RISK MANAGEMENT MODEL WITHIN AN ALTERNATIVE INVESTMENT FUND (AIF). SIF MOLDOVA CASE STUDY

Risk management has become a primary objective in the management decision. Particularly, in case of investment processes, the focus on risk management is becoming more pronounced, as a reaction to the increase in the complexity of financial products and processes of analysis, decision and implementation of investment projects. Currently, it is in progress the implementation of the European legislation in the field of investment funds, with a significant orientation towards the regulation of risk management models / processes. In this context, capitalizing the constant concern of the management for effective administration of the risk, SIF Moldova has structured and implemented a risk management model based on capital adequacy that includes quantifiable prudential indicators as objective support which is essential in optimizing the investment decision. As in the secondary legislation that is specific to AIF / AIFM it is not proposed and described a standard method of risk management and it is not stipulated a set exposure limits, it was decided to develop a model for risk management in accordance with the requirements of AIFM legislation by applying the principles stipulated in the banking norms

OPERATIONAL RISK MANAGEMENT APPROACHES WITHIN AN INVESTMENT FUND. SIF MOLDOVA CASE STUDY

Operational risk management consists in the identification and measurement, as complete as possible, of these risks, so that the company to be able to establish appropriate measures to avoid, reduce, transfer or accept, consciously, the risk. The main goal is prevention. Operational risk management is a complex process which involves their identification, assessment, monitoring and management. Starting from the European legislation, SIF Moldova has developed and adapted its own operational risk management system, targeting mainly its identification and evaluation, the analysis of activities vulnerable to operational risk, the establishment of the potential risks for each type of activity, the limitation of the operational risk caused by improper data processing, the implementation of internal regulations on the prevention and discovery of facts that can generate losses. To ensure an adequate quality of operational risk management and of the activities related to their control as well as for maintaining an appropriate level of accuracy on information provided to the supervisory authority (ASF), it is essential that the investment fund to build a stable and viable database, containing information relating to extended periods, and to ensure continued maintenance of this database

THE RISK IN MANAGEMENT, DERIVATION FROM INTERACTION BETWEN THE MICRO AND THE MACRO-ECONOMICS

The managerial activity becomes more and more complex, together with the development of the markets on both national and international levels. The manager is subject to information pressure that come from the micro and macro-economics field and the way in which they succeed in being smoothly merged by the managerial team is proof of the activity development of the companies. The present crisis, which has its roots in a financiar crisis, has grown rapidly and transformed into a general economic crisis. The hereby study comprises these aspects and tries in an almost general manner to offer to the managerial activities an adequate support

THE RISK IN MANAGEMENT, DERIVATION FROM INTERACTION BETWEEN THE MICRO AND THE MACRO-ECONOMICS

The financial crisis that broke out in summer 2007 is striking in its sheer magnitude, the speed of its contagion to the global financial sphere, as well as its persistence. These factors make it on the most impressive and unprecedented events in recent financial history