYu 6 goz060shypeHuH pa3Mep UIU 6b06we (j)uHaHc06 akmu6 kakmo U 6b3Mo~Hocmma npegnpuHmuemo ga nOlY4u 6 nbleH pa3Mep (j)uHaHc06 akmu6 HO Ha no-kbcHa gama om yzoBopeHama
6) AukBugeH puck puck npOU3mUyaw om 6b3shyMotkHocmma npegnpuHmuemo ga He nozacu 6 g02060shypeHuH pa3Mep UIU U306wo (j)uHaHc06 nacu6 kakmo U Bb3MotkHocmma npegnpuHmuemo ga nozacu 6 nbleH pa3Mep (j)uHaHc06 nacu6 HO Ha no-kbcHa gama om y20shy60peHama
z) LjeHoBu puck - puck npOU3mUyaw om kOle6ashyHUHma 6 ueHama Ha (j)uHaHco6 uHcmpYMeHm kOOmo 6 3a6ucuMocm om 6uga Ha (j)uHaHc06uH uHcmpYMeHm Motke ga 6bge 6aJymeH puck puck npOU3mUyaw om npOMeHU
6b6 6aJymeH kypc IUX6eH puck puck npOU3mUyaw om npoMeHu 6
PUCKbm B HoBama napagu2Ma
lIux6eH npOleHm na3apeH puck - puck npoU3mu4aw om npoMeHu
6 na3apHa leHa XegmupaHe 3a leAUme Ha c4em06ogcm6omo
onpegeNlHe Ha egHu UIIU n06eye xeglkupawu UHCshympYMeHmu U3MeHeHuemo Ha YURmo cnpa6egllu6a cmOUHocm npegcma6M16a lRIIOCmHa UIIU yaCmUYHa kOMneHcaluR 3a npoMRHama 6 cnpa6egllu6ama cmoOshyHocm U 6 napUYHUme nomOlU Ha xeglkupaHama no-3UlUfl
XegmupaHa n03UlUR akmu6 nacu6 g02060p UIIU npozH03Ha 6bgewa cgelka kORmo a) U311aza npegshynpuRmuemo Ha puck om U3MeHeHURma 6 cnpa6egllu6ashyma cmOUHocm UIIU om npoMeHu 6 6bgewume napUYHU nomOlU U kORmo 6) 3a lelume Ha OmYUmaHe Ha xegshylkupaHemo ce onpegelfl kamo 3awuma6aHa n03UlUR
Xegmupaw uHcmpYMeHm onpegeleH npou3shy60geH ltj)uHaHc06 uHcmpYMeHm (npu pegku 06cmoRshymelcm6a Molke U HenpoU360geH ltj)uHaHc06 uHcmpyshyMeHm) YURmO cnpa6eglu6a cmoOHocm UIU napW-lHU nomOlU ce oyak6a ga kOMneHcupam npoMeHume 6 cnpa6egllu6ama cmOUHocm U 6 napUYHUme nomOlU Ha onpegelleHa xeglkupaHa n03UlUR 3a lellume Ha m03U cmaHgapm Henpou360geH ltj)uHaHc06 uHcmpyshyMeHm Molke ga 6bge onpegelleH xeglkupaw uHcmpyshyMeHm npu OmYUmaHe Ha xeglkupaHe caMO ako 3awushyma8a puck npoU3mU4aw om npoMeHu 6b6 6allymeH kypc (8allymeH puck)
Ecentlekmu6Hocm Ha xegmupaHe - cmeneHma go kORmo kOMneHCaluoHHUme npoMeHu 6 cnpa6egllushy6ama cmOUHocm UIIU napu4Hume nomOlU c8bp3aHu c gageH xeglkupaH ltj)uHaHco8 puck ce nocmuzam om xeglkupawuR uHcmpYMeHm
Ceklopumu3alUR - npOleCbm nocpegcm60M koumo ltj)uHaHco6ume akmu6u ce mpaHcltj)0pMupam 6 leHHU kHulka
npegnpuRmuRma u38bpw6awu xeglkupaHe npu 3ano46aHe Ha xeglkupaHemo clleg8a ga UMam oltj)ushylUailHa gokYMeHmalUR 3a 63auMoomHoweHuRma Ha xeglkupaHe U lelume Ha npegnpuRmuemo npu npegshynpueMaHe Ha ynpaBI1eHuemo Ha pucka (cpupMeHa nOJushymuka omHOCHO xegHwpaHemo) kORmo 3agblllkumellHo mpR66a ga pezllaMeHmupa cllegHume acnekmu
npUHlUnU Ha xeglkupaHe 8 npegnpuRmuemo lell Ha xeglkupaHemo U cmpamezuR 3a ynpa611eshy
Hue Ha centluHaHc06ume pucko6e 6 npegnpuRmuR onpegelflHe Ha xeglkupawume uHcmpYMeHmu U
Ha c6bp3aHume c mRX xeglkupaHu n03UlUU (eguHUlu) onpegelflHe Ha 8uga U ecmecm80mo Ha 06e3neshy
ya8aHUme ltj)uHaHco8u puck06e onpegelflHe Ha HaYUHa no koOmo we ce Oleshy
HA6a eltj)ekmu8Hocmma Ha xeglkupawume uHcmpYMeHshymu
npegnpuAmuAma mpA68a ga 04akBam 4e xegshylkupaHemo we 6bge 8ucoko eltj)ekmu6Ho npu 0leHR8ashyHemo My Ha mekywa 6a3a ga ca onpegellulu 8epOAmshyHocmma 3a oCbwecmBRBaHe Ha npoZH03Hama cgellka om npegnpuRmuemo cnpAMo kORmo ce npulaza xegshylkupaHe Ha ltj)UHaHcoBume U puckoBe kamo 3Ha4UMU ga UMam 6b3MolkHocm 3a HagelkgHa oleHka Ha eltj)ekshymuBHocmma om xeglkupaHe
107
B npullolkeHuemo kbM ltj)uHaHCoBugtI 2OgUWHUgtI omshy4em ce onoBecmflBa uHltj)0pMalUgtI 3a
I $uHaHco6ume uHcmpYMeHmu a) Cb3gageHume nopmltj)eullu om ltj)uHaHc06u UHCshy
mpYMeHmu 6 npegnpuAmuemo 6) 6b3npuema 6 npegnpuRmuemo ltj)upMeHa nOllushy
mula omHOCHO npu3Ha6aHemo om4umaHemo U oleHkama (nbPshy
80HayailHa U noclleg6awa) Ha ltj)uHaHco8ume UHCshympYMeHmu
Cb3gageHume nopmltj)eullu - lell Bug U cnelultj)ushyku 6) Bcuyku 3HaYUMU ltj)uHaHco6u puckoBe om 2legshy
Ha moYka Ha ltj)uHaHcoBama cma6uIIHocm Ha npegshynpuRmuemo koumo ca 6b3HukHalu npe3 om4emHUR nepuog kakmo U
geucmBuRma koumo ca npegnpuemu 3a npegoshym8pamR8aHemo UM 8 6bgewe
ce cbgbplkam 6 HalUYHUme ltj)uHaHcoBu uHcmpyshyMeHmu kbM gamama Ha ltj)uHaHcoBuR omyem
ce Cbgbplkam no npUHlUn 6 cb3gageHume om npegnpUJImuemo nopmltj)eOllu II XegmupaHemo a) 06wama cmOUHocm Ha
xeglkupawume uHcmpYMeHmu no Bug
pe3epBa om xeglkupaHe kbM gamama Ha ltj)uHaHcoshy8UR omYem
xeglkupaHume n03UlUU (eguHUlu) no 6ug Ha n03UlUUme U no 6ug Ha xeglkupaHume ltj)uHaHcoshy8u puck06e
cpegHama eltj)ekmu8Hocm om xeglkupaHemo 3a OmyemHUR nepuog B npegnpuRmuemo - 06w0 3a npegnpuflmuemo kamo lRIIO U no 6ug Ha xeglkushypawUt e uHcmpYMeHmu 6) gokYMeHmupaHama ltj)upMeHa nOllumuka 8
npegnpuAmuemo omHOCHO xeglkupaHemo 8) Bb3npuemuR HaYUH 3a oleHka Ha eltj)ekmu6shy
Hocmma Ha xeglkupaHemo
4em6bpmu npuMep - Hapeg6a N2 25 om 2006 2 3a u3uck6aHURma kbM geuHocmma Ha uHBecmulUOHHUshyme gpymecmBa U g0206opHume centloHgo8e
Cnopeg ma3U Hapeg6a uH8ecmulUOHHOmo gpyshylkecmBo cbom6emHo ynpaBIIR6awomo gpyJokecm60 koemo geOcm6a 3a cMemka Ha g02080peH ltj)OHg pa3shypa60mBa u npueMa BbmpeWHU npaBuJa 3a ynpaBI1eHue Ha pucka c lel nocmORHHO Ha61IogeHue U oleHka Ha pucka Ha 6cRka egHa n03UlUA u HeUHomo 611UAHue Ha puckoBuR npoltj)u Ha leIlUA nopmltj)eull
BbmpeWHume npa6ulla ypelkgam eltj)ekmu8HU npolegypu 3a ycmaH06R8aHe ynpa811eHue U Ha611logeshyHue Ha pucko8eme Ha koumo e u3110lkeHo UIU Molke ga 6bge U3lolkeHo uH6ecmulUOHHOmo gpylkecm60 Cbom8emHo g02080pHuRm ltj)OHg
Ako uH8ecmulUOHHomo gpylkecm80 cbom6emshyHO ynpa8l1A8awomo gpylkecm80 koemo geucm6a 3a cMemka Ha gow6opeH ltj)OHg uHBecmupa B gepu8ashymuBHu ltj)uHaHcoBu uHcmpYMeHmu npaBullama 3a ynshypaBlleHue Ha pucka mpR6Ba ga nocoY8am BugoBeme gepu8amuBHu uHcmpYMeHmu 8 koumo uH8ecmupam
108
oCHoBHume puckoBe kOflU4eCmBeHUme flUMUmU U U3shy6paHUme Memogu 3a 04eHka Ha pucka CBbp3aH Cme3U uHBecmuLuu
BbmpeWHUme npaBUJa 3a ynpaBleHUe Ha pucka mpR6Ba ga ca U34epnamelHU U B CbomBemcmBue c xashypakmepa 06xBama U kOMnlekcHOCmma Ha geuHocmshyma Ha uHBecmuLUOHHOmO gpy~ecmBo CbomBemHO Ha gOZOBOpHUR ltgtOHg IlpaBuAama mpR6Ba ga jZbgbPshy~am
1 Ilolumuku U npOLegypu 3a ugeHmultgtukaLUR Ha puckoBeme CBbp3aHU C geQHOCmma U uHBecmuLuUshyme
2 IlpoLegypu 3a oLeHka Ha puckoBeme npUJoshy~UMU Memogu onpegeAAHe U cna3BaHe Ha puckoBume ozpaHu4eHuR kakmo U 3a gonyckaHe Ha u3kAIo4eHuR B cly4au Ha u3BbHpegHu cumyaLuu
3 Pa3pa60meHu nOlumuku U npoLegypu 3a noeshyMaHe ynpaBleHUe Ha61IogeHue U pegYLUpaHe Ha Bceshyku Bug puck
4 Ilolumuku u npoLegypu 3a u3MepBaHe u ynpaBshyleHUe Ha BCU4ku CblllecmBeHu U3m04HULU Ha na3apeH puck
5 Kpamkocp04Ha U gbAZOCp04Ha cmpamezuR 3a ynpaBleHue Ha puckoBeme BkAIo4Ballla guBepcultgtushykaLufl Ha onepaLUOHHUme puckoBe cBbp3aHu c Bceku Bug geuHocm
6 llepuogu4eH npezleg Ha U3nOI3BaHUme Memoshygu 3a oLeHka
7 Ha61IogeHue u nepuogu4Ha oLeHka 3a CbomshyBemcmBue Ha npaBulama 3a ynpaBleHue Ha pucka c na3apHume YCIOBUR
8 IlpoLegypu 3a nblHO gocmoBepHo m04HO u cBoeBpeMeHHo gokYMeHmupaHe u oC4emoBogRBaHe Ha BCU4ku cgelku u oLeHka Ha eltgtekmuBHocmma Ha cgelkume
9 L113zpa~gaHe Ha eltgtekmuBHa u HaBpeMeHHa cucshymeMa 3a om4emHocm BkAlo48allla Hu8a u cpok08e 3a gokAag8aHe 8ug08e om4emu koumo ce npegcma8Rm Ha kOMnemeHmHume u ynpaBumeflHume opzaHu ltgtopshyMU Ha gokAag8aHe npu omkpu8aHe Ha zpewku HepegshyHocmu Henpa8ulHa ynompe6a U3MaMU UIU 3Ioynomshype6a
Ako uH8ecmuLUOHHOmo gpy~ecm80 cbom8emshyHO ynpa8AABalllomo gpy~ecm80 koemo geQcm8a 3a cMemka Ha goz080peH ltgtOHg uH8ecmupa 8 gepuBashymu8Hu uHcmpYMeHmu npa8uAama 3a ynpa81eHue Ha pucka BkAIo48am u
1 CnuCbk Ha gepu8amuBHume uHcmpYMeHmu B koumo uH8ecmupa kOlekmuBHama uH8ecmuLUoHHa cxeMa
2 OCHoBHume puck08e 3a 8ceku gepu8amu8eH uHcmpYMeHm
3 KOlU4eCm8eHume ozpaHu4eHuR 3a uH8ecmupashyHe Bb8 8ceku gepu8amuBeH uHcmpYMeHm
4 L1136paHume Memogu 3a oLeHka Ha pucka C8bpshy3aH c uH8ecmupaHemo 8 me3U uHcmpYMeHmu
C LeI eltgtekmu8Ho Ha61IogeHue U ynpa81eHue Ha pucka ynpa8AA8alllOmO gpy~ecm80 Cb3ga8a npa-8uIa 3a 8bmpewHa opzaHU3aLUR c RCHO onpegeleHu U np03pa4Hu Hu8a Ha omz080pHocm Me~gy IULama Y1acm8alllu 8 npoLeca Ha ynpa8leHue Ha pucka kakshy
mo u agek8amHu MexaHU3MU 3a 8bmpeweH kOHmpOfl 8kAIo4UmelHO RCHU agMuHucmpamuBHu u c4em080gshyHU npoLegypu
Ilpa8UJama ype~galllu 8bmpewHama opzaHushy3aLUR u omzoBopHocmu mpR68aga ocuzYPR8am u cbgbP~am
1 LIIgeHmultgtULUpaHe Cb6upaHe u pa3npocmpaHRshyBaHe 8 nogxogRllIa ltgtopMa u cpokoBe Ha Hage~gHa U gocm08epHa uHltgt0pMaLUR kORmo n03BoAA8a Ha 8CRko IULe 8 ynpa8AA8alllomo gp~ecmBo ga noeMe onpeshygeleHa omzoBopHocm
2 EltgtekmuBHa kOMYHukaLUR no XopU30HmalHa u 8epmukalHa IUHUR u Ha Bcu1ku uepapxu4Hu HuBa Ha gpy~ecm80mo
3 Ilolumuku u npoLegypu 3a pa3pewa8aHe u og06pR8aHe
4 Ilolumuku u npoLegypu 3a pa3geAAHe Ha omshyZOBopHocmume no Ha4UHa koumo He Ii03BOAABa eguH Cfly~umel egH08peMeHHO ga HOCU om20BopHocm no og06pRBaHe U3nb1HeHUe OC1emoBogR8aHe u kOHn1shypOI Ha cgelkume
5 Ilolumuku u npoLegypu 3a gocmbn go UHltgtOPshyMaLURma
6 Ilpa8ula 3a ynpa81eHue Ha 40Bewkume pecypshycu
3a npUlaZaHe Ha npaBulama 3a ynpaBfleHue Ha pucka ynpaBAABalllomo gpy~ecmBo Cb3ga8a 3BeHo 3a ynpaBleHue Ha pucka koemo ltgtYHkLuOHUpa He3aBucushyMO om 38eHomo 3a ckAIo48aHe Ha cgelku om4uma ce npRko npeg ynpaBumelHuR opzaH U
1 Pa3nOAaZa c nogxogRllIO kBalultgtuLUpaH nepcoshyHal
2 Pa3pa60m8a u BHegpRBaHe cucmeMama 3a ynshypaBleHUe Ha pucka
3 L11320mBfl u aHaAU3Upa e~egHe8Hume om4emu c Lel oLeHka Ha pucka Ha BCRka n03ULUR u Ha nopmltgteushyAa kamo LfllO u npegnpueMa Mepku 3a ozpaHu4a8aHe Ha puck08ume ekCn03ULUu
4 L113BbpwBa nbpBoHa4alHa U mekYllla npoBepka Ha Memogume 3a oLeHka Ha pucka u npa8u npeglo~eshyHue 3a mRXHama kopekLwl
5middot KOHmpolupa BxogRllIUme gaHHu He06xoguMu 3a oLeHka Ha pucka CbZAaCHO npUIO~UM Memog 3a goshycmoBepHocm U gocmamb1HOcm
6 Y4acmBa B e~egHeBHume npoLecu no nAaHUshypaHe Ha61logeHue ynpa81eHue u kOHmpol Ha puckoshyBeme
YnpaBUmelHURm opzaH Ha uH8ecmuLuoHHomo gpy~ecmBo Cflegu 3a cna3BaHemo Ha npaBuAama 3a ynpa8leHue Ha pucka a ynpaBumelHuRm opzaH Ha ynshypaBIRBalllOmO gpy~ecmBo clegu 3a cna3BaHemo Ha npa8uAama 3a ynpaBleHue Ha pucka u Y1acmBa akmuBshyHO B npoLeca no ynpa81eHue Ha pucka
YnpaBUmelHURm opzaH Ha uH8ecmuLUoHHomo gp~ecmBo CbomBemHo ynpaBMBalllomo gpy~ecmshy80 u3BbpwBa nepuogU1eH e~ezogeH npeZlleg Ha nOAUshymukume u cmpamezuume 3a ynpaBAeHUe Ha puckoBeme
3BeHomo 3a BbmpeweH kOHmpol B ynpaBIRBashyllIomo gpy~ecmBo u3BbpwBa nOHe BegH~ zoguwHO npoBepka Ha npoLeca no ynpaBfleHue U u3MepBaHe Ha pucka kORmo 8kl1048a HaU-Malko np08epka Ha
I
Puckbm S HoSama napaguzMa
1 llbiHOmama Ha gokyMeHmauUSlma CBbpaaHa C npaBuiama no ynpaBieHUe Ha pucka U opzaHu3auURma Ha 3BeHomo 3a kOHmpOi Ha pucka
2 Om4umaHemo Ha oueHkume Ha pucka B egtkeshygHeBHomo ynpaBieHUe Ha pucka U ueiocmma Ha ynshypaSieHckama uHltjgt0pMauuoHHa cucmeMa
3 Ilpoueca Ha ogo6peHue Ha Memogume U cucshymeMume 3a oueHka Ha pucka
4 06xSama Ha OCHoSHume puckoSe u ymSopgtkga~ SaHe Ha Scu4ku cowecmSeHu npoMeHu S npoueca Ha u3MepSaHe Ha pucka
5 T04Hocmma U nbiHOmama Ha gaHHume 3a n03Ushyuuume m04Hocmma u YMecmHocmma Ha gonyckaHuRshyma 3a SOiamUiHOCm u kopeiauuSl kakmo u m04Hocmshyma Ha oueHkama u U34UCieHURma 3a 4yScmSUmeiHOCm koM puck
6 CbBMeCmUMocmma HaSpeMeHHocmma U HashygegtkgHocmma Ha U3mo4Huuume Ha gaHHu BkAlo4ushymeiHO He3aSucuMocmma Ha uHltgt0pMauuoHHume U3shym04Huuu
7 Pe3YimamUme om mecmoBeme 3a BaAugHocm U m04Hocm Ha U3n0i3SaHUme Memogu
IlpoSepkama Ha npoueca no ynpaSieHUe Ha pucka ce gokyMeHmupa
IIIHBecmuuuoHHomo gpygtkecmBo coomSemHo ynpaSiRBawomo gpygtkecmBo koemo geOcmSa 3a cMemka Ha gozoSopeH ltjgtOHg u3SbpwBa npezieg Ha cucmeMama 3a ynpaBieHUe Ha pucka SegHbgtk zoguwshyHO U npegcmaBSI Ha kOMucuSlma gokiaga om npeziega Ilepuogom o6xSawa mekywama ltjgtuHaHcoSa zoguHa
B HauUOHaAHOmO 3akoHogameicmSo S nOCiegHushyme zOgUHu UMa egHa cowecmSeHa oco6eHocm kORmo ce cocmou SOS BbSegtkgaHemo Ha gupekmuSume Ha ESshyponeOckuR napAaMeHm U Ha CbBema B 6bizapckume HopMamuSHU akmoSe (Sgtk IlpuMep 52)
npUMep 52
3akoHbm 3a gonbiHUmeiHUR Hag30p SbPXY ltjgtuHaHcoshySume kOHZiOMepamu SbSega pa3nopeg6ume Ha JJupekshymuSa 200287EC Ha ESponeockuR napAaMeHm U CbSema 3a gonbiHUmeiHUR Hag30p Ha kpegumHume uHcmumyuuu 3acmpaXOSameiHUme npegnpuRmuR U uHSecmulIuoHHUshyme ltjgtUPMU SbS ltjgtuHaHcoS kOHZAoMepam U U3MeHRUJa gushypekmuSu 73239EEC 79267EEC 9249EEC 9296EEC 936EEC U 9322EEC Ha CbSema U gupekmuSu 9878EC U 200012EC Ha ESponeockuR napAaMeHm U CbSema
3akoHbm 3a kpegumHume uHcmumYlIuu SbSega pa3shynopeg6ume Ha JJupekmuSa 89117EEC Ha CbSema omHocshyHO 3agb~eHuRma Ha kioHoSeme Ha kpegumHu uHcmumyshylIUU U Ha ltjgtuHaHcoSu uHcmumYlluu ycmaHoSeHu S gbPaSa 4ieHka 4uumo ZAaSHu ynpaSleHuR ce HaMupam U3SbH ma3U gopaSa 4IIeHka omHOCHO ny61ukySaHemo Ha zoshyguwHU c4emoSogHu gokYMeHmu JJupekmuSa 200046EC Ha ESponeockuR napllaMeHm U Ha CbSema omHOCHO npegshynpueMaHemo ocoUJecmSRSaHemo Ha geOHocm U Hag30pa Hag geOHocmma Ha UHcmumYlluume 3a eAekmpOHHu napu JJupekmuSa 200124EC Ha ESponeOckuR napAaMeHm U Ha CbSema omHocHO peopzaHU3allURma U npekpamRBaHemo
Ha kpegumHu UHcmumYLUU U JJupekmuSa 200648EC Ha ESponeOckuR napllaMeHm U Ha CbSema omHOCHO npegnpueshy
__ 109
MaHemo U ocoUJecmSRBaHemo Ha geOHocm om kpegumHu uHcmumYlluu (nonpaBka)
3akoHbm 3a ny61u4Homo npegAaZaHe Ha lleHHu kHUshya SbSega pa3nopeg6ume Ha JJupekmuSa 85611jEItlO Ha CbSema omHOCHO koopguHupaHemo Ha3akoHoSume nog3ashykOHoSume u agMuHucmpamuBHume pa3nopeg6u omHOCHO npegnpuRmURma 3a kOlekmuSHO UHSecmupaHe S npexBbPshyIUMU lleHHu kHua (nKltlnUK) JJupekmuSa 9322EItlO Ha CbBema omHOCHO uHSecmulluoHHume yClyzu S o61acmma Ha lIeHHUme kHua JJupekmuSa 979EO Ha ESponeOckuR napllaMeHm u Ha CbSema omHOCHO cxeMume 3a 06e3UJemeshyHue Ha UHSecmumopume JJupekmuSa 200371EO Ha ESshyponeOckUR napllaMeHm U Ha CbSema omHocHO npocnekma koOmo ClegSa ga ce ny6lukySa kozamo ny61u4Ho ce npegshy
llazam lIeHHU kHua UIU k02amo ce gonyckam lleHHU kHUshya go mbpzySaHe u omHOCHO U3MeHeHue Ha JJupekmuSa 2001j34EO JJupekmuSa 200439EO Ha ESponeOckuR napshyAaMeHm u Ha CbSema omHOCHO na3apume Ha ltjgtuHaHcoBu uHcmpYMeHmu 3a U3MeHeHue Ha gupekmuBu 85611jEItlO u 936EItlO Ha CbSema u JJupekmuSa 200012EO Ha ESposhyneOckuR napllaMeHm u Ha CbSema u 3a omMRHa Ha JJupekshymuSa 9322EItlO Ha CbSema
HOBATA nAPAIllllrMA - IIIHTErPIIIPAHO ynPABAEHIIIE HA PIIICKA HA OprAHIII3AUlllJlTA3
6e3YCAoSHO S cbSpeMeHHama kakmo Zi06aiHa maka u HauuOHaAHa UkOHOMuka SiacmSam puckom u HeshyonpegeieHOcmma Bceku UkoHoMu4ecku cy6ekm B nO-ZOiRMa UiU nO-Maika cmeneH ce C6AbckBa c pucka He3aBucuMo kakbS npogykm co3gaSa UiU kakBa YCAyza npegiaza
Hewo noSe4e Pa3Sumuemo Ha kOMnaHuume om HoSama UkOHOMuka me Ha kOMnaHuume Ha Sucoshykume meXHOi02UU zu C6ibCkSa c ZOiRM 6poO CAOgtkHU Hen03Hamu u HeU3Y4eHu puckoSe koumo cowecmSeHo 8iURRm 8bpxy mRXHama opzaHu3auuR ueiu u noSegeshyHue
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110 Dla6a 5
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Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
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28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
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4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
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8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
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npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
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kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
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__ 115
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116 __
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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mue Ha Cb6umuHma e U3SbHpegHo mpygHo 110-AecHo e ga
ce nogzomSuw 3a mRX B3eMaOku peweHuH 3a puckoSeme He U3kAIolBaQme om pa32AegtkgaHe me3U ekcmpeMHu CLeshy
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cu (Sb3MOgtkHO e HanbAHO onpaBgaHo) Ie ga cmaHew Heshy
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omkoAkomo npegraGa nAamelkocnoco6Homo mbpceHel1o ma3U npUIUHa opueHmupoBbYHUme 06pa3LU Mozam ga 6bshygam gSa Buga 1) He cmpagaQ om MaAOLeHHOCm 2) He ce
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hU Ha pucka koumo we n0360Mm ga 6bgam cpa6HR6aHu pa3lU~HU cmpamezuu npu pa3hu~Hu cLeHapuu He 6uHazu
m06a e 6b3MOIkHO 06aye ako e 8b3MOIkHO onumaOme ce
ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
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u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
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Ha Cupax EiU6IUR
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zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
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ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
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ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
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koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
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6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
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107
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108
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__ 109
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2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
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paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
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A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
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8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
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yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
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27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
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29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
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31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
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32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
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U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
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36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
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Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
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He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
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U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
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48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
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6 llepuogu4eH npezleg Ha U3nOI3BaHUme Memoshygu 3a oLeHka
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8 IlpoLegypu 3a nblHO gocmoBepHo m04HO u cBoeBpeMeHHo gokYMeHmupaHe u oC4emoBogRBaHe Ha BCU4ku cgelku u oLeHka Ha eltgtekmuBHocmma Ha cgelkume
9 L113zpa~gaHe Ha eltgtekmuBHa u HaBpeMeHHa cucshymeMa 3a om4emHocm BkAlo48allla Hu8a u cpok08e 3a gokAag8aHe 8ug08e om4emu koumo ce npegcma8Rm Ha kOMnemeHmHume u ynpaBumeflHume opzaHu ltgtopshyMU Ha gokAag8aHe npu omkpu8aHe Ha zpewku HepegshyHocmu Henpa8ulHa ynompe6a U3MaMU UIU 3Ioynomshype6a
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4 L1136paHume Memogu 3a oLeHka Ha pucka C8bpshy3aH c uH8ecmupaHemo 8 me3U uHcmpYMeHmu
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6 Ilpa8ula 3a ynpa81eHue Ha 40Bewkume pecypshycu
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3 L11320mBfl u aHaAU3Upa e~egHe8Hume om4emu c Lel oLeHka Ha pucka Ha BCRka n03ULUR u Ha nopmltgteushyAa kamo LfllO u npegnpueMa Mepku 3a ozpaHu4a8aHe Ha puck08ume ekCn03ULUu
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112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Om egHo kpamko u3AogtlteHue 3a pucka ynpaBAeHUemO Ha pucka U HoBama napaguzMa 3a puck MeHuggtltMbHshyma e mpygHo ga ce npaSflm U3S0gU egHakSo 3agbushymeHU u 0606LlaBaLlu kakmo 3a meopuflma maka U 3a npakmukama
Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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akmoBe Cbge6Ha npakmuka u gOZOBOpHU pa3nopeg6u ype~ga Mamepuflma 3a pucka u ynpaBAeHuemo Ha pucshyka CbZAaCHO c eBponeuckama u MegtltgYHapogHa npakshymuka
7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
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3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
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6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
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AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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__ 117
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
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5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
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36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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__ 111
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1 noco4Ba cpakmu UAU 06cmoHmeAcmBa koumo ca HacmbnUAU UAU 060cHo6aHo Mogtke ga ce o4akBa ga HacmbnHm 6 6bgel4e U e gocmamb4HO kOHkpemHa 3a ga ce Hanpa6u 3akAIo4eHue omHOCHO Bb3MOgtkHUH UM ecpekm 6bPXY ~eHama Ha cpuHaHc06ume uHcmpYMeHshymu UAU Ha cBbp3aHu c mAX gepuBamHU cpUHaHc06u uHcmpYMeHmu
2 06u4aQHo ce u3noA3Ba om uHBecmumopume npu 63eMaHemo Ha peweHue 3a uHBecmupaHe B gageH cpuHaHc06 uHcmpYMeHm
110 omHoweHue Ha Au~ama koumo u3nbAHABam HapegtkgaHuA omHOCHO cpuHaHcoBu uHcmpYMeHmu 6bmpeWHa uHcpopMa~uH e Cbl40 U kOHkpemHa UHCPOpshyMa~UH Cb06l4eHa om kAueHm c6bp3aHa c nogageHu HO Ol4e HeU3nbAHeHU HapegtkgaHuH Ha kAueHma kOHmo ce omHaCA npAko UAU HenpHko go eguH UAU noBe4e eMumeHmu Ha cpuHaHc06u uHcmpYMeHmu UAU go eguH UAU noBe4e cpuHaHcoBu uHcmpYMeHmu U kOAmo ako 6bge OZAaCeHa ny6Au4Ho Mogtke ga okagtke Cbl4ecmBeHo 6AuHHue 6bPxy ~eHama Ha me3U cpuHaHcoBu uHcmpyshyMeHmu UAU Ha ~eHama Ha cBbp3aHu c mAX gepuBamHU cpUHaHcoBu UHcmpyMeHmu
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2 1113BbpwBaHemo Ha cgeAku UAU nogaBaHemo Ha HapegtkgaHuH npu koumo ce u3nol3Bam cpukmuBHu cnoco6u UAU gpyzu CPOPMU Ha U3MaMHU geOcmBuH
3 Pa3npocmpaHHBaHemo 4pe3 cpegcm6ama 3a MacoBo ocBegOMHBaHe BkAIo4umeAHo 4pe3 IIIHmepshyHem UAU no kakbBmo U ga e gpyz Ha4UH Ha UHCPOpshyMa~UA kOAmo Cb3gaBa UAU Mogtke ga Cb3gage HeBHpHa UAU nogBegtkgal4a npegcmaBa omHocHo cpUHaHcoBu UHcmpyMeHmu BkAlo4umeAHo pa3npocmpaHABaHemo Ha cAyxoBe U HeBepHe UAU 3a6AygtkgaBal4u HoBuHU koshyzamo Au~emo koemo pa3npocmpaHABa UHcpopMa~UAshyma 3Hae UAU e gAbgtkHO ga 3Hae 4e UHcpopMa~UHma e HeBApHa UAU nogBegtkgal4a
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112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
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3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
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Puckbm B HoBama napagu2Ma
12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
ynpaBleHue Ha pucka npu kpU3U
r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
1 KakBu ea omGoBopHocmume Ha Buewume pbkoBogushy
melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
paBleHUemO Ha puekoBeme BbB Bawemo npegnpuRmue Mo1keme IU ga onuweme eguH makbB om4em
3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
oUpRBaHe U cmuMYIUpaHe cBbp3aHa e ynpaBIeHuemo Ha pucka Kak R OLeHHBame U B kakBo HanpaBleHUe Mo1ke ga
ce YCbBbpweHcmBa
E Bawemo MRcmo npu peaAu3aLluRma Ha IIIYP
1 KakBu m04Ho ca Bawume omzoBopHocmu no peashy
IU3aLURma Ha IIYP Om kozo U kakBo ea onpegeleHu me3U
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kakb6 gokyMeHm
__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
LRIOmO npegnpuRmue 3aUo 7 Kou U3nOl3BaHU om Bac Memogu 3a ynpaBleHue Ha
pueka UIU go6pu npakmuku 6uxme npenOpb4alU Ha gpyzu npegnpuRmuR 3aU0
8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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MHOZO 3aBucu om kYlmYPHama cpega Ha kOMnaHuRma u Ha HeOHume CbmpygHULU 3aHuMaBaUu ee c HoBoBbBegeHuRshyma B ma3U o6lacm YPOK 2 EltjlekmuBHomo ynpaBleHue B CbBpeMeHHume yCloshy
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YPOK 3 liMa pa31U4HU Memogu 3a pa3kpuBaHe Ha pucka T03u npoLec mpR6Ba ga 6bge nocmoRHeH YPOK 4 PuekoBeme mpR6Ba ga ce paHgtkupam no onpegeshyleHa ekala e om4umaHe Ha mRXHama 3Ha4uMocm cepuo3shy
Hoem UIU napu4Ho u3pa1keHue YPOK 5 PuekoBeme mpH6Ba ga ee paH1kupam cnopeg mHXshy
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YPOK 7 Pa3pa6omBaOme CbBpeMeHHu uHcmpYMeHmu u U3shyMepUmelu Ha pucka koumo ygoBlemBopHBam nompe6Hocshymume Ha opZaHU3aLUHma maka 4e MeHuggtkbpume no-Ieko
ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
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ceH Ha paSHUllIemO Ha lAAomo npegnpuRmue nogxog kbM ynpaSAeHUemO Ha puckoSeme YPOK 14 Kozamo Helllama ce omHaCRm go ynpaSAeHue Ha pucka kOHcYAmaHmume ako me CblllecmSySam mpH6Sa ga gonbASam a He ga 3aMecmSam Sucwemo pbkoSogcmSo Ha
kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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__ 117
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1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
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me kOHzlloMepamu (3QH(jgtK)
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5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
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27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
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6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
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51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
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112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
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Om egHo kpamko u3AogtlteHue 3a pucka ynpaBAeHUemO Ha pucka U HoBama napaguzMa 3a puck MeHuggtltMbHshyma e mpygHo ga ce npaSflm U3S0gU egHakSo 3agbushymeHU u 0606LlaBaLlu kakmo 3a meopuflma maka U 3a npakmukama
Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
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akmoBe Cbge6Ha npakmuka u gOZOBOpHU pa3nopeg6u ype~ga Mamepuflma 3a pucka u ynpaBAeHuemo Ha pucshyka CbZAaCHO c eBponeuckama u MegtltgYHapogHa npakshymuka
7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
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2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
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10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
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6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
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11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
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3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
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paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
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me kOHzlloMepamu (3QH(jgtK)
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5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
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32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
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35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
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48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
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51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
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15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
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17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
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28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
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9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
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17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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me ce ga npozH03upame kak llIe ce pa3BuBam Cb6umUHma B3eMaOme peweHue Sb3 oCHoSa nOHe Ha mpu CLeHapuR onmUMUCmUyeH neCUMUCmUyeH U HaO-6epoRmeH HaQ-coshy
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mue Ha Cb6umuHma e U3SbHpegHo mpygHo 110-AecHo e ga
ce nogzomSuw 3a mRX B3eMaOku peweHuH 3a puckoSeme He U3kAIolBaQme om pa32AegtkgaHe me3U ekcmpeMHu CLeshy
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npu 06cmOHmeAcmSa U LeAU aHaA02UIHU Ha Sawume IIIMa
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nex u no Bgt3MOIkHama 3azy6a npegcmaBeme CU He caMO
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Hanpa6uxMe 6cu1ko 6b3MOikHO U HRMa 3a kak60 ga CblkalRshy6aMe
npa6uI0 8 HaMepeme kOhu~ecm6eHume noka3ameshy
hU Ha pucka koumo we n0360Mm ga 6bgam cpa6HR6aHu pa3lU~HU cmpamezuu npu pa3hu~Hu cLeHapuu He 6uHazu
m06a e 6b3MOIkHO 06aye ako e 8b3MOIkHO onumaOme ce
ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
kHuza B 61U3ko 6bgeLUe LUe ce nOR6Rm U gpY2U Memoguku
3a u3Mep6aHe Ha puck08eme
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me zu U u36upaome me3U koumo 6u nogxolkgam Ha m03U
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u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
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Ha Cupax EiU6IUR
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zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
112 __
SAUflHue SbPXY mbpceHemo UAU npegAazaHemo Ha ltjlushyHaHcoBu uHcmpYMeHmu koumo geucmBufI Sogflm go npflko UiU Henpflko onpegeMHe Ha mflXHama leHa UAU go Cb3gaSaHemo Ha gpyzu HecnpaBegiuBu na3apHu ycshyAoBufI
2CkAlo4BaHemo Ha cgeJku c ltjluHaHcoSu uHcmpyshyMeHmu npu 3amBapflHemO Ha mbpzoSckama cecufl Ha pezYAupaHufi na3ap koumo Sogflm go nogSegtltgaHe Ha uHBecmumopume geucmBaLlu Bb3 oCHoSa Ha leHUme Ha 3amBapflHe
3 Vl3pa3flSaHemO Ha MHeHue 3a ltjluHaHcoSu UHCshympYMeHmu UiU 3a meXHUfi eMumeHm 4pe3 cpegcmBashyma 3a MacoBo ocSegoMFIBaHe SkAIo4umeAHo 4pe3 II1HmepHem kOlamo npegBapumeAHo ca omkpumu n03UlUU no me3U ltjluHaHcoBu uHcmpYMeHmu U BnocshyiegcmBue ce u3BAU4a nOi3a om BAUflHuemo Ha u3pashy3eHomo MHeHue SbPXY leHama Ha me3U ltjluHaHcoBu uHcmpYMeHmu 6e3 ga e onoBecmeH ny6iU4HO m03U kOHltjlAukm Ha uHmepecu
4 opyzu geucmBufI U cgeku 4pe3 koumo ce oCbLlecmSFIBa MaHunYAupaHe Ha na3apa Ha ltjluHaHcoSu uHcmpYMeHmu
T03U kpambk npuMep e uAlocmpalUfI 3a opueHshymupaHemo Ha HoSama napagulMa kamo uHmezpupaH (06eguHeH) HenpekbcHam u pa3wupeH puck MeHuggtltshyMbHm
3akAoeHue
Om egHo kpamko u3AogtlteHue 3a pucka ynpaBAeHUemO Ha pucka U HoBama napaguzMa 3a puck MeHuggtltMbHshyma e mpygHo ga ce npaSflm U3S0gU egHakSo 3agbushymeHU u 0606LlaBaLlu kakmo 3a meopuflma maka U 3a npakmukama
Bce nak B kOMnakmHa ltjlopMa Mogtlte ga ce Mapkushypa C1egHomo
1 Pa3Bumuemo Ha 3HaHuemo 3a pucka cnelultjlushy4eH 3a BeRka Hayka e npegnocmaSka 3a He20Bomo 06eshygUHeHue U Cb3gaBaHe B 6bgeLle Ha 06Lla meopufl 3a pucka
2 YnpaSAeHUemO Ha pucka ca koopguHupaHu geOcmSufl 3a ynpaBieHUemO u kOHmpo Ha opzaHu3ashylUfl omHOCHO pucka Puck MeHuggtltMbHmbm OCHOSHO BkAIo4Ba oleHka Ha pucka mpemupaHe Ha pucka npushyeMaHe Ha pucka u puck kOMYHukalufl
3 Om mepMuHo02U4Ha 2IegHa m04ka ynpaBAeshyHuemo Ha pucka He e B 3aBbPweHO u kpauHo ycmaHoBeshyHO CbcmOflHue BeRka cltjlepa Ha 40Sewka geuHocm UMa 3a pucka cBou e3uk Memogu u uHcmpYMeHmapuYM u BagtltHomo e He ga ce cmaHgapmu3upam pa3JU4Uflma a ga ce n03HaBam
4 II1Ma pa3Au4Hu MHozoemanHU cxeMU Ha npoleca Ha puck MeHuggtltMbHma a Bb3MogtltHume cmpamezuu 3a ynpaBAeHue Ha pucka ca u36f1zBaHe npegomSpamflBashyHe npueMaHe U mpaHcltjlep Ha pucka
5 TpaHcltjlepbm Ha pucka me npeHacflHemo Ha pucka BbPXY gpyzu cy6ekmu Mogtlte ga ce peaAu3upa no mpu oCHoBHU Memogu xeggtltupaHe 3acmpaxoBaHe u gu6epcultjlukalufl
6 HalUoHaHomo 3akoHogamecmSo kamo CbSshykynHocm om 3akoHoBu u nog3akoHoBu HopMamuBHu
rM8a 5
akmoBe Cbge6Ha npakmuka u gOZOBOpHU pa3nopeg6u ype~ga Mamepuflma 3a pucka u ynpaBAeHuemo Ha pucshyka CbZAaCHO c eBponeuckama u MegtltgYHapogHa npakshymuka
7 HoBama napaguzMa kamo UHmezpupaH (06egushyHeH) HenpekbcHam u pa3wupeH puck MeHuggtltMbHm Ha lfIomo npegnpuflmue (opzaHU3alUfl) npegnoAaza oco6eHa kYAmypa Ha 06LlySaHe c pucka sa Cb3gaSaHeshymo 3aLlUma u HapacmSaHemo Ha cmOUHocmma Ha opZaHU3alUflma (60zamcmBomo Ha aklUOHepume)
Bbnpocu 3a guckycuu meMU 3a npoekmu u kypco6u 3agalfu
1 MogeA Ha uHguSugyaAHufI npoltjluA Ha pucka Ha 6bzapckufl npegnpueMa4
2 MegtltgYHapogHume ISO cmaHgapmu 3a UHltjlOpshyMalUOHHa CUzypHocm u oleHkama Ha pucka
3 nogxogu 3a ugeHmultjlukalufl Ha gemepMuHaHshymume Ha npegnpueMa4eckomo puckoBo noBegeHue
4 OleHka Ha pucka Ha pa60mHomo Mflcmo 5 OleHka Ha pucka sa 40Seka u okoHama cpega
om ekcno3uflHa xUMu4ecku SeLlecmBa 6 1I13MepSaHe Ha puckoSeme npu cgeku c leHHU
kHugtlta 7 OleHka Ha pucka om noBegeHuemo Ha kOHmpashy
zeHma npu cgeAkama 8 Puck npUCbLl Ha npogykma oleHka u pezyAushy
paHe 9 Credit MetriksTM (JPMorgan) Moge 3a oleHka
Ha kpegumHufi puck CbLlHOCm u oc06eHocmu Ha npushyogtlteHue
10 Credit Risk+TM (Credit Suisse First Boston) mexshyHUka 3a u3MepSaHe Ha kpegumHufl puck
11 Portfolio ManagerTM (KMVI) kamo MogeA 3a oleHka Ha pucka Ha kpegumeH nopmltjleOA
12 ouBepcultjlukaluflma cnopeg meopuflma Ha X MapkoSul - pa3Sumue u CbSpeMeHHo CbcmOflHue
13 ouSepcultjlukaluflma Ha akmuSume - oCHoSeH nogxog S pa3u4Hume uHSeCmUlUOHHU ltjloHgoSe
14 MogeAu 3a oleHka Ha u3paSHfiSaHemo (pa3shynpegeieHUemo) Ha pucka S u u3BbH 3acmpaxoBameAshyHama CbSkynHocm
15 OleHka Ha 3acmpaxoBameHufi puck mexHuku u uHcmpyMeHmu
16 3acmpaxoSaHe Ha 6aHkoSume kpegumu shyoleHka Ha pucka u oc06eHocmu Ha CUzypHocmma
17 1I13noA3SaHe Ha BbmpewHu Mogeu 3a u3MepSashyHe Ha kpegumHufi puck
18 OCHOSHU noka3ameu 3a u3MepBaHe Ha kpeshygumHufi puck (PD - Probability of Default LGD - Loss Given Default EAD - Exposure at Default) CbLlHOCm u oc06eHocmu
19 KOHlenlUflma Ha VAR (Value - at - Risk) Pe3YAshymamu u npo6AeMu
20 Memogu 3a U34ucAFISaHe Ha onepalUOHshyHUFI puck (BIA - The Basic Inducator Approach SA - The Standardised Approach Advanced Measurment Approach - AMA) cpaBHeHue u oc06eHocmu npu kOMshy6uHupaHomo UM u3no3BaHe
21 1I13uckBaHufi 3a u3MepBaHe u oleHka Ha pucka
113 Puckbm S HoSama napaguzMa
cnopeg 6a3eA II 22 O~eHka Ha ceU3MU4HUR puck u ceU3MU4HUR )Cashy
3apm 23 JleAma U zaMa koeltgtu~ueHmu - u3MepumeAU
Ha pucka 24 i113Mep6aHe Ha uHltjgtopMa~uoHHuR puck 25 O~eHka Ha pucka om kpu3a u npo~ec Ha 3awushy
ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
lumepamypa
1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
rlaBa 5
npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
I
Puckbm B HoBama napagu2Ma
12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
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r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
1 KakBu ea omGoBopHocmume Ha Buewume pbkoBogushy
melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
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3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
oUpRBaHe U cmuMYIUpaHe cBbp3aHa e ynpaBIeHuemo Ha pucka Kak R OLeHHBame U B kakBo HanpaBleHUe Mo1ke ga
ce YCbBbpweHcmBa
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
aHkema
npUlo1keHue 2
YPOLUITE HA AIIIQEPIIITE
YPOK 1 HRMa eguHHa peLenma 3a puck - MeHuggtkMbHm B paMkume Ha LRIOmO npegnpuRmue gokolkomo mBbpge
MHOZO 3aBucu om kYlmYPHama cpega Ha kOMnaHuRma u Ha HeOHume CbmpygHULU 3aHuMaBaUu ee c HoBoBbBegeHuRshyma B ma3U o6lacm YPOK 2 EltjlekmuBHomo ynpaBleHue B CbBpeMeHHume yCloshy
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Hoem UIU napu4Ho u3pa1keHue YPOK 5 PuekoBeme mpH6Ba ga ee paH1kupam cnopeg mHXshy
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
leAeCb06pa3Ho YPOK 13 OpZaHU3alUUme mpR6Sa ga U3n0Jl3Sam kOMnAekshy
ceH Ha paSHUllIemO Ha lAAomo npegnpuRmue nogxog kbM ynpaSAeHUemO Ha puckoSeme YPOK 14 Kozamo Helllama ce omHaCRm go ynpaSAeHue Ha pucka kOHcYAmaHmume ako me CblllecmSySam mpH6Sa ga gonbASam a He ga 3aMecmSam Sucwemo pbkoSogcmSo Ha
kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ma Ha kpumu4Hama uHltgtpacmpykmypa 26 CmaHgapm ISOIEC Guide 73 2002 u u3Mep6ashy
Hemo Ha pucka 27 EkoAOZU4HU pucko6e npomokoA om Kuomo
PaMko6a kOH6eH~ufI Ha OH 3a U3MeHeHue Ha kAuMama PeaYAmamu u npo6AeMu
28 Cpa6HeHue Ha kpumepuume u Memogume 3a o~eHka Ha pucka npu 6b6egtkgaHe Ha npe6aHmu6eH kOHmpoA
29 npegno4umaHuR kbM cmamU4HO UUAU gUHashyMU4HO xeggtkupaHe
30 Ynpa6teHue Ha pucka Ha uH6ecmu~uoHHO gpy gtkecm60 (gozo6opeH ltgtOHg) - npa6uAa AUMumu Meshymogu
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1 5Ma6aHoS VI Puck~MeHugJkMeHm Vl3gametcmSo centlushyHaHCbl u cmamucmuka MockSa 1996
2 50gu 3 A KeOH A Ilgtk Mapkbc MHBecmul(uu (npeshySog om aHZt e3uk mpemo u3gaHue) HamypeM AIl C2000
3 60gu 3 PMepmoH (JuHaHcbl (nep c aHZII) Y4noc Vl3gamehbckuo gOM BUtbRHC MockSa 2000
4 BRmkuH B VI BRmkuH B raM3a 10 EkamepuHocM6shyckuo Ilgtk X1JMnmoH PUCk-MeHugJkMeHm Y4e6Huk (nog peg VI IOpzeHcka) VlTK IlawkoS u Ko MockSa 2003
5 ra6poSckuP MHgycmpUaAeH puck MeHugJkMbHm AVI UeHoS CSuwoS 2002
6 IlOlleSIl TeopuR Ha pucka BapHa 1999 7 IlpazaHoS X YnpaBAeHue Ha pucka Vl3gametcmSo
TpakuR-M C 2003 8 17I0SkoSa 171 6 nemkoS (JuHaHcoBa MameMamuko
(Smopo npepa60meHo u gOWbtHumetHO u3gaHue) Vl3gametcmSo HoSa 3Se3ga C 200t
9 Ka4apoS VI TeopuR Ha puckoBeme BcentlCVI CSuwoS 1995
10 KumaHoS H HoBa kHuza 3a akl(uume u 60pcama APT rPAcentlVlK C 2000
11 KontaHg T B AHmukapoS npakmUltfecko pbkoshyBogcmBo no peaAHu onl(Uu Vl3gametcmSo Ktacuka u Cmut OOll C 2002
12 MameeS M AHaAu3 u ol(eHka Ha pucka npu u360p Ha uHBecmul(UOHHU peweHuR YHuSepcumemcko u3gametshycmSo CmonaHcmSo C 2000
13 MeJkgyHapogHu ctfemoBogHu cmaHgapmu Vl3gametcshymSo centlopkoM C 2003
14 MuxaOAoS E A AHzeAoS m BbmeS 5 KpbcmeS r reopeueS npakmutfecku 6aHkoB MeHugJkMbHm Vl3gashymetcmSo A6ArAP Betuko TbPHOSO 2002
15 MuwkuH centl TeopuR Ha napume 6aHkoBomo geAo U rpuHaHcoBume na3apu (npeSog om aHZII e3uk) Vl3gashymetcmSo OmSopeHo 06wecmSo c 1999
16 HeOkoS M P HeokoSa Puckbm u 3acmpaxoBaHemo VlK Alma Mater International ra6poSo 200t
17 l1apyweS C 06AUZal(Uu npuMepu U ma6AUl(U 3a U3tfUCshyAeHue (nbPSo u3gaHue) PRINCEPS BapHa 1995
18 nempoSa VI CgeAku c l(eHHU kHuJka UAU kak ga zu kynyshyBaMe u npogaBaMe U3Z0gHO PRINCEPS BapHa1993
1~ nempoS r 14 ypoka no rpupMeHu rpuHaHcu Vl3gametmiddot cmSo TpakuR-M C 2002
20 non4eS VI Puckbm nOZlleg omBbH - centlAKT NQ 1 2003 28-35
21 non4eS VI Cmpamezuu 3a ynpaBAeHue Ha pucka (3anucshyku Ha tekmopa) H6Y - Ulo 2004
22 CmoRHoS C (J1otfbpcu onl(uu u CUHmemUtfHU l(eHHU kHwka Vl3gametcmSo Tpakufl-M C 1999
23 TogopoS A PeHma6uAHocm U 6u3Hec puck Mogellu U Memogu 3a aHaAU3 Vl3gametcmSo Tpakufl-M C 2003
24 YutcIl YnpaBAeHUe Ha pucka B 6aHkoBama crpepa (npeSo om aHZII e3uk) VlK XeltjgtecmColtjgtUR-ntOSguS 1994
25 YnpaSteHue PUCkOM Puck YcmofituBoe pa3Bumue CushyHepzemuka Vl3gametbcmSo Hayka MockSa 2000
26 YmkuH 3 PUCk-MeHegJkMeHm Y4e6Huk ACC04ua4uR aSmopoS u u3gameteO u TAHIlEM Vl3gametbcmSo 3KMOC MockSa 1998
27 XOXAOS H YnpaBAeHUe pUCkOM Y4e6Hoe noc06ue gM SYloS Vl3gametbcmSo IOHVlTVI-IlAHA MockSa 200t
28 Barton T W Shenkir P Walker Making enterpnse risk manpgement pay ryff Published by Financial Times Prentice Hall PTR Pearson Education Inc New York 2002
29 Bernstein P Against the Gods The remarkable story of risk John Wiley and Sons Inc NY 1996
30 Daigler R Financial Futures Markets Concepts evidence and applications Harlet Collins College Publishers NY 2003
31 Elliott R P Kopp Mathematics of Financial Markets Springer-Verlag New York Inc 1998
32 Fabozzi F Bond Portfolio Management (second edition) Frank J Fabozzi Associates New Hope Pennsylvania 200t
33 Hull J Option Futures and Other Derivative Securities Prentice-Hall Inc New Jersey 2000
34 Jorion P Financial Risk Manager Handbook J Wiley Publishing NY 2003
35 Marshall J V Bansal Financial Engineering New York Institute of Finance Allyn and Bacon Inc NY 1992
36 Mastering Risk Volume 1 Concepts (executive editor James Pickford) Financial Times Mastering Pearson Education Limited NY 200t
114 __
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18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
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9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
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__ 115
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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pbLe 3aegHo c gpyzu (HanpuMep czpagama U 3eMRma Sbpshyxy kOHmo mR e nocmpoeHa) 3HalUmeAHO ce yBeAuIaBa 110
ma3U npUYUHa CbBkynHocmma Ha Bawume SAageHuR - Bashy
WUHm ltgtuHaHcoS nopmltgteOA - u3JckSa nepuogUYHO npeshyOLeHRBaHe no omHoweHue Ha na3aPa
npaBuAO 3 lI3noA3Bau BAageHuRma cu LeAeCb06shypa3Ho ToSa 03HalaSa Ie mpR6Sa ga ce HaYYUme pa3YMshyHO kOHcmpykmuSHo U pa36upaeMo ga ltgt0pMYAupame Sashy
wume leAU U me ga 6bgam cbnogluHeHu Ha cmeneHma Ha SalkHocm 3a Bac III LeAUme U CbomHoweHUHma Melkgy mHX MOcam ga ce npoMeHHm c meleHUe Ha SpeMemo Bashywume LeAU u3uckBam nepuoguIHo npeocMuCAHHe
npa8uAo 4 1136upaQme npa8uAHo Xopu30Hmume 3a 8cRka om 8awume LeAU rOAeMuHama Ha pucka 3aSucu om moBa gokoAko gaAel 8 6bgelllemo ce pa3npocmupam
Sawume nAaHoSe Bceku om Hac U Sceku 6u3Hec UMa c800
npOMeHHllI ce pumbM Ha gtkuBom HanpuMep koAkomo noshy
6bP30 Bue kapame no nbmH momoBa nO-HagaAel m03U
nbm mpR6Sa ga 6bge BUgHH Ako nagHe Mb2Aa ako Bue He uckame ga yBeAuIume pucka ckopocmma mpH6Ba ga 6bge HaMaAeHa npu U360pa Ha Xopu30Hmume 2AaSHama OCHoshy
Ba ca 3HaHUHma 3a SaWUH ltgtuHaHcoB nopmltgteOA u Bawume LeAU JlHec moSa e ympe III koAkomo no-gaAel e SawuHm Xopu30Hm moAkoBa no-6bp30 Sue llIe Mogtkeme ga pa3BuSashy
me BawuH 6U3Hec 06aye cnoc06Hu AU cme Bue ga SugtkQashyme mOAkoSa HagaAel TpH6Ba ga 3Haeme mOlHUH omz06op Ha m03U SbnpOc
npaBuAo 5 Cb3gaBaume c-eHapuu 3a 6bgelllemo puckbm 3aBucu om moSa kak B geQCmBumeAHocm llIe ce
pa3BuBam Cb6umuHma MUCAeme 3a 6bgelllemo OnumaQshy
me ce ga npozH03upame kak llIe ce pa3BuBam Cb6umUHma B3eMaOme peweHue Sb3 oCHoSa nOHe Ha mpu CLeHapuR onmUMUCmUyeH neCUMUCmUyeH U HaO-6epoRmeH HaQ-coshy
AeMume onaCHocmu ce kpURm He S onmUMUCmUIHUH UAU B neCUMUCmUIHUR CLeHapuQ HaQ-zoAeMume CbcmOHHUH ce 3azy6Bam UAU npug06uSam S cAYIaQ Ha gSe kpaQHU cumyshy
aLuu kamacmp0ltgtaAHa U BeAUkoAenHO 6AazonpUHmHa Qa ce npegBugu kamacmpoltgtama UAU oc06eHo ycnewHo pa3Sushy
mue Ha Cb6umuHma e U3SbHpegHo mpygHo 110-AecHo e ga
ce nogzomSuw 3a mRX B3eMaOku peweHuH 3a puckoSeme He U3kAIolBaQme om pa32AegtkgaHe me3U ekcmpeMHu CLeshy
Hapuu 1113noA3SaHemo Ha me3U CLeHapUU llIe Bu npegna3u
kakmo om CbkpywumeAHu nOCAegUlU maka U om zopyuBu CbaAeHUH omHOCHO nponycHamu 3AamHU waHcoBe
npaBuAo 6 11136upaume 06pa3LUme EgHa om
CbClflaSHUme Iacmu Ha ycnexa SbB BCRkakbB ompaCbA ce Cbgbplka S o6ukHoSeHama MUCbA B kpaQHa cMemka a3 nposhycnepupaM He n0-3Ae om gpycume TpH6Ba ga 3Haeme paSshy
HUllIemO Ha ycnexa kOQmo e xapakmepeH 3a o6ll1ecmSomo
npu 06cmOHmeAcmSa U LeAU aHaA02UIHU Ha Sawume IIIMa
cmapa nozoBopka Bceku cmpySa mOAkoSa kOAkomo caM
OLeHHSa ce6e cu ToSa e BHPHO ako ce HanpaBu Mamo HO BalkHo ymolHeHue Tu Mogtkew maka ga guzHew LeHama
cu (Sb3MOgtkHO e HanbAHO onpaBgaHo) Ie ga cmaHew Heshy
gocmbneH 3a BCUIku koemo 03HayaSa Ie ma3U Mbgpocm 6u mpH6SaAo ga 3Byyu no CAegHuR HalUH Bceku cmpyBa moAkoBa koAkomo moQ caM ce6e cu OLeHHBa He) He noBeye
omkoAkomo npegraGa nAamelkocnoco6Homo mbpceHel1o ma3U npUIUHa opueHmupoBbYHUme 06pa3LU Mozam ga 6bshygam gSa Buga 1) He cmpagaQ om MaAOLeHHOCm 2) He ce
3a6paSHQ MHOZO e SagtkHo ga 3Haeme nO-mOlHO peaAHama
06cmaHoSka Ha gHewHuH na3ap U ga ce HanpaSu npozH03a
kak mH Mogtke ga ce npOMeHU kbM kpaH Ha SpeMeBUH xopushy
30Hm
npaBuAo 7 O-eHHBaume CBOR nopm$euA Ha BAageshyHURma no mRXHomo CbcmORHue kbM kpaR Ha BpeMeBuR
I
Puckbm B HoBama napaguzMa
XopU30Hm no 6ceku om CLeHapUUme U CPl6HR6aOme peshy
3Yhmamume c 06pa3LUme npa8eme 8pb3ka C 6bgeLUemo OueHR8aQme Bceku om cueHapuume u no Bb3MOIkHUR ycshy
nex u no Bgt3MOIkHama 3azy6a npegcmaBeme CU He caMO
pagocmma om n06egama UIU 20p1u6UHama om 3azy6ama
HO U 6b3MolkHume pa301apo6aHUR om nponycHamume 8b3shyMolkHocmu T08a LUe 8u n03601u ga kalkeme Ha Bceku Hue
Hanpa6uxMe 6cu1ko 6b3MOikHO U HRMa 3a kak60 ga CblkalRshy6aMe
npa6uI0 8 HaMepeme kOhu~ecm6eHume noka3ameshy
hU Ha pucka koumo we n0360Mm ga 6bgam cpa6HR6aHu pa3lU~HU cmpamezuu npu pa3hu~Hu cLeHapuu He 6uHazu
m06a e 6b3MOIkHO 06aye ako e 8b3MOIkHO onumaOme ce
ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
kHuza B 61U3ko 6bgeLUe LUe ce nOR6Rm U gpY2U Memoguku
3a u3Mep6aHe Ha puck08eme
npa6uJ0 9 Il3noJ36aOme pa3Ju~Hu uHcmpYMeHmu 3a 3awuma om pucka lilHcmpYMeHmume ca MH020 HayYeshy
me zu U u36upaome me3U koumo 6u nogxolkgam Ha m03U
eman npa8uJ0 10 n03Ha6aOme puck06uR anemum - c600
u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
nagaHe LUe HaMepu onopa npeMbgpocmu Ha liiecyc CUH
Ha Cupax EiU6IUR
npa6uJ0 11 C Hac e 60l U 3akoHa Ha napemo 20 om npa6uIHume YCUIUR palkgam 80 om ycnexa 20 om
zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
114 __
npUIOmeHUe 1
nPIIIMEPHA AHKETHA ltJ)OPMA no IIIHltJ)OPMA-lIIl1 OT AMEPIIIKAHCKIII KOMnAHlII1II 3A AHAJ1II3 HA ynPABAEHIIIETO HA PIIICKA (uHmezpupaHo ynpaSfleHue Ha pucka - V1YP)
A npegnpuRmuemo u ynpaBlieHuemo Ha pucko
1 3all0 U k02a pewuxme ga U3nOfl3Bame nogxoga 3a ynpaBfleHuemo Ha pucka 3a LRflomo npegnpuRmue - VlYP Kou ca o6cmOJlmelcmBama koumo ca MomuBupalu U3nOIshy3BaHemo Ha m03U nogxog
2 KakBa e 6uIIa npakmukama npegu U3nOl3BaHemo Ha nogxoga 3a ynpaBleHUemO Ha pucka 3a LRIOmO npegnpushyRmue - VlYP Onuweme gocmoGHcmBama u HegocmambLUshyme Ha ma3U npeguwHa npakmuka
3 KakBu cmaHgapmu HopMamuBHu U nogHopMamuBshyHU akmoBe BbB Bawemo npegnpuRmue cme 3agbl)(eHu ga u3nol3Bame npu u3zpa)(gaHe Ha VlYP
4 VlMame IU noemaneH nllaH 3a BHegpRBaHe Ha VlYP KakBu ca oCHoBHume gokyMeHmu npuemu no m03U nllaH U kakBu npegcmoRm ga 6bgam npuemu
5 KakBa e opzaHu3aLuOHHama cmpykmypa kORmo ocuzYPRBa BHegpRBaHemO Ha ltjgtYHkLUOHUpaHemo Ha VlYP KakBu ca no kBalultjgtukaLUR U anum cneLualucmume koshyumo ce 3aHUMaBam c VlYP Ha kozo ca nogluHeHu me3U cneLuaIucmu c kozo U kak B3auMogeGcmBam VlMam IU ymBbpgeHu glb)(HocmHU xapakmepucmuku CltjgtopMupaHa IU e opZaHU3aLUoHHa eguHULa - zpyna omgel ynpaBleHue UIU kOMumem no VlYP Kou ca oCHoBHume ltjgtYHkLUU U3agashy1U Ha ma3U egUHULa
6 OijeHka HO pucko
1 KakbB e np0leCbm Ha pa3kpuBaHe (ugeHmultjgtukashyLUR) Ha pucka Kou ea puckoBeme BbB Bawemo npegnpushyRmue u kak me ce kAacultjgtulupam (zpynupam)
2 Kak Bceku pa3kpum puck ce cBbp3Ba c Lelume Ha npegnpuRmuemo
3 VlMame IU kOHmpOleH cnuCbk Ha puckoBeme UIU BbnpocHuk 3a ugeHmultjgtULUpaHe Ha puckoBeme
4 KoG mOIHO omzoBapR 3a pa3kpuBaHemo Ha pucka - CbmpygHuk omgel UIU LRlama opZaHU3aLUOHHa eguHushyLa (ako UMa makaBa)
5 Mo)(e IU ga ce onpegelu pucka 3a BCRko nogpa3shygeleHUe omgel ynpaBleHUe npogykm UIU yClyza Kak ce onpegeflR puekbm am UHltjgtopMaLUoHHume mexHoflozUU
6 Mo)(e IU ga ce HaMepu MRcmomo Ha Bceku puck BbB Bepuzama Ha Cb3gaBaHemo Ha cmoGHocmma Ha Bawama opzaHU3aLUR
7 npu pa3kpuBaHemo Ha puckoBeme U3nOl3Bam flU ce IULa kOHCYlmaHmU UIU leflU kOHcYflmaHmcku opzaHu3ashyLuu B kakBo mOIHO ce Cbcmou nOMOllma Ha kOHCYlmaHshymume
8 Vl3nOfl3Baflu flU cme cpaBHeHue Ha ugeHmultjgtULUshypaHume 3a Bawemo npegnpuRmue puckoBe c me3U Ha gpyzu opZaHU3aLUu KakBo noka3Ba cpaBHeHuemo Ako UMa pa3f1uku Mo)(eme IU ga onpegeflume npUIUHUme 3a moBa
9 Kak noCegHume npoMeHu Ha BawuR 6u3Hec B npeg-
rlaBa 5
npURmuemo BfluRRm BbPXY nORBama Ha HoBu puckoBe UIU go aHYlupaHe Ha CbllecmByBallume gockopo puekoBe Kou Memogu U Mogelu u3nol3Bame 3a oLeHka Ha pucka om 6aHkpym (HeCbcmORmeIHOcm)
10 Kou puckoBe Mozam ga npegu3Bukam oco6eHo BHUshyMaHue B 6bgellemo VlMame flU onpegeleHa nogzomoBka la me3U puckoBe He06xoguMu flU ca pecypcu 06yYeHue coltjgtmyep u mH
11 Mo)(e flU ga onpegelume 3a Bceku npoLee BbB Bashywama opzaHU3aLUR paBHUllemo Ha pucka u paBHUllemo Ha kOHmpofl Ha m03U npoLec
12 Bb3MO)(HO IU e ga ce ycmaHoBRm U3mOlHULume Ha Bceku puck kakmo U Ha He20BuR pa3Mep Ceg ugeHmultjgtukashyLURma Ha pucka
13 Kak u3MepBame pucka nalu moBa e kOflu4eemBeshyHO UflU ka4ecmBeHo u3MepBaHe Ha pucka
14 Vl3n0l3Bame flU la u3MepBaHe Ha pucka VAR stress testing EAR (Earnings At Risk)
15 OLeHRBame IU 3HaieHUemO Ha pucka Kak mOIHO ce OLeHRBa 3HaieHUemO Ha pucka KoO mOIHO omzoBapR 3a moBa OLeHRBaHe
16 OLeHRBame flU pucka B napu4Ho uspa)(eHue Kak mOIHO cmaBa moSa OleHRBaHe KoG m04HO omzoBapR sa moBa OlleHRSaHe
17 OLeHRSame IU SepORmHocmma sa Bceku puck Kak m04HO cmaBa moSa OLeHRBaHe KoG m04HO omzoSapR sa moSa OLeHRSaHe
18 OLeHRSame IU SepoRmHocmma sa kpu3a Kak mOIHO cmaBa moSa OLeHRSaHe KoG m04HO omzoBapR 3a moSa oLeHRBaHe
B Cmpomezuu 30 ynpol1ileHue HO pucko
1 KakBu cmpamezuu 3a ynpaBleHue Ha pucka ce U3nOIshy3Sam BbB Bawemo npegnpuRmue Kou mOIHO puckoBe ce u36RzBam npegaSam kOHmpOflupam UflU npueMam
2 3a kou puckoSe ce U3n0l3Sa ynpaSfleHue kama xegshy)(upaHe 3aempaxoSaHe UflU guBepcultjgtukaLUR
3 OLeHRBame IU cmeneHma Ha eltjgtekmuBHoem Ha Sashywemo ynpaSfleHue Ha pucka Qalu He kOHmpoflupame UIU ynpaBflRSame mBbpge MH020 Bawume puckoSe
4 KakSu U3MeHeHUR BHacRme B u36paHama am Sac cmpamezuR 3a ynpaBfleHue Ha pucka ako mR He ce oka3Sa MH020 ygalHa Kou ca HaQ-mUnUlHUme npuMepu
5 Vl3nOl3Bame IU HRkakSa kOflUlecmBeHa (1uCoBa 6aloBa pellaLUOHHa u gp) UflU ka4ecmSeHa ltjgtopMa 3a oLeHshyka Ha eltjgtekmuBHocmma Ha ynpaBfleHue Ha pucka
6 KakSu ltjgtOPMU 3a kOHmpol U3nOl3Same 3a ga ce y6eshygume 4e ynpaSMIBame pealHO onpegeleH puck
7 K02amo ce ugeHmultjgtULUpa onpegeleH puck kak la m03U puck ce B3eMa peweHue 3a ynpaSfleHue
8 KakBo npo2paMHo OCuzypRSaHe ce u3nofl3Ba 3a ynshypaSfleHue Ha puckoBeme
9 KakBa cucmeMa UMame u3zpageHa la kOHmpofl u Cb6upaHe Ha uHltjgt0pMaLUR 3a puckoBeme
10 Vl3nofllBame flU HRkakBu uHcmpYMeHmu la ynpaBshyfleHue Ha pucka Kou ca me3U uHcmpYMeHmu u kOflko eltjgtekshymuBHu ea me
11 KoG m04HO (luLe zpyna kOMumem) omzoSapR 3a ynpaBfleHuemo Ha pueka Kak ee OLeHRSa HezoSama geOshyHoem
I
Puckbm B HoBama napagu2Ma
12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
ynpaBleHue Ha pucka npu kpU3U
r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
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ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
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melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
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ce YCbBbpweHcmBa
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__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
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3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
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6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
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8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
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YPOK 3 liMa pa31U4HU Memogu 3a pa3kpuBaHe Ha pucka T03u npoLec mpR6Ba ga 6bge nocmoRHeH YPOK 4 PuekoBeme mpR6Ba ga ce paHgtkupam no onpegeshyleHa ekala e om4umaHe Ha mRXHama 3Ha4uMocm cepuo3shy
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ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
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pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
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ce npepa321e1kgam
116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
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ceH Ha paSHUllIemO Ha lAAomo npegnpuRmue nogxog kbM ynpaSAeHUemO Ha puckoSeme YPOK 14 Kozamo Helllama ce omHaCRm go ynpaSAeHue Ha pucka kOHcYAmaHmume ako me CblllecmSySam mpH6Sa ga gonbASam a He ga 3aMecmSam Sucwemo pbkoSogcmSo Ha
kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
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rna S paMkume Ha lAAOmO npegnpuHmue YPOK 17 cpopMume Ha uHltgtpacmpykmypama Ha puck-MeshyHuggtkMbHma Ha pa3JUlHUme kOMnaHuu ca pa3AUlHU HO
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YPOK 18 I1pegnocmaBka 3a peaAU3aLuH Ha puck MeHuggtkshyMbHma B paMkume Ha LRAOmo npegnpuHmue ca AUIHUme
YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
Puckbm B HoBama napagu2Ma
12 IIMame IU pa3pa60meHu cumyaLUOHHU nlaHoBe 3a
ynpaBleHue Ha pucka npu kpU3U
r 1113MepBaHe U MOHumopuHz Ha puchoBume npoLlecu
1 KakBa e Bawama oLeHka 3a puckoBeme galu me ce yBelu4aBam UIU HaMaMlBam 3aU0 HacmbnBam me3U
npoMeHu IIMame IU npozH03HU gaHHU 3a 6bgeUume pucshy
koBe 2 4ecmo IU ce 06HoBRBam (akmyalu3upam) Bawume
gaHHu no ugEHimultjlukaLURma HCl pucka Mo1keme IU ga onshy
pegelume uHmepBalume om BpeMe 3 Kolko 4ecmo 06HoBRBame oLeHkama Ha pucka Ha
kakbB uHmepBal om BpeMe 4 KOlko 4ecmo U kak npeycmpoOBame Bawama cucshy
meMa 3a kOHmpol U Cb6upaHe Ha uHltjl0pMaLUR 3a puckoshy
Berne 5 KakBo HoBo npozpaMHo ocuzYPRBaHe u3nol3Bame
UIU UMame HaMepeHue ga u3nol3Bame npu ynpaBleHue
Ha puckoBeme Om kakBo np02paMHO ocuzypRBaHe UMame
Hy1kga 6 IIMame IU 0606UeH noka3amel UIU MHogtkecmBo
om noka3amelu c koumo Mogtkeme ga onpegelume paBHushy
Uemo Ha pucka 7 Kak u3BbpwBame MOHumopuHz Ha puckoBeme liMa
IU onpegeleHa nepuogu4Hocm cnpRMo eguH UIU zpyna om
puckoBe UIU MOHumopUHZbm e HenpekbcHam 3a BCU4ku
puckoBe 8 liMa IU HRkakBa Bpb3ka Me1kgy MOHumopuHza U U3shy
MepBaHemo Ha pucka c Bawama oLeHka U paHgtkupaHe Ha pucka
9 Kou ca oCHoBHume noka3amelu 3a oLeHka Ha eltjlekshy
muBHocmma Ha pa60mama Ha Bawama opzaHU3aLUR Kak me3U noka3amelU Bu nOMazam npu ynpaBleHuemo Ha pucshy
ka A UMa IU noka3amelu koumo He Bu nOMazam npu ynshypaBleHUemO Ha pueka
11 MRcmo Ha Bucwemo pbho8ogcmBo Ha npegnpuRmuemo BIIIYP
1 KakBu ea omGoBopHocmume Ha Buewume pbkoBogushy
melu Ha Bawama opZaHU3aLUR no ynpaBleHuemo Ha pucka 2 KoIko 4ecmo CbBembm Ha gupekmopume u gpyzu
pbkoBogHU U kOHmpOIHU opzaHu nOlY4aBam om4em 3a ynshy
paBleHUemO Ha puekoBeme BbB Bawemo npegnpuRmue Mo1keme IU ga onuweme eguH makbB om4em
3 He06xoguMo IU e pbkoBogumelume ga npeMuHam
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4 liMa IU BbB Bawemo npegnpuRmue cucmeMa 3a noshy
oUpRBaHe U cmuMYIUpaHe cBbp3aHa e ynpaBIeHuemo Ha pucka Kak R OLeHHBame U B kakBo HanpaBleHUe Mo1ke ga
ce YCbBbpweHcmBa
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1 KakBu m04Ho ca Bawume omzoBopHocmu no peashy
IU3aLURma Ha IIYP Om kozo U kakBo ea onpegeleHu me3U
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kakb6 gokyMeHm
__ 115
2 KakBo 06Y4eHue no ynpaBleHue Ha pucka cme npeshyMUHalu Kbge C kakBu Y4e6Hu MamepUalu pa3nOla2ame
Kou 0p2aHU3aLUU u ltjlOPMU 3a 06Y4eHUe no ynpaBleHue Ha pucka 6uxme npenOpb4alu 3aU0
3 Kou ca oCHoBHume mpygHocmu npu BHegpRBaHemo Ha II1W B paMkume Ha LRIOmO npegnpuRmue Kak me3U mpygHocmu ee npeogoAABam
4 KakBa mpH6Ba ga 6bge noggpbgtkkama om Bawemo
pbkoBogcmBo 3a pealU3UpaHemo Ha IIW 3a npegnpuRmueshymo
5 KakbB e HaO-g06puHm u ycneweH nbm 3a BHegpRBashyHe Ha II1YP B paMkume Ha Bawemo npegnpuRmue
6 KakBo Bue 6uxme HanpaBulu no-pa3lU4HO ako ceza omHoBo mpR6Ba ga 3an04Heme BHegpHBaHemo Ha IIW Ha
LRIOmO npegnpuRmue 3aUo 7 Kou U3nOl3BaHU om Bac Memogu 3a ynpaBleHue Ha
pueka UIU go6pu npakmuku 6uxme npenOpb4alU Ha gpyzu npegnpuRmuR 3aU0
8 KakBo gpyzo eBbp3aHo e IIYP BbB Bawemo npegshynpuRmue 3aCly1kaBa ga 6bge Cb06UeHo B HaemORUama
aHkema
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YPOK 1 HRMa eguHHa peLenma 3a puck - MeHuggtkMbHm B paMkume Ha LRIOmO npegnpuRmue gokolkomo mBbpge
MHOZO 3aBucu om kYlmYPHama cpega Ha kOMnaHuRma u Ha HeOHume CbmpygHULU 3aHuMaBaUu ee c HoBoBbBegeHuRshyma B ma3U o6lacm YPOK 2 EltjlekmuBHomo ynpaBleHue B CbBpeMeHHume yCloshy
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YPOK 3 liMa pa31U4HU Memogu 3a pa3kpuBaHe Ha pucka T03u npoLec mpR6Ba ga 6bge nocmoRHeH YPOK 4 PuekoBeme mpR6Ba ga ce paHgtkupam no onpegeshyleHa ekala e om4umaHe Ha mRXHama 3Ha4uMocm cepuo3shy
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YPOK 7 Pa3pa6omBaOme CbBpeMeHHu uHcmpYMeHmu u U3shyMepUmelu Ha pucka koumo ygoBlemBopHBam nompe6Hocshymume Ha opZaHU3aLUHma maka 4e MeHuggtkbpume no-Ieko
ga zu pa36upam YPOK 8 Heo6xoguMo e ga ee n03HaBa eMoHHoemma Ha Pbshy
koBogcmBomo U akLUOHepUme om Bawama kOMnaHUR kbM
pucka YPOK 9 TaM kbgemo e Bb3Mo1kHo peWUmelHO U3MepBaOshy
me HeltjluHaHcoBume puekoBe YPOK 10 KOMnaHuume u36upam pa31U4HU kOM6uHaLuu Ha Ha4UHume 3a ynpaBleHue Ha pucka npueMaHe npegaBaHe UIU HaMaMlBaHe Ha puekoBeme
YPOK 11 PeweHuRma cBbp3aHu e kOHmpola BbPXY 6u3Heca (Hae04eH kbM HaMaAABaHe Ha pucka) npueMaHemo U npeshy
gaBaHemo Ha puckoBeme mpR6Ba om BpeMe Ha BpeMe ga
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116 __
YPOK 12 Tbpceme mSoplecku peweHuR U npegaSaume puckoSeme S OHa3U cltgtepa kbgemo moSa e UkoHoMuIecku
leAeCb06pa3Ho YPOK 13 OpZaHU3alUUme mpR6Sa ga U3n0Jl3Sam kOMnAekshy
ceH Ha paSHUllIemO Ha lAAomo npegnpuRmue nogxog kbM ynpaSAeHUemO Ha puckoSeme YPOK 14 Kozamo Helllama ce omHaCRm go ynpaSAeHue Ha pucka kOHcYAmaHmume ako me CblllecmSySam mpH6Sa ga gonbASam a He ga 3aMecmSam Sucwemo pbkoSogcmSo Ha
kOMnaHuHma YPOK 15 Ha ycnewHume kOMnaHuu UM ce omgaSa ga ynshy
paBAHBam onpegeAeHu puckoSe Puck MeHuggtkMbHmbm Ha
lHAOmo npegnpuHmue UM npegAa2a no-eltgtekmuBHu U noshy
MaAko ckbnu MogeAu Ha puck MeHuggtkMbHma YPOK 16 Pa32AegtkgaHemo Ha puckoSeme mpH6Ba ga cmaHe eguH om emanume B np0leca Ha B3eMaHe Ha peweHuH B kOMnaHuHma He06xoguM kOMnoHeHm Ha puck MeHuggtkMbHshy
rna S paMkume Ha lAAOmO npegnpuHmue YPOK 17 cpopMume Ha uHltgtpacmpykmypama Ha puck-MeshyHuggtkMbHma Ha pa3JUlHUme kOMnaHuu ca pa3AUlHU HO
UMam BagtkHo 3HaleHUe 3a gocmaBRHe go Sceku MeHuggtkbp Ha ugeu 3a He06xoguMocmma om pa3zAegtkgaHe Ha puckoBeshyme npu B3eMaHe Ha peweHuR
YPOK 18 I1pegnocmaBka 3a peaAU3aLuH Ha puck MeHuggtkshyMbHma B paMkume Ha LRAOmo npegnpuHmue ca AUIHUme
YCUAUH u omzoBopHocm Ha eguH UAU HHkoAko pbkoSogumeshy
AU om Bucwemo paSHUllIe YpoLume ca pe3yrmam om aHaAU3a Ha Augepume
Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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mu u Bb3MogtkHocmu 3HaHUHma 3a pucka - moSa e kOHkyshypeHmHomo npeguMcmBo kakmo 3a Bac AUIHO maka u 3a
Bawama kOMnaHuR Haykama He cmou Ha egHo MHcmo a B
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9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
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17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
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36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
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45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
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48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
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56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
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3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
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116 __
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Chase Manhattan Corporation E I Du Pont de Nemours and Company Microsoft Corporation United Grain Growers Limited Unocal Corporation
Itf3mOlHuk TL Barton WG Shenkir Pl Walker
Making enterprise risk management payoff Published by Financial Times Prentice Hall PTR Pearson Education Inc
New York 2002
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ma3U npUYUHa CbBkynHocmma Ha Bawume SAageHuR - Bashy
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hU Ha pucka koumo we n0360Mm ga 6bgam cpa6HR6aHu pa3lU~HU cmpamezuu npu pa3hu~Hu cLeHapuu He 6uHazu
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ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
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63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
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ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
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koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
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Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
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Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
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- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
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geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
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U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
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42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
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44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
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53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
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55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
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ga U3nOl38aome Memogukume koumo ca onucaHU 6 ma3U
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me zu U u36upaome me3U koumo 6u nogxolkgam Ha m03U
eman npa8uJ0 10 n03Ha6aOme puck06uR anemum - c600
u ~ygtkg KoOmo 06uYa onaCHocmma moO U nonaga 6 HeR Cbpuemo Ha pa3YMHUR LUe 06MUClU npumyama U 6HUshyMamelHOmO yxo e lkelaHUe Ha MbgpUR KoQmo 6b3ga8a 3a
6AaZogeHcm8ue moO MUCJU 3a 6bgeLUemO U no 8peMe Ha
nagaHe LUe HaMepu onopa npeMbgpocmu Ha liiecyc CUH
Ha Cupax EiU6IUR
npa6uJ0 11 C Hac e 60l U 3akoHa Ha napemo 20 om npa6uIHume YCUIUR palkgam 80 om ycnexa 20 om
zpewkume nopalkgam 80 om 3azy6ume 20 om 3azy6eshyHRuume cb3ga6am 80 om np06leMUme 20 om Mbgpeshyuume Cb3ga6am 80 om goxogume U mH Hue 6cuyku CMe
kbcMemluu caMo ye He 6cuyku 3HaRm 3a m06a UIU 3HaRm HO Hanupam kbM Henpa6uIHUme uelu 06aye no-g06pe e
ga Bbp6uw 6a8Ho kbM npa6UIHama uell omkoAkomo noshy
6bP30 ga 6R2aw kbM zpewHama npa6uJ0 12 OnumaOme ce ga pucky6ame 6e3 ga
63eMame Heo6pamuMu peweHuR a 63eMaoku He06pamushyMO peweHue UlU ce y6egeme ye 6b3MolkHume 3azy6u HRMa
ga 6bgam CbkpywumelHU UIU Hanpa8eme puCk-aHalU3 no
nbilHama npozpaMa Eibgeme pewumellHu HO 6bgeme peWUmelHU c MRpshy
ka ga MUCIIUW U ga ce kOle6aew nOHRkoza e nOle3HO Qopu Malko 6epoRmHuRm HO CbkpywumeleH puck mpR66a ga 6bge 3aLUUmeH Oc06eHo 6HuMaHue mpR66a ga ce omgellR
Ha puckoBeme koumo He gonyckam lkeAameleH ltjgta306 npeshy
xog kbM H060 CbcmORHue U Ha puck06e koumo npegu36ukshy6am HelkelameleH ltjgta308 npexog
npa6uho 13 (Mogtke ga He e nocJegHo HO e 6b3MOgtkshy
HO nbp60) He ce cmpaxy6aOme om pucka Qa ce u36a6uw om pucka He e 6b3MOIkHO rlla6Hama onacHocm He e 6 mo8a
ga pucky6aw a 8 moBa ako puckyBaw HeOCb3Hamo cmushyXUOHO Puckbm - m08a e U 6b3MolkHocm U kOHkypeHmHo
npeguMcm60 U oPblkue Ha 3HaeLUUR VI He Cblka1R6aOme 3a
Hec6bgHamomo npekaleHO MHOZO 6awURm lkuBom e m08a
koemo ce e c6bgHaIO Ekcnhoamupaome ycnexa U3nOI3BaOshy
me makmukama Ha 6bP3U gpe6Hu ycnexu
npa6uJO 14 He ce cmpaxy6aOme mbu kamo ga ce
cmpaxy6aw e 6e3nOAe3Ho Bcuyku Hue ce cmpaxyBaMe ga 3azy6uM koemo UMaMe He3a6ucuMo om m08a galu m06a ca
Hawume noce6u UIU caMURm lku60m Ho m03U cmpax U3~e3-
__ 117
6a ako Hue pa36epeM ye U Hawama Cbg6a U ucmopURma
Ha (6ema c nuwam om egHa U CbLUa pbka (K031bO n
AIIXUMUk - M relluoc 2002) lil OLUe eguH uumam Om 6ushyCOYUHama cmpaXbm HanucaH C Mallku 6yk6u Bb3TOpr
- c zlla6HU Om m06a CIIeg6a npa6ulI()mo npeogolR8aO cmpaxa U nOllyya8ao Bb3mopz (Eiax P 5e2cmBo om 6e30nacshyHocmu M reluoc 2003)
gtKellamelHO e ga ce 3a8bpwu CbC CIIegHomo 8b3MOikHO rAABHO nPABIIIIO
He gbpnaOme kbM ce6e cu Mbkama Eibgeme 6Aazopashy
3YMHU - OCMUCiROme C80R puck06 onum nogla2aome ce Ha ycnex U puckyBaome peWUmelHO omklloHR6aOku ce om
CbkpywumellHume puck06e B m03U CIIy1aO He e gocmambshy
yeH yM 3HaHue u kbcMem 6 ynpa81eHuemo Ha puck06eme
e He06xoguMa Mbgpocm
V3momuk BH BRmkuH IIIB BRmkuH BA raM3a
1010 EkamepuHocJa6ckuO bull QgtkQgtk XeMnmoH Puck-MeshyHegeMeHm Y~e6Huk (nog peg III IOpzeHca) 1113gamelbshy
cko-mopz06aR kopnOpaLUR Qawk06 U KO Mock6a
2003
npUlogtkeHue 4
3AKOHOBIiI iii nOA3AKOHOBIII HOPMATIiIBHIiI AKTOBE KOIiITO TPETIiIPAT PIiICKA (CbkpameH cnuCbk)
1 3akoH 3a EiHEi (3EiHEi)
2 3akoH 3a ZeHemUYHO MogultpuuupaHu opzaHu3Mu
(3rMO) 3 3akoH 3a gonbllHumellHuR Hag30p 6bPXY ltjgtuHaHc06ushy
me kOHzlloMepamu (3QH(jgtK)
4 3akoH sa gpylkecm6ama CbC cneuUallHa uH8ecmuuushyOHHa uell (3QCVlU) bull
5 3akoH 3a gbplka8HuR 6bmpeweH ltjgtuHaHc06 kOHmshy
pOll (3QB(jgtK) 6 3akoH 3a ekcnopmHomo 3acmpaxoBaHe (3EC)
7 3akoH 3a 3aLUUma om 8pegHomo 6bsgeocm8ue Ha
xUMuyeckume BeLUecm6a u npenapamu (33BBXBn) 8 3akOH sa saLUuma npu 6egcm6uR (33Ei)
9 3akoH 3a 3gpa8emo(33)
10 3akoH 3a 3gpaBHomo ocuzypR6aHe (330) 11 3akoH 3a 3gpaBoCll06HU u 6e30nacHu YCll06uR Ha
mpyg (33EiYT)
12 3akoH sa UnOmeYHUme o6iuzaluu (3lilO)
13 3akoH 3a kOMucuRma 3a ltjgtuHaHc08 Hag30p (3K(jgtH)
14 3akoH 3a kpegumHume uHcmumyluu (3KVI) 15 3akoH sa ona3BaHe Ha okollHama cpega (300C)
16 3akoH cpeLUy na3apHume 3110ynompe6u C ltjgtuHaHcoshy
8u uHcmpYMeHmu (3n3(jgtVI)
17 3akoH sa ny6I1U1HOmO npegllazaHe Ha ueHHU kHulka (3nnUK)
18 3akoH 3a cmok06ume 60pcu U mbplkuLUama (3CEiT)
19 3akoH 3a cyem06ogcm6omo (3C)
20 3akoH sa ynpa6ieHUe npu kpusu3YK) 21 3akoH 3a xpaHume (3X)
22 Kogekc 3a 3acmpax06aHemo (K3)
23 Kogekc 3a COlUaIHO ocuzYPR8aHe (KCO) 24 Kogekc Ha mpyga (~T)
25 Hapeg6a NQ 1 om 2003 2 3a 3aliuma Ha pa60meshy
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I
118 __
wume om puck06e c6bp3aHu c ekcn03u~uA Ha a36ecm npu
pa60ma u3gageHa om MTCr U M3 26 Hapeg6a NQ 1 om 2003 z 3a u3uck6aHuAma kbM
geOHocmma Ha uH6ecmu~uoHHume nocpegHu~u U3gageHa om KltpH
27 Hapeg6a NQ 2 om 2004 2 3a MUHUMaJHume u3uckshy
6aHUA 3a 3gpa60CJ06HU U 6e30nacHU YCJ06UA Ha mpyg npu u36bpw6aHe Ha cmpoumeJHU U MOHmalkHU pa60mu u3gashy
geHa om MTcr U M3 28 Hapeg6a NQ 3 om 2003 2 3a onpegeJAHe Ha kpushy
mepuume U Memogume 3a o~eHka npu 6b6elkgaHe Ha npeshy
6aHmu6eH kOHmpoJ no 3akoHa 3a gbplka6HUA 6bmpeweH ltjgtUHaHco6 kOHmpoJ u3gageHa om Mltp
29 Hapeg6a N2 4 om 2002 2 3a 3awuma Ha pa6omeshywume om pucko6e c6bp3aHU c ekcno3u~uA Ha 6UOJOZU4HU azeHmu npu pa6oma u3gageHa om MTcr U M3
30 Hapeg6a Nil 5 om 1999 z 3a pega Ha4UHa U nepuoshy
gU4Hocmma Ha u36bpw6aHe Ha o~eHka Ha pucka 3a 3gpa6eshymo U 6e30nacHocmma Ha pa60mHu~ume U cJylkumeJume u3gageHa om MTCr U M3
31 Hapeg6a Nil 5 om 2002 z 3a YCA06uAma U pega 3a
npug06u6aHe U3nAawaHe u mbpzo6uA C gbplka6Hu ~eHHU kHulka npuema om YC Ha EiHEi
32 Hapeg6a N2 6 om 2004 z 3a pega Ha uH6ecmupaHe Ha akmu6ume Ha ltjgtoHgo6eme 3a gonbJHumeAHo neHCUOHHO ocuzypA6aHe B 4ylkgecmpaHHu ueHHU kHulka 3a 6ugoBeme 4ylkgecmpaHHu ~eHHU kHulka u3uckBaHuAma kbM mAX U peshyZYAupaHume na3apu Ha koumo me ce mbpzyBam u3gageHa
om Mltp 33 Hapeg6a NQ 6 om 2005 2 3a MUHUMaAHU u3uckBashy
HUA 3a ocuzYPA6aHe Ha 3gpa6emo U 6e30nacHocmma Ha pashy
6omewume npu puckoBe c6bp3aHU c ekcno3uuuA Ha WyM
U3gageHa om MTCr U M3 34 Hapeg6a NQ 7 om 2005 z 3a MUHUMaAHume u3uckshy
BaHuA 3a ocuzypA6aHe Ha 3gpaBoCJ06HU U 6e30nacHu yCJoshyBUA Ha mpyg npu pa60ma c BugeogucnAeu u3gageHa om MTCru M3
35 Hapeg6a Nil 7 om 1999 z 3a 20AeMume ekcno3uuuu Ha 6aHkume npuema om YC Ha DHEi
36 Hapeg6a NQ 7 om 1999 2 3a MUHUMaAHume u3uckshy
BaHUA middot3a 3gpa6ocJoBHU U 6e30naCHU YCJOBUA Ha mpyg Ha
pa60mHume Mecma U npu u3noJ3BaHe Ha pa60mHomo 060shypygBaHe U3gageHa om MTCr U M3
37 Hapeg6a N 7 om 2005 2 3a geOHocmma Ha AUshy
uama koumo ynpalkHABam HekoHBeHuUOHaJHU Memogu 3a 6Aa2onpUAmHo Bb3geocm6ue BbPXY uHguBugyaAHomo 3gpashy
Be u3gageHa om M3 38 Hapeg6a NQ 8 om 2006 2 3a kanumaAo6ama agekshy
BamHocm Ha kpegumHume uHcmumyuuu npuema om YC
Ha EiH6 39 Hapeg6a NQ 9 om 2002 2 3a o~eHka U kAacultjgtukashy
UUA Ha pucko6ume ekcn03uuuu Ha 6aHkume U 3a ltjgt0pMupashy
He Ha npoBU3UU 3a 3azy6u om 06e3ueHka npuema om YC
Ha 6H6 40 Hapeg6a NQ 10 om 2003 2 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHU c ekcno3u~uA Ha kaHuepo2eHU
U MymazeHu npu pa60ma u3gageHa om MTCr u M3
41 Hapeg6a NQ 10 om 2003 2 3a u3uckBaHUAma kbM
Cbcma6a U cmpykmypama Ha co6cm6eHUA kanumaA (kanushymaA06a 6a3a) Ha neHcuoHHO ocuzypumeJHo gpylkecm60 U kbM MUHUMaAHUme Auk6ugHU cpegcmBa Ha gpylkecm60mo U Ha ynpa6JA6aHUme om Hezo ltjgtoHgo6e 3a gonbAHumeAHo neHCUOHHO ocuzYPABaHe u3gageHa om KltpH
42 Hapeg6a N 13 om 2003 2 3a mbp20Bo npegAa2aHe 3a 3akyny6aHe u 3aMAHa Ha akuuu npuema om KltpH
43 Hapeg6a Nil 13 om 2003 z 3a 3awuma Ha pa6omeshy
wume om puckoBe c6bp3aHu c ekcno3u~uA Ha XUMU4HU
a2eHmu npu pa6oma u3gageHa om M3
44 Hapeg6a NQ 16 om 1999 2 3a ltjgtU3UOAOZU4HU HOpshyMU U npa6uJa 3a pb4Ha pa60ma c melkecmu u3gageHa om MTCru M3
45 Hapeg6a NQ 16 om 2004 2 3a YCJo6uAma u pega 3a U36bpw6aHe Ha MaplkuH nokynku kbCU npogalk6u u 3aeM Ha ~eHHU kHulka U3gageHa om KltpH
46 Hapeg6a N 17 om 2001 2 3a ycmaH06A6aHe pa3shyMepa Ha 6AolkeHUAma Ha 6aHkume no 4A47 om 3akoHa3a kpegumHume uHcmumyuuu npuema om YC Ha 6HEi
47 Hapeg6a NQ 210m co6cm6eHume cpegcm6a u 2pashyHuuama Ha nJamelkocnoc06Hocm Ha 3acmpaxoBameAume U
3gpa6Ho ocu2ypumeAHume gpylkecm6a U3gageHa om KltpH
48 Hapeg6a N2 210m 2005 2 3a pega 3a pe2ucmpauuA Cb06wa6aHe U om4em Ha 3apa3Hume 6oAecmu u3gageHa om M3
49 Hapeg6a NQ 210m 1998 2 3a 3agbAlkumeJHume MUshyHUMaJHu pe3ep6u koumo 6aHkume noggbplkam npu DbAshy
zapckama HapogHa 6aHka npuema om YC Ha EiHEi 50 Hapeg6a Nil 22 om 1998 2 3a UeHmpaJHUA kpegushy
meH pezucmbp Ha 6aHkume npuema om YC Ha EiH6
51 Hapeg6a N2 23 om 2005 2 3a ltjgtU3UOAozu4Hume HOpshy
MU 3a xpaHeHe Ha HaCeAeHuemo u3gageHa om M3 52 Hapeg6a NQ 25 om 2006 z 3a u3uck6aHuAma kbM
geOHocmma Ha uHBecmuuuoHHume gpylkecm6a u gozoBopshyHume ltjgtoHgoBe U3gageHa om KltpH
53 Hapeg6a NQ 26 om 2006 2 3a u3uckBaHUHma kbM geOHocmma Ha ynpa6JABawume gpylkecmBa u3gageHa om KltpH
54 Hapeg6a NQ 26 om 2005 2 3a u3uck6aHuAma kbM
gaHHume omHocHo Ha6AogaBaHume HelkeAaHU Aekapcm6eshy
HU peakuuu YCJoBUAma u pega kakmo U 4ecmomama Ha nogaBaHe Ha UHltjgtopMauuA 3a npoCJegABaHe u oueHka Ha 6e30nacHocmma Ha Aekapcm6eHume npogykmu u3gageHa omM3
55 Hapeg6a Nil 35 om 2006 z 3a kanumaAoBama agekshy
6amHocm u Auk6ugHocmma Ha uHBecmuuuoHHume nocpegshyHUUU u3gageHa om KltpH
56 Hapeg6a NQ 38 om 2004 z 3a kanumaAo6ama agekshy
BamHocm Ha 6aHkumenpuema om YC Ha SH6 57 HauuoHaAHu cmaHgapmu 3a ltjgtuHaHcoBu om4emu
3a MaAku U cpegHu npegnpuAmuA npuemu c nocmaH06JeshyHue Nil 46 Ha Me om 2005 2
58 OgumHu cmaHgapmu 3a geOHocmma Ha CMemHashyrna naAama om 2002 2 u3gageHu om en
59 TbpzoBcku 3akoH (T3)
I