Subdivisions General Directorate for Technical Operations The General Directorate for Technical Operations was a key part of the Securitate.

Back Office Front Office Investment Operations Analysis Portfolio Management Systems Risk Management 1

Back Office Front Office Investment Operations Analysis Portfolio Management Systems Risk Management 2

Chapter III Risk management 1 2 3 4 5 Overview Policy operations Risk management framework of policy operations Investment operations Risk management framework for investment operations 84 84 85 86 87

Operations management is an area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods or services.

Division Front Office Division Operations Analysis Division Back Office Division Portfolio Management Systems Division Own Funds Management

Divisions Back Office Front Office Investment Market Operations Analysis Market Operations Systems Risk Management 2

to have arrangements for the sound management of the technical operations of the system , including the establishment of effective contingency arrangements to cope with risks of systems disruptions

Risk 5.1 5.2 5.3 5.4 management Introduction Investment operations Monetary policy and payment systems operations Current developments

( d ) processing corporate actions on behalf of customers

( d ) processing corporate actions on behalf of customers

Considerable resources are devoted to the development of the methodology used in the asset allocation process .

Risk management at the ECB has two main areas , namely policy operations and investment operations .

Conservation priorities and management techniques require different approaches and considerations to address the full ecological scope of biodiversity.

The Commission has recently proposed two draft implementing directives regarding technical provisions concerning risk management ( 2 ) .

Printer management basic operations are supported (add remove modify).

MANAGEMENT SUPERVISION OF OPERATIONS WITH MARKET COUNTERPARTIES

ECB Executive Board Sirkka Hämäläinen Directorate General Operations F. Papadia Directorate Controlling and Organisation K. Gressenbauer Division Budget and Projects Division Organisational Planning

Digital rights management Cryptography is central to digital rights management (DRM), a group of techniques for technologically controlling use of copyrighted material, being widely implemented and deployed at the behest of some copyright holders.

Moreover , they under take foreign reser ve management operations on their own account and as agents for the ECB .

12 The ECB 's risk management framework for investment operations was further enhanced during 2006 .

ECB Annual Report 2002 III

A framework for identifying , monitoring and managing risks arising from these operations is in place .

Mouse Techniques

These preparations covered a wide range of areas , notably financial reporting and accounting , monetary policy operations , foreign reserve management and foreign exchange operations , payment systems , statistics and banknote production .

The sources of performance relative to the investment benchmarks are also identified and provide useful feedback to the portfolio managers .

2.3 The ECB 's own funds management The ECB has been endowed with an initial capital of approximately Euros 4,000 million .

whereas , considering the new portfolio management techniques which have developed in recent years , it is desirable that Ucits may use , in compliance with the above quantitative limit , financial futures and options for the purpose of adjusting their portfolio 's composition on a temporary basis

They relate in particular to capital adequacy , intra group transactions and risk concentration , as well as the management .

the ECB and the transactions relating to such management require specific documentation for operations involving the ECB 's foreign reserves .

The Market Operations Committee ( MOC ) assists in the execution of monetary policy operations and foreign exchange transactions , including those related to the operation of ERM II , and to the management of the ECB 's foreign reserves .

The Market Operations Committee ( MOC ) assists the Eurosystem in carrying out monetary policy operations and foreign exchange transactions , and in managing the ECB 's foreign reserves and the operation of ERM II .

These preparations covered a wide range of areas , notably financial reporting and accounting , monetary policy operations , foreign reserve management and foreign exchange operations , payment systems , statistics and banknote production .

market management , human resources , production management and project management consulting

they also may be included in a broader strategy of risk management or be used in the framework of other financial derivatives operations .

Adoption of technical standards

OWN FUNDS MANAGEMENT The ECB 's own funds portfolio consists of the invested counterpart of the ECB 's paid up capital , as well as amounts held from time to time in its general reserve fund and its provision against foreign exchange rate , interest rate and gold price risks . The purpose of this portfolio is to provide the ECB with income to help to cover its operating expenses .

Chapter III Risk management 1 Policy operations 1.1 Risk control framework 1.2 Credit risk assessment Investment operations Future developments for 2002 78 78 79 80 81

All of the associations were against suspending the LTROs , as were 31 of the 42 individual credit institutions . They said that the LTROs still play an important role in liquidity management

The objective of portfolio management is to generate returns over the long term in excess of the average main refinancing rate of the ECB .

Owing to as yet largely unaffected capital levels and improved risk management techniques , banks have been able to well withstand the shocks in their operating environment .

possibilities to process card payments . The separation between scheme management and processing must be effective and not just on paper .

MANAGEMENT OF THE FOREIGN RESERVES The following foreign exchange swap and forward transactions remained outstanding , in the context of the management of the ECB 's foreign reserves , as at 31 December 2009 Foreign exchange swap and forward transactions Claims Liabilities 2009 Euros 2008 Euros Change Euros

institutional financial management international relations management management of departments of studies and or student advising centres library management.

In 2009 the ECB continued to enhance the IT infrastructure supporting the risk management framework for its investment operations .