La crise financière a justifié une surveillance accrue de la titrisation dans le refinancement de l’économie. Les créances titrisées en France sont en grande majorité représentatives de crédits octroyés par les banques aux ménages et aux sociétés non financières résidents.

The financial crisis prompted closer supervision of securitisation as a mechanism for refinancing the economy. In France the principal underlying assets of securitisations are bank loans and credits to resident households and non-financial companies.

In this paper we compare the main regulatory frameworks: American (US RBC, Risk-Based-Capital), Swiss (SST, Swiss Solvency Test) and European (Solvency II). We improve on the existing literature by focusing on technical aspects of regulation schemes, particularly the capital requirements’...

Even though insurers predominantly invest in bonds, credit risk associated with government and corporate bonds has long not been a focus in their risk management. After the crisis of several European countries, however, credit risk has recently been paid greater attention. Nevertheless, the...

Enterprise Risk Management (ERM) is a familiar concept in management theory. However, sometimes its implementation can fall short of delivery on the potential benefits to the business. The need for effective ERM is becoming increasingly evident for companies that want to ensure that their...