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‫ﻤﻥ ﺇﻋﺩﺍﺩ‪:‬‬
‫ﻋﺼﻤﺎﻨﻲ ﻋﺒﺩ ﺍﻝﻘﺎﺩﺭ‬
‫ﺃﺴﺘﺎﺫ ﻤﺴﺎﻋﺩ ﺼﻨﻑ ﺏ‬
‫ﺍﻝﺒﺭﻴﺩ ﺍﻻﻝﻜﺘﺭﻭﻨﻲ‪[email protected]:‬‬

‫ﺠﺎﻤﻌﺔ ﻓﺭﺤﺎﺕ ﻋﺒﺎﺱ ‪-‬ﺴﻁﻴﻑ‬

‫ﻜﻠﻴﺔ ﺍﻝﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﻋﻠﻭﻡ ﺍﻝﺘﺴﻴﻴﺭ‬

‫‪1‬‬
 ‫ﺃﻫﻤﻴﺔ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻤﻭﺍﺠﻬﺔ ﺍﻷﺯﻤﺎﺕ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺍﻝﻤﻠﺨﺹ‪:‬‬
‫ﻴﻬﺩﻑ ﻫﺫﺍ ﺍﻝﺒﺤﺙ ﺇﻝﻰ ﺘﺒﻴﻴﻥ ﻤﺩﻯ ﺃﻫﻤﻴﺔ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺍﻝﺘﻲ ﺘﻌﺩ ﻜﺂﻝﻴﺔ ﺇﻨﺫﺍﺭ ﻤﺒﻜﺭ ﻓﻲ‬
‫ﻤﻭﺍﺠﻬﺔ ﻤﺨﺘﻠﻑ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﻫﺫﺍ ﺒﺎﻝﺘﻁﺭﻕ ﻝﻠﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ‪ ،‬ﻭﻜﻴﻔﻴﺔ ﻭﻀﻊ ﺒﺭﺍﻤﺞ ﻭﺒﻨﺎﺀ‬
‫ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻜﻴﻔﻴﺔ ﻋﻤﻠﻬﺎ‪ ،‬ﻭﺘﻭﻀﻴﺢ ﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﻝﺘﺤﺩﻴﺩ ﺴﺒل ﺍﻝﺨﺭﻭﺝ ﻤﻥ‬
‫ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻭﺍﻝﺘﺨﻔﻴﻑ ﻤﻥ ﺤﺩﺓ ﻨﺘﺎﺌﺠﻬﺎ ﺍﻝﺴﻠﺒﻴﺔ ﻋﻠﻰ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺁﺜﺎﺭ ﺫﻝﻙ ﻋﻠﻰ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﻜﻜل‪.‬‬

‫‪Abstract:‬‬

‫‪This study aims to clarify the substance of financial institutions risk management systems construction,‬‬
‫‪which are considered as early warning mechanism against several risks and crises, by giving more‬‬
‫‪information about the risks facing these institutions, as well as the setup frameworks and systems and‬‬
‫‪how they work. So that it shows the relationship between risk management and crises. Furthermore‬‬
‫‪determining the different solutions to solve the recent financial crisis, and mitigate its negative‬‬
‫‪consequents on financial institutions and their effects on the whole financial system.‬‬

‫ﺘﻤﻬﻴﺩ‪:‬‬
‫ﺇﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻫﻲ ﺠﺯﺀ ﺃﺴﺎﺴﻲ ﻓﻲ ﺍﻹﺩﺍﺭﺓ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻷﻱ ﻤﺅﺴﺴﺔ‪ ،‬ﻭﻫﻲ ﺍﻹﺠﺭﺍﺀﺍﺕ ﺍﻝﺘﻲ‬
‫ﺘﺘﺒﻌﻬﺎ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺒﺸﻜل ﻤﻨﻅﻡ ﻝﻤﻭﺍﺠﻬﺔ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺼﺎﺤﺒﺔ ﻷﻨﺸﻁﺘﻬﺎ‪ ،‬ﺒﻬﺩﻑ ﺘﺤﻘﻴﻕ ﺍﻝﻤﺯﺍﻴﺎ ﺍﻝﻤﺴﺘﺩﺍﻤﺔ‬
‫ﻤﻥ ﻜل ﻨﺸﺎﻁ ﻭﻤﻥ ﻤﺤﻔﻅﺔ ﻜل ﺍﻷﻨﺸﻁﺔ‪ .‬ﻭﺍﻝﺘﺭﻜﻴﺯ ﺍﻷﺴﺎﺴﻲ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺠﻴﺩﺓ ﻫﻭ ﺍﻝﺘﻌﺭﻑ ﻋﻠﻰ‬
‫ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻤﻌﺎﻝﺠﺘﻬﺎ‪ .‬ﻭﻴﻜﻭﻥ ﻫﺩﻓﻬﺎ ﻫﻭ ﺇﻀﺎﻓﺔ ﺃﻗﺼﻰ ﻗﻴﻤﺔ ﻤﻀﺎﻓﺔ ﻤﺴﺘﺩﺍﻤﺔ ﻝﻜل ﺃﻨﺸﻁﺔ ﺍﻝﻤﺅﺴﺴﺔ ‪.‬‬
‫ﻝﺫﺍ ﻻﺒﺩ ﻤﻥ ﻓﻬﻡ ﺍﻝﺠﻭﺍﻨﺏ ﺍﻹﻴﺠﺎﺒﻴﺔ ﺍﻝﻤﺤﺘﻤﻠﺔ ﻝﻜل ﺍﻝﻌﻭﺍﻤل ﺍﻝﺘﻲ ﻗﺩ ﺘﺅﺜﺭ ﻋﻠﻰ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﻓﻬﻲ ﺘﺯﻴﺩ ﻤﻥ‬
‫ﺍﺤﺘﻤﺎل ﺍﻝﻨﺠﺎﺡ ﻭﺘﺨﻔﺽ ﻜﻼ ﻤﻥ ﺍﺤﺘﻤﺎل ﺍﻝﻔﺸل ﻭﻋﺩﻡ ﺍﻝﺘﺄﻜﺩ ﻤﻥ ﺘﺤﻘﻴﻕ ﺍﻷﻫﺩﺍﻑ ﺍﻝﻌﺎﻤﺔ ﻝﻠﻤﺅﺴﺴﺔ‪.‬‬
‫ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻓﺈﻥ ﺘﻌﻘﻴﺩ ﺍﻝﻌﻤﻠﻴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺼﻔﺔ ﻋﺎﻤﺔ ﻓﻲ ﺘﺴﻴﻴﺭ ﺃﺼﻭﻝﻬﺎ ﻭﺨﺼﻭﻤﻬﺎ‪،‬‬
‫ﻭﺍﻝﻌﻤل ﻓﻲ ﺒﻴﺌﺔ ﺘﺘﺴﻡ ﺒﺎﻝﺩﻴﻨﺎﻤﻜﻴﺔ ﻭﺼﻌﻭﺒﺔ ﺍﻝﺘﺤﻜﻡ ﻓﻲ ﻜل ﻤﺘﻐﻴﺭﺍﺕ ﺃﻨﺸﻁﺘﻬﺎ ﻤﻥ ﺃﺠل ﺘﺤﻘﻴﻕ ﻋﻭﺍﺌﺩ‬
‫ﻤﺭﻀﻴﺔ ﺒﺄﻗل ﻗﺩﺭ ﻤﻤﻜﻥ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻓﻲ ﺴﻭﻕ ﻴﺘﺴﻡ ﺒﺸﺩﺓ ﺍﻝﻤﻨﺎﻓﺴﺔ‪ .‬ﻓﺄﺼﺒﺢ ﻤﻥ ﺍﻝﻀﺭﻭﺭﻱ ﻤﺭﺍﻗﺒﺔ‬
‫ﻤﺴﺘﻭﻯ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻭﻀﻊ ﺍﻹﺠﺭﺍﺀﺍﺕ ﺍﻝﺭﻗﺎﺒﻴﺔ ﺍﻝﻼﺯﻤﺔ ﻝﻠﺴﻴﻁﺭﺓ ﻋﻠﻰ ﺁﺜﺎﺭﻫﺎ ﺍﻝﺴﻠﺒﻴﺔ‪ .‬ﻝﺫﺍ ﻓﺈﻥ ﺒﻨﺎﺀ ﻨﻅﺎﻡ‬
‫ﻝﻤﻌﺭﻓﺔ ﺘﻠﻙ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺘﻘﻭﻴﻤﻬﺎ ﻭﺇﺩﺍﺭﺘﻬﺎ ﺒﻁﺭﻴﻘﺔ ﺴﻠﻴﻤﺔ ﻴﻌﺩ ﻤﻥ ﺍﻝﻌﻭﺍﻤل ﺍﻝﺭﺌﻴﺴﻴﺔ ﻓﻲ ﺘﻁﻭﻴﺭ ﺃﺩﺍﺀ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻓﻬﺎ‪ ،‬ﻭﺍﻝﻔﻬﻡ ﺍﻝﺼﺤﻴﺢ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻝﺘﻘﻭﻴﻡ ﺍﻝﺫﺍﺘﻲ ﻝﻠﻤﺨﺎﻁﺭ ﻭﻓﻕ‬
‫ﻤﺘﻁﻠﺒﺎﺕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪ II‬ﻭﻓﻲ ﻅل ﺍﻝﻭﻀﻌﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻭﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‪ ،‬ﻴﺘﻁﻠﺏ ﺍﻹﺠﺎﺒﺔ‬
‫ﻋﻥ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺘﺴﺎﺅﻻﺕ ﺤﻭل‪:‬‬
‫ﻤﺎ ﻤﺩﻯ ﺃﻫﻤﻴﺔ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻝﺘﻲ ﺘﻌﺩ ﻜﺂﻝﻴﺔ ﺇﻨﺫﺍﺭ ﻤﺒﻜﺭ ﻓﻲ‬
‫ﻤﻭﺍﺠﻬﺔ ﻤﺨﺘﻠﻑ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ؟ ﻭﻫل ﺘﺅﺩﻱ ﻓﻌﻼ ﺇﻝﻰ ﺍﻝﺘﺨﻔﻴﻑ ﻤﻥ ﺤﺩﺓ ﺍﻝﻨﺘﺎﺌﺞ ﺍﻝﺴﻠﺒﻴﺔ‬
‫ﻋﻠﻰ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻓﻲ ﻅل ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻭﺒﺎﻝﺘﺎﻝﻲ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﻜﻜل؟‬

‫‪2‬‬
 ‫ﺍﻝﻔﺭﻀﻴﺎﺕ‪:‬‬
‫ﺇﻥ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻫﻭ ﺍﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل ﺒﺤﻴﺙ‬ ‫‪-1‬‬
‫ﻴﻀﻤﻥ ﺍﻻﺴﺘﻘﺭﺍﺭ ﺍﻝﻤﺎﻝﻲ‪ ،‬ﻭﺘﻘﻠﻴل ﺍﻝﺘﻌﺭﺽ ﻝﻠﺼﺩﻤﺎﺕ ﻭﻅﻬﻭﺭ ﺍﻷﺯﻤﺎﺕ‪.‬‬
‫ﺃﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﺘﻴﺢ ﺍﻝﻔﺭﺹ ﻓﻲ ﺘﻭﻁﻴﺩ ﻭﺘﻁﻭﻴﺭ ﻋﻼﻗﺔ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺄﻁﺭﺍﻑ‬ ‫‪-2‬‬
‫ﺍﻝﻤﺼﻠﺤﺔ ﺍﻝﻤﺨﺘﻠﻔﺔ ﻝﻴﺱ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﻨﺸﺎﻁﻬﺎ ﻓﻘﻁ ﺒل ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﺴﻭﺍﺀ‬
‫ﺒﺎﻝﻨﺴﺒﺔ ﻝﻸﻨﺸﻁﺔ ﺍﻝﻁﻭﻴﻠﺔ ﻭﺍﻝﻘﺼﻴﺭﺓ ﺍﻷﻤﺩ‪.‬‬
‫ﺃﻫﻤﻴﺔ ﺍﻝﺩﺭﺍﺴﺔ‪:‬‬
‫‪ -1‬ﺍﻝﺘﻁﻭﺭ ﺍﻝﺴﺭﻴﻊ ﻝﻤﺠﺎل ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﻜﺜﺭﺓ ﻭﺠﻬﺎﺕ ﺍﻝﻨﻅﺭ ﺍﻝﻤﺨﺘﻠﻔﺔ ﻭﺍﻝﻭﺼﻑ ﻝﻤﺎ ﻴﺘﻀﻤﻨﻪ‬
‫ﻫﺫﺍ ﺍﻝﻤﻭﻀﻭﻉ ﻭﻜﻴﻑ ﻴﺠﺏ ﻤﻤﺎﺭﺴﺘﻪ ﻭﺍﻝﻐﺭﺽ ﻤﻨﻪ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ؛‬
‫‪ -2‬ﺘﺒﻴﻴﻥ ﻤﺩﻯ ﺘﺄﺜﺭ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺎﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺴﺒﺒﺔ ﻝﻬﺎ؛‬
‫‪ -3‬ﻤﺩﻯ ﻤﺴﺎﻫﻤﺔ ﺃﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺘﺨﻔﻴﻑ ﺃﻭ ﺘﺠﻨﺏ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ ﻭﺘﻔﺎﺩﻱ‬
‫ﺤﺩﻭﺙ ﻤﺜل ﻫﺫﻩ ﺍﻷﺯﻤﺎﺕ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪.‬‬
‫ﺃﻫﺩﺍﻑ ﺍﻝﺒﺤﺙ‪:‬‬
‫‪ -1‬ﺘﺤﺩﻴﺩ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺍﻝﺘﻌﺭﻑ ﻋﻠﻰ ﻜﻴﻔﻴﺔ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ؛‬
‫‪ -2‬ﺘﺤﺩﻴﺩ ﺍﻝﻨﻤﺎﺫﺝ ﻭﺍﻝﺘﻘﻨﻴﺎﺕ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻹﺩﺍﺭﺓ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ؛‬
‫‪ -3‬ﻤﻌﺭﻓﺔ ﺍﻝﻌﻼﻗﺔ ﺍﻝﺘﻲ ﺘﺭﺒﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ؛‬
‫‪ -4‬ﻤﻌﺭﻓﺔ ﺍﻝﺘﺤﺩﻴﺎﺕ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻪ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻓﻲ ﻤﺠﺎل ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﻤﻨﻬﺞ ﺍﻝﺒﺤﺙ‪:‬‬
‫ﻝﻺﺠﺎﺒﺔ ﻋﻠﻰ ﺍﻝﻔﺭﻀﻴﺎﺕ ﺍﻝﻤﺫﻜﻭﺭﺓ ﺴﺎﺒﻘﺎ‪ ،‬ﺴﻨﻌﺘﻤﺩ ﻓﻲ ﻫﺫﺍ ﺍﻝﺒﺤﺙ ﻋﻠﻰ ﺍﻝﻤﻨﻬﺞ ﺍﻝﻭﺼﻔﻲ ﺍﻝﺘﺤﻠﻴﻠﻲ‪،‬‬
‫ﻝﻤﺤﺎﻭﻝﺔ ﺩﺭﺍﺴﺔ ﻤﺨﺘﻠﻑ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻭﺠﻭﺩﺓ ﻭﺃﺜﺭﻫﺎ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺘﺒﻴﻴﻥ ﺍﻝﻌﻼﻗﺎﺕ ﺍﻝﺘﻲ‬
‫ﺘﺭﺒﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ‪ ،‬ﻤﻊ ﻜﺸﻑ ﺍﻷﺴﺒﺎﺏ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺃﺩﺕ ﺇﻝﻰ ﺤﺩﻭﺙ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‪.‬‬

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 ‫‪ - I‬ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫‪ -1-I‬ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺃﻨﻅﻤﺘﻬﺎ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫‪ -1-1-I‬ﻤﻔﻬﻭﻡ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺃ‪ -‬ﻝﻤﺤﺔ ﺘﺎﺭﻴﺨﻴﺔ‪:‬‬
‫ﻨﺸﺄﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻥ ﺍﻨﺩﻤﺎﺝ ﺘﻁﺒﻴﻘﺎﺕ ﺍﻝﻬﻨﺩﺴﺔ ﻓﻲ ﺍﻝﺒﺭﺍﻤﺞ ﺍﻝﻌﺴﻜﺭﻴﺔ ﻭﺍﻝﻔﻀﺎﺌﻴﺔ‪ ،‬ﻭﺍﻝﻨﻅﺭﻴﺔ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻭﺍﻝﺘﺄﻤﻴﻥ ﻓﻲ ﺍﻝﻘﻁﺎﻉ ﺍﻝﻤﺎﻝﻲ‪ ،‬ﻭﻜﺎﻥ ﺍﻝﺘﺤﻭل ﻤﻥ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻝﺘﺄﻤﻴﻥ ﺇﻝﻰ ﻓﻜﺭ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻤﻌﺘﻤﺩ ﻋﻠﻰ ﻋﻠﻡ ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺘﺤﻠﻴل ﺍﻝﺘﻜﻠﻔﺔ ﻭﺍﻝﻌﺎﺌﺩ ﻭﺍﻝﻘﻴﻤﺔ ﺍﻝﻤﺘﻭﻗﻌﺔ‪ ،‬ﻭﺍﻝﻤﻨﻬﺞ ﺍﻝﻌﻠﻤﻲ ﻻﺘﺨﺎﺫ ﺍﻝﻘﺭﺍﺭ ﻓﻲ‬
‫ﻅل ﻅﺭﻭﻑ ﻋﺩﻡ ﺍﻝﺘﺄﻜﺩ‪ .‬ﺤﻴﺙ ﻜﺎﻥ ﺃﻭل ﻅﻬﻭﺭ ﻝﻤﺼﻁﻠﺢ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻤﺠﻠﺔ ﻫﺎﺭﻓﺎﺭﺩ ﺒﻴﺱ ﻨﺯ‬
‫ﺭﻴﻔﻴﻭ ﻋﺎﻡ ‪ ،1956‬ﻭﻤﻥ ﺒﻴﻥ ﺃﻭﻝﻰ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺘﻲ ﻗﺎﻤﺕ ﺒﺈﺩﺍﺭﺓ ﻤﺨﺎﻁﺭﻫﺎ ﻭﻤﻤﺎﺭﺴﺔ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻫﻲ ﺍﻝﺒﻨﻭﻙ‪ ،‬ﺍﻝﺘﻲ ﺭﻜﺯﺕ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻷﺼﻭل ﻭﺍﻝﺨﺼﻭﻡ ﻭﺘﺒﻴﻥ ﺃﻥ ﻫﻨﺎﻙ ﻁﺭﻗﺎ ﺃﻨﺠﻊ ﻝﻠﺘﻌﺎﻤل ﻤﻊ‬
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‫ﺍﻝﻤﺨﺎﻁﺭﺓ ﺒﻤﻨﻊ ﺤﺩﻭﺙ ﺍﻝﺨﺴﺎﺌﺭ‪ ،‬ﻭﺍﻝﺤﺩ ﻤﻥ ﻨﺘﺎﺌﺠﻬﺎ ﻋﻨﺩ ﺍﺴﺘﺤﺎﻝﺔ ﺘﻔﺎﺩﻴﻬﺎ‪.‬‬
‫ﻭﺘﻭﺴﻊ ﺍﺴﺘﺨﺩﺍﻡ ﺘﻘﻨﻴﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻤﺨﺘﻠﻑ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻷﺨﺭﻯ ﻜﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ‬
‫ﻭﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺤﺘﻰ ﺃﺼﺒﺤﺕ ﻝﻬﺎ ﺘﻘﻨﻴﺎﺕ ﻭﻁﺭﻕ ﻓﻲ ﺇﺩﺍﺭﺓ ﻤﺨﺎﻁﺭﻫﺎ ﺘﻤﻴﺯﻫﺎ ﻋﻥ ﺒﺎﻗﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ ﺍﻷﺨﺭﻯ‪.‬‬
‫ﻭﻓﻲ ‪ 1998‬ﻗﺎﻡ ﺒﺎﺤﺜﻭﻥ ﻤﻥ ﻤﻌﻬﺩ )‪ (Wharton School‬ﺒﺎﺴﺘﺒﻴﺎﻥ ﻝﻤﻤﺎﺭﺴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ‬
‫‪ 2000‬ﺸﺭﻜﺔ ﻭﻫﺫﺍ ﻴﺸﻤل ﺍﺴﺘﻌﻤﺎل ﺍﻝﻤﺸﺘﻘﺎﺕ‪ ،‬ﻭﻤﻥ ﺒﻴﻥ ﻫﺫﻩ ﺍﻝﺸﺭﻜﺎﺕ ﻫﻨﺎﻙ ‪ 400‬ﺸﺭﻜﺔ ﺍﺴﺘﺠﺎﺒﺔ ﻤﻌﻪ‪،‬‬
‫ﻭﻫﺫﺍ ﻝﻴﺱ ﻤﻔﺎﺠﺌﺎ‪ ،‬ﻷﻥ ﺍﻻﺴﺘﺒﻴﺎﻥ ﻭﺠﺩ ﺃﻥ ﺍﻝﺸﺭﻜﺎﺕ ﺘﺴﺘﺨﺩﻡ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻝﻁﺭﻕ‪ ،‬ﻭﻝﺩﻴﻬﺎ ﺍﻝﻌﺩﻴﺩ ﻤﻥ‬
‫ﺍﻷﺴﺒﺎﺏ ﻻﺴﺘﺨﺩﺍﻡ ﺍﻝﻤﺸﺘﻘﺎﺕ‪ .‬ﻭﻜﺎﻥ ﻤﻥ ﺍﻝﻭﺍﻀﺢ ﺃﻥ ﻝﻴﺱ ﻜل ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺩﺍﺭﺓ ﺒﺎﻝﻀﺭﻭﺭﺓ ﻴﺘﻡ ﺇﻝﻐﺎﺌﻬﺎ‬
‫ﺒﺸﻜل ﻜﺎﻤل‪ .‬ﻭﺤﻭﺍﻝﻲ ﻨﺼﻑ ﺍﻝﻤﺠﺎﻭﺒﻴﻥ ﻗﺭﺭﻭﺍ ﺍﺴﺘﻌﻤﺎل ﺍﻝﻤﺸﺘﻘﺎﺕ ﻜﺄﺩﺍﺓ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﺜﻠﺙ ﻤﻥ‬
‫ﻤﺴﺘﻌﻤﻠﻲ ﺍﻝﻤﺸﺘﻘﺎﺕ ﻴﺄﺨﺫﻭﻥ ﻭﻀﻌﻴﺎﺕ ﺘﻌﻜﺱ ﻨﻅﺭﺘﻬﻡ ﺇﻝﻰ ﺍﻷﺴﻭﺍﻕ‪.‬‬
‫ﻭﺍﻻﺘﺠﺎﻩ ﺍﻝﻌﺎﻡ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻫﻭ ﺍﻋﺘﺒﺎﺭﻫﺎ ﻜﺠﺯﺀ ﻤﻥ ﺍﻹﺩﺍﺭﺓ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪،‬‬
‫ﻭﻤﺭﻜﺯ ﺜﻘل ﻓﻲ ﺍﺴﺘﻘﺭﺍﺭﻫﺎ ﻤﺴﺘﻘﺒﻼ‪.‬‬
‫ﺏ‪ -‬ﺘﻌﺭﻴﻑ ﺍﻝﻤﺨﺎﻁﺭﺓ‪:‬‬
‫ﻴﻤﻜﻥ ﺘﻌﺭﻴﻑ ﺍﻝﻤﺨﺎﻁﺭﺓ ﺒﺸﻜل ﻋﺎﻡ ﻋﻠﻰ ﺃﻨﻬﺎ ﺍﻝﻅﺎﻫﺭﺓ ﺍﻝﺘﻲ ﺘﺤﻤل ﻋﺎﻤﻠﻴﻥ ﺃﺴﺎﺴﻴﻴﻥ ﻫﻤﺎ‪ :‬ﻋﺩﻡ ﺍﻝﺘﺄﻜﺩ‬
‫ﻭﺇﻤﻜﺎﻨﻴﺔ ﺍﻝﺤﺩﻭﺙ ﺒﻤﻌﻨﻰ‪:‬‬
‫‪ -‬ﺇﻤﻜﺎﻨﻴﺔ ﺃﻭ ﺍﺤﺘﻤﺎل ﺍﻝﺤﺩﻭﺙ‬
‫‪ -‬ﻨﺘﺎﺌﺠﻬﺎ ﺃﻭ ﺁﺜﺎﺭﻫﺎ ﺇﺫﺍ ﺤﺩﺜﺕ‬
‫ﺝ‪ -‬ﺘﻌﺭﻴﻑ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪:‬‬
‫ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻬﻲ ﻋﺒﺎﺭﺓ ﻋﻥ ﺇﺠﺭﺍﺀ ﻤﻨﺘﻅﻡ ﻝﻠﺘﺨﻁﻴﻁ ﻤﻥ ﺃﺠل ﺘﺤﺩﻴﺩ‪ ،‬ﺘﺤﻠﻴل‪ ،‬ﺍﻻﺴﺘﺠﺎﺒﺔ ﻭﻤﺘﺎﺒﻌﺔ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺄﻱ ﻤﺸﺭﻭﻉ‪ ،‬ﻭﺘﺘﻀﻤﻥ ﺍﻹﺠﺭﺍﺀﺍﺕ ﻭﺍﻷﺩﻭﺍﺕ ﻭﺍﻝﺘﻘﻨﻴﺎﺕ ﺍﻝﺘﻲ ﺴﺘﺴﺎﻋﺩ ﻤﺩﻴﺭ ﺍﻝﻤﺸﺭﻭﻉ‬
‫ﻋﻠﻰ ﺘﻌﻅﻴﻡ ﺇﻤﻜﺎﻨﻴﺔ ﻭﺃﺴﺒﺎﺏ ﺘﺤﻘﻴﻕ ﻨﺘﺎﺌﺞ ﺍﻴﺠﺎﺒﻴﺔ ﻭﺘﺨﻔﻴﺽ ﺇﻤﻜﺎﻨﻴﺔ ﻭﺃﺴﺒﺎﺏ ﺘﺤﻘﻴﻕ ﻨﺘﺎﺌﺞ ﻏﻴﺭ ﻤﻼﺌﻤﺔ‪.‬‬
‫ﻭﺘﻜﻭﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺃﻜﺜﺭ ﻓﻌﺎﻝﻴﺔ ﻋﻨﺩﻤﺎ ﺘﺅﺩﻯ ﻤﺒﻜﺭﺍ ﻓﻲ ﺤﻴﺎﺓ ﺍﻝﻤﺸﺭﻭﻉ ﻭﻫﻲ ﻤﺴﺅﻭﻝﻴﺔ ﻤﺴﺘﻤﺭﺓ‬
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‫ﻋﺒﺭ ﺘﻨﻔﻴﺫ ﺍﻝﻤﺸﺭﻭﻉ‪.‬‬
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‫ﻭﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻻ ﺘﻌﻨﻲ ﺘﺠﻨﺏ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻘﻁ‪ ،‬ﻓﻨﺸﺎﻁﺎﺘﻬﺎ ﻴﻨﺒﻐﻲ ﺃﻥ ﺘﻀﻤﻥ ﺃﻥ ﺃﺼﻭل ﺍﻝﻤﺴﺎﻫﻤﻴﻥ‬
‫ﻭﻋﻭﺍﺌﺩﻫﻡ ﻤﺤﻤﻴﺔ‪ ،‬ﻭﺍﻝﻤﻔﻬﻭﻡ ﺍﻝﺤﻘﻴﻘﻲ ﻓﻲ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻫﻭ ﺘﻨﻔﻴﺫ ﻤﻌﺎﻴﻴﺭ ﺍﻷﻤﺎﻥ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺃﻭ‬
‫ﺍﻝﺸﺭﻜﺎﺕ ﻝﻤﺨﻁﻁ ﺍﻝﻁﻭﺍﺭﺉ ﺃﻭ ﻓﻲ ﺨﺴﺎﺭﺓ ﻤﻭﺍﺭﺩﻫﺎ‪ .‬ﻭﻫﻲ ﺃﻴﻀﺎ ﻋﻤﻠﻴﺔ ﻤﺴﺘﻤﺭﺓ ﻭﻤﺘﻭﺍﺼﻠﺔ ﺃﻴﻥ ﺘﺤﻠﻴل‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ ﻴﻜﻭﻥ ﺒﺼﻔﺔ ﻤﻨﺘﻅﻤﺔ‪ .‬ﻭﻴﻤﻜﻥ ﺘﺤﻠﻴل ﻭﻤﺘﺎﺒﻌﺔ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻤﺠﺎل ﻤﺴﺅﻭﻝﻴﺎﺕ‬
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‫ﻤﺩﺭﺍﺀ ﺍﻝﻤﺼﺎﻝﺢ ﻭﺍﻝﻔﺭﻭﻉ ﺒﺎﺴﺘﺨﺩﺍﻡ ﺃﺩﻭﺍﺕ ﻭﻁﺭﻕ ﻤﻨﺎﺴﺒﺔ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﺸﺭﻜﺔ ﺒﻜﺎﻤﻠﻬﺎ‪.‬‬
‫ﺩ‪ -‬ﺃﻫﺩﺍﻑ ﻭﺨﺼﺎﺌﺹ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪:‬‬
‫‪ -1‬ﺃﻫﺩﺍﻑ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪:‬‬
‫ﻤﻥ ﺨﻼل ﺘﻁﺒﻴﻘﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﺜﺒﺕ ﺃﻥ ﻁﺭﻕ ﻭﻤﻨﺎﻫﺞ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﺨﺘﻠﻑ ﻤﻥ ﺸﺭﻜﺔ‬
‫ﻷﺨﺭﻯ‪ ،‬ﻭﻫﺫﻩ ﺍﻝﺠﺯﺌﻴﺔ ﺘﻌﻜﺱ ﺤﻘﻴﻘﺔ ﺃﻥ ﺃﻫﺩﺍﻑ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﺨﺘﻠﻑ ﺃﻴﻀﺎ ﻤﻥ ﺸﺭﻜﺔ ﺇﻝﻰ ﺃﺨﺭﻯ‪.‬‬
‫ﻭﻜﺤﺎﻝﺔ ﺨﺎﺼﺔ ﻓﺈﻥ ﺒﻌﺽ ﺍﻝﺸﺭﻜﺎﺕ ﺘﺴﺘﺨﺩﻡ ﺘﻘﻠﺏ ﺍﻝﺘﺩﻓﻘﺎﺕ ﺍﻝﻨﻘﺩﻴﺔ‪ ،‬ﻭﺃﺨﺭﻯ ﺘﺴﺘﺨﺩﻡ ﺍﻝﺘﻐﻴﺭ ﻓﻲ ﻗﻴﻤﺔ‬
‫ﺍﻝﺸﺭﻜﺔ ﻜﻬﺩﻑ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﺘﺘﻤﺜل ﺃﻫﺩﺍﻑ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺼﻔﺔ ﻋﺎﻤﺔ‬
‫ﻓﻲ‪:‬‬
‫‪ -‬ﺘﻔﺎﺩﻱ ﺃﻜﺒﺭ ﻤﺨﺎﻁﺭﺓ ﻗﺩ ﺘﻭﺍﺠﻪ ﺃﻱ ﺍﻝﺸﺭﻜﺔ ﻭﻫﻲ ﺍﻹﻓﻼﺱ ﻭ ﺘﻜﺎﻝﻴﻔﻪ ﺍﻝﻤﺒﺎﺸﺭﺓ ﻭﻏﻴﺭ ﺍﻝﻤﺒﺎﺸﺭﺓ‬
‫ﺍﻝﺘﻲ ﺘﻜﻭﻥ ﻓﻲ ﻤﻌﻅﻤﻬﺎ ﻜﺒﻴﺭﺓ ﻭﻤﻌﻠﻭﻤﺔ‪ ،‬ﻓﺎﻝﻨﻅﺭﺓ ﺇﻝﻰ ﺍﻹﻓﻼﺱ ﻤﺴﺘﻘﺒﻼ ﻜﺈﻤﻜﺎﻨﻴﺔ ﻏﻴﺭ ﻋﺎﺩﻴﺔ‬
‫ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺸﺭﻜﺔ ﺘﺅﺩﻱ ﻹﻋﺎﺩﺓ ﺍﻝﻬﻴﻜﻠﺔ ﺃﻭ ﺍﻹﻏﻼﻕ‪ ،‬ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﻤﻜﻥ ﻤﻥ ﺘﺭﻓﻊ ﻤﻥ ﻗﻴﻤﺔ‬
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‫ﺍﻝﺸﺭﻜﺔ ﻋﺒﺭ ﺘﺨﻔﻴﺽ ﺇﻤﻜﺎﻨﻴﺔ ﺍﻝﻌﺠﺯ ﻭﻋﺩﻡ ﺍﻝﻤﻼﺀﺓ‪.‬‬
‫‪ -‬ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻴﻤﻜﻥ ﺃﻥ ﺘﺴﺎﻋﺩ ﻓﻲ ﺘﺨﻔﻴﺽ ﺘﻘﻠﺏ ﺍﻝﻌﻭﺍﺌﺩ‪ ،‬ﻷﻥ ﺘﺨﻔﻴﺽ ﺍﻝﺘﻘﻠﺏ ﻓﻲ ﺍﻝﺩﺨل‬
‫ﺍﻝﻤﺴﺘﻘﺒﻠﻲ ﺍﻝﺨﺎﻀﻊ ﻝﻠﻀﺭﻴﺒﺔ ﺴﻴﺨﻔﺽ ﺍﻝﻘﻴﻤﺔ ﺍﻝﺤﺎﻝﻴﺔ ﺍﻝﺼﺎﻓﻴﺔ ﻝﻠﺩﻓﻌﺎﺕ ﺍﻝﻀﺭﻴﺒﻴﺔ ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ‪،‬‬
‫ﻭﺒﺎﻝﺘﺎﻝﻲ ﺭﻓﻊ ﻗﻴﻤﺔ ﺍﻝﻤﺅﺴﺴﺔ‪.‬‬
‫‪ -‬ﺍﻝﻤﺼﺩﺭ ﺍﻝﺭﺌﻴﺴﻲ ﻝﻌﺠﺯ ﺍﻝﺸﺭﻜﺔ ﻫﻭ ﻋﺩﻡ ﺍﻝﻘﺩﺭﺓ ﻋﻠﻰ ﺨﺩﻤﺔ ﺍﻝﺩﻴﻭﻥ‪ ،‬ﻭﻫﺫﺍ ﻜﻠﻪ ﻤﺴﺎﻭ ﻻﺭﺘﻔﺎﻉ‬
‫ﻝﻨﺴﺒﺔ ﺍﻝﺩﻴﻭﻥ ﺇﻝﻰ ﺤﻘﻭﻕ ﺍﻝﻤﻠﻜﻴﺔ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﻴﺯﻴﺩ ﻤﻥ ﻤﺨﺎﻁﺭ ﺍﻝﺸﺭﻜﺔ‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﻓﺈﻥ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺘﺴﻤﺢ ﻝﻠﺸﺭﻜﺔ ﻓﻲ ﺘﺨﻔﻴﺽ ﺘﻜﺎﻝﻴﻑ ﺘﻤﻭﻴل ﺍﻝﺩﻴﻭﻥ‪ .‬ﻭﻓﻲ ﺍﻝﻤﻘﺎﺒل ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﻴﻤﻜﻥ ﺃﻥ ﺘﺴﻤﺢ ﻝﻠﺸﺭﻜﺔ ﺒﺈﻋﻁﺎﺌﻬﺎ ﻓﺭﺼﺔ ﻝﺘﻭﺴﻴﻊ ﺍﻝﺘﻤﻭﻴل ﻋﺒﺭ ﺍﻝﺩﻴﻭﻥ‪.‬‬
‫‪ -‬ﺍﻻﺴﺘﺜﻤﺎﺭ ﺍﻝﻀﻤﻨﻲ ﻓﻲ ﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﺒﺸﺭﻱ ﺍﻝﻤﺤﺩﺩ ﻓﻲ ﺍﻝﺸﺭﻜﺔ‪ ،‬ﻓﺎﻝﺸﺭﻜﺔ ﺍﻷﻜﺜﺭ ﻤﺨﺎﻁﺭﺓ ﻫﻲ‬
‫ﺍﻝﺘﻲ ﻴﻜﻭﻥ ﺘﻌﻭﻴﺽ ﺍﻝﻤﻭﻅﻔﻴﻥ ﺍﻝﺤﺎﻝﻴﻴﻥ ﺃﻭ ﺍﻝﻤﺭﺘﻘﺒﻴﻥ ﻓﻴﻬﺎ ﻴﺘﻁﻠﺏ ﺒﻘﺎﺅﻫﻡ ﺃﻭ ﺍﺭﺘﺒﺎﻁﻬﻡ ﺒﺎﻝﺸﺭﻜﺔ‪.‬‬
‫ﻓﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺤﻘﻴﻘﻴﺔ ﻴﻤﻜﻥ ﺃﻥ ﺘﺴﺎﻋﺩ ﻋﻠﻰ ﺘﺨﻔﻴﺽ ﺘﻜﺎﻝﻴﻑ ﺍﻻﺤﺘﻔﺎﻅ ﺃﻭ ﺘﻭﻅﻴﻑ ﻤﻭﻅﻔﻴﻥ‬
‫ﺭﺌﻴﺴﻴﻴﻥ‪.‬‬
‫‪ -‬ﺘﺴﺎﻋﺩ ﺍﻝﺠﻬﺎﺕ ﺍﻝﺭﺍﻋﻴﺔ ﻭﺍﻝﻔﺭﻴﻕ ﺍﻹﺩﺍﺭﻱ ﻝﻠﻤﺸﺭﻭﻉ ﺒﺒﻨﺎﺀ ﻗﺭﺍﺭﺍﺕ ﻋﻠﻤﻴﺔ ﺒﺎﻝﻨﻅﺭ ﺇﻝﻰ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ‬
‫ﺍﻝﻤﺘﺤﻜﻤﺔ ﺒﺎﻝﻤﺅﺴﺴﺔ‪.‬‬
‫‪ -‬ﺘﺸﺠﻊ ﺍﻝﻔﺭﻴﻕ ﺍﻹﺩﺍﺭﻱ ﻋﻠﻰ ﺍﻷﺨﺫ ﺒﺎﻝﻤﻘﺎﻴﻴﺱ ﺍﻝﻤﻨﺎﺴﺒﺔ ﻤﻥ ﺃﺠل ﺘﺨﻔﻴﺽ‪:‬‬
‫• ﺍﻵﺜﺎﺭ ﺍﻝﺴﻠﺒﻴﺔ ﻋﻠﻰ ﺃﻫﺩﺍﻑ ﻭﺘﻜﺎﻝﻴﻑ ﻭﺒﺭﺍﻤﺞ ﺍﻝﻤﺅﺴﺴﺔ‬
‫• ﺇﺩﺍﺭﺓ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻓﻲ ﻅل ﺍﻷﺯﻤﺎﺕ‬

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 ‫‪ -2‬ﺨﺼﺎﺌﺹ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
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‫ﺃﻭﻻ ﻴﻤﻜﻥ ﺘﻠﺨﻴﺹ ﻤﺒﺎﺩﺉ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺃﺭﺒﻊ ﻤﺠﻤﻭﻋﺎﺕ ﺭﺌﻴﺴﻴﺔ‪:‬‬
‫ﺍﻝﻤﻤﺘﻠﻜﺎﺕ ﺍﻝﻤﺎﺩﻴﺔ‪ :‬ﺍﻝﻌﻘﺎﺭﺍﺕ؛ ﺍﻝﻤﻨﺘﺠﺎﺕ؛ ﺍﻝﺘﺠﻬﻴﺯﺍﺕ‪.‬‬
‫ﻋﻭﺍﻤل ﺒﺸﺭﻴﺔ‪ :‬ﺍﻝﻤﻭﺍﺭﺩ ﺍﻝﺒﺸﺭﻴﺔ؛ ﺇﺠﺭﺍﺀﺍﺕ ﺍﻝﺘﺄﻤﻴﻥ ﻭﺍﻝﺤﻤﺎﻴﺔ ﻝﻠﻤﻭﻅﻔﻴﻥ‬
‫ﺍﻝﻨﺸﺎﻁﺎﺕ ﻭﺍﻝﻌﻤﻠﻴﺎﺕ‪ :‬ﻋﻤﻠﻴﺎﺕ؛ ﺃﺩﺍﺀ ﻤﻘﺎﺒل ﺃﻫﺩﺍﻑ‪،‬‬
‫ﺍﻝﻘﻀﺎﻴﺎ ﺍﻹﺩﺍﺭﻴﺔ‪ :‬ﺍﻝﺴﻴﺎﺴﺔ ﻭﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ‪ ،‬ﺍﻝﺘﺨﻁﻴﻁ ﻭﺍﻝﺘﻨﻅﻴﻡ‬
‫ﻭﻗﺩ ﻗﺎﻤﺕ ﺍﻝﻤﻨﻅﻤﺔ ﺍﻝﺩﻭﻝﻴﺔ ﻝﻠﻤﻌﺎﻴﺭﺓ )‪ (ISO‬ﺒﺘﺤﺩﻴﺩ ﺍﻝﻤﺒﺎﺩﺉ ﺍﻝﺘﺎﻝﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﺤﻴﺙ ﻴﻨﺒﻐﻲ ﻋﻠﻰ‬
‫ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺃﻥ‪:‬‬
‫‪ -‬ﺘﻜﻭﻥ ﻤﺼﻤﻤﺔ ﺨﺼﻴﺼﺎ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬ ‫‪ -‬ﺘﺨﻠﻕ ﺍﻝﻘﻴﻤﺔ‪.‬‬
‫‪ -‬ﺘﺄﺨﺫ ﻓﻲ ﺍﻝﺤﺴﺒﺎﻥ ﺍﻝﻌﻭﺍﻤل ﺍﻝﺒﺸﺭﻴﺔ‪.‬‬ ‫‪ -‬ﺘﻜﻭﻥ ﺠﺯﺀﺍ ﻻ ﻴﺘﺠﺯﺃ ﻤﻥ ﺍﻝﻌﻤﻠﻴﺎﺕ ﺍﻝﺘﻨﻅﻴﻤﻴﺔ‪.‬‬
‫‪ -‬ﺘﻜﻭﻥ ﺸﻔﺎﻓﺔ ﻭﺸﺎﻤﻠﺔ‪.‬‬ ‫‪ -‬ﺘﻜﻭﻥ ﺠﺯﺀﺍ ﻤﻥ ﻋﻤﻠﻴﺔ ﺼﻨﻊ ﺍﻝﻘﺭﺍﺭ‪.‬‬
‫‪ -‬ﺘﻜﻭﻥ ﺩﻴﻨﺎﻤﻴﻜﻴﺔ‪ ،‬ﻤﺴﺘﻤﺭﺓ‪ ،‬ﻭﺘﺴﺘﺠﻴﺏ ﻝﻠﺘﻐﻴﻴﺭ‬ ‫‪ -‬ﺘﻌﺎﻝﺞ ﻋﺩﻡ ﺍﻝﺘﺄﻜﺩ‪.‬‬
‫‪ -‬ﺘﻜﻭﻥ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺍﻝﺘﺤﺴﻴﻥ ﺍﻝﻤﺴﺘﻤﺭ ﻭﺘﻌﺯﻴﺯﻫﺎ‪.‬‬ ‫‪ -‬ﺘﺘﻡ ﺒﺸﻜل ﻤﻨﻬﺠﻲ ﻭﻤﻨﻅﻡ‪.‬‬
‫‪ -‬ﺘﻜﻭﻥ ﻋﻠﻰ ﺃﺴﺎﺱ ﺃﻓﻀل ﺒﺎﻝﻤﻌﻠﻭﻤﺎﺕ ﺍﻝﻤﺘﺎﺤﺔ‪.‬‬
‫ﻭﻜل ﻫﺫﻩ ﺍﻝﻌﻨﺎﺼﺭ ﻻ ﻴﻤﻜﻥ ﺘﻔﻜﻴﻜﻬﺎ ﻷﻨﻬﺎ ﻓﻲ ﺃﺼل ﻤﺭﺘﺒﻁﺔ ﻭﻤﺘﻜﺎﻤﻠﺔ ﻓﻴﻤﺎ ﺒﻴﻨﻬﺎ‪ ،‬ﻭﺘﺘﻤﻴﺯ ﺇﺩﺍﺭﺓ‬
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‫ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒـ‪:‬‬
‫‪ -‬ﻤﻌﻅﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻫﻲ ﺒﺎﻝﺩﺭﺠﺔ ﺍﻷﻭﻝﻰ ﻤﺨﺎﻁﺭ ﻤﺎﻝﻴﺔ‪ ،‬ﻭﺒﺎﻷﺨﺹ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ ﺃﻜﺜﺭ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻷﺨﺭﻯ ﻤﺜل ﻤﺨﺎﻁﺭ ﺍﻹﻓﻼﺱ‪.‬‬
‫‪ -‬ﺘﺨﺘﻠﻑ ﻭﺘﺘﻨﻭﻉ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﺤﺴﺏ ﻤﺠﺎل ﺘﺨﺼﺹ ﻜل ﻤﺅﺴﺴﺔ ﻤﻥ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ‪ ،‬ﻝﻜﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ ﺘﺸﺘﺭﻙ ﻋﻤﻭﻤﺎ ﻓﻲ ﺜﻼﺜﺔ ﻤﺨﺎﻁﺭ ﻫﺎﻤﺔ‪ ،‬ﻫﻲ‪ :‬ﻤﺨﺎﻁﺭ ﺍﻝﺴﻭﻕ‪ ،‬ﻭﻤﺨﺎﻁﺭ ﺍﻻﺌﺘﻤﺎﻥ‪ ،‬ﻭﻤﺨﺎﻁﺭ‬
‫ﺍﻝﺴﻴﻭﻝﺔ‪.‬‬
‫‪ -‬ﺘﻌﺘﺒﺭ ﻜﻨﻅﺎﻡ ﻴﺴﺎﻋﺩ ﻤﻥ ﺨﻼل ﻤﺭﺍﻗﺒﺔ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺘﻘﻴﻴﻤﻬﺎ ﻋﻠﻰ ﺇﻋﻁﺎﺀ ﺭﺅﻴﺔ ﻤﻤﺘﺎﺯﺓ ﻝﻤﺎ ﻫﻲ ﻋﻠﻴﻪ‪،‬‬
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‫ﻭﻜﺫﻝﻙ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺴﻭﻕ ﻭﻝﻠﻤﺤﻴﻁ‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﺇﻋﻁﺎﺅﻫﺎ ﻤﺭﻜﺯﺍ ﺘﻨﺎﻓﺴﻴﺎ ﺠﻴﺩﺍ ﺒﻴﻥ ﻤﻨﺎﻓﺴﻴﻬﺎ‪.‬‬
‫‪ -‬ﺍﻝﻘﺩﺭﺓ ﺍﻝﺘﻨﺒﺅﻴﺔ ﺍﻝﺘﻲ ﺘﺘﻤﻴﺯ ﺒﻬﺎ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺨﺎﺼﺔ ﻓﻲ ﻤﺠﺎل ﺘﺤﺩﻴﺩ ﺍﻝﺨﺴﺎﺌﺭ‪ ،‬ﺍﻝﺘﻲ ﺘﺠﻌل ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ ﻓﻲ ﺒﺤﺙ ﺩﺍﺌﻡ ﻋﻠﻰ ﺍﻝﺒﺩﻴل ﺍﻷﻤﺜل‪ ،‬ﻝﻠﺘﺨﻠﺹ ﺃﻭ ﺍﻝﺘﺨﻔﻴﺽ ﻤﻥ ﺍﻝﺨﺴﺎﺌﺭ ﻭﺁﺜﺎﺭﻫﺎ ﺇﻝﻰ ﺃﺩﻨﻰ ﺤﺩ‬
‫ﻤﻤﻜﻥ‪.‬‬
‫‪ -‬ﺇﻴﺠﺎﺩ ﺍﻝﺤﻠﻭل ﻓﻴﻤﺎ ﻴﺨﺹ ﻜﻴﻔﻴﺔ ﻤﻭﺍﺠﻬﺔ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻝﺘﻌﺎﻤل ﻤﻌﻬﺎ ﺃﻭ ﺘﺤﻭﻴﻠﻬﺎ‪ ،‬ﺒﺎﺴﺘﺨﺩﺍﻡ ﺍﻷﺴﺎﻝﻴﺏ‬
‫ﺍﻝﻤﺘﺎﺤﺔ ﺃﻭ ﺒﺨﻠﻕ ﺃﺩﻭﺍﺕ ﺠﺩﻴﺩﺓ ﻤﺜل‪ :‬ﺍﻝﻤﺸﺘﻘﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪.‬‬
‫‪ -‬ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻓﻲ ﻤﺨﺘﻠﻑ ﻤﺠﺎﻻﺕ ﻨﺸﺎﻁﻬﺎ ﺘﻨﻌﻜﺱ ﺒﺎﻝﻀﺭﻭﺭﺓ ﻋﻠﻰ ﺤﻘﻭﻗﻬﺎ‬
‫ﻭﺍﻝﺘﺯﺍﻤﺎﺘﻬﺎ ﺴﻠﺒﺎ ﺃﻭ ﺇﻴﺠﺎﺒﺎ‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﻭﺠﻭﺩ ﺍﺭﺘﺒﺎﻁ ﻗﻭﻱ ﺒﻴﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺒﺎﻗﻲ ﺍﻝﻭﻅﺎﺌﻑ ﻭﺍﻷﻨﻅﻤﺔ‬
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‫ﺍﻷﺨﺭﻯ ﺍﻝﻤﻭﺠﻭﺩﺓ ﺩﺍﺨل ﺍﻝﻤﺅﺴﺴﺎﺕ ﻤﺜل‪ :‬ﻤﺭﺍﻗﺒﺔ ﺍﻝﺘﺴﻴﻴﺭ‪ ،‬ﺇﺩﺍﺭﺓ ﺃﺼﻭل ﻭﺨﺼﻭﻡ ﺍﻝﻤﺅﺴﺴﺔ‪...‬ﺍﻝﺦ‪.‬‬
‫‪ -2-1-I‬ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪:‬‬
‫ﻴﻤﻜﻥ ﺃﻥ ﻨﻌﺭﻑ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻠﻰ ﺃﻨﻬﺎ ﻋﺒﺎﺭﺓ ﻋﻥ ﺸﺭﻜﺎﺕ ﺃﻋﻤﺎل ﺘﺘﻤﻴﺯ ﻋﻥ ﺍﻝﺒﻘﻴﺔ ﻤﻥ ﺤﻴﺙ‪:‬‬

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‫‪ -‬ﺃﻥ ﺍﻝﻤﺎل ﻫﻭ ﺍﻝﻤﻜﻭﻥ ﺍﻷﺴﺎﺴﻲ ﻝﻸﺼﻭل ﻭﺍﻝﺨﺼﻭﻡ‪ ،‬ﻭﻤﻥ ﺜﻤﺔ ﻓﻬﻭ ﺍﻝﻤﺤﻭﺭ ﺍﻷﺴﺎﺴﻲ‬
‫ﻝﻨﺸﺎﻁﻬﺎ‪ ،‬ﻭﺍﻝﻤﺤﺩﺩ ﺍﻷﻭل ﻝﻁﺒﻴﻌﺔ ﻋﻼﻗﺎﺘﻬﺎ ﺒﺒﺎﻗﻲ ﺍﻝﻘﻁﺎﻋﺎﺕ ﻭﺍﻝﻤﺘﻌﺎﻤﻠﻴﻥ ﻤﻌﻬﺎ )ﻁﺒﻴﻌﻴﻴﻥ ﺃﻭ‬
‫ﻤﻌﻨﻭﻴﻴﻥ(‪.‬‬
‫‪ -‬ﺒﺎﻝﺭﻏﻡ ﻤﻥ ﻭﺠﻭﺩ ﺍﺭﺘﺒﺎﻁ ﻤﺘﺄﺼل ﺒﻴﻥ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﻫﻴﺎﻜل ﺍﻻﻗﺘﺼﺎﺩ ﺍﻷﺨﺭﻯ‪ ،‬ﺇﻻ ﺃﻨﻬﺎ‬
‫ﺘﺘﻤﻴﺯ ﺒﺒﻴﺌﺔ ﺨﺎﺼﺔ ﻭﻤﻤﻴﺯﺓ ﻝﻬﺎ‪ ،‬ﺃﻻ ﻭﻫﻲ ﺍﻝﺒﻴﺌﺔ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻝﻤﺼﺭﻓﻴﺔ‪.‬‬
‫ﻭﻫﻨﺎﻙ ﻤﻥ ﻴﻤﻴﺯ ﺒﻴﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﻴﻌﺘﺒﺭ ﺃﻥ ﻫﻨﺎﻙ ﻤﺅﺴﺴﺎﺕ ﻤﺎﻝﻴﺔ ﻨﻘﺩﻴﺔ ﻜﺎﻝﺒﻨﻭﻙ ﺍﻝﺘﺠﺎﺭﻴﺔ‬
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‫ﻭﻤﺅﺴﺴﺎﺕ ﻤﺎﻝﻴﺔ ﺃﺨﺭﻯ ﻏﻴﺭ ﻨﻘﺩﻴﺔ ﻜﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ‪ .‬ﻭﻴﻤﻜﻥ ﺃﻥ ﻨﺴﺘﺨﻠﺹ ﺍﻝﺨﺼﺎﺌﺹ ﺍﻝﺘﺎﻝﻴﺔ‪:‬‬
‫‪ -‬ﺘﻘﺩﻡ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺨﺩﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻷﺨﺭﻯ ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻗﺒﻭل ﺍﻝﻭﺩﺍﺌﻊ ﻭﻤﻨﺢ‬
‫ﺍﻝﻘﺭﻭﺽ ﺃﻭ ﺍﻝﺸﺭﺍﺀ ﻭﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻜﻤﺎ ﺘﻘﺩﻡ ﺨﺩﻤﺎﺕ ﺍﺴﺘﺸﺎﺭﻴﺔ ﻝﻠﺸﺭﻜﺎﺕ ﺩﺍﺨل‬
‫ﺴﻭﻕ ﺍﻝﺘﺩﺍﻭل ﺃﻭ ﺇﺩﺍﺭﺓ ﻤﺤﺎﻓﻅ ﺍﻷﻭﺭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ‪.‬‬
‫‪ -‬ﺘﻭﺍﻓﻕ ﻗﻁﺎﻉ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻤﻊ ﻗﻁﺎﻉ ﺍﻝﺨﺩﻤﺎﺕ ﻷﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻫﻲ ﻤﺅﺴﺴﺎﺕ ﺨﺩﻤﻴﺔ‪.‬‬
‫‪ -‬ﻴﺄﺨﺫ ﺍﻝﻤﺎل ﺃﺸﻜﺎﻻ ﻤﺘﻌﺩﺩﺓ ﻓﻲ ﻤﻴﺯﺍﻨﻴﺎﺕ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻝﻜﻥ ﻨﻤﻭﺫﺠﻴﺎ ﻴﺤﺘﻭﻱ ﻋﻠﻰ ﺒﻌﺽ‬
‫ﺍﻝﻌﻨﺎﺼﺭ ﻜﺤﻘﻭﻕ ﺍﻝﻤﻠﻜﻴﺔ ﻝﻠﻤﺴﺎﻫﻤﻴﻥ‪ ،‬ﺍﻝﻤﺅﻭﻨﺎﺕ‪ ،‬ﺭﺃﺱ ﺍﻝﻤﺎل‪...‬ﺍﻝﺦ‪.‬‬
‫‪ -‬ﺘﻌﺘﺒﺭ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻤﻥ ﺃﻜﺜﺭ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺨﻀﻭﻋﺎ ﻝﻠﺘﺸﺭﻴﻌﺎﺕ ﻭﺍﻝﻘﻭﺍﻨﻴﻥ ﻗﺼﺩ ﺤﻤﺎﻴﺔ ﺍﻝﻤﻭﺩﻋﻴﻥ‬
‫ﻭﺍﻝﺩﺍﺌﻨﻴﻥ‪ ،‬ﻷﻥ ﻤﻌﻅﻤﻬﺎ ﻴﻌﺘﻤﺩ ﺒﺎﻝﺩﺭﺠﺔ ﺍﻷﻭﻝﻰ ﻋﻠﻰ ﺃﻤﻭﺍل ﺍﻝﻐﻴﺭ )ﻋﺎﺭﻀﻲ ﺍﻷﻤﻭﺍل‪ :‬ﺃﻓﺭﺍﺩ‪ ،‬ﺸﺭﻜﺎﺕ‪،‬‬
‫ﺍﻝﺤﻜﻭﻤﺔ‪.(....‬‬
‫ﻭﺘﺘﻌﺭﺽ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺇﻝﻰ ﻜﻡ ﻜﺒﻴﺭ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭ ﻨﻠﺨﺹ ﻤﻌﻅﻤﻬﺎ ﻓﻲ‪:‬‬
‫ﺃ‪ -‬ﻤﺨﺎﻁﺭ ﺍﻝﺴﻭﻕ )ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻨﺘﻅﻤﺔ( ) )‪:(Market Risks (systematic Risks‬‬
‫ﺘﺤﺩﺙ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻋﻨﺩﻤﺎ ﺘﻜﻭﻥ ﻗﻴﻤﺔ ﺍﻷﺼل ﻤﺘﻐﻴﺭﺓ ﺒﺎﻻﺭﺘﺒﺎﻁ ﻤﻊ ﻋﻭﺍﻤل ﻨﻅﺎﻤﻴﺔ )ﺍﻝﺘﻐﻴﺭﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ‪ ،‬ﻭﺍﻝﺴﻴﺎﺴﻴﺔ( ﻭﺍﻝﺘﻲ ﺘﻌﺘﺒﺭ ﻓﻲ ﺃﻏﻠﺏ ﺍﻷﺤﻴﺎﻥ ﻤﻥ ﻤﺼﺎﺩﺭ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻏﻴﺭ‬
‫ﺍﻝﻘﺎﺒﻠﺔ ﻝﻠﺘﻨﻭﻴﻊ ﻭﻻ ﻴﻤﻜﻥ ﺘﺠﻨﺒﻬﺎ‪ .‬ﻓﺎﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺘﺄﺨﺫ ﻋﻠﻰ ﻋﺎﺘﻘﻬﺎ ﻫﺫﺍ ﺍﻝﻨﻭﻉ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻜﻠﻤﺎ‬
‫ﻜﺎﻨﺕ ﺍﻷﺼﻭل ﺍﻝﻤﻤﻠﻭﻜﺔ ﺃﻭ ﺍﻝﺤﻘﻭﻕ ﺍﻝﻤﺼﺩﺭﺓ ﻗﺎﺒﻠﺔ ﻝﻠﺘﻐﻴﺭ ﻓﻲ ﺍﻝﻘﻴﻤﺔ ﻜﻨﺘﻴﺠﺔ ﻝﻠﺸﺭﻭﻁ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
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‫ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻨﺘﻅﻤﺔ ﺘﺄﺘﻲ ﻓﻲ ﻋﺩﺓ ﺃﺸﻜﺎل ﻤﺨﺘﻠﻔﺔ ﻤﺜﻼ‪:‬ﻜﺘﻐﻴﺭ ﻨﺴﺏ ﺍﻝﻔﺎﺌﺩﺓ‪ ،‬ﻭﺘﻌﺭﻑ ﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻭﺍﺴﻌﺔ‪.‬‬
‫ﻨﺴﺒﺔ ﺍﻝﻔﺎﺌﺩﺓ ﻋﻠﻰ ﺃﻨﻬﺎ‪ ":‬ﻤﺨﺎﻁﺭ ﺍﻝﺨﺴﺎﺭﺓ ﺍﻝﻤﺭﺘﺒﻁﺔ ﺒﺎﻝﺘﻐﻴﺭ ﺍﻝﻤﻌﺎﻜﺱ ﻝﻨﺴﺏ ﺍﻝﻔﺎﺌﺩﺓ‪ ،‬ﻝﺫﺍ ﻨﺴﺒﺔ ﻓﺎﺌﺩﺓ ﻤﺼﺩﺭ‬
‫ﺍﻝﻤﺎل ﻴﺠﺏ ﺃﻥ ﺘﻜﻭﻥ ﺃﻗل ﻤﻥ ﻨﺴﺒﺔ ﺍﻻﻗﺘﺭﺍﺽ ﻤﻥ ﺃﺠل ﺍﻝﺴﻤﺎﺡ ﻝﻠﻤﺅﺴﺴﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺎﻝﺤﺼﻭل ﻋﻠﻰ‬
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‫ﻋﻭﺍﺌﺩ"‪.‬‬
‫ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻤﺨﺎﻁﺭ ﻨﺴﺒﺔ ﺍﻝﻔﺎﺌﺩﺓ ﻫﻨﺎﻙ ﻤﺨﺎﻁﺭ ﺍﻝﺴﻴﻭﻝﺔ ﺍﻝﺘﻲ ﺘﻌﺭﻑ ﻋﻠﻰ ﺃﻨﻬﺎ‪" :‬ﻤﺨﺎﻁﺭ ﻓﻲ ﻓﺘﺭﺓ‬
‫ﻤﻌﻁﺎﺓ‪ ،‬ﻋﻨﺩ ﻋﺩﻡ ﺍﻝﻘﺩﺭﺓ ﻋﻠﻰ ﻤﻭﺍﺠﻬﺔ ﺍﻝﺨﺼﻡ ﺍﻝﻤﺴﺘﺤﻕ ﺒﺎﻷﺼل ﺍﻝﻤﻤﻜﻥ ﺘﺤﻘﻴﻘﻪ ﺃﻭ ﺍﻝﺠﺎﻫﺯ‪ .‬ﻭﻤﻥ ﺃﺠل‬
‫ﺘﻌﻭﻴﺽ ﺍﻝﺘﻭﻅﻴﻑ ﻴﺠﺏ ﺍﻤﺘﻼﻙ ﻝﻴﺱ ﻓﻘﻁ ﺭﺅﻭﺱ ﺃﻤﻭﺍل ﻜﺎﻓﻴﺔ ﻭﺇﻨﻤﺎ ﻴﺠﺏ ﺃﻥ ﺘﻜﻭﻥ ﻫﺫﻩ ﺍﻷﻤﻭﺍل‬
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‫ﺒﻤﻌﻨﻰ ﺁﺨﺭ ﺍﻷﺼﻭل ﺍﻝﻤﺘﻭﻓﺭﺓ ﺍﻝﻘﺎﺒﻠﺔ ﻝﻠﺘﺤﻭﻴل ﺇﻝﻰ ﺴﻴﻭﻝﺔ‪ ،‬ﻻ ﺘﺒﺩﻭ ﻜﺎﻓﻴﺔ ﻝﻤﻭﺍﺠﻬﺔ ﺍﻻﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﺠﺎﻫﺯﺓ"‪،‬‬
‫ﻏﻴﺭ ﺍﻝﻤﻨﺘﻅﺭﺓ‪ ،‬ﻭﻤﻥ ﺜﻡ ﻓﺎﻝﺴﻴﻭﻝﺔ ﺘﻌﺘﺒﺭ ﻤﻘﺩﺍﺭ ﺃﻤﺎﻥ ﻝﻜﺴﺏ ﺍﻝﻭﻗﺕ ﻓﻲ ﻭﺠﻭﺩ ﺃﻱ ﺼﻌﻭﺒﺎﺕ‪ ،‬ﻝﺫﺍ ﻴﻤﻜﻥ‬
‫ﺍﻝﻘﻭل ﺒﺄﻥ ﺍﻝﺴﻴﻭﻝﺔ ﻫﻲ ﻗﺩﺭﺓ ﺍﻝﻤﺅﺴﺴﺔ ﻋﻠﻰ ﺘﻭﻓﻴﺭ ﺍﻷﻤﻭﺍل ﻓﻲ ﺤﺎﻝﺔ ﻭﺠﻭﺩ ﺃﻱ ﻋﺴﺭ ﺃﻭ ﺼﻌﻭﺒﺎﺕ ﻤﺎﻝﻴﺔ‬
‫ﻏﻴﺭ ﻤﺘﻭﻗﻌﺔ ﻓﻲ ﺍﻝﻭﻗﺕ ﺍﻝﻤﻨﺎﺴﺏ‪.‬‬

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‫ﻭﺨﻼﺼﺔ ﺍﻝﻘﻭل ﺃﻥ ﺘﺄﺜﻴﺭﺍﺕ ﺍﻝﻌﻭﺍﻤل ﺍﻝﻨﻅﺎﻤﻴﺔ ﻋﻠﻰ ﻨﻁﺎﻕ ﻭﺍﺴﻊ‪ ،‬ﻴﻤﻜﻥ ﺃﻥ ﺘﺅﺜﺭ ﺒﻘﻭﺓ ﻋﻠﻰ ﻜل ﻤﻥ ﻗﻴﻡ‬
‫ﺍﻷﺼل ﺍﻝﺤﻘﻴﻘﻲ ﻭﺍﻝﻤﺎﻝﻲ ﻝﻸﺤﺴﻥ ﺃﻭ ﺃﺴﻭﺀ‪ .‬ﻭﺒﺼﻔﺔ ﻋﺎﻤﺔ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻷﻜﺜﺭ ﺘﻌﺭﻀﺎ ﻝﻠﻤﺨﺎﻁﺭﺓ‬
‫ﺍﻝﻤﻨﺘﻅﻤﺔ‪ ،‬ﻫﻲ ﺘﻠﻙ ﺍﻝﺘﻲ ﺘﺘﺄﺜﺭ ﻤﺒﻴﻌﺎﺘﻬﺎ ﻭﺃﺭﺒﺎﺤﻬﺎ‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﺃﺴﻌﺎﺭ ﺃﺴﻬﻤﻬﺎ‪ ،‬ﺒﻤﺴﺘﻭﻯ ﺍﻝﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫ﺒﻭﺠﻪ ﻋﺎﻡ‪ ،‬ﻭﻜﺫﻝﻙ ﺒﻤﺴﺘﻭﻯ ﺍﻝﻨﺸﺎﻁ ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ‪.‬‬
‫ﺏ‪ -‬ﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ )‪:(Credit Risks‬‬
‫ﺘﻨﺠﻡ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻋﻥ ﻋﺩﻡ ﺍﺤﺘﺭﺍﻡ ﺍﻝﻁﺭﻑ ﺍﻝﻤﻘﺘﺭﺽ ﻝﺒﻨﻭﺩ ﻭﺘﻌﻬﺩﺍﺕ ﻋﻘﺩ ﺍﻝﻘﺭﺽ ﺍﻝﻤﺒﺭﻡ‪ ،‬ﺒﺴﺒﺏ‬
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‫ﻋﺩﻡ ﻭﺠﻭﺩ ﺃﺩﺍﺀ ﻤﻥ ﻁﺭﻓﻪ ﺃﻭ ﻋﺩﻡ ﻗﺩﺭﺘﻪ ﻋﻠﻰ ﺍﻻﻝﺘﺯﺍﻡ ﺒﺘﻌﻬﺩﺍﺘﻪ‪.‬‬
‫ﻭﻫﺫﺍ ﻗﺩ ﻴﺅﺜﺭ ﻋﻠﻰ ﺍﻝﻤﻘﺭﺽ ﺍﻝﺫﻱ ﺃﻤﻀﻰ ﺍﻝﻌﻘﺩ ﺃﻭ ﻋﻠﻰ ﺍﻝﻤﻘﺭﻀﻴﻥ ﺍﻵﺨﺭﻴﻥ ﻝﻠﻤﺘﻘﺭﺽ‪ ،‬ﺃﻭ ﻋﻠﻰ‬
‫ﻤﺸﺎﺭﻜﻲ ﻤﻠﻜﻴﺔ ﺍﻝﻤﺩﻴﻥ‪ .‬ﻭﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ ﻗﺎﺒﻠﺔ ﻝﻠﺘﻨﻭﻴﻊ‪ ،‬ﻭﻓﻲ ﻨﻔﺱ ﺍﻝﻭﻗﺕ ﺘﺼﻌﺏ ﺘﻐﻁﻴﺘﻪ ﺒﺸﻜل ﻜﺎﻤل‪،‬‬
‫ﻷﻥ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻗﺩ ﺘﻨﺠﻡ ﻋﻥ ﻤﺨﺎﻁﺭ ﻤﻨﺘﻅﻤﺔ ﺍﻝﻤﺫﻜﻭﺭﺓ ﺃﻋﻼﻩ‪ ،‬ﻜﻤﺨﺎﻁﺭ ﻨﺴﺏ ﺍﻝﻔﺎﺌﺩﺓ ﺍﻝﺘﻲ ﺘﺭﺘﺒﻁ ﺒﻬﺎ‬
‫ﺠﺯﺌﻴﺎ‪ ،‬ﻷﻥ ﻫﺫﻩ ﺍﻷﺨﻴﺭﺓ ﻴﻤﻜﻥ ﺃﻥ ﺘﻔﺎﻗﻡ ﻤﺨﺎﻁﺭ ﺍﻝﻌﺠﺯ‪ ،‬ﺃﻭ ﻗﺩ ﺘﻨﺠﻡ ﻋﻥ ﺍﻝﻁﺒﻴﻌﺔ ﺍﻝﻤﻤﻴﺯﺓ ﻝﺒﻌﺽ ﺃﺠﺯﺍﺀ‬
‫ﻫﺫﻩ ﺍﻝﺨﺴﺎﺌﺭ‪ ،‬ﻭﻝﻜﻥ ﻴﺒﻘﻰ ﺍﻝﻤﺸﻜل ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺘﻘﺭﻀﻴﻥ ‪-‬ﺒﺎﻝﺭﻏﻡ ﻤﻥ ﺍﻷﺜﺭ ﺍﻻﻴﺠﺎﺒﻲ ﻝﻠﺘﻨﻭﻴﻊ‪ -‬ﻋﺩﻡ ﺍﻝﺘﺄﻜﺩ‬
‫ﺍﻝﻜﻠﻲ ﻤﻥ ﺍﻝﻘﺩﺭﺓ ﻭﺍﻝﺼﻭﺭﺓ ﺍﻝﺤﻘﻴﻘﻴﺔ ﻝﻬﻡ ﻓﻲ ﺍﻝﺴﻭﻕ‪.‬‬
‫ﺝ‪ -‬ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ )‪:(operational Risks‬‬
‫"ﻫﻲ ﺍﺤﺘﻤﺎل ﺨﺴﺎﺭﺓ ﻨﺎﺠﻡ ﻋﻥ ﻋﻤﻠﻴﺎﺕ ﺩﺍﺨﻠﻴﺔ ﻓﺎﺸﻠﺔ‪ ،‬ﺃﻭ ﻏﻴﺭ ﻤﻨﺎﺴﺒﺔ ﻤﻥ ﻁﺭﻑ ﺍﻷﻓﺭﺍﺩ ﻭﺍﻷﻨﻅﻤﺔ‪ ،‬ﺃﻭ‬
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‫ﻤﺜل‪ :‬ﺍﻝﻜﻭﺍﺭﺙ ﺍﻝﻁﺒﻴﻌﻴﺔ ﺍﻝﺘﻲ ﺘﺤﻁﻡ ﺍﻷﺼﻭل ﺍﻝﻤﺎﺩﻴﺔ‪ ،‬ﻭ ﺍﻝﺨﺴﺎﺌﺭ ﺍﻝﻤﺎﺩﻴﺔ ﺍﻝﺘﻲ‬ ‫ﻤﻥ ﺃﺤﺩﺍﺙ ﺨﺎﺭﺠﻴﺔ"‪.‬‬
‫ﺘﻌﻁل ﺍﻝﻌﻤل‪ .‬ﻭﻫﻲ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺴﻬﻠﺔ ﺍﻝﺘﺤﺩﻴﺩ ﻨﺴﺒﻴﺎ‪ ،‬ﻤﻥ ﺍﻝﺨﺴﺎﺌﺭ ﺍﻝﻨﺎﺠﻤﺔ ﻋﻥ ﻤﺸﺎﻜل ﺩﺍﺨﻠﻴﺔ ﻤﺜل‬
‫ﺘﺠﺎﻭﺯﺍﺕ ﺍﻝﻤﻭﻅﻔﻴﻥ‪ ،‬ﻭﺍﺨﺘﻼﻻﺕ )ﺃﺨﻁﺎﺀ‪ ،‬ﺃﻭ ﻋﻴﻭﺏ( ﺍﻷﺩﺍﺀ‪ ،‬ﻷﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﺎﺠﻤﺔ ﻋﻥ ﻤﺸﺎﻜل ﺩﺍﺨﻠﻴﺔ‬
‫ﺘﺼﺒﺢ ﺇﻝﻰ ﺤﺩ ﺒﻌﻴﺩ ﻤﺘﻌﻠﻘﺔ ﺒﻤﻨﺘﻭﺠﺎﺕ ﻭﺨﺩﻤﺎﺕ ﻭﺨﻁﻭﻁ ﻋﻤل ﻤﺤﺩﺩﺓ‪ ،‬ﻝﺫﺍ ﻴﻨﺒﻐﻲ ﺃﻥ ﺘﻜﻭﻥ ﻤﺤﺩﺩﺓ ﺃﻜﺜﺭ‬
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‫ﺯﻴﺎﺩﺓ ﻋﻠﻰ ﺫﻝﻙ ﺒﻌﺽ ﻤﺸﺎﻜل ﺍﻝﺘﺸﻐﻴل ﺍﻝﻔﺭﺩﻱ ﺍﻝﺘﻲ ﻫﻲ‬ ‫ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻌﺎﺌﺩﺓ ﺇﻝﻰ ﺃﺤﺩﺍﺙ ﺨﺎﺭﺠﻴﺔ‪.‬‬
‫ﺤﻭﺍﺩﺙ ﺫﺍﺕ ﺍﺤﺘﻤﺎل ﺼﻐﻴﺭ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺴﻴﺭ ﺍﻝﺠﻴﺩ ﻝﻠﻤﺅﺴﺴﺎﺕ‪ ،‬ﻝﻜﻨﻬﺎ ﺘﻜﺸﻑ ﻝﻠﺸﺭﻜﺔ ﺍﻝﻨﺘﺎﺌﺞ ﺍﻝﺘﻲ ﻗﺩ ﺘﻜﻭﻥ‬
‫ﻤﻜﻠﻔﺔ ﻓﻌﻼ‪ ،‬ﻷﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ ﻤﺭﺘﺒﻁﺔ ﺒﺼﻔﺔ ﻋﺎﻤﺔ ﺒﺸﻜل ﺩﻗﻴﻕ ﺒﻤﺸﺎﻜل ﻋﻤﻠﻴﺔ‪.‬‬
‫ﺩ‪ -‬ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‪:‬‬
‫ﺘﻌﺘﺒﺭ ﻤﻥ ﺍﻷﻤﺭﺍﺽ ﺍﻝﻤﺴﺘﻭﻁﻨﺔ ﻓﻲ ﺍﻝﺘﻌﺎﻗﺩ ﺍﻝﻤﺎﻝﻲ‪ ،‬ﻭﻫﻲ ‪‬ﻤﻔﹾﺭ‪‬ﺯﺓ ﻤﻥ ﺘﺸﻌﺒﺎﺕ ﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ‪،‬‬
‫ﻭﺍﻝﺘﻌﺎﻤل‪ ،‬ﻭﺍﻝﺘﺸﻐﻴل‪ .‬ﻓﺎﻝﺘﺸﺭﻴﻌﺎﺕ ﻭﺍﻝﻘﻭﺍﻨﻴﻥ ﺍﻝﺠﺩﻴﺩﺓ ﺘﺴﺘﻁﻴﻊ ﺃﻥ ﺘﻀﻊ ﻭﺘﺤﺩﺩ ﻤﺴﺒﻘﺎ‪ ،‬ﺃﻁﺭ ﻭﺸﺭﻭﻁ‬
‫ﺍﻝﺼﻔﻘﺎﺕ ﻋﻠﻰ ﺃﺴﺱ ﺠﻴﺩﺓ ﺩﺍﺨل ﺍﻝﺘﻨﺎﻓﺱ ﺍﻝﺫﻱ ﻴﺴﻤﺢ ﺒﻪ ﺍﻝﻘﺎﻨﻭﻥ‪ ،‬ﺃﻴﻥ ﺘﻜﻭﻥ ﻜل ﺍﻷﻁﺭﺍﻑ ﻗﺩ ﻋﻤﻠﺕ‬
‫ﻤﺴﺒﻘﺎ ﻋﻠﻰ ﻨﺤﻭ ﻤﻼﺌﻡ‪ ،‬ﻭﻗﺎﺩﺭﺓ ﺘﻤﺎﻤﺎ ﻝﻠﻌﻤل ﺒﺘﻠﻙ ﺍﻝﻘﻭﺍﻨﻴﻥ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪ ،‬ﻓﻤﺜﻼ‪ :‬ﺒﻌﺽ ﺍﻝﻘﻭﺍﻨﻴﻥ ﻗﺩ ﺘﺅﺜﺭ‬
‫ﻋﻠﻰ ﻗﻴﻡ ﺍﻝﻭﻀﻌﻴﺔ ﺍﻝﺤﻘﻴﻘﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﻜﻜل ﻤﺜل‪ :‬ﻗﻭﺍﻨﻴﻥ ﺍﻝﺒﻴﺌﻴﺔ‪ ،‬ﻭﺒﻌﺽ ﺍﻝﻘﻭﺍﻨﻴﻥ ﺍﻝﻤﺤﺩﺩﺓ ﻝﺤﺠﻡ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻭﻤﻴﺎﺩﻴﻨﻬﺎ ﻝﺒﻌﺽ ﺍﻝﻤﺅﺴﺴﺎﺕ‪ .‬ﻭﻗﺩ ﺘﺘﺯﺍﻴﺩ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻘﺎﻨﻭﻨﻲ ﻤﻥ ﻨﺸﺎﻁﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺅﺴﺴﺔ ﺃﻭ‬
‫ﺍﻝﻌﺎﻤﻠﻴﻥ‪ ،‬ﻜﺎﻻﺤﺘﻴﺎل ﻭﺍﻨﺘﻬﺎﻜﺎﺕ ﺍﻝﻘﻭﺍﻨﻴﻥ‪ ،‬ﻭﺃﻋﻤﺎل ﺃﺨﺭﻯ ﻗﺩ ﺘﺅﺩﻱ ﻝﺨﺴﺎﺭﺓ ﻜﺎﺭﺜﻴﺔ ﻜﺎﻝﺠﺭﺍﺌﻡ ﺍﻹﺩﺍﺭﻴﺔ ﻤﺜل‬
‫ﺍﻝﺭﺸﻭﺓ ﻭﺍﻻﺨﺘﻼﺱ‪...‬ﺍﻝﺦ‪.‬‬
‫ﻭﻴﻤﻜﻥ ﺍﻝﻘﻭل ﺒﺄﻥ ﻜل ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺘﻭﺍﺠﻪ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻗﻴﺎﺴﺎ ﺇﻝﻰ ﺤﺠﻤﻬﺎ‪ ،‬ﻓﺈﺫﺍ ﻜﺎﻥ ﻤﺜﻼ ﺍﻝﻨﺸﺎﻁ‬
‫ﺍﻝﺭﺌﻴﺴﻲ ﺃﻭ ﻨﺸﺎﻁ ﺍﻝﻭﻜﺎﻝﺔ ﻻ ﻴﺘﻀﻤﻥ ﻓﻲ ﺍﻷﺼل ﻋﻠﻰ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ ﻓﻲ ﺍﻝﻤﻘﺎﻡ ﺍﻷﻭل‪ ،‬ﻭﻓﻲ ﺤﺎﻝﺔ ﻤﺎ‬
‫ﺇﺫﺍ ﻜﺎﻨﺕ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻻ ﺘﻤﺘﻠﻙ ﺃﺴﺎﺴﺎ ﺍﻷﺼﻭل ﺍﻝﺘﻲ ﺘﺘﻌﺎﻤل ﺒﻬﺎ‪ ،‬ﻓﺈﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻨﺘﻅﻤﺔ‪ ،‬ﻭﻤﺨﺎﻁﺭ‬
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‫ﺍﻝﻘﺭﺽ‪ ،‬ﻭﻤﺨﺎﻁﺭ ﺍﻝﻁﺭﻑ ﺍﻵﺨﺭ‪ ،‬ﺘﺘﺭﺍﻜﻡ ﻤﺒﺎﺸﺭﺓ ﻋﻠﻰ ﻤﺎﻝﻙ ﺍﻷﺼل‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﻗﺩ ﻴﺘﺤﻤل ﺍﻝﺨﺴﺎﺌﺭ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﻤﻊ ﺫﻝﻙ ﻤﺼﺩﺭ ﺍﻝﺘﺸﺭﻴﻊ ﺘﺠﺎﻩ ﺍﻝﻭﻜﻴل ﻏﺎﻝﺒﺎ ﻤﺎ ﻴﺤﺎﻭل ﺃﻥ ﺘﻜﻭﻥ ﺍﻝﻘﻭﺍﻨﻴﻥ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﺠﺎل ﺃﻜﺜﺭ‬
‫ﺍﻨﺴﺠﺎﻤﺎ ﻤﻊ ﻤﺎ ﻴﺤﺩﺙ‪ ،‬ﻭﺒﻨﺎﺀ ﻋﻠﻰ ﺫﻝﻙ ﺘﺘﻌﻬﺩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻓﻲ ﺼﻔﻘﺎﺕ ﺍﻝﻭﻜﺎﻝﺔ ﺒﺘﺤﻤل ﺒﻌﺽ ﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻭﻜﺎﻝﺔ‪ ،‬ﺃﻭ ﻓﻲ ﺤﺎﻻﺕ ﻏﻴﺭ ﻤﺒﺎﺸﺭﺓ ﻓﻘﻁ‪.‬‬
‫ﻓﻲ ﺍﻝﻨﺸﺎﻁﺎﺕ ﺍﻷﺴﺎﺴﻴﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻴﺠﺏ ﻋﻠﻰ ﺍﻝﻤﺴﺅﻭﻝﻴﻥ ﺃﻥ ﻴﻘﺭﺭﻭﺍ ﻤﺎﺫﺍ ﻴﺘﻁﻠﺏ ﺃﻱ ﻨﺸﺎﻁ ﺃﻭ‬
‫ﺨﺩﻤﺔ ﻹﻨﺸﺎﺌﻬﺎ‪ ،‬ﻭﺒﻜﻡ ﻴﻤﻜﻥ ﺒﻴﻌﻬﺎ‪ ،‬ﻭﺒﻜﻡ ﻴﻤﻜﻥ ﺃﻥ ﻴﺘﻡ ﺍﻝﺘﻌﺎﻗﺩ ﻤﻊ ﺍﻝﻭﻜﻼﺀ‪ ،‬ﻭﺒﻜﻡ ﻴﺘﻡ ﺘﻤﻭﻴﻠﻬﺎ ﻭﺇﺩﺍﺭﺘﻬﺎ‪،‬‬
‫ﻭﻫﺫﺍ ﻴﺅﺩﻱ ﺒﺎﻝﻤﺴﺅﻭﻝﻴﻥ ﺇﻝﻰ ﺇﺤﻼل ﺍﻝﺘﻭﺍﺯﻥ ﺒﻴﻥ ﻜل ﻤﻥ ﺍﻝﺭﺒﺢ ﺍﻝﻤﺘﻭﻗﻊ ﻭﻤﺨﺘﻠﻑ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺤﺼﺎﺓ‬
‫ﺃﻋﻼﻩ‪ ،‬ﻝﻠﺘﺄﻜﻴﺩ ﻝﻠﻤﺴﺎﻫﻤﻴﻥ ﻋﻠﻰ ﺃﻥ ﺍﻝﻨﺘﻴﺠﺔ ﺘﺤﻘﻕ ﺍﻝﻬﺩﻑ ﺍﻝﻤﺤﺩﺩ ﻝﺘﻌﻅﻴﻡ ﻗﻴﻤﺔ ﺃﻋﻭﺍﻥ ﺍﻝﻤﺅﺴﺴﺔ‪.‬‬
‫ﻩ‪ -‬ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‪:‬‬
‫ﻫﻲ ﻤﺨﺎﻁﺭ ﺍﻨﻬﻴﺎﺭ ﺍﻝﻨﻅﺎﻡ ﺃﻭ ﺍﻝﺴﻭﻕ ﺍﻝﻤﺎﻝﻲ ﺒﺄﻜﻤﻠﻪ‪ ،‬ﻋﻠﻰ ﻋﻜﺱ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺭﺘﺒﻁﺔ ﻤﻊ ﺃﻱ ﻜﻴﺎﻥ ﻓﺭﺩ‬
‫ﺃﻭ ﺠﻤﺎﻋﺔ ﺃﻭ ﺃﻱ ﻤﻜﻭﻥ ﻤﻥ ﻤﻜﻭﻨﺎﺕ ﺍﻝﻨﻅﺎﻡ‪ ،‬ﻭﻴﻤﻜﻥ ﺘﻌﺭﻴﻔﻬﺎ ﺃﻴﻀﺎ ﺒﺄﻨﻬﺎ ﻋﺩﻡ ﺍﺴﺘﻘﺭﺍﺭ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﺍﻝﺫﻱ‬
‫ﻗﺩ ﻴﻜﻭﻥ ﻜﺎﺭﺜﻴﺎ‪ ،‬ﺒﺴﺒﺏ ﺃﻭ ﺒﺘﻔﺎﻗﻡ ﺃﺤﺩﺍﺙ ﺃﻭ ﻅﺭﻭﻑ ﺨﺎﺼﺔ‪ .‬ﻭﻫﻲ ﺘﺩل ﺃﻴﻀﺎ ﻋﻠﻰ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ‬
‫ﻴﻔﺭﻀﻬﺎ ﺍﻝﺘﺭﺍﺒﻁ ﻭﺍﻻﻋﺘﻤﺎﺩ ﺍﻝﻤﺘﺒﺎﺩل ﺒﻴﻥ ﺍﻝﻨﻅﺎﻡ ﺃﻭ ﺍﻝﺴﻭﻕ ﺍﻝﻤﺎﻝﻲ‪ ،‬ﺤﻴﺙ ﻓﺸل ﻜﻴﺎﻥ ﻭﺍﺤﺩ ﺃﻭ ﻤﺠﻤﻭﻋﺔ ﻤﻥ‬
‫ﺍﻝﻜﻴﺎﻨﺎﺕ ﻴﻤﻜﻥ ﺃﻥ ﻴﺴﺒﺏ ﻓﺸﻼ ﻤﺘﺘﺎﻝﻴﺎ‪ ،‬ﻭﺍﻝﺘﻲ ﻴﺤﺘﻤل ﺃﻥ ﻴﻔﻠﺱ ﺃﻭ ﻴﺴﻘﻁ ﺍﻝﻨﻅﺎﻡ ﺃﻭ ﺍﻝﺴﻭﻕ ﺒﺸﻜل ﻜﺎﻤل‪،‬‬
‫ﻭﻴﺸﺎﺭ ﺇﻝﻰ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻓﻲ ﺒﻌﺽ ﺍﻷﺤﻴﺎﻥ ﺒﺎﺴﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻨﺘﻅﻤﺔ ﻋﻠﻰ ﻨﺤﻭ ﺨﺎﻁﺊ‪ .‬ﻝﺫﺍ ﻴﺠﺏ‬
‫ﺍﻝﺘﻔﺭﻴﻕ ﺒﻴﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻨﺘﻅﻤﺔ ﺍﻝﻤﺫﻜﻭﺭﺓ ﺴﺎﺒﻘﺎ‪ ،‬ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﺘﻲ ﺘﺘﻌﻠﻕ ﺒﻨﻅﺎﻡ ﺴﻴﺭ ﺍﻝﺸﺭﻜﺔ‬
‫ﻜﺎﻝﻤﺸﺎﻜل ﺍﻝﻤﻭﺠﻭﺩﺓ ﻓﻲ ﻨﻅﻡ ﺇﺩﺍﺭﺘﻬﺎ ﻭﻨﻅﻡ ﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﻓﻴﻬﺎ‪ ،‬ﺤﻴﺙ ﻴﺭﻯ ﺍﻝﺒﻌﺽ ﺃﻥ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﺘﻤﻴل‬
‫ﺃﻜﺜﺭ ﻷﻥ ﺘﻜﻭﻥ ﻤﺨﺎﻁﺭ ﺘﺸﻐﻴﻠﻴﺔ‪.‬‬
‫ﻭﺘﻘﺎﺱ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻭﻓﻘﺎ ﻝﺭﺍﺒﻁﺔ ﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ ﻋﻠﻰ ﺍﻝﻤﻤﺘﻠﻜﺎﺕ ﻭﺍﻝﺤﻭﺍﺩﺙ ﺍﻷﻤﺭﻴﻜﻴﺔ‪ ،‬ﻋﺒﺭ‬
‫ﺘﻘﻴﻴﻤﺎﻥ ﺭﺌﻴﺴﻴﺎﻥ‪:‬‬
‫‪ -‬ﺍﺨﺘﺒﺎﺭ ﺃﻜﺒﺭ ﻤﻥ ﺃﻥ ﻴﻔﺸل )‪ :((TBTF) Too Big To Fail‬ﻫﻭ ﺍﻝﺘﺤﻠﻴل ﺍﻝﺘﻘﻠﻴﺩﻱ ﻝﺘﻘﻴﻴﻡ ﻤﺨﺎﻁﺭ‬
‫ﺍﻝﺘﺩﺨل ﺍﻝﻤﻁﻠﻭﺏ ﻤﻥ ﺍﻝﺤﻜﻭﻤﺔ‪ ،‬ﻭﻴﻤﻜﻥ ﻗﻴﺎﺱ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻥ ﺤﻴﺙ ﺤﺠﻡ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻤﺭﺘﺒﻁ ﺒﻤﻜﺎﻨﺘﻬﺎ ﻓﻲ‬
‫ﺍﻝﺴﻭﻕ ﺍﻝﻭﻁﻨﻴﺔ ﻭﺍﻝﺩﻭﻝﻴﺔ‪ ،‬ﻭﺘﺭﻜﺯ ﺤﺼﺘﻬﺎ ﻓﻲ ﺍﻝﺴﻭﻕ ) ﺒﺎﺴﺘﺨﺩﺍﻡ ﻤﺅﺸﺭ ‪Herfindahl-Hirschman‬‬
‫ﻋﻠﻰ ﺴﺒﻴل ﺍﻝﻤﺜﺎل(‪ ،‬ﻭﺍﻝﺤﻭﺍﺠﺯ ﺍﻝﺘﻨﺎﻓﺴﻴﺔ ﺃﻤﺎﻡ ﺩﺨﻭل ﻤﻨﺘﺞ‪ ،‬ﺃﻭ ﻜﻴﻑ ﻴﻤﻜﻥ ﺍﺴﺘﺒﺩﺍﻝﻪ ﺒﺴﻬﻭﻝﺔ‪.‬‬
‫‪ -‬ﺍﺨﺘﺒﺎﺭ ﺃﻜﺒﺭ ﺘﺭﺍﺒﻁﺎ ﻤﻥ ﺃﻥ ﻴﻔﺸل )‪ :((TICTF) Too Interconnected to Fail‬ﻭﻫﻭ ﺃﻜﺜﺭ‬
‫ﻓﺎﺌﺩﺓ ﻤﻥ ﺍﻻﺨﺘﺒﺎﺭ ﺍﻷﻭل‪ ،‬ﻭﺘﻡ ﺍﺴﺘﺨﺩﺍﻤﻪ ﻓﻲ ﻗﻠﺏ ﺃﺤﺩﺙ ﺍﻝﻘﺭﺍﺭﺍﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻻﺘﺤﺎﺩﻴﺔ ﻓﻲ ﺤﺎﻻﺕ ﺍﻝﻁﻭﺍﺭﺉ‬
‫ﻝﻺﻏﺎﺜﺔ‪ ،‬ﻷﻨﻪ ﻤﻘﻴﺎﺱ ﻻﺤﺘﻤﺎل ﻭﻤﻘﺩﺍﺭ ﺍﻷﺜﺭ ﺍﻝﺴﻠﺒﻲ ﺍﻝﺼﺎﻓﻲ ﻓﻲ ﺍﻝﻤﺘﻭﺴﻁ ﺍﻷﺠل ﻝﻠﻔﺸل ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫ﺍﻝﻜﺒﻴﺭ ﻝﻤﺅﺴﺴﺔ ﻝﺘﻜﻭﻥ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺘﺴﻴﻴﺭ ﺃﻋﻤﺎﻝﻬﺎ ﺍﻝﺠﺎﺭﻴﺔ‪ .‬ﻭﻫﻭ ﺃﺜﺭ ﻤﻘﺎﺱ ﻝﻴﺱ ﻓﻘﻁ ﻋﻠﻰ ﻤﻨﺘﺠﺎﺕ‬
‫ﻭﺃﻨﺸﻁﺔ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﻝﻜﻥ ﻝﻴﺸﻤل ﺍﻝﻤﻀﺎﻋﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻝﺠﻤﻴﻊ ﺍﻷﻨﺸﻁﺔ ﺍﻝﺘﺠﺎﺭﻴﺔ ﺍﻷﺨﺭﻯ ﺍﻝﺘﻲ ﺘﻌﺘﻤﺩ‬
‫ﺘﺤﺩﻴﺩﺍ ﻋﻠﻰ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺔ‪ .‬ﻭﻫﺫﺍ ﻴﻌﺘﻤﺩ ﺃﻴﻀﺎ ﻋﻠﻰ ﻜﻴﻔﻴﺔ ﺍﺭﺘﺒﺎﻁ ﺃﻋﻤﺎل ﺍﻝﻤﺅﺴﺴﺔ ﻤﻊ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‬
‫ﺍﻷﺨﺭﻯ‪.‬‬
‫ﻭﻫﻨﺎﻙ ﻋﻭﺍﻤل ﺃﺨﺭﻯ ﺘﺸﺠﻊ ﻋﻠﻰ ﺤﺩﻭﺙ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻜﺎﻵﺜﺎﺭ ﺍﻝﻤﺘﺭﺘﺒﺔ ﻋﻠﻰ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﻨﻤﺎﺫﺝ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻏﻴﺭ ﺍﻝﻤﻔﻬﻭﻤﺔ ﺠﻴﺩﺍ‪ ،‬ﻋﻠﻰ ﺍﻝﺭﻏﻡ ﻤﻥ ﺩﻗﺔ ﻜل ﻨﻤﻭﺫﺝ ﺒﺸﻜل ﻤﻨﻔﺭﺩ‪ ،‬ﻝﻜﻥ ﺠﻤﻴﻊ ﻫﺫﻩ ﺍﻝﻨﻤﺎﺫﺝ‬

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‫ﺘﺴﺘﺨﺩﻡ ﻨﻔﺱ ﺍﻷﺴﺎﺱ ﺍﻝﻨﻅﺭﻱ‪ ،‬ﻭﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩ ﻝﻴﺱ ﻤﻥ ﺍﻝﻤﻌﺭﻭﻑ ﺃﻨﻬﺎ ﻴﻤﻜﻥ‬
‫ﺃﻥ ﺘﺅﺩﻱ ﺇﻝﻰ ﺘﻔﺎﻗﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‪.‬‬
‫ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﺃﻥ ﻤﺨﺎﻁﺭ ﺍﻝﺴﻴﻭﻝﺔ ﻻ ﺘﺤﺘﺴﺏ ﻓﻲ ﻨﻤﺎﺫﺝ ﺍﻝﺘﺴﻌﻴﺭ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺍﻝﺘﺩﺍﻭل ﻓﻲ ﺍﻷﺴﻭﺍﻕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻷﻥ ﺠﻤﻴﻊ ﺍﻝﻨﻤﺎﺫﺝ ﻝﻴﺴﺕ ﻤﻭﺠﻬﺔ ﻨﺤﻭ ﻫﺫﺍ ﺍﻝﺴﻴﻨﺎﺭﻴﻭ‪ ،‬ﻭﺠﻤﻴﻊ ﺍﻝﻤﺸﺎﺭﻜﻴﻥ ﻓﻲ ﺍﻝﺴﻭﻕ ﻏﻴﺭ ﺍﻝﺴﺎﺌﻠﺔ‬
‫ﺍﻝﺫﻴﻥ ﻴﺴﺘﺨﺩﻤﻭﻥ ﻨﻤﺎﺫﺝ ﻤﻥ ﻫﺫﺍ ﺍﻝﻘﺒﻴل ﺴﻭﻑ ﻴﻭﺍﺠﻬﻭﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‪ .‬ﺒﺤﻴﺙ ﻻ ﻴﻤﻜﻥ ﺘﺨﻔﻴﻀﻬﺎ ﻋﺒﺭ‬
‫ﺍﻝﺘﻨﻭﻴﻊ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﺤﺩﺙ ﺒﺎﻝﻔﻌل ﻓﻲ ﻅﻬﻭﺭ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‪.‬‬
‫‪ -3-1-I‬ﺍﻝﻤﺨﺎﻁﺭ ﻭﻤﺘﻁﻠﺒﺎﺕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪:II‬‬
‫ﻗﺎﻤﺕ ﻝﺠﻨﺔ ﺒﺎﺯل ﻓﻲ ﺍﻝﺴﻨﻭﺍﺕ ﺍﻝﻘﻠﻴﻠﺔ ﺍﻝﻤﺎﻀﻴﺔ ﺒﻭﻀﻊ ﺘﺼﻨﻴﻑ ﻝﻠﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﻤﻌﻅﻡ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺍﻋﺘﻤﺩﺕ ﻫﺫﻩ ﺍﻝﻠﺠﻨﺔ ﻋﻠﻰ ﻤﻌﺎﻴﻴﺭ ﺨﺎﺼﺔ ﻝﺘﺼﻨﻴﻑ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻜل ﻤﺅﺴﺴﺔ ﻤﺎﻝﻴﺔ ﻋﻠﻰ‬
‫ﺤﺩﻩ‪ ،‬ﻓﻤﺜﻼ ﻗﺎﻤﺕ ﺒﺘﺼﻨﻴﻑ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﺍﻝﺒﻨﻭﻙ ﺇﻝﻰ ﺜﻼﺜﺔ ﺃﻨﻭﺍﻉ ﺭﺌﻴﺴﻴﺔ‪ :‬ﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ‬
‫ﻭﻤﺨﺎﻁﺭ ﺍﻝﺴﻭﻕ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‪.‬‬
‫ﻭﺭﻜﺯﺕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪ 2‬ﻓﻲ ﻤﺤﺎﻭﺭﻫﺎ ﺍﻝﺜﻼﺙ ﻓﻲ ﻤﻴﺩﺍﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺒﻨﻭﻙ ﺒﺘﺤﺩﻴﺩ ﺜﻼﺜﺔ‬
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‫ﻭﺃﻭﺯﺍﻥ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻷﺼﻭل ﻭﺍﻝﻌﻤل ﻋﻠﻰ ﺘﻁﻭﻴﺭ ﻋﻤﻠﻴﺔ ﺘﻘﻴﻴﻡ‬ ‫ﺃﺴﺎﻝﻴﺏ ﻝﻘﻴﺎﺱ ﻤﺨﺎﻁﺭ ﺍﻻﺌﺘﻤﺎﻥ‪،‬‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺫﻱ ﻴﻨﻌﻜﺱ ﻋﻠﻰ ﻭﺍﻗﻌﻴﺔ ﻤﻌﺩل ﻜﻔﺎﻴﺔ ﺭﺃﺱ ﺍﻝﻤﺎل ﻭﺘﻨﺎﺴﻘﻪ ﻤﻊ ﺤﺠﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺒﻤﺎ ﻭﻴﺘﻨﺎﺴﺏ ﻤﻊ‬
‫ﺍﻝﻤﺤﻭﺭ ﺍﻷﻭل ﺍﻝﺫﻱ ﻴﺘﻀﻤﻥ ﺍﻝﻤﺘﻁﻠﺒﺎﺕ ﺍﻝﺩﻨﻴﺎ ﻝﺭﺃﺱ ﺍﻝﻤﺎل‪.‬‬
‫ﺃﻤﺎ ﺍﻝﻤﺤﻭﺭ ﺍﻝﺜﺎﻨﻲ ﻫﻭ ﻋﻤﻠﻴﺎﺕ ﺍﻝﻤﺭﺍﺠﻌﺔ ﺍﻝﺭﻗﺎﺒﻴﺔ ﺍﻝﺘﻲ ﺘﺘﻡ ﺒﻤﺭﺍﺠﻌﺔ ﺍﻝﻌﻤﻠﻴﺎﺕ ﺍﻝﺨﺎﺼﺔ ﺒﺘﺤﺩﻴﺩ ﻜﻔﺎﻴﺔ‬
‫ﺭﺃﺱ ﺍﻝﻤﺎل‪ ،‬ﻭﺘﻨﺎﺴﻘﻬﺎ ﻤﻊ ﻤﺠﻤل ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﺍﻝﺒﻨﻭﻙ‪ ،‬ﻭﺍﻝﻤﺴﺎﻋﺩﺓ ﻋﻠﻰ ﺘﻁﻭﻴﺭ ﺍﻝﻘﺩﺭﺍﺕ‬
‫ﻋﻠﻰ ﺘﻘﻴﻴﻡ ﺩﻗﻴﻕ ﻝﺘﻠﻙ ﺍﻝﻤﺨﺎﻁﺭ‪ .‬ﻭﻫﺫﺍ ﻴﺘﻁﻠﺏ ﺭﻗﺎﺒﺔ ﻓﻌﺎﻝﺔ ﺤﺩﺩﺕ ﻝﻬﺎ ﻝﺠﻨﺔ ﺒﺎﺯل ‪ 25‬ﻤﺒﺩﺃ ﺃﺴﺎﺴﻴﺎ ﻝﻀﻤﺎﻥ‬
‫ﺍﻝﺭﻗﺎﺒﺔ ﻭﺍﻝﺴﻠﻭﻙ ﺍﻝﺘﺤﻭﻁﻲ ﻭﺘﻌﺯﻴﺯ ﺍﻻﺴﺘﻘﺭﺍﺭ ﺍﻝﻤﺎﻝﻲ‪.‬‬
‫ﻭﺃﻤﺎ ﺍﻝﻤﺤﻭﺭ ﺍﻝﺜﺎﻝﺙ ﻓﻴﺭﺘﻜﺯ ﻋﻠﻰ ﺍﻨﻀﺒﺎﻁ ﺍﻝﺴﻭﻕ )ﺍﻹﻓﺼﺎﺡ ﺍﻝﻌﺎﻡ( ﺍﻝﺫﻱ ﻴﻌﺘﺒﺭ ﺘﻜﻤﻠﺔ ﻝﻠﻤﺤﻭﺭﻴﻥ‬
‫ﺍﻝﺴﺎﺒﻘﻴﻥ ﻭﻫﺫﺍ ﺒﺘﻭﻓﻴﺭ ﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﺍﻝﻜﺎﻓﻴﺔ ﻝﺩﺭﺠﺔ ﻜﻔﺎﻴﺔ ﺭﺃﺱ ﺍﻝﻤﺎل‪ ،‬ﻭﻫﺫﺍ ﻋﻠﻰ ﺃﺴﺎﺱ ﺴﺒﻌﺔ ﺍﻋﺘﺒﺎﺭﺍﺕ‬
‫ﻭﻫﻲ‪ :‬ﻤﺘﻁﻠﺒﺎﺕ ﺍﻹﻓﺼﺎﺡ؛ ﺍﻝﻤﺒﺎﺩﺉ ﺍﻹﺭﺸﺎﺩﻴﺔ؛ ﺘﺤﻘﻴﻕ ﻤﺴﺘﻭﻯ ﺍﻹﻓﺼﺎﺡ ﺍﻝﻤﻨﺎﺴﺏ؛ ﺍﻝﺘﻔﺎﻋل ﻤﻊ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻝﻤﺤﺎﺴﺒﻲ؛ ﺍﻝﻤﺎﺩﻴﺔ ﻓﻲ ﺍﻹﻓﺼﺎﺡ ﻋﻥ ﺍﻝﺒﻴﺎﻨﺎﺕ ﻋﻨﺩ ﺘﺤﻘﻘﻬﺎ ﻓﻌﻼ؛ ﺩﻭﺭﻴﺔ ﺍﻹﻓﺼﺎﺡ؛ ﺒﻴﺎﻨﺎﺕ ﺤﻘﻭﻕ ﺍﻝﻤﻠﻜﻴﺔ‬
‫ﻭﺍﻝﺒﻴﺎﻨﺎﺕ ﺍﻝﺴﺭﻴﺔ‪.‬‬
‫ﻭﻤﻥ ﺍﻝﻤﻼﺤﻅ ﺃﻥ ﺍﻝﻤﺤﺎﻭﺭ ﺍﻝﺜﻼﺜﺔ ﺍﻝﺴﺎﺒﻘﺔ ﺘﻌﺘﺒﺭ ﺍﻝﺩﻋﺎﺌﻡ ﺍﻷﺴﺎﺴﻴﺔ ﻝﻤﺘﻁﻠﺒﺎﺕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪ ،2‬ﺇﻻ ﺃﻥ‬
‫ﺘﻁﺒﻴﻕ ﻫﺫﻩ ﺍﻻﺘﻔﺎﻗﻴﺔ ﻴﺭﻯ ﺍﻝﺒﻌﺽ ﻋﻠﻰ ﺃﻨﻬﺎ ﻗﺩ ﺘﻀﻁﺭ ﻜل ﺍﻝﺠﻬﺎﺕ ﺍﻝﺘﻲ ﻝﻬﺎ ﺼﻠﺔ ﺒﻬﺫﻩ ﺍﻻﺘﻔﺎﻗﻴﺔ‬
‫ﻜﺎﻝﻤﺼﺎﺭﻑ ﻭﺍﻝﺯﺒﺎﺌﻥ ﻭﺍﻝﻤﺭﺍﻗﺒﻭﻥ ﻝﺘﺤﻤل ﺃﻋﺒﺎﺀ ﻭﻗﻴﻭﺩ ﺃﺨﺭﻯ ﻋﻠﻰ ﺤﺩ ﺴﻭﺍﺀ ﺘﻔﺎﻗﻡ ﺤﺎﻻﺕ ﺍﻝﻌﺠﺯ ﺃﻭ‬
‫ﻤﻭﺍﺠﻬﺔ ﺍﻷﺯﻤﺎﺕ‪.‬‬
‫ﻭﻗﺩ ﻁﺒﻘﺕ ﻤﻌﻅﻡ ﺍﻝﺩﻭل ﺍﻷﻭﺭﻭﺒﻴﺔ ﻫﺫﻩ ﺍﻻﺘﻔﺎﻗﻴﺔ‪ ،‬ﻭﻗﺭﺭﺕ ﺤﻭﺍﻝﻲ ‪ 100‬ﺩﻭﻝﺔ ﻨﻴﺘﻬﺎ ﻓﻲ ﺘﻁﺒﻴﻘﻬﺎ ﻓﻲ‬
‫ﺍﻝﺴﻨﻭﺍﺕ ﺍﻝﻘﺎﺩﻤﺔ‪ ،‬ﻭﻤﻥ ﺍﻝﻤﻘﺭﺭ ﺃﻥ ﺘﻁﺒﻘﻬﺎ ﺍﻝﻭﻻﻴﺎﺕ ﺍﻝﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ ﻓﻲ ﻫﺫﺍ ﺍﻝﻌﺎﻡ‪.‬‬
‫ﻭﻨﺸﺎﻁ ﻝﺠﻨﺔ ﺒﺎﺯل ﻓﻲ ﻤﻴﺩﺍﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻡ ﻴﻘﺘﺼﺭ ﻓﻘﻁ ﻋﻠﻰ ﺍﻝﺒﻨﻭﻙ ﻭﺇﻨﻤﺎ ﺸﻤل ﻨﻁﺎﻕ ﺍﻫﺘﻤﺎﻤﻬﺎ‬
‫ﻤﻌﻅﻡ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻓﻌﻠﻰ ﻤﺴﺘﻭﻯ ﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ ﻭﻋﻠﻰ ﺴﺒﻴل ﺍﻝﻤﺜﺎل‪ ،‬ﻗﺎﻤﺕ ﻫﺫﻩ ﺍﻝﻠﺠﻨﺔ ﺒﺘﺼﻨﻴﻑ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﻫﺫﻩ ﺍﻝﺸﺭﻜﺎﺕ ﻋﻠﻰ ﺃﺴﺎﺱ ﻋﻼﻗﺘﻬﺎ ﺒﻤﺘﻨﻭﺠﺎﺕ ﺍﻝﺸﺭﻜﺔ ﺫﺍﺘﻬﺎ‪ ،‬ﻷﻥ ﻫﻨﺎﻙ‬
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‫ﻤﺨﺎﻁﺭ ﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﻤﺘﻨﻭﺠﺎﺕ‪ ،‬ﻜﺎﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻷﺼﻭل؛ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﺨﺼﻭﻡ؛ ﻭﺜﺎﻝﺜﺔ ﻤﺘﻌﻠﻘﺔ‬
‫ﺒﺈﺩﺍﺭﺘﻬﻤﺎ‪ .‬ﻭﻫﻨﺎﻙ ﺃﺨﺭﻯ ﻏﻴﺭ ﻤﺘﻌﻠﻘﺔ ﺒﺎﻝﻤﻨﺘﻭﺠﺎﺕ ﻤﺜل ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‪ ،‬ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻘﺎﻨﻭﻨﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺍﻷﺨﺭﻯ‪.‬‬

‫‪ -2- I‬ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬

‫ﻨﻅﺎﻡ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻋﺒﺎﺭﺓ ﻋﻥ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻝﻤﻌﺎﻴﻴﺭ ﻭﺍﻝﻌﻤﻠﻴﺎﺕ ﻭﺍﻷﺩﻭﺍﺕ ﻭﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﺍﻝ ‪‬ﻤﻌ‪‬ﺎﻝﹶﺠﺔ‪،‬‬
‫ﺍﻝﺘﻲ ﺘﺴﺎﻋﺩ ﻋﻠﻰ ﺘﻁﺒﻴﻕ ﺇﺩﺍﺭﺓ ﻓﻌﺎﻝﺔ ﻝﻠﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻓﻲ ﻤﺨﺘﻠﻑ ﻤﻴﺎﺩﻴﻥ ﻨﺸﺎﻁﻬﺎ‪ ،‬ﺤﻴﺙ‬
‫ﻴﺘﺄﻝﻑ ﻨﻅﺎﻡ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻥ ﺠﺎﻨﺏ ﻜﻤﻲ ﻭﺁﺨﺭ ﻨﻭﻋﻲ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻤﺭﺤﻠﺔ ﻤﻭﺍﻝﻴﺔ ﻭﺃﺴﺎﺴﻴﺔ ﺘﺘﻤﺜل‬
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‫ﻓﻲ ﻤﺭﺤﻠﺔ ﺘﻘﻴﻴﻡ ﻭﻤﺭﺍﺠﻌﺔ ﺩﻭﺭﻴﺔ ﻝﻬﺫﺍ ﺍﻝﻨﻅﺎﻡ‪.‬‬
‫‪ -1-2- I‬ﺍﻝﺠﺎﻨﺏ ﺍﻝﻜﻤﻲ‪:‬‬
‫ﻴﺤﺘﻭﻱ ﻫﺫﺍ ﺍﻝﺠﺎﻨﺏ ﻋﻠﻰ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻷﺩﻭﺍﺕ ﻭﺍﻝﺘﻘﻨﻴﺎﺕ ﻭﺍﻝﻨﻤﺎﺫﺝ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻝﻠﺘﻌﺭﻑ‬
‫ﻋﻠﻰ ﺒﻌﺽ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺘﺤﻠﻴﻠﻬﺎ ﻭﺘﻘﻴﻴﻤﻬﺎ ﻤﺜل‪ :‬ﺍﻝﻠﻭﻏﺎﺭﻴﺘﻤﺎﺕ‪ ،‬ﺘﻭﺯﻴﻊ ﺍﻻﺤﺘﻤﺎﻻﺕ‪ ،‬ﺍﻝﻘﻴﻤﺔ ﺍﻝﺯﻤﻨﻴﺔ ﻝﻠﻨﻘﻭﺩ‪،‬‬
‫ﺍﻝﻤﺘﻭﺴﻁ‪ ،‬ﺍﻻﻨﺤﺭﺍﻑ ﺍﻝﻤﻌﻴﺎﺭﻱ‪ ،‬ﺍﻻﺭﺘﺒﺎﻁ‪ ،‬ﺍﻻﻝﺘﻭﺍﺀ‪ ،‬ﺘﻘﺩﻴﺭ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻝﺘﻭﺯﻴﻊ‪ ،‬ﺍﺨﺘﺒﺎﺭ ﺍﻻﻓﺘﺭﺍﻀﺎﺕ‪،‬‬
‫ﺍﻝﺨﺼﺎﺌﺹ ﺍﻹﺤﺼﺎﺌﻴﺔ ﻭﺘﻨﺒﺅ ﺍﻻﺭﺘﺒﺎﻁ‪...‬ﺍﻝﺦ‪.‬‬
‫ﻝﻌل ﺃﻫﻡ ﻫﺫﻩ ﺍﻝﺘﻘﻨﻴﺎﺕ ﻫﻲ ﺍﻝﻘﻴﻤﺔ ﺍﻝﻤﻌﺭﻀﺔ ﻝﻠﻤﺨﺎﻁﺭﺓ ﻭﺍﻝﺘﻲ ﺘﻌﺭﻑ ﻋﻠﻰ ﺃﻨﻬﺎ ﺃﺴﻭﺃ ﺤﺎﻝﺔ ﻤﺘﻨﺒﺄ ﺒﻬﺎ‬
‫ﻝﻠﺨﺴﺎﺭﺓ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﻤﺤﺩﺩ ﻤﻥ ﺍﻝﺜﻘﺔ‪ ،‬ﻜﻤﺎ ﻁﻭﺭﺕ ﻤﻘﺎﻴﻴﺱ ﻭﻨﻤﺎﺫﺝ ﺃﺨﺭﻯ ﻤﺜل ﺘﺤﻠﻴل ) ‪Monte‬‬
‫‪ ،(Carlo‬ﻭﺍﺨﺘﺒﺎﺭ ﺍﻝﺘﺤﻤل )‪.(stress testing‬‬
‫‪ -2 -2- I‬ﺍﻝﺠﺎﻨﺏ ﺍﻝﻨﻭﻋﻲ‪:‬‬
‫ﻭﻴﺘﻤﺜل ﻓﻲ ﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻹﺠﺭﺍﺀﺍﺕ ﻭﺍﻝﺭﻗﺎﺒﺎﺕ‪ ،‬ﻭﻜﺫﻝﻙ ﺍﻝﻔﺤﻭﺼﺎﺕ ﺍﻝﺘﻲ ﺘﺴﺘﺨﺩﻡ ﻤﻥ ﺃﺠل ﺘﺤﻘﻴﻕ‬
‫ﺇﺩﺍﺭﺓ ﻓﻌﺎﻝﺔ ﻝﻠﻤﺨﺎﻁﺭ‪ ،‬ﻜﺎﺨﺘﻴﺎﺭ ﺍﻷﺩﻭﺍﺕ ﺍﻝﻤﻨﺎﺴﺒﺔ ‪ -‬ﺍﻷﻜﺜﺭ ﻓﻌﺎﻝﻴﺔ ﻭﺃﻗل ﺘﻜﻠﻔﺔ‪ -‬ﻝﻤﻌﺎﻝﺠﺔ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻊ‬
‫ﺍﻷﺨﺫ ﺒﻌﻴﻥ ﺍﻻﻋﺘﺒﺎﺭ ﻁﺒﻴﻌﺔ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺩﺭﺠﺔ ﺨﻁﻭﺭﺘﻬﺎ ﺍﻝﻤﻔﺘﺭﻀﺔ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻫﺫﺍ ﻴﺘﻀﻤﻥ ﺍﻝﺠﺎﻨﺏ‬
‫ﺍﻝﻨﻭﻋﻲ ﺘﺤﺩﻴﺩ ﻤﺴﺅﻭﻝﻴﺎﺕ ﻤﺨﺘﻠﻑ ﻤﺼﺎﻝﺢ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻤﺴﺎﻫﻤﺔ ﻓﻲ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻓﻀﻼ ﻋﻥ‬
‫ﺘﺤﺩﻴﺩ ﺍﻝﻭﻅﺎﺌﻑ ﺍﻝﻌﻠﻴﺎ ﻝﻤﺭﺍﻗﺒﺔ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﺯﻴﺎﺩﺓ ﻋﻠﻰ ﺫﻝﻙ ﻓﺈﻥ ﻤﻜﻭﻨﺎﺕ ﺍﻝﺠﺎﻨﺏ ﺍﻝﻨﻭﻋﻲ ﺘﻘﻭﻡ ﺒﺘﻘﺩﻴﻡ ﺍﻻﻓﺘﺭﺍﻀﺎﺕ ﺍﻷﻭﻝﻴﺔ ﻋﻥ ﻤﺎﻫﻴﺔ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ ﻭﺃﻨﻭﺍﻋﻬﺎ‪ .‬ﻭﺒﻔﻀل ﺍﻻﺴﺘﻌﺎﻨﺔ ﺒﺘﻘﻨﻴﺔ ﺍﺨﺘﺒﺎﺭ ﺍﻝﺘﺤﻤل )‪ (stress testing‬ﺍﻝﺫﻱ ﻴﺘﻡ ﻤﻥ ﺨﻼﻝﻪ‬
‫ﺍﻝﻘﻴﺎﻡ ﺒﺴﻼﺴل ﺴﻴﻨﺎﺭﻴﻭ‪ ،‬ﻭﻤﻌﺭﻓﺔ ﻤﺎ ﺇﺫﺍ ﺘﺤﺎﻝﻴل ﺍﻝﺘﺤﻘﻕ ﻤﻥ ﺃﺜﺭ ﻗﻭﺓ ﺒﻌﺽ ﺍﻻﻓﺘﺭﺍﻀﺎﺕ ﺍﻷﻭﻝﻴﺔ ﻤﻭﺠﻭﺩﺓ‬
‫ﻀﻤﻥ ﻨﻤﻭﺫﺝ ﺍﻝﻤﺨﺎﻁﺭﺓ‪ ،‬ﻭﻴﺘﻭﻗﻑ ﺫﻝﻙ ﻋﻠﻰ ﻨﻭﻋﻴﺔ ﺍﻝﻤﻌﻁﻴﺎﺕ ﺍﻝﻤﺘﻀﻤﻨﺔ ﻝﻘﺩﺭﺓ ﺍﻝﻤﻬﻨﺩﺱ ﺍﻝﻤﺎﻝﻲ ﻋﻠﻰ‬
‫ﺍﺨﺘﻴﺎﺭ ﺍﻝﺴﻴﻨﺎﺭﻴﻭﻫﺎﺕ ﺍﻝﻤﻨﺎﺴﺒﺔ‪.‬‬
‫ل ﻤﻥ ﺍﻝﺠﺎﻨﺏ ﺍﻝﻜﻤﻲ ﻭﺍﻝﻨﻭﻋﻲ‪ ،‬ﻴﺘﻡ ﺘﺼﻤﻴﻡ ﻭﺇﻨﺠﺎﺯ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻀﺎﻓﹰﺎ‬
‫ﻭﺒﺎﻻﺴﺘﺨﺩﺍﻡ ﺍﻝﻤﺘﺭﺍﺩﻑ ﻝﻜ ٍ‬
‫ﻝﻬﺎ ﻨﻘﺎﻁ ﺍﻝﺘﻭﺠﻴﻪ ﻝﻠﻨﻘﺎﺌﺹ ﺍﻝﻤﻼﺯﻤﺔ ﻝﺫﻝﻙ‪ ،‬ﻓﻤﻥ ﺨﻼل ﻋﻤﻠﻴﺔ ﻗﻴﺎﺱ ﻭﻤﺭﺍﻗﺒﺔ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺩﻓﻊ ﻝﻠﺘﺭﻜﻴﺯ‬
‫ﺒﺸﻜل ﻜﺒﻴﺭ ﻋﻠﻰ ﺍﻝﺤﺎﺠﺔ ﺇﻝﻰ ﻤﻨﻬﺞ ﺜﺎﺒﺕ ﻭﻤﺘﻤﺎﺴﻙ‪ ،‬ﻷﻥ ﻜﻼ ﻤﻥ ﺍﻝﻤﻜﻭﻨﺎﺕ ﺍﻝﻜﻤﻴﺔ ﻭﺍﻝﻨﻭﻋﻴﺔ ﻝﻨﻅﺎﻡ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻫﻲ ﻤﻜﻭﻨﺎﺕ ﺤﻴﻭﻴﺔ ﻹﺩﺍﺭﺓ ﻤﺨﺎﻁﺭ ﻓﻌﺎﻝﺔ‪ ،‬ﻤﻥ ﺃﺠل ﺍﻝﻭﺼﻭل ﻷﻓﻀل ﻨﺘﻴﺠﺔ ﻤﻤﻜﻨﺔ‪.‬‬

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 ‫‪ -3-2- I‬ﺒﺭﻨﺎﻤﺞ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﻤﻥ ﺨﻼل ﺨﻁﻭﺍﺕ ﻭﻤﺭﺍﺤل ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻭﻀﻭﻋﺔ ﻤﻥ ﻁﺭﻑ ﺍﻝﻤﺅﺴﺴﺔ ﻴﻤﻜﻥ ﻭﻀﻊ ﺒﺭﻨﺎﻤﺞ‬
‫ﻹﺩﺍﺭﺓ ﻤﺨﺎﻁﺭﻫﺎ ﻴﻭﻀﺢ ﺍﻝﺨﻁﻭﻁ ﺍﻝﻌﺭﻴﻀﺔ ﻝﻬﺫﻩ ﺍﻝﻌﻤﻠﻴﺔ‪ ،‬ﺒﺩﺀ ﻤﻥ ﺍﻹﻁﺎﺭ ﺍﻝﺯﻤﻨﻲ ﺇﻝﻰ ﺘﺤﺩﻴﺩ ﻭﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻷﺴﺎﺴﻴﺔ ﺍﻝﺘﻲ ﻴﻤﻜﻥ ﺇﺩﺍﺭﺘﻬﺎ ﻤﻥ ﺨﻼل ﺘﺤﻠﻴﻠﻬﺎ ﻭﺘﻘﻴﻴﻤﻬﺎ ﻭﺘﺤﺩﻴﺩ ﺃﺴﺎﻝﻴﺏ ﺍﻝﺘﻌﺎﻤل ﻤﻌﻬﺎ‪ ،‬ﺒﻤﺎ ﻴﻘﺘﺭﺤﻪ ﻓﺭﻴﻕ‬
‫ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻴﺼﺎﺩﻕ ﻋﻠﻴﻪ ﻤﺠﻠﺱ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﻭﻴﻜﻭﻥ ﻫﺫﺍ ﺍﻝﺒﺭﻨﺎﻤﺞ ﺤﺠﺭ ﺃﺴﺎﺱ ﻷﻱ ﻨﻅﺎﻡ‬
‫ﻹﺩﺍﺭﺘﻬﺎ‪ ،‬ﻭﻴﻜﻭﻥ ﺒﺭﻨﺎﻤﺞ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻏﺎﻝﺏ ﺍﻷﺤﻴﺎﻥ ﻋﻠﻰ ﺸﻜل ﺠﺩﺍﻭل ﺘﺤﺩﺩ ﺠﻤﻴﻊ ﻨﻘﺎﻁ ﻤﻤﺎﺭﺴﺔ‬
‫ﻨﺸﺎﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﻭﺒﺼﻔﺔ ﻋﺎﻤﺔ ﻫﻨﺎﻙ ﺃﺭﺒﻊ ﻤﺭﺍﺤل ﺭﺌﻴﺴﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﺸﺭﻜﺎﺕ ﺍﻷﻋﻤﺎل‪ ،‬ﻭﻫﻲ‬
‫ﺘﻌﺭﻴﻑ ﻭﺘﺤﺩﻴﺩ ﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﻓﺤﺼﻬﺎ ﻭﻗﻴﺎﺴﻬﺎ ﻝﺘﺤﺩﻴﺩ ﻤﺎ ﻴﻤﻜﻥ ﺘﺤﻤﻠﻪ ﻤﻨﻬﺎ ﺒﺈﻴﺠﺎﺩ ﺃﺩﻭﺍﺕ ﻤﻨﺎﺴﺒﺔ‬
‫ﻝﻠﺘﻌﺎﻤل ﻤﻌﻬﺎ‪ ،‬ﻭﻤﺭﺍﻗﺒﺔ ﻋﻤل ﻫﺫﻩ ﺍﻷﺩﻭﺍﺕ‪ ،‬ﻗﺼﺩ ﻀﻤﺎﻥ ﺍﻝﺴﻴﺭ ﺍﻝﺤﺴﻥ ﻝﻠﻤﺅﺴﺴﺔ ﺒﻤﺴﺘﻭﻯ ﻤﻨﺎﺴﺏ ﻤﻥ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺫﻱ ﻴﺘﻡ ﻗﺒﻭﻝﻪ ﻤﻥ ﻁﺭﻑ ﺍﻝﻤﺅﺴﺴﺔ‪.‬‬
‫ﻭﺘﺒﺩﺃ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺼﻔﺔ ﻋﺎﻤﺔ ﻤﻥ ﺍﻝﺸﻲﺀ ﺍﻝﻤﺎﺩﻱ ﺜﻡ ﺍﻻﻨﺘﻘﺎل ﺇﻝﻰ ﺍﻝﻘﻀﺎﻴﺎ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ‪ ،‬ﺇﻻ‬
‫ﺃﻥ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﺼﻐﻴﺭﺓ ﻭﺍﻝﻤﺘﻭﺴﻁﺔ ﻓﺎﻷﻤﺭ ﻗﺩ ﻴﺨﺘﻠﻑ ﻓﻴﻤﻜﻥ ﺍﻝﺒﺩﺀ ﺒﺸﻜل ﻤﺴﺒﻕ ﺃﻭ ﻻﺤﻕ ﻤﻥ ﺍﻝﺴﻴﺎﺴﺔ‬
‫ﺃﻭ ﺍﻝﺘﺨﻁﻴﻁ‪ ،‬ﻭﻓﻲ ﻨﻬﺎﻴﺔ ﺍﻝﻤﻁﺎﻑ ﻓﺈﻥ ﺍﻹﺩﺍﺭﺓ ﺍﻝﻌﻠﻴﺎ ﻫﻲ ﺍﻝﺘﻲ ﺘﺤﺩﺩ ﺍﻝﻨﻘﻁﺔ ﺃﻭ ﻭﺤﺩﺓ ﺍﻝﻨﺸﺎﻁ ﺃﻭ ﻤﺴﺘﻭﻯ‬
‫ﺍﻝﺒﺩﺀ ﻓﻲ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﺠﺎل ﻗﺎﻤﺕ ﺍﻝﻤﻨﻅﻤﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻝﻠﻤﻌﺎﻴﺭﺓ )‪ (ISO‬ﺒﺈﺼﺩﺍﺭ ﺍﻝﻤﻌﻴﺎﺭ )‪ (ISO31000‬ﻹﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻭﻫﻭ ﻋﺎﺌﻠﺔ ﻤﻥ ﺍﻝﻤﻌﺎﻴﻴﺭ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﻘﻨﻨﺔ ﻤﻥ ﻗﺒل ﻫﺫﻩ ﺍﻝﻤﻨﻅﻤﺔ‪ .‬ﻭﺍﻝﻐﺭﺽ ﻤﻥ‬
‫)‪ (ISO 31000:2009‬ﻫﻭ ﺘﻭﻓﻴﺭ ﻤﺒﺎﺩﺉ ﻭﺩﻻﺌل ﺘﻭﺠﻴﻬﻴﺔ ﻋﺎﻤﺔ ﻓﻲ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ .‬ﻭﻴﺴﻌﻰ ﻫﺫﺍ ﺍﻝﻤﻌﻴﺎﺭ‬
‫ﺇﻝﻰ ﺘﻘﺩﻴﻡ ﻨﻤﻭﺫﺝ ﻝﺘﺼﻤﻴﻡ ﻭﺘﻨﻔﻴﺫ ﻭﺼﻴﺎﻨﺔ ﻋﻤﻠﻴﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻤﺨﺘﻠﻑ ﺍﻝﺸﺭﻜﺎﺕ‪ ،‬ﻭﻫﺫﺍ ﻹﻀﻔﺎﺀ‬
‫ﺍﻝﻁﺎﺒﻊ ﺍﻝﺭﺴﻤﻲ ﻝﻤﻤﺎﺭﺴﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻌﺘﺭﻑ ﺒﻬﺎ ﻋﺎﻝﻤﻴﺎ ﻝﻠﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﺘﻲ ﺘﻘﻭﻡ‬
‫ﺒﺈﺠﺭﺍﺀﺍﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻝﺘﺤل ﻤﺤل ﻋﺩﺩ ﻻ ﻴﺤﺼﻰ ﻤﻥ ﺍﻝﻤﻌﺎﻴﻴﺭ ﺍﻝﻘﺎﺌﻤﺔ ﻭﺍﻝﻤﻨﻬﺠﻴﺎﺕ ﻭﺍﻝﻨﻤﺎﺫﺝ ﺍﻝﺘﻲ‬
‫ﺘﺨﺘﻠﻑ ﺒﻴﻥ ﺍﻝﺼﻨﺎﻋﺎﺕ‪ ،‬ﻭﺍﻝﻤﻭﻀﻭﻋﺎﺕ ﻭﺍﻝﻤﻨﺎﻁﻕ‪.‬‬
‫ﻭﺘﺸﻤل ﺃﺴﺭﺓ ﺸﻬﺎﺩﺓ )‪ (ISO31000‬ﺤﺎﻝﻴﺎ‪ ،‬ﻋﻠﻰ ﻤﺎ ﻴﻠﻲ‪:‬‬
‫‪ :ISO31000‬ﺍﻝﻤﺒﺎﺩﺉ ﻭﺍﻝﺨﻁﻭﻁ ﺍﻝﺘﻭﺠﻴﻬﻴﺔ ﻝﻤﻤﺎﺭﺴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫‪ :IEC 31010‬ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺨﺎﺹ ﺒﺘﻘﻨﻴﺎﺕ ﺘﻘﻴﻴﻡ ﺍﻝﻤﺨﺎﻁﺭ‬
‫‪ :ISO/IEC 73‬ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺨﺎﺹ ﺒﺎﻝﻤﻔﺭﺩﺍﺕ‬
‫ﻭﺭﻜﺯ ﻤﻌﻴﺎﺭ )‪ (ISO31000‬ﺒﺼﻔﺔ ﺃﻜﺒﺭ ﻋﻠﻰ ﺘﺤﻘﻴﻕ ﺍﻻﻨﺴﺠﺎﻡ ﺒﻴﻥ ﺍﻝﺒﺭﺍﻤﺞ‪ ،‬ﻭﺸﻤل‪:‬‬
‫‪ -‬ﻨﻘل ﺜﻐﺭﺍﺕ ﺍﻝﻤﺴﺅﻭﻝﻴﺔ ﺇﻝﻰ ﺇﺩﺍﺭﺓ ﻤﺨﺎﻁﺭ ﺍﻝﻤﺅﺴﺴﺔ ‪ -‬ﺩﻤﺞ ﻨﻅﺎﻡ ﺇﺩﺍﺭﺓ ﺁﻝﻴﺎﺕ ﺍﻹﺒﻼﻍ‬
‫‪ -‬ﺍﻝﺘﻭﻓﻴﻕ ﺒﻴﻥ ﺃﻫﺩﺍﻑ ﺒﺭﺍﻤﺞ ﺍﻝﺤﻭﻜﻤﺔ ﻤﻊ ﻫﺫﺍ ﺍﻝﻤﻌﻴﺎﺭ ‪ -‬ﺨﻠﻕ ﻤﻌﺎﻴﻴﺭ ﻭﺘﻘﻴﻴﻡ ﻗﻴﺎﺴﻲ ﻤﻭﺤﺩ ﻝﻠﻤﺨﺎﻁﺭ‬
‫ﻭﻨﻁﺎﻕ ﻫﺫﺍ ﺍﻝﻨﻬﺞ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻫﻭ ﺘﻤﻜﻴﻥ ﺍﻝﻤﻬﺎﻡ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ‪ ،‬ﻭﺍﻹﺩﺍﺭﻴﺔ‪ ،‬ﻭﺍﻝﺘﺸﻐﻴﻠﻴﺔ ﻝﻠﻤﺅﺴﺴﺔ‬
‫ﻓﻲ ﺠﻤﻴﻊ ﺍﻹﺠﺭﺍﺀﺍﺕ‪ ،‬ﻭﺍﻝﻤﺸﺎﺭﻴﻊ ﻭﺍﻝﻭﻅﺎﺌﻑ ﻷﻥ ﺘﻜﻭﻥ ﻤﺘﻤﺎﺸﻴﺔ ﻤﻊ ﻤﺠﻤﻭﻋﺔ ﺍﻷﻫﺩﺍﻑ ﺍﻝﻤﺸﺘﺭﻜﺔ ﻹﺩﺍﺭﺓ‬

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 ‫ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﻭﻤﻌﻴﺎﺭ )‪ (ISO31000:2009‬ﻤﺨﺼﺹ ﻝﻤﺠﻤﻭﻋﺔ ﻭﺍﺴﻌﺔ ﻤﻥ ﺃﺼﺤﺎﺏ ﺍﻝﻤﺼﻠﺤﺔ ﺒﻤﺎ ﻓﻲ ﺫﻝﻙ‪:‬‬
‫‪ -‬ﺍﻝﻤﺩﺭﺍﺀ ﺍﻝﺘﻨﻔﻴﺫﻴﻭﻥ ﻭﻤﺩﻴﺭﻱ ﺍﻝﻤﺸﺎﺭﻴﻊ‬ ‫‪ -‬ﺃﺼﺤﺎﺏ ﺍﻝﻤﺼﻠﺤﺔ ﻋﻠﻰ ﺍﻝﺼﻌﻴﺩ ﺍﻝﺘﻨﻔﻴﺫﻱ‬
‫‪ -‬ﺍﻝﻤﺩﻗﻘﻴﻥ ﺍﻝﺩﺍﺨﻠﻴﻥ ﻭﺍﻝﺨﺎﺭﺠﻴﻴﻥ‬ ‫‪ -‬ﺍﻝﻤﻭﻅﻔﻴﻥ ﻓﻲ ﻤﺠﻤﻭﻋﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺔ‬
‫‪ -‬ﺍﻝﻤﻤﺎﺭﺴﻭﻥ ﺍﻝﻤﺴﺘﻘﻠﻭﻥ‪.‬‬ ‫‪ -‬ﺍﻝﻤﺤﻠﻠﻭﻥ ﻭﺍﻝﻤﺴﺅﻭﻝﻭﻥ ﻋﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬

‫‪ -3- I‬ﻜﻴﻔﻴﺔ ﻋﻤل ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ‬

‫‪ -1-3-I‬ﺍﻝﻨﻤﺫﺠﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻷﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪:‬‬

‫ﺒﻌﺩ ﺘﺤﺩﻴﺩ ﺍﻝﺒﺭﻨﺎﻤﺞ ﺍﻝﻔﻌﺎل ﻭﺍﻷﻤﺜل ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﺸﺭﻜﺔ ﺤﺴﺏ ﺍﻝﻤﺭﺍﺤل ﺍﻝﻤﺤﺩﺩﺓ ﻤﺴﺒﻘﺎ ﻭﺘﺒﻌﺎ‬
‫ﻝﺤﺠﻡ ﻭﻨﻭﻉ ﻨﺸﺎﻁ ﺍﻝﻤﺅﺴﺴﺔ ﻭﻤﺴﺘﻭﻯ ﺍﻝﺘﻁﻭﺭ ﺍﻝﺘﻜﻨﻭﻝﻭﺠﻲ ﺍﻝﺫﻱ ﺘﺘﻤﺘﻊ ﺒﻪ‪ ،‬ﺘﺘﻡ ﺍﻝﻨﻤﺫﺠﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ‬
‫ﺒﺩﺭﺍﺴﺔ ﻤﺤﺩﺩﺍﺕ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﺒﺭﻤﺠﻴﺎﺕ ﻭﻨﻤﺎﺫﺝ ﺍﻝﻤﺘﻌﺩﺩﺓ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﺍﻝﺒﻴﺎﻨﺎﺕ‬
‫ﺍﻝﻤﺤﺼل ﻋﻠﻴﻬﺎ‪ ،‬ﻭﺇﺩﺭﺍﺝ ﺠﻤﻴﻊ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﻭﺍﻝﺩﺭﺍﺴﺎﺕ ﺍﻝﺩﺍﻋﻤﺔ ﻝﺒﻨﺎﺀ ﻨﻅﺎﻡ ﺍﻝﻜﺘﺭﻭﻨﻲ ﻓﻌﺎل ﻭﻤﺭﻥ‪ ،‬ﻗﺎﺒل‬
‫ﻝﻠﺘﻌﺩﻴل ﻭﺍﻝﺘﻁﻭﻴﺭ ﻓﻲ ﺃﻱ ﻭﻗﺕ ﻤﻤﻜﻥ‪.‬‬
‫ﻭﻗﺩ ﻭﻀﻊ )‪ (Barry W. Boehm‬ﺨﻁﻭﺍﺕ ﻭﺍﻀﺤﺔ ﻝﺒﺭﺍﻤﺞ ﺍﻝﻜﺘﺭﻭﻨﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﺨﻁﻭﺍﺕ‬
‫ﻤﻤﺎﺜﻠﺔ ﻴﻤﻜﻥ ﺃﻴﻀﺎ ﺍﺴﺘﻌﻤﺎﻝﻬﺎ ﻓﻲ ﻤﺨﺘﻠﻑ ﺍﻝﻤﻴﺎﺩﻴﻥ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻠﺴﻤﺎﺡ ﺒﺘﺘﺒﻊ ﺍﻝﻤﺴﺎﺭ ﻤﻥ ﻤﻌﻨﻰ‬
‫ﺍﻝﻤﺨﺎﻁﺭﺓ ﺇﻝﻰ ﺇﻴﺠﺎﺩ ﺃﺩﻭﺍﺕ ﺘﺤﺩﻴﺩ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺇﺩﺍﺭﺘﻬﺎ‪ .‬ﻭﻓﻲ ﻨﻤﻭﺫﺝ )‪ (Boehm‬ﻴﻤﻜﻥ ﺘﻘﺴﻴﻡ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺇﻝﻰ ﻤﺠﻤﻭﻋﺘﻴﻥ ﺃﺴﺎﺴﻴﺘﻴﻥ‪:‬‬
‫‪ -‬ﺘﻘﻴﻴﻡ ﺍﻝﻤﺨﺎﻁﺭ‪ :‬ﺘﺘﻜﻭﻥ ﻤﻥ ﺜﻼﺜﺔ ﺃﻗﺴﺎﻡ ﻭﻫﻲ ﺘﻌﺭﻴﻑ‪ ،‬ﻭﺘﺤﻠﻴل‪ ،‬ﻭﺘﺤﺩﻴﺩ ﺍﻷﻭﻝﻭﻴﺔ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ؛‬
‫‪ -‬ﻤﺭﺍﻗﺒﺔ ﺍﻝﻤﺨﺎﻁﺭ‪ :‬ﺘﻨﻘﺴﻡ ﻤﻥ ﺜﻼﺜﺔ ﺃﻗﺴﺎﻡ ﻭﻫﻲ‪ :‬ﺘﺨﻁﻴﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﺇﻴﺠﺎﺩ ﺍﻝﺤﻠﻭل ﻝﻠﻤﺨﺎﻁﺭ‪،‬‬
‫ﻭﺍﻝﻤﺘﺎﺒﻌﺔ‪.‬‬
‫ﻭﻫﺎﺘﺎﻥ ﺍﻝﻤﺠﻤﻭﻋﺘﺎﻥ ﻴﻤﻜﻥ ﺍﺴﺘﺨﺩﺍﻤﻬﻤﺎ ﺃﻴﻀﺎ ﻹﻴﺠﺎﺩ ﺍﻝﻤﺭﺍﺤل ﻓﻲ ﺘﺤﻠﻴل ﻤﺨﺎﻁﺭ ﺩﺍﺌﻨﻲ ﺍﻝﻤﺅﺴﺴﺔ‪.‬‬
‫ﺇﻥ ﺘﻨﻔﻴﺫ ﻫﺫﻩ ﺍﻝﺨﻁﻭﺍﺕ ﻴﺘﻡ ﻓﻲ ﺇﻁﺎﺭ ﺒﺭﻨﺎﻤﺞ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻠﻤﺅﺴﺴﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻤﻌﻨﻴﺔ ﻭﻴﻜﻭﻥ ﻗﻴﺎﺱ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻤﺭﺘﺒﻁﺎ ﺒﺸﻜل ﻭﺜﻴﻕ ﻭﻤﺘﻜﺎﻤل ﻤﻊ ﺍﻝﻌﻤﻠﻴﺎﺕ ﺍﻝﻴﻭﻤﻴﺔ ﺍﻝﻤﻨﺠﺯﺓ ﻤﻥ ﺨﻼل ﻨﻅﺎﻡ ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‪ ،‬ﻭﺃﻥ‬
‫ﺘﻘﺩﻡ ﺘﻘﺎﺭﻴﺭ ﻤﻨﺘﻅﻤﺔ ﻋﻥ ﺤﺎﻻﺕ ﺍﻝﺘﻌﺭﺽ ﻝﻠﻤﺨﺎﻁﺭ ﺒﺄﻨﻭﺍﻋﻬﺎ‪ ،‬ﻭﻋﻥ ﺤﺎﻻﺕ ﺍﻝﺨﺴﺎﺌﺭ ﺍﻝﻤﺤﻘﻘﺔ ﺃﻭ ﺍﻝﻤﺭﺘﻘﺒﺔ‪.‬‬
‫ﻭﺍﻝﺸﻜل ﺍﻝﻤﻭﺍﻝﻲ ﻴﻭﻀﺢ ﺍﻝﺨﻁﻭﺍﺕ ﺍﻷﺴﺎﺴﻴﺔ ﻝﻠﺒﺭﻤﺠﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﻝﻜﻥ ﻴﻤﻜﻥ ﺘﻌﺩﻴل‬
‫ﻫﺫﻩ ﺍﻝﺨﻁﻭﺍﺕ ﺤﺴﺏ ﻤﺎ ﺘﺭﺍﻩ ﺍﻝﻤﺅﺴﺴﺔ ﺒﻤﺎ ﻴﻭﺍﻓﻕ ﻤﺘﻁﻠﺒﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ‪:‬‬

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 ‫ﺍﻝﺸﻜل ﺭﻗﻡ )‪ :(1‬ﺨﻁﻭﺍﺕ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﺴﺘﻤﺎﺭﺍﺕ‬
‫ﺘﻌﺭﻴﻑ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﲢﺎﻟﻴﻞ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﲢﺎﻟﻴﻞ ﺍﻻﻓﺘﺮﺍﺿﺎﺕ‬
‫ﺍﻟﺘﻔﻜﻴﻚ ﺍﻟﺘﺤﻠﻴﻞ‬

‫ﻨﻤﺎﺫﺝ ﺍﻷﺩﺍﺀ‬ ‫ﺘﻘﻴﻴﻡ‬

‫ﺘﺤﻠﻴل ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﳕﺎﺫﺝ ﺍﻟﺘﻜﻠﻔﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﲢﺎﻟﻴﻞ ﺍﻟﺸﺒﻜﺔ‬
‫ﲢﺎﻟﻴﻞ ﺍﻟﻘﺮﺍﺭ‬
‫ﲢﺎﻟﻴﻞ ﻋﺎﻣﻞ ﺍﳉﻮﺩﺓ‬

‫ﺍﻝﺘﻌﺭﺽ ﻝﻠﻤﺨﺎﻁﺭ‬
‫ﺃﻭﻝﻭﻴﺔ ﺍﻝﻤﺨﺎﻁﺭ‬

‫ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮ‬
‫ﲣﻔﻴﺾ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺮﻛﺒﺔ‬

‫ﻤﻌﻠﻭﻤﺎﺕ ﻤﻘﺒﻭﻝﺔ‬ ‫ﺘﺨﻁﻴﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬

‫ﲡﻨﺐ ﺍﳌﺨﺎﻃﺮ‬
‫ﲢﻮﻳﻞ ﺍﳌﺨﺎﻃﺮ‬
‫ﲣﻔﻴﺾ ﺍﳌﺨﺎﻃﺮ‬
‫ﲣﻄﻴﻂ ﻋﺎﻣﻞ ﺍﳌﺨﺎﻃﺮ‬
‫ﺗﻜﺎﻣﻞ ﳐﻄﻂ ﺍﳌﺨﺎﻃﺮ‬
‫ﻨﻤﻭﺫﺝ ﺃﻭﻝﻲ‬ ‫ﻤﺭﺍﻗﺒﺔ‬
‫ﺇﻴﺠﺎﺩ ﺍﻝﺤﻠﻭل ﻝﻠﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﶈﺎﻛﺎﺓ‬
‫ﺍﳌﻌﺎﻳﺮﺓ‬
‫ﲢﺎﻟﻴﻞ؛ ﺍﻟﺘﻮﻇﻴﻒ‬

‫ﺘﻌﻘﺏ ﺍﻝﻤﻌﻠﻡ‬ ‫ﻤﺘﺎﺒﻌﺔ ﺍﻝﻤﺨﺎﻁﺭ‬

‫ﺃﺣﺴﻦ ‪ 10‬ﺗﻌﻘﺒﺎﺕ‬
‫ﺗﻘﻴﻴﻢ ﺍﳌﺨﺎﻃﺮ‬
‫ﺍﻟﻨﺸﺎﻁ ﺍﻟﺘﺼﺤﻴﺤﻲ‬

‫‪Source: Pirkko Ostring; opcit; p23.‬‬

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‫ﻭﺍﻝﺸﻲﺀ ﺍﻝﻤﺤﻭﺭﻱ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻝﻨﻤﺫﺠﺔ ﻫﻭ ﺇﻴﺠﺎﺩ ﺍﻝﻠﻐﺔ ﺍﻝﺒﺭﻤﺠﻴﺔ ﺍﻝﻤﻨﺎﺴﺒﺔ ﻝﺒﻨﺎﺀ ﻨﻅﺎﻡ ﺍﻝﻜﺘﺭﻭﻨﻲ ﻹﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻷﻥ ﺃﻨﻭﺍﻉ ﺍﻝﻨﻤﺎﺫﺝ ﺍﻹﺤﺼﺎﺌﻴﺔ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻝﺘﻘﻴﻴﻡ‪ ،‬ﺃﻭ ﺍﻝﻁﺭﻕ ﻭﺍﻝﺘﻘﻨﻴﺎﺕ ﺍﻝﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ‬
‫ﻋﻤﻠﻴﺔ ﺍﻝﺘﺤﻠﻴل ﻭﺍﻹﺩﺍﺭﺓ ﺨﺼﻭﺼﺎ ﺍﻝﻤﻌﻘﺩﺓ ﻤﻨﻬﺎ‪ ،‬ﺘﺴﺘﻭﺠﺏ ﺍﻻﺴﺘﻌﺎﻨﺔ ﺒﺎﻝﻠﻐﺔ ﺍﻝﺒﺭﻤﺠﻴﺔ ﺍﻝﻤﻨﺎﺴﺒﺔ ﻝﺫﻝﻙ‪.‬‬
‫ﻭﻓﻲ ﺍﻝﻭﺍﻗﻊ ﻫﻨﺎﻙ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻷﻨﻅﻤﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﺘﺒﻌﺎ ﻝﻨﻭﻉ ﻨﺸﺎﻁ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﻤﺎ‬
‫ﺘﺭﻏﺏ ﻓﻴﻪ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺴﻭﺍﺀ ﺒﻨﻅﺎﻡ ﺸﺎﻤل ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺃﻭ ﺒﺄﻨﻅﻤﺔ ﺠﺯﺌﻴﺔ ﻹﺩﺍﺭﺓ ﻤﺨﺎﻁﺭ ﻤﻌﻨﻴﺔ‬
‫ﻓﻘﻁ‪ ،‬ﻭﻤﻥ ﺃﺸﻬﺭ ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﺘﻲ ﺘﻌﻤل ﻓﻲ ﻤﺠﺎل ﺇﺩﺍﺭﺓ ﻭﺒﻨﺎﺀ ﺍﻷﻨﻅﻤﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻨﺫﻜﺭ‬
‫ﺸﺭﻜﺔ ‪ ERA‬ﻭﺸﺭﻜﺔ ‪ .SAS‬ﺤﻴﺙ ﺘﻘﺩﻡ ﻫﺫﻩ ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﺨﺩﻤﺎﺕ ﻭﺍﻻﺴﺘﺸﺎﺭﺍﺕ ﺍﻝﻤﺘﻌﻠﻘﺔ ﺒﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﻓﻲ ﻋﺩﺓ ﻗﻁﺎﻋﺎﺕ ﻤﺨﺘﻠﻔﺔ‪.‬‬
‫‪ -1-3-I‬ﺍﻝﺘﺸﻐﻴل‪:‬‬
‫ﻴﺘﻡ ﺘﺸﻐﻴل ﺍﻷﻨﻅﻤﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻤﻥ ﻗﺒل ﻤﺨﺘﺼﻴﻥ ﻓﻲ ﺍﻝﺒﺭﻤﺠﺔ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻭﺘﺤﺕ ﺇﺸﺭﺍﻑ ﺍﻝﻔﺭﻴﻕ‬
‫ﺍﻝﻤﻜﻠﻑ ﺒﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﻭﺫﻝﻙ ﺒﺸﻜل ﻴﻭﻤﻲ ﻭﺘﺒﻌﺎ ﻝﻨﻭﻉ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺘﺒﻊ ﻭﺤﺴﺏ ﻋﺩﺩ ﺍﻝﻔﺭﻭﻉ‬
‫ﻭﺍﻝﻭﺤﺩﺍﺕ ﺍﻝﺘﺎﺒﻌﺔ ﻝﻬﺎ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺇﻋﺩﺍﺩ ﺍﻝﺘﻘﺎﺭﻴﺭ ﺒﺸﻜل ﻤﺘﻭﺍﺼل ﻴﻭﻤﻲ ﺃﻭ ﺁﻨﻲ‪ ،‬ﻭﻗﺩ ﺘﻜﻠﻑ ﺍﻝﻤﺅﺴﺴﺔ ﺃﻁﺭﺍﻓﺎ‬
‫ﺃﺨﺭﻯ ﻜﺸﺭﻜﺎﺕ ﺃﻭ ﻤﻜﺎﺘﺏ ﺩﺭﺍﺴﺎﺕ ﻤﺨﺘﺼﺔ ﻓﻲ ﺒﻨﺎﺀ ﻭ‪/‬ﺃﻭ ﺘﺸﻐﻴل ﺃﻨﻅﻤﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪.‬‬
‫ﻭﻤﻥ ﺍﻝﻤﻬﻡ ﺠﺩﺍ ﺭﺒﻁ ﻨﻅﺎﻡ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻤﻊ ﻨﻅﺎﻡ ﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﺍﻝﻤﻭﺠﻭﺩ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﺒﺤﻴﺙ ﻴﻜﻭﻥ‬
‫ﺠﺯﺀﺍ ﻻ ﻴﺘﺠﺯﺃ ﻤﻨﻪ‪ ،‬ﻭﺁﻝﻴﺎﺕ ﺘﺸﻐﻴﻠﻪ ﺘﻜﻭﻥ ﻤﺘﻜﺎﻤﻠﺔ ﻭﻤﺩﻤﺠﺔ ﺒﺸﻜل ﻜﻠﻲ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﻴﺴﻤﺢ ﻝﻠﺘﻨﺒﻪ ﻝﻠﻤﺨﺎﻁﺭ‬
‫ﻭﺍﺘﺨﺎﺫ ﺨﻁﻭﺍﺕ ﻓﻭﺭﻴﺔ ﻝﻠﺘﻌﺎﻤل ﻤﻌﻬﺎ ﻓﻲ ﺃﻱ ﺇﺩﺍﺭﺓ ﺃﻭ ﻓﺭﻉ ﻤﻥ ﻓﺭﻭﻉ ﺍﻝﻤﺅﺴﺴﺔ‪ ،‬ﻭﺘﺒﺎﺩل ﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ‬
‫ﺃﻱ ﺍﻨﺤﺭﺍﻑ ﺃﻭ ﺍﺨﺘﻼل ﻗﺩ ﻴﺤﺩﺙ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺘﻜﻭﻴﻥ ﻗﺎﻋﺩﺓ ﻤﻌﻁﻴﺎﺕ ﻋﻠﻰ ﻤﻌﻅﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ‬
‫ﻭﺍﻝﻤﺭﺘﻘﺒﺔ ﺘﺴﻤﺢ ﻝﻠﻤﺅﺴﺴﺔ ﺒﺎﻜﺘﺴﺎﺏ ﺨﺒﺭﺍﺕ ﻭﺘﺠﺎﺭﺏ ﻓﻲ ﻤﺠﺎل ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻤﻭﺍﺠﻬﺔ ﻤﺎ ﻗﺩ ﺘﺘﻌﺭﺽ‬
‫ﻝﻪ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪.‬‬
‫‪ -2-3-I‬ﺍﻝﻤﺭﺍﻗﺒﺔ‪:‬‬
‫ﺘﺘﻡ ﻋﻤﻠﻴﺔ ﻤﺭﺍﻗﺒﺔ ﺍﻝﻨﻅﺎﻡ ﺍﻻﻝﻜﺘﺭﻭﻨﻲ ﻋﻠﻰ ﺃﺴﺎﺱ ﻗﺎﻋﺩﺓ ﺍﻝﻤﻌﻁﻴﺎﺕ ﺍﻝﻤﺘﻭﻓﺭﺓ‪ ،‬ﺒﺘﺤﺩﻴﺩ ﻤﻜﺎﻥ ﺒﺩﺍﻴﺔ ﻫﺫﻩ‬
‫ﺍﻝﻌﻤﻠﻴﺔ ﻭﺃﻴﻥ ﺘﻨﺘﻬﻲ‪ ،‬ﺒﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻝﻤﺭﺍﻗﺒﺔ ﺍﻝﺫﺍﺘﻴﺔ ﺍﻝﺘﻲ ﺘﻌﺘﻤﺩ ﻋﻠﻴﻬﺎ ﺍﻝﻤﺅﺴﺴﺔ ﻭﺍﻝﻜﻴﻔﻴﺔ ﺍﻝﺘﻲ ﺘﺘﻡ ﺒﻬﺎ‪،‬‬
‫ﻓﻴﻤﻜﻥ ﺃﻥ ﺘﻜﻭﻥ ﻫﺫﻩ ﺍﻝﻤﺭﺍﻗﺒﺔ ﺘﻠﻘﺎﺌﻴﺔ ﻭﺒﻁﺭﻴﻘﺔ ﺁﻝﻴﺔ ﺘﺘﻜﻔل ﺒﻬﺎ ﺍﻝﺒﺭﺍﻤﺞ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﺒﺸﻜل ﻴﻭﻤﻲ ﺃﻭ ﺸﻬﺭﻱ‬
‫ﺃﻭ ﻓﺼﻠﻲ ﺘﺒﻌﺎ ﻝﻨﻭﻉ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺘﺒﻊ‪ ،‬ﺒﺤﻴﺙ ﺘﻜﻭﻥ ﺍﻝﺭﻗﺎﺒﺔ ﺍﻝﺩﺍﺨﻠﻴﺔ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺔ ﺍﻝﻤﺎﻝﻴﺔ ﻤﺘﻜﺎﻤﻠﺔ ﻤﻊ ﺍﻝﻤﺭﺍﻗﺒﺔ‬
‫ﺍﻵﻝﻴﺔ ﻝﻬﺫﺍ ﺍﻝﻨﻅﺎﻡ‪.‬‬
‫ﻭﺍﻝﻬﺩﻑ ﻤﻥ ﺍﻝﻤﺭﺍﻗﺒﺔ ﺍﻵﻝﻴﺔ ﻫﻭ ﻜﺸﻑ ﺍﻝﻌﻴﻭﺏ ﺍﻝﻤﻤﻜﻥ ﻤﺼﺎﺩﻓﺘﻬﺎ ﻓﻲ ﺍﻝﻨﻅﺎﻡ ﺍﻻﻝﻜﺘﺭﻭﻨﻲ‪ ،‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﺘﺘﻡ‬
‫ﻋﻤﻠﻴﺔ ﺍﻝﺒﺤﺙ ﻭﺍﻝﺘﻁﻭﻴﺭ ﻓﻲ ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ ﻭﺘﺤﺩﻴﺜﻬﺎ ﺒﺼﻔﺔ ﺩﻭﺭﻴﺔ‪.‬‬
‫ﺇﻻ ﺃﻥ ﻫﻨﺎﻙ ﻤﺨﺎﻁﺭ ﺘﻌﺠﺯ ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ ﻋﻥ ﻜﺸﻔﻬﺎ ﺃﻭ ﺘﺤﺩﻴﺩ ﻨﻭﻋﻬﺎ ﻜﺎﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻭﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻜﻨﻭﻝﻭﺠﻴﺔ ﺍﻝﺘﻲ ﻗﺩ ﺘﻨﺸﺄ ﻤﻥ ﺍﺴﺘﺨﺩﺍﻡ ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ ﻨﻔﺴﻬﺎ ﻜﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺼﻨﺔ‬
‫ﻭﺍﻝﺘﺩﻤﻴﺭ ﻋﺒﺭ ﺍﻝﻔﻴﺭﻭﺴﺎﺕ ﺍﻻﻝﻜﺘﺭﻭﻨﻴﺔ ﻭﺍﻝﺘﺠﺴﺱ ﻋﻠﻰ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻝﻤﺅﺴﺴﺔ ﻨﻔﺴﻬﺎ‪ ،‬ﻭﻫﺫﺍ ﺍﻷﻤﺭ ﻴﺼﻌﺏ‬
‫ﺘﺤﺩﻴﺩﻩ ﺒﺸﻜل ﻋﺎﻡ‪.‬‬

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 ‫‪ -II‬ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‬
‫‪ -1-II‬ﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‬
‫‪ -1 -1-II‬ﺍﻝﻌﻼﻗﺔ ﺍﻝﻤﺒﺎﺸﺭﺓ‪:‬‬
‫ﺘﻌﺭﻑ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻠﻰ ﺃﻨﻬﺎ ﺍﻝﻭﻀﻌﻴﺔ ﺍﻝﺘﻲ ﻴﻜﻭﻥ ﻓﻴﻬﺎ ﻋﺭﺽ ﺍﻝﻨﻘﻭﺩ ﺃﻗل ﻤﻥ ﺍﻝﻁﻠﺏ ﻋﻠﻴﻬﺎ‪ ،‬ﻭﻫﺫﺍ‬
‫ﻴﻌﻨﻲ ﺃﻥ ﺍﻝﺴﻴﻭﻝﺔ ﺘﺘﺒﺨﺭ ﺒﺴﺭﻋﺔ ﻭﻫﺫﺍ ﺭﺍﺠﻊ ﻝﻌﺩﻡ ﺘﻭﻓﺭ ﺍﻷﻤﻭﺍل ﻝﺩﻯ ﺍﻝﺒﻨﻭﻙ‪ ،‬ﺍﻷﻤﺭ ﺍﻝﺫﻱ ﻴﺩﻓﻌﻬﺎ ﻝﺒﻴﻊ‬
‫ﺒﻌﺽ ﺃﺼﻭﻝﻬﺎ ﺒﻐﺭﺽ ﺘﺠﻨﺏ ﺍﻝﻌﺠﺯ ﺃﻭ ﺍﻻﻨﻬﻴﺎﺭ ‪ ،‬ﻭﺘﻌﺭﻑ ﻫﻨﺎ ﺒـ ﺃﺯﻤﺔ ﺍﻝﺴﻴﻭﻝﺔ‪.‬‬
‫ﻭﺘﻌﺭﻑ ﺃﻴﻀﺎ ﻋﻠﻰ ﺃﻨﻬﺎ ﺍﻝﻭﻀﻌﻴﺔ ﺍﻝﺘﻲ ﻗﺩ ﻴﺤﺩﺙ ﻓﻴﻬﺎ ﺃﻱ ﺨﻠل ﺃﻭ ﺍﻨﻬﻴﺎﺭ ﻤﻔﺎﺠﺊ ﻭﺴﺭﻴﻊ ﻷﺴﻌﺎﺭ‬
‫ﺍﻝﻤﻨﺘﺠﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻴﺅﺩﻱ ﻝﻔﻘﺩﺍﻥ ﺍﻝﺘﻭﺍﺯﻥ ﻓﻲ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﻴﻨﺠﻡ ﻋﻨﻪ ﺨﺴﺎﺌﺭ ﻜﺒﻴﺭﺓ‪ ،‬ﺠﺭﺍﺀ ﺃﺴﺒﺎﺏ ﻭﻤﺤﺩﺩﺍﺕ‬
‫ﻤﺭﺘﺒﻁﺔ ﺒﺸﻜل ﻤﺒﺎﺸﺭ ﺃﻭ ﻏﻴﺭ ﻤﺒﺎﺸﺭ ﺒﻬﺫﺍ ﺍﻝﻨﻅﺎﻡ ﺃﻭ ﺃﺤﺩ ﻤﻜﻭﻨﺎﺘﻪ‪.‬‬
‫ﻭﻴﻤﻜﻥ ﺘﺼﻨﻴﻑ ﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺇﻝﻰ ﻋﺩﺓ ﺃﺼﻨﺎﻑ ﻭﺤﺴﺏ ﻤﻌﺎﻴﻴﺭ ﻤﺨﺘﻠﻑ ﻜﺄﺯﻤﺎﺕ ﺍﻝﻤﺩﻴﻭﻨﻴﺔ‬
‫ﻭﺃﺯﻤﺎﺕ ﺃﺴﻌﺎﺭ ﺍﻝﺼﺭﻑ ﻭﺃﺯﻤﺎﺕ ﺍﻝﻤﺼﺎﺭﻑ‪ ،‬ﻭﺘﻜﻭﻥ ﻫﺫﻩ ﺍﻷﻨﻭﺍﻉ ﻤﺭﺘﺒﻁﺔ ﻓﻴﻤﺎ ﺒﻴﻨﻬﺎ‪ ،‬ﺃﻭ ﻤﺘﺴﻠﺴﻠﺔ ﺘﹸﻜﻭ‪‬ﻥ‬
‫ﻓﻴﻤﺎ ﺒﻌﺩ ﺃﺯﻤﺔ ﺸﺎﻤﻠﺔ‪.‬‬
‫ﻭﻗﺩ ﻋﺭﻑ ﺍﻝﻌﺎﻝﻡ ﻋﺩﺓ ﺃﺯﻤﺎﺕ ﻤﻥ ﺍﻷﻨﻭﺍﻉ ﺍﻝﻤﺫﻜﻭﺭﺓ‪ ،‬ﻭﻴﻤﻜﻥ ﺍﻝﻘﻭل ﺃﻥ ﺃﻫﻡ ﺃﺤﺩﺙ ﻫﺫﻩ ﺍﻷﺯﻤﺎﺕ ﻜﺎﻨﺕ‬
‫ﺘﻅﻬﺭ ﺒﺸﻜل ﺩﻭﺭﻱ ﻭﻓﻲ ﻤﻨﻁﻘﺔ ﻤﻌﻴﻨﺔ ﻜﺎﻝﺫﻱ ﺤﺩﺙ ﻓﻲ ﺍﻝﻴﺎﺒﺎﻥ ‪ ،1990-1989‬ﺃﻭﺭﻭﺒﺎ ‪،1993-1992‬‬
‫ﺃﻤﺭﻴﻜﺎ ﺍﻝﻼﺘﻴﻨﻴﺔ ‪ ، ،1995-1994‬ﺠﻨﻭﺏ ﺸﺭﻕ ﺁﺴﻴﺎ ‪.1998-1997‬‬
‫ﻝﻜﻥ ﺍﻝﺸﻲﺀ ﺍﻝﺫﻱ ﻴﻤﻴﺯ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻫﻭ ﺍﻻﺭﺘﺒﺎﻁ ﻭﺴﺭﻋﺔ ﺍﻝﻌﺩﻭﻯ ﻭﻋﻠﻰ ﻨﻁﺎﻕ ﻭﺍﺴﻊ‬
‫ﻤﻥ ﺍﻝﻌﺎﻝﻡ ﺒﻴﻥ ﺃﺴﻭﺍﻕ ﺍﻝﻤﺎل ﺍﻝﻌﺎﻝﻤﻴﺔ ﻭﺍﻝﺒﻠﺩﺍﻥ ﻭﻫﺫﺍ ﺭﺍﺠﻊ ﺇﻝﻰ ﻝﻼﺭﺘﺒﺎﻁ ﺍﻝﻜﺒﻴﺭ ﺒﻴﻥ ﺃﺴﻭﺍﻕ ﺍﻝﻤﺎل ﺍﻝﻌﺎﻝﻤﻴﺔ‬
‫ﻭﺍﻝﻌﻼﻗﺎﺕ ﺍﻝﺘﺠﺎﺭﻴﺔ ﻭﺍﻝﻌﻭﻝﻤﺔ‪.‬‬
‫ﺇﻻ ﺃﻥ ﺍﻝﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻭﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻜﺎﻨﺕ ﻝﻬﺎ ﺭﺅﻴﺔ ﻏﻴﺭ ﺼﺤﻴﺤﺔ؛ ﻷﻨﻪ ﻝﻡ‬
‫ﻴﺴﻤﺢ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺃﻥ ﺘﺤﺩﺩ ﻓﺭﺹ ﺍﻷﺨﺫ ﺒﺎﻝﻤﺨﺎﻁﺭ )ﺍﻝﺘﺤﻤل(‪ ،‬ﻭﻤﺎ ﻴﻨﺒﻐﻲ ﻝﻠﺸﺭﻜﺔ ﻤﻥ ﺘﺤﻘﻴﻕ ﻨﻤﻭ‬
‫ﻤﺭﺒﺢ ﻋﻠﻰ ﻨﺤﻭ ﻤﻌﻘﻭل‪ ،‬ﻭﻫﺫﺍ ﻝﻌﺩﻡ ﻓﻬﻡ ﻭﺍﺴﺘﻴﻌﺎﺏ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺘﺤﺩﻴﺩ ﺃﻋﻠﻰ ﻤﺴﺘﻭﻯ ﻤﻨﺎﺴﺏ ﻝﺘﺤﻤل‬
‫ﺍﻝﻤﺨﺎﻁﺭ‪ .‬ﺃﻱ ﻋﺩﻡ ﺘﺤﻘﻴﻕ ﺃﻫﻡ ﺃﻫﺩﺍﻑ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻫﻤﺎ ﻋﻨﺼﺭﻱ‪ :‬ﺍﻝﻔﻬﻡ ﻭ ﺍﻝﻤﺭﺍﻗﺒﺔ‬
‫‪ -‬ﺍﻝﻔﻬﻡ‪ :‬ﻴﺘﻀﻤﻥ ﻋﻨﺎﺼﺭ ﻤﺜل ﺇﺩﺭﺍﻙ ﺃﻭ ﺍﻹﻁﻼﻉ ﻋﻠﻰ ﺍﻝﻤﺨﺎﻁﺭ‬
‫‪ -‬ﺍﻝﻤﺭﺍﻗﺒﺔ‪ :‬ﺃﻱ ﺍﻝﻨﻅﺭ ﻓﻲ ﻜل ﻋﻼﻗﺔ ﻤﻊ ﺍﻷﻁﺭﺍﻑ ﺍﻷﺨﺭﻯ ﻭﻤﺩﻯ ﺘﻌﺭﺽ ﺍﻝﻤﺅﺴﺴﺔ ﻝﻠﻤﺨﺎﻁﺭ‪ ،‬ﺍﻝﺘﻲ ﻗﺩ‬
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‫ﺘﻨﺠﻡ ﻋﻥ ﻫﺫﻩ ﺍﻝﻌﻼﻗﺎﺕ‪.‬‬
‫ﻭﺒﺎﻝﺘﺎﻝﻲ ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻫﻲ ﺍﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪ ،‬ﻭﻤﻥ ﺍﻷﺤﺴﻥ ﺘﻘﺩﻴﺭ ﺍﻝﻤﺸﺎﻜل ﺍﻝﻤﺤﺘﻤﻠﺔ ﻋﻭﻀﺎ‬
‫ﻋﻥ ﺘﻀﻴﻴﻊ ﺍﻝﻭﻗﺕ ﻓﻲ ﺤﻠﻬﺎ‪ ،‬ﻓﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﻁﻭﺭ ﻗﺎﺒﻠﻴﺔ ﺍﻝﺘﻨﺒﺅ ﻭﻤﺭﺍﻗﺒﺔ ﻤﺸﺎﺭﻴﻊ ﺍﻝﺸﺭﻜﺎﺕ ﻭﺘﺠﻨﺏ‬
‫ﺤﺩﻭﺙ ﻤﺜل ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‪ ،‬ﻭﺍﻝﺘﻲ ﻴﻤﻜﻥ ﺘﻭﻀﻴﺢ ﻋﻼﻗﺘﻬﺎ ﺒﺎﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﻤﺤﻘﻘﺔ ﻓﻲ ﺍﻝﺸﻜل‬
‫ﺍﻝﻤﻭﺍﻝﻲ‪:‬‬

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 ‫ﺍﻝﺸﻜل ﺭﻗﻡ )‪ :(2‬ﻤﺨﻁﻁ ﺘﻭﻀﺤﻲ ﻝﻌﻼﻗﺔ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺒﺎﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‬

‫ﺘﺤﻭل ﺍﻝﻤﺨﺎﻁﺭ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻷﺨﺭﻯ‬

‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ‬

‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺸﺭﻜﺎﺕ‬
‫ﺍﻝﺼﻨﺎﻋﻴﺔ‬ ‫ﺍﻝﺘﺄﻤﻴﻥ‬

‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﻅﻤﺔ‬
‫ﺴﻴﺎﺴﺎﺕ ﺇﻗﺭﺍﺽ‬
‫ﺸﺭﻜﺎﺕ‬
‫ﺨﺎﻁﺌﺔ ﻓﻲ ﺍﻝﻭ‪.‬ﻡ‪.‬ﺃ‬ ‫ﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻝﺒﻨﺎﺀ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺒﺨﻔﺽ ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ‬

‫ﻤﺨﺎﻁﺭ‬ ‫ﻤﺨﺎﻁﺭ‬
‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻘﺭﺽ‬
‫ﻭﺍﺠﺘﻤﺎﻋﻴﺔ‬
‫ﺃﺨﺭﻯ‬
‫ﺍﻝﻌﺎﺌﻼﺕ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬
‫ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻭﻓﺭﺓ ﺍﻝﺴﻴﻭﻝﺔ‬
‫ﻭﻗﻠﺔ ﺘﻘﻠﺏ‬

‫ﺍﻹﻗﺭﺍﺽ ﻏﻴﺭ ﺍﻝﻤﺴﺅﻭل ﺃﺩﻯ ﻝﻨﻤﻭ ﺇﻗﺭﺍﺽ ﻗﻭﻱ‪ ،‬ﻭﺘﺤﻤل ﻤﺨﺎﻁﺭ ﺃﻜﺜﺭ ﻤﻤﺎ ﻴﺠﺏ‬
‫ﺒﺩﺍﻓﻊ ﺘﺤﻘﻴﻕ ﻋﺎﺌﺩ ﺃﻜﺒﺭ )ﻅﻬﻭﺭ ﺍﻝﻔﻘﺎﻋﺔ ﻤﻥ ‪ 2003‬ﺇﻝﻰ ‪(2006‬‬
‫ﺍﻻﺘﺠﺎﻩ ﺍﻝﻬﺒﻭﻁﻲ‬

‫ﺍﻝﻔﻘﺎﻋﺔ ﺍﻝﻤﺎﻝﻴﺔ‬

‫ﺍﻝﺼﺩﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ‪ :2007‬ﺍﻨﻔﺠﺎﺭ ﻫﺫﻩ ﺍﻝﻔﻘﺎﻋﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺨﻠﻑ ﺨﺴﺎﺌﺭ ﻤﺎﻝﻴﺔ ﻤﻌﺘﺒﺭﺓ‬
‫ﻭﺍﻝﺩﻓﻊ ﻨﺤﻭ ﺍﻨﺨﻔﺎﺽ ﺍﻝﺸﺩﻴﺩ ﻷﻜﺒﺭ ﻤﻥ ‪ % 40‬ﻤﻥ ﺍﻝﻘﻴﻡ ﺍﻝﻤﺤﺎﻓﻅ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬

‫ﺍﻨﻜﻤﺎﺵ‬

‫ﺍﻤﺘﺩﺍﺩ ﺁﺜﺎﺭ ﺍﻷﺯﻤﺔ ﺇﻝﻰ ﺍﻻﻗﺘﺼﺎﺩﻴﺎﺕ ﺍﻝﻨﺎﻤﻴﺔ‪ ،‬ﻭﺤﺩﻭﺙ ﺃﻜﺒﺭ ﺍﻨﻜﻤﺎﺵ ﻝﻠﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻝﻌﺎﻝﻤﻲ ﻓﻲ ﺍﻝﺭﺒﻊ‬
‫ﺍﻷﺨﻴﺭ ﻤﻥ ﺴﻨﺔ ‪ 2008‬ﻭﺍﻝﺭﺒﻊ ﺍﻷﻭل ﻤﻥ ‪ 2009‬ﻤﻨﺫ ﺍﻝﺤﺭﺏ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺜﺎﻨﻴﺔ‪ .‬ﻭﺘﺤﻘﻴﻕ ﺒﻌﺽ ﺍﻻﻨﺘﻌﺎﺵ‬
‫ﺍﻝﻤﺘﺫﺒﺫﺏ ﻓﻲ ﺍﻝﺭﺒﻊ ﺍﻷﺨﻴﺭ ﻤﻥ ‪ ،2009‬ﻭﺍﻝﺘﻨﺒﺅ ﺒﺎﻝﺘﻌﺎﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻝﻌﺎﻝﻤﻲ ﻓﻲ ﺍﻝﺴﻨﺔ ﺍﻝﻘﺎﺩﻤﺔ ‪.2010‬‬

‫ﺍﻝﻤﺼﺩﺭ‪ :‬ﻤﻥ ﺇﻋﺩﺍﺩ ﺍﻝﺒﺎﺤﺙ‬

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‫ﻤﻥ ﺨﻼل ﺍﻝﻤﺨﻁﻁ ﺃﻋﻼﻩ ﺘﺘﻀﺢ ﺭﺅﻴﺔ ﺍﻝﺒﻌﺽ ﺇﻝﻰ ﺃﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺭﺌﻴﺴﻴﺔ ﺍﻝﺘﻲ ﺴﺒﺒﺕ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺍﻝﺤﺎﻝﻴﺔ ﻫﻲ ﻤﺨﺎﻁﺭ ﻨﻅﺎﻤﻴﺔ ﻤﻨﺸﺅﻫﺎ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺕ ﺨﺎﻁﺌﺔ ﺒﺘﺤﺩﻴﺩ ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻓﻲ ﻤﺴﺘﻭﻯ ﻤﻨﺨﻔﺽ ﻋﻤﺎ‬
‫ﻫﻭ ﻤﻁﻠﻭﺏ ﺒﻌﺩ ﺃﺤﺩﺍﺙ ‪ 11‬ﺴﺒﺘﻤﺒﺭ ‪ ،2001‬ﻤﺎ ﺃﺩﻯ ﻓﻲ ﺍﻝﺒﺩﺍﻴﺔ ﻝﺘﻨﺸﻴﻁ ﺴﻭﻕ ﺍﻹﻗﺭﺍﺽ ﻋﻠﻰ ﺍﻝﻤﺩﻯ‬
‫ﺍﻝﻤﺘﻭﺴﻁ ﻭﻨﻤﻭ ﺇﻗﺭﺍﺽ ﻗﻭﻱ‪ ،‬ﻤﺎ ﻓﺘﺢ ﺍﻝﻤﺠﺎل ﻝﻼﺴﺘﺨﺩﺍﻡ ﺍﻝﻜﺒﻴﺭ ﻏﻴﺭ ﺍﻝﻤﺴﺒﻭﻕ ﻝﻠﻤﺸﺘﻘﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻻﻋﺘﻤﺎﺩ‬
‫ﺍﻝﻜﺒﻴﺭ ﻋﻠﻰ ﺍﻝﺘﻭﺭﻴﻕ ﻭﺍﻨﺘﻌﺎﺵ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻤﻌﺎﻤﻼﺕ ﻤﺎ ﺒﻴﻥ ﺍﻝﺒﻨﻭﻙ ﻭﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻝﺘﺠﺎﺭﻴﺔ ﻭﺍﻝﺴﻨﺩﺍﺕ ﻭﺤﺘﻰ ﻗﺭﻭﺽ ﺍﻝﻁﻼﺏ‪ ،‬ﻭﻫﺫﺍ ﻫﻭ ﺍﻝﻅﺎﻫﺭ ﺇﻻ ﺃﻥ ﻏﻴﺎﺏ ﺍﻝﺭﻗﺎﺒﺔ ﺍﻝﻤﻨﺎﺴﺒﺔ‬
‫ﻭﺍﻹﻓﺭﺍﻁ ﻭﺴﻭﺀ ﺍﺴﺘﺨﺩﺍﻡ ﺘﻠﻙ ﺍﻷﺩﻭﺍﺕ ﻭﺍﻝﺘﻘﻨﻴﺎﺕ ﺃﺩﻴﺎ ﺇﻝﻰ ﻅﻬﻭﺭ ﻤﺎ ﻴﺴﻤﻰ ﺒﺎﻝﻔﻘﺎﻋﺔ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﺯﺩﺍﺩ ﺤﺠﻡ‬
‫ﺘﻠﻙ ﺍﻝﻔﻘﺎﻋﺎﺕ ﺒﺎﻝﺘﻭﺴﻊ ﻭﺍﻝﺘﻤﺎﺩﻱ ﻓﻲ ﺍﻝﻠﺠﻭﺀ ﻝﻬﺫﻩ ﺃﺩﻭﺍﺕ ﺩﻭﻥ ﺭﻗﺎﺒﺔ ﻜﺎﻓﻴﺔ ﺇﻝﻰ ﺃﻥ ﺍﻨﻔﺠﺭﺕ ﺍﻝﻔﻘﺎﻋﺎﺕ‪،‬‬
‫ﻭﺃﻭل ﻀﺤﺎﻴﺎ ﻫﺫﺍ ﺍﻻﻨﻔﺠﺎﺭ ﻫﻭ ﻤﺎ ﺤﺩﺙ ﻝﺴﻭﻕ ﺍﻝﺭﻫﻥ ﺍﻝﻌﻘﺎﺭﻱ ﺒﻔﺸل ﻤﻼﻴﻴﻥ ﺍﻝﻤﻘﺘﺭﻀﻴﻥ ﻋﻥ ﺴﺩﺍﺩ ﺩﻴﻭﻥ‬
‫ﺸﺭﺍﺀ ﺍﻝﻤﺴﺎﻜﻥ ﻭﺍﻝﻌﻘﺎﺭﺍﺕ ﻝﻠﺒﻨﻭﻙ ﺍﻝﻤﺘﻤﺜﻠﺔ ﺒﻤﻌﻅﻤﻬﺎ ﻓﻲ ﻗﺭﻭﺽ ﺍﻝﺭﻫﻥ ﺍﻝﻌﻘﺎﺭﻱ ﺫﺍﺕ ﺍﻝﺘﺼﻨﻴﻑ ﺍﻝﻤﺘﺩﻨﻲ‬
‫)‪ ،(subprime‬ﻭﺒﺭﻭﺯ ﺍﻀﻁﺭﺍﺒﺎﺕ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﻤﺎﺒﻴﻥ ﺠﻭﺍﻥ ‪ 2007‬ﻭ ﻨﻭﻓﻤﺒﺭ ‪ 2008‬ﻨﺠﻡ ﻋﻨﻬﺎ‬
‫ﻨﺸﻭﺀ ﻤﺨﺎﻁﺭ ﺃﺨﺭﻯ ﻜﺎﻨﺕ ﻏﻴﺭ ﻤﻨﺘﻅﺭﺓ ﻭﻓﻲ ﻤﻴﺎﺩﻴﻥ ﺃﺨﺭﻯ‪ ،‬ﻭﻫﻲ ﻓﻲ ﺍﻝﻭﺍﻗﻊ ﻨﺘﻴﺠﺔ ﻝﻤﺎ ﺤﺩﺙ ﻜﻤﺨﺎﻁﺭ‬
‫ﺍﻝﺴﻴﻭﻝﺔ ﺍﻝﺘﻲ ﺘﺒﺨﺭﺕ ﺒﺴﺭﻋﺔ ﻭﻫﺫﺍ ﺭﺍﺠﻊ ﻝﻌﺩﻡ ﺘﻭﻓﺭ ﺍﻷﻤﻭﺍل ﻝﺩﻯ ﺍﻝﺒﻨﻭﻙ ﻝﻺﻴﻔﺎﺀ ﺒﺎﻝﺘﺯﺍﻤﺎﺘﻬﺎ ﺭﻏﻡ ﻗﻴﺎﻤﻬﺎ‬
‫ﺒﺒﻴﻊ ﺒﻌﺽ ﺃﺼﻭﻝﻬﺎ ﺒﻐﺭﺽ ﺘﺠﻨﺏ ﺍﻝﻌﺠﺯ ﺃﻭ ﺍﻻﻨﻬﻴﺎﺭ‪ .‬ﺒﺎﻹﻀﺎﻓﺔ ﻝﻤﺨﺎﻁﺭ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻜﺎﺭﺘﻔﺎﻉ ﻨﺴﺒﺔ‬
‫ﺍﻝﺘﻀﺨﻡ ﻭﺘﺒﺎﻁﺅ ﺍﻝﻨﻤﻭ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﻤﺨﺎﻁﺭ ﺃﺨﺭﻯ ﺍﺠﺘﻤﺎﻋﻴﺔ ﻜﺎﻝﺒﻁﺎﻝﺔ ﺍﻝﺘﻲ ﻭﺼﻠﺕ ﻨﺴﺒﺘﻬﺎ ﻓﻲ ﺍﻝﻭﻻﻴﺎﺕ‬
‫ﺍﻝﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ ﺇﻝﻰ ‪ %9.4‬ﻓﻲ ﺠﻭﻴﻠﻴﺔ ﺍﻝﻤﻨﺼﺭﻡ‪ ،‬ﻭﻫﺫﻩ ﺍﻝﻤﺨﺎﻁﺭ ﻜﻠﻬﺎ ﺘﺤﻘﻘﺕ ﻭﺃﺤﺩﺜﺕ ﺨﺴﺎﺌﺭ ﻜﺒﻴﺭﺓ‬
‫ﺨﺼﻭﺼﺎ ﻓﻲ ﺍﻝﻭ‪.‬ﻡ‪.‬ﺃ ﻨﺘﻴﺠﺔ ﺇﻓﻼﺱ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺸﺭﻜﺎﺕ ﻜﺎﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﻗﻁﺎﻋﺎﺕ ﺍﻗﺘﺼﺎﺩﻴﺔ ﺃﺨﺭﻯ‬
‫ﺃﻫﻤﻬﺎ ﺍﻝﺒﻨﻭﻙ ﺍﻝﺘﻲ ﻭﺼل ﻋﺩﺩﻫﺎ ﺇﻝﻰ ‪ 84‬ﺒﻨﻜﺎ ﻤﻔﻠﺴﺎ‪ ،‬ﻭﺒﺩﺀ ﺒﻤﺎ ﺤﺩﺙ ﻝﺒﻨﻙ ﻝﻴﻤﺎﻥ ﺒﺭﺍﺫﺭﺯ ﺍﻝﺫﻱ ﻴﻔﻭﻕ‬
‫ﺭﺃﺱ ﻤﺎﻝﻪ ‪ 640‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ‪ ،‬ﻭﺨﺴﺎﺭﺓ ﺒﻨﻙ ﻤﻴﺭﻴل ﻝﻨﺘﺵ ﻝـ ‪ 23‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ‪ ،‬ﻭﺴﺘﻲ ﻏﺭﻭﺏ ﻝـ ‪5‬‬
‫ﻤﻠﻴﺎﺭﺍﺕ ﺩﻭﻻﺭ‪ ،‬ﻭﺸﺭﻜﺔ ﺍﻝﺘﺄﻤﻴﻥ ﺃﻱ ﺁﻱ ﺠﻲ ﺒﺩﻴﻭﻥ ﻤﺘﻌﺜﺭﺓ ﺒﻤﺒﻠﻎ ‪ 85‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ‪ ،‬ﻭﺸﺭﻜﺔ ﺠﻨﺭﺍل‬
‫ﻤﻭﺘﻭﺭﺯ ﻝﺼﻨﺎﻋﺔ ﺍﻝﺴﻴﺎﺭﺍﺕ ﺒﺨﺴﺎﺌﺭ ﻗﺩﺭﺕ ﺒـ ‪ 38.6‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ ﻭﺍﻝﻤﻬﺩﺩﺓ ﺒﺨﻁﺭ ﺍﻹﻓﻼﺱ‪.‬‬
‫ﻭﻗﺩ ﺒﻠﻐﺕ ﺨﺴﺎﺌﺭ ﺍﻝﻭﻻﻴﺎﺕ ﺍﻝﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ ﺤﻭﺍﻝﻲ ‪ 8.3‬ﺘﺭﻝﻴﻭﻥ ﺩﻭﻻﺭ ﻤﺎ ﻴﻤﺜل ﺭﺒﻊ ﺜﺭﻭﺘﻬﺎ‬
‫ﺍﻝﺼﺎﻓﻴﺔ‪ .‬ﺃﺩﻯ ﺇﻝﻰ ﺯﻋﺯﻋﺕ ﺃﻫﻡ ﻋﻨﺼﺭﻴﻥ ﺃﺴﺎﺴﻴﻴﻥ ﻓﻲ ﺃﻱ ﺍﺴﺘﺜﻤﺎﺭ ﻭﻫﻤﺎ ﺍﻝﺜﻘﺔ ﻭﺍﻝﻤﺼﺩﺍﻗﻴﺔ‪ .‬ﻭﻫﻨﺎﻙ ﻤﻥ‬
‫ﻴﺭﻯ ﺃﻥ ﺠﺎﻨﺒﺎ ﻜﺒﻴﺭﺍ ﻤﻥ ﻫﺫﻩ ﺍﻷﺯﻤﺔ ﻫﻲ ﺃﺯﻤﺔ ﺜﻘﺔ ﻫﺯﺕ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﺍﻝﻌﻠﻤﻲ ﻭﻤﻜﻭﻨﺎﺘﻪ‪.‬‬
‫ﻭﻗﺎﻤﺕ ﺨﻁﺔ ﺍﻹﻨﻘﺎﺫ ﺍﻝﻤﺘﺒﻌﺔ ﻋﻠﻰ ﺭﺯﻤﺔ ﻤﻥ ﺍﻝﺤﻭﺍﻓﺭ ﻭﺍﻹﺠﺭﺍﺀﺍﺕ ﺍﻝﺘﻲ ﺍﻋﺘﻤﺩﺘﻬﺎ ﺍﻝﻭﻻﻴﺎﺕ ﺍﻝﻤﺘﺤﺩﺓ‬
‫ﺍﻷﻤﺭﻴﻜﻴﺔ ﻭﺍﻝﺩﻭل ﺍﻝﻤﺘﻘﺩﻤﺔ ﻝﻠﺨﺭﻭﺝ ﻤﻥ ﻫﺫﻩ ﺍﻷﺯﻤﺔ ﻜﻀﺦ ﺍﻷﻤﻭﺍل ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﻤﺎ ﻴﺘﺠﺎﻭﺯ‬
‫ﺍﻝﺘﺭﻝﻴﻭﻥ ﺩﻭﻻﺭ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ‪ ،‬ﻭﺸﻬﺩﺕ ﺴﻨﺔ ‪ 2009‬ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﻝﺸﺭﻜﺎﺕ ﺍﻝﻤﻨﻬﺎﺭﺓ ﺤﻴﺙ‬
‫ﻭﺍﻓﻕ ﻤﺠﻠﺱ ﺍﻻﺤﺘﻴﺎﻁﻲ ﺍﻻﺘﺤﺎﺩﻱ ﻋﻠﻰ ﺃﻥ ﻴﺘﺤﻭل ﺒﻨﻜﺎ ﻏﻭﻝﺩﻤﺎﻥ ﺴﺎﻜﺱ ﻭﻤﻭﺭﻏﺎﻥ ﺴﺘﺎﻨﻠﻲ ﺇﻝﻰ ﺸﺭﻜﺘﻴﻥ‬
‫ﻤﺼﺭﻓﻴﺘﻴﻥ ﻗﺎﺒﻀﺘﻴﻥ‪ .‬ﻜﻤﺎ ﺘﻡ ﺘﺄﻤﻴﻡ ﻋﺩﺓ ﺒﻨﻭﻙ ﻜﻤﺎ ﺤﺩﺙ ﻝﺒﻨﻙ ﻫﺎﻴﺒﻭ ﻓﻲ ﺃﻝﻤﺎﻨﻴﺎ ﻋﺒﺭ ﺘﻘﺩﻴﻡ ﻗﺭﺽ ﻗﻴﻤﺘﻪ ‪50‬‬
‫ﻤﻠﻴﺎﺭ ﻴﻭﺭﻭ ﻤﻥ ﺍﻝﺩﻭﻝﺔ‪ .‬ﻭ ﺍﻨﺩﻤﺎﺝ ﺃﺨﺭﻯ‪ ،‬ﺤﻴﺙ ﺍﺸﺘﺭﻯ ﺒﻨﻙ ﺠﻲ ﺒﻲ ﻤﻭﺭﻏﻥ ﺘﺸﺎﻴﺱ ﺍﻷﻨﺸﻁﺔ ﺍﻝﻤﺼﺭﻓﻴﺔ‬
‫ﻝﻤﻨﺎﻓﺴﻪ ﻭﺍﺸﻨﻁﻥ ﻤﻴﻭﺘﺸﻭﺍل ﺒـ ‪ 1.9‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ‪ ،‬ﻭﺘﻡ ﺸﺭﺍﺀ ﺒﻨﻙ ﺃﻭﻑ ﺍﺴﻜﺘﻠﻨﺩﺍ ﻤﻥ ﻁﺭﻑ ﺒﻨﻙ ﻝﻭﻴﺩﺯ‬

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‫ﺘﻲ ﺃﺱ ﺒﻲ ﺒﻘﻴﻤﺔ ‪ 21.8‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ‪ ،‬ﻝﻜﻥ ﻫﻨﺎﻙ ﻤﻥ ﻴﺸﻜﻙ ﻓﻲ ﻨﺠﺎﺡ ﺨﻁﺔ ﺍﻹﻨﻘﺎﺫ‪ ،‬ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﺭﺅﻴﺔ‬
‫ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﺒﻘﺭﺍﺭ ‪ 800‬ﻤﻠﻴﺎﺭ ﻓﻲ ﺃﺴﺒﻭﻉ ﻭﺍﻷﺜﺭ ﺍﻝﻘﺼﻴﺭ ﻝﻬﺎ ﻭﺍﻝﻨﻬﺎﻴﺔ ﺍﻝﻤﺒﻬﻤﺔ ﻝﻬﺫﻩ ﺍﻷﺯﻤﺔ‪.‬‬
‫‪ -2 -1-II‬ﺍﻝﻌﻼﻗﺔ ﻏﻴﺭ ﺍﻝﻤﺒﺎﺸﺭﺓ‪:‬‬
‫ﻜﻤﺎ ﺭﺃﻴﻨﺎ ﻗﺩ ﺘﻜﻭﻥ ﺘﺤﻘﻕ ﻤﺨﺎﻁﺭﺓ ﻤﺎ ﺴﺒﺒﺎ ﻓﻲ ﺍﻨﺩﻻﻉ ﺃﺯﻤﺔ ﻤﻌﻴﻨﺔ ﻜﻤﺎ ﻫﻭ ﺍﻝﺤﺎل ﻝﻸﺯﻤﺔ ﺍﻝﺤﺎﻝﻴﺔ‪ ،‬ﺇﻻ‬
‫ﺃﻥ ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﻏﻴﺭ ﻤﺒﺎﺸﺭﺓ ﺒﻴﻥ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺍﻷﺯﻤﺎﺕ ﺘﻜﻤﻥ ﻓﻲ ﺃﻥ ﺍﻷﺯﻤﺎﺕ ﺍﻝﺘﻲ ﺘﻅﻬﺭ ﻓﻲ ﻗﻁﺎﻉ ﻤﺎ ﻗﺩ‬
‫ﺘﺅﺩﻱ ﺇﻝﻰ ﻅﻬﻭﺭ ﻤﺨﺎﻁﺭ ﺃﺨﺭﻯ ﻜﺎﻨﺕ ﻏﻴﺭ ﻭﺍﻀﺤﺔ ﺃﻭ ﻅﺎﻫﺭﺓ‪ ،‬ﻭﻗﺩ ﻴﺭﺠﻊ ﻫﺫﺍ ﺍﻝﻭﻀﻊ ﻝﻌﺩﻡ ﻭﺠﻭﺩ ﺭﺒﻁ‬
‫ﺒﻴﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺇﺩﺍﺭﺓ ﺍﻷﺯﻤﺎﺕ ﻓﺎﻷﻭﻝﻰ ﺘﻨﺸﻁ ﺒﺸﻜل ﺩﻭﺭﻱ ﻭﻋﻠﻰ ﻨﺤﻭ ﻴﻭﻤﻲ ﻓﻲ ﺒﻌﺽ ﺍﻝﺤﺎﻻﺕ‪،‬‬
‫ﻝﻜﻥ ﻨﺸﺎﻁ ﺇﺩﺍﺭﺓ ﺍﻷﺯﻤﺎﺕ ﻗﺩ ﺘﺒﺩﺃ ﻤﻨﺫ ﻅﻬﻭﺭ ﻫﺫﻩ ﺍﻷﺯﻤﺎﺕ‪ .‬ﻭﺒﺎﻝﺘﺎﻝﻲ ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺘﻜﻭﻥ ﺒﺸﻜل‬
‫ﻤﺴﺒﻕ ﻹﺩﺍﺭﺓ ﺍﻷﺯﻤﺎﺕ‪.‬‬
‫ﻭﺍﻝﺸﻲﺀ ﺍﻝﻤﻬﻡ ﻫﻨﺎ ﻫﻭ ﺃﻥ ﺘﻔﺎﻗﻡ ﺍﻷﺯﻤﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻨﺸﺄ ﻤﻥ ﺴﻭﺀ ﺘﻘﺩﻴﺭ ﻝﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ ﻷﻥ ﺍﻝﻤﻨﺘﺠﺎﺕ‬
‫ﺍﻝﻤﺭﻜﺒﺔ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻝﻤﺎل ﻻ ﺘﺤﺘﻭﻱ ﻓﻘﻁ ﻋﻠﻰ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ ﻭﺇﻨﻤﺎ ﻜﺎﻨﺕ ﺘﺤﻭﻱ ﺃﻴﻀﺎ ﻋﻠﻰ ﻤﺨﺎﻁﺭ‬
‫ﺍﻝﺴﻭﻕ ﻭﻤﺨﺎﻁﺭ ﺍﻝﺴﻴﻭﻝﺔ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴﻠﻴﺔ ﺍﻝﻤﺭﺘﺒﻁﺔ ﺒﻌﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ ﻤﺜل ﻫﺫﻩ ﺍﻷﺼﻭل‪.‬‬
‫ﻭﺍﻝﺩﺭﺱ ﺍﻷﺴﺎﺴﻲ ﻫﻭ ﺃﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﺒﻨﻭﻙ ﻋﻠﻰ ﻨﺤﻭ ﻤﺤﺎﻴﺩ ﻭﻓﺭﺩﻱ ﻴﻨﺒﻐﻲ ﺃﻻ ﺘﺘﺭﻜﺯ‬
‫ﺒﺼﻭﺭﺓ ﻀﻴﻘﺔ ﻋﻠﻰ ﺤﻤﺎﻴﺔ ﺍﻝﻤﺅﺴﺴﺔ ﻓﻘﻁ ﻭﻴﺘﺠﺎﻫل ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻝﺤﺩ ﻜﺒﻴﺭ‪ ،‬ﻭﻋﺩﻡ ﻤﻨﺎﻗﺸﺔ ﺍﻝﺨﻁﻭﺍﺕ‬
‫ﺍﻝﺘﻲ ﻴﺠﺭﻱ ﺍﺘﺨﺎﺫﻫﺎ ﻝﺩﻋﻡ ﺍﻝﻨﻅﻡ ﺍﻝﻤﺼﺭﻓﻴﺔ‪ .‬ﻝﺫﺍ ﻓﺎﻻﺭﺘﺒﺎﻁ ﺍﻝﻜﺒﻴﺭ ﺒﻴﻥ ﺍﻝﻨﻅﻡ ﺍﻝﻤﺼﺭﻓﻴﺔ ﻭﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﺍﻷﺨﺭﻯ ﻴﺩﻓﻊ ﻹﻴﺠﺎﺩ ﻨﻅﺎﻡ ﻤﺘﻜﺎﻤل ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻴﻜﻭﻥ ﻤﻘﺩﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻷﺯﻤﺎﺕ ﻭﻋﻠﻰ ﺍﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺠﻤﻴﻊ‬
‫ﺍﻷﻨﻅﻤﺔ ﻝﺠﻤﻴﻊ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻝﺘﻔﺎﺩﻱ ﻤﺎ ﻴﻤﻜﻥ ﺘﻔﺎﺩﻴﻪ ﻗﺒل ﻭﻗﻭﻋﻪ‪.‬‬
‫‪ -2-II‬ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﺴﺒل ﺍﻝﺨﺭﻭﺝ ﻤﻥ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‬
‫‪ -1-2-II‬ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻴﺭﻯ ﺨﺒﺭﺍﺀ ﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻲ ﺃﻥ ﻏﻴﺎﺏ ﺍﻝﺭﻗﺎﺒﺔ ﺍﻝﺤﺫﺭﺓ ﻝﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﻭﺍﻝﺴﻴﻭﻝﺔ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺃﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﺘﻲ ﺃﺩﺕ ﺇﻝﻰ ﺘﻔﺠﻴﺭ ﻫﺫﻩ ﺍﻷﺯﻤﺔ ﺴﺒﺒﻬﺎ ﻴﺭﺠﻊ ﻝﻌﺩﻡ ﻓﻬﻡ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻷﺴﺎﺴﻴﺔ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻪ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﻋﺩﻡ ﻜﻔﺎﻴﺔ ﺭﺃﺱ ﺍﻝﻤﺎل ﺍﻝﻼﺯﻡ ﻝﺩﻋﻤﻬﺎ‪ ،‬ﺃﺩﻯ ﺫﻝﻙ ﻝﻀﻌﻑ ﻓﻲ‬
‫ﺍﻝﺭﻗﺎﺒﺔ ﻭﻜﻴﻔﻴﺘﻬﺎ ﺘﻨﻅﻴﻤﻬﺎ‪ ،‬ﻭﺘﺸﺘﺭﻁ ﺇﻁﺎﺭ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ﺍﻝﺤﺎﻝﻴﺔ ﻋﻠﻰ ﺠﺫﺏ ﺍﻝﻤﺯﻴﺩ ﻤﻥ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل‬
‫ﻝﻤﻭﺍﺠﻬﺔ ﺤﺎﻻﺕ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻬﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﺍﺸﺘﺭﺍﻁﺎﺕ ﺃﻜﺒﺭ ﻝﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﺒﺎﻝﻨﺴﺒﺔ‬
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‫ﻝﻠﻤﻨﺘﺠﺎﺕ ﺍﻝﻤﺭﻜﺒﺔ ﻭﺍﻝﻤﻬﻴﻜﻠﺔ ﻭﺍﻷﺩﻭﺍﺕ ﺍﻝﺨﺎﺭﺠﺔ ﻋﻥ ﻨﻁﺎﻕ ﺍﻝﻤﻴﺯﺍﻨﻴﺔ ﺍﻝﻌﺎﻤﺔ‪.‬‬
‫ﻭﻫﻨﺎﻙ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﺤﺎﻻﺕ ﺘﺩﻋﻭ ﺇﻝﻰ ﺍﺴﺘﺨﺩﺍﻡ ﺃﺩﻭﺍﺕ ﻭﻨﻤﺎﺫﺝ ﻤﻨﺎﺴﺒﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﻫﺫﻩ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‪ ،‬ﻝﻜﻥ ﻤﺎ ﻜﺎﻥ ﻴ‪‬ﻌﺘﻘﺩ ﺃﻨﻬﺎ ﺃﺩﻭﺍﺕ ﻭﺘﻘﻨﻴﺎﺕ ﻝﺘﻨﻭﻴﻊ ﺍﻝﻤﺨﺎﻁﺭ ﻜﺎﻝﺘﻭﺭﻴﻕ ﺃﺼﺒﺤﺕ ﻫﻲ ﺍﻝﻤﺨﺎﻁﺭﺓ‬
‫ﺍﻝﺘﻲ ﺃﺩﺕ ﺇﻝﻰ ﺘﻔﺠﻴﺭ ﺍﻷﺯﻤﺔ ﻭﻫﺫﺍ ﻤﺎ ﻴﺭﺠﻊ ﺇﻝﻰ ﺍﻻﺴﺘﺨﺩﺍﻡ ﻏﻴﺭ ﺍﻝﻤﻨﺎﺴﺏ ﻝﻬﺎ ﻭﻋﺩﻡ ﺍﺤﺘﺭﺍﻡ ﻤﻌﺎﻴﻴﺭ‬
‫ﻭﺸﺭﻭﻁ ﻭﺤﺩﻭﺩ ﺍﺴﺘﺨﺩﺍﻤﻬﺎ‪ .‬ﺯﻴﺎﺩﺓ ﻋﻠﻰ ﺫﻝﻙ ﻫﻨﺎﻙ ﻤﻥ ﻴﺭﻯ ﻋﺩﻡ ﻭﻀﻭﺡ ﻨﺘﺎﺌﺞ ﺘﻁﺒﻴﻕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪2‬‬
‫ﻭﺍﺤﺘﻤﺎل ﻤﺴﺎﻋﺩﺘﻬﺎ ﻓﻲ ﺘﻔﺎﻗﻡ ﺍﻻﻨﻜﻤﺎﺵ ﻋﻭﺽ ﺍﻻﻨﺘﻌﺎﺵ ﻤﻥ ﻨﺎﺤﻴﺔ ﺘﻜﻭﻴﻥ ﺍﺤﺘﻴﺎﻁﺎﺕ ﻭﺭﺼﺩ ﺭﺅﻭﺱ‬
‫ﺃﻤﻭﺍل ﻓﻲ ﺍﻷﻭﻗﺎﺕ ﺍﻝﺼﻌﺒﺔ‪ ،‬ﻭﺍﻝﺘﻲ ﻴﻜﻭﻥ ﻓﻲ ﺤﺎﺠﺔ ﻤﺎﺴﺔ ﺇﻝﻰ ﺍﻷﻤﻭﺍل ﻗﺼﺩ ﺘﻨﺸﻴﻁ ﺩﻭﺭﺓ ﺍﻹﻗﺭﺍﺽ‪ ،‬ﻭﻤﻥ‬
‫ﻨﺎﺤﻴﺔ ﺃﺨﺭﻯ ﺘﺄﺜﻴﺭﻫﺎ ﻋﻠﻰ ﺤﺭﻜﺔ ﺍﻝﺴﻴﻭﻝﺔ ﺍﻝﺘﻲ ﺘﺅﺜﺭ ﺒﺩﻭﺭﻫﺎ ﻓﻲ ﺍﻝﻌﺩﻴﺩ ﻤﻥ ﺍﻝﻤﺨﺎﻁﺭ ﻜﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ‬
‫ﻭﻤﺨﺎﻁﺭ ﺍﻝﻁﺭﻑ ﺍﻵﺨﺭ‪.‬‬
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 ‫ﺃ‪ -‬ﺘﻐﻴﻴﺭ ﻫﻴﻜل ﺍﻝﺤﻭﻜﻤﺔ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪:‬‬
‫ﺇﻥ ﻋﺩﻡ ﺍﻻﻫﺘﻤﺎﻡ ﺒﺎﻝﻤﻜﺎﻨﺔ ﺍﻝﺤﻘﻴﻘﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺩﻭﺭﻫﺎ ﻓﻲ ﺘﺤﺩﻴﺩ ﺍﻝﻤﺨﺎﻁﺭ‬
‫ﺍﻝﺘﻲ ﺘﺘﻌﺭﺽ ﻝﻬﺎ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻭﺘﻘﻴﻴﻤﻬﺎ ﻭﻤﺤﺎﻭﻝﺔ ﻤﻌﺎﻝﺠﺘﻬﺎ‪ ،‬ﻜﺎﻥ ﻤﻥ ﺒﻴﻥ ﺃﻫﻡ ﺍﻷﺴﺒﺎﺏ ﻝﻠﻭﻗﻭﻉ ﻓﻲ‬
‫ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ‪ ،‬ﻓﻌﻠﻰ ﺴﺒﻴل ﺍﻝﻤﺜﺎل ﻜﺎﻥ ﺍﻻﻫﺘﻤﺎﻡ ﺍﻝﻜﺒﻴﺭ ﻤﻥ ﻗﺒل ﻤﺭﻜﺯﺍ ﻋﻠﻰ ﺍﻻﻋﺘﻤﺎﺩ ﺒﺸﻜل ﻜﺒﻴﺭ‬
‫ﻭﻓﻲ ﻤﻌﻅﻡ ﺍﻷﻭﻗﺎﺕ ﻋﻠﻰ ﺍﻝﺴﻤﺎﺴﺭﺓ ﻭﺍﻝﻤﻀﺎﺭﺒﺔ ﻭﻫﺫﺍ ﻋﻠﻰ ﺃﺴﺎﺱ ﻤﻘﺩﺍﺭ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻭﺍﻝﺘﺭﻜﻴﺯ ﻋﻠﻰ‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻝﻜﺒﻴﺭﺓ ﻤﻊ ﺇﻫﻤﺎل ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻜﺒﻴﺭﺓ ﺠﺩﺍ ﺍﻝﺘﻲ ﻗﺩ ﺘﺘﺭﺘﺏ ﻋﻨﻬﺎ ﻭﻫﺫﺍ ﻤﺎ ﺘﺤﻘﻕ ﻓﻴﻤﺎ ﺒﻌﺩ ﻤﺎ ﺒﻴﻥ‬
‫‪ 2003‬ﻭ‪ ،2006‬ﺃﻤﺎ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻴﻨﻅﺭ ﻝﻬﺎ ﻋﻠﻰ ﺃﺴﺎﺱ ﻨﺸﺎﻁ ﻓﻲ ﺍﻝﺩﻭﺭﺓ ﻝﻠﻤﺅﺴﺴﺔ ﻭﻝﻴﺱ ﻋﻠﻰ ﺃﺴﺎﺱ‬
‫ﺇﺠﺭﺍﺀ ﻝﻠﺘﺤﻠﻴل ﻭﺍﻝﺘﻘﻴﻴﻡ ﺍﻝﺠﻴﺩ ﻝﻠﻤﺨﺎﻁﺭ– ﺤﺘﻰ ﻭﺇﻥ ﻝﻡ ﻴﺅﺨﺫ ﺒﺎﺴﺘﺸﺎﺭﺘﻬﺎ‪ -‬ﻭﺇﻴﺠﺎﺩ ﺍﻝﻁﺭﻕ ﻭﺍﻵﻝﻴﺎﺕ ﺍﻝﺘﻲ‬
‫ﺘﺴﺎﻋﺩ ﻓﻲ ﻤﺸﺎﺭﻜﺔ ﻤﺨﺘﻠﻑ ﺍﻝﻔﺎﻋﻠﻴﻥ ﻓﻲ ﺍﻝﺸﺭﻜﺔ ﺨﺎﺼﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺃﻋﻭﺍﻥ ﺍﻝﺸﺭﻜﺔ ﻝﻠﻤﺴﺎﻫﻤﺔ ﺘﺤﺩﻴﺩ ﺍﻝﺤﻘﻭﻕ‬
‫ﻭﺍﻝﻤﺴﺅﻭﻝﻴﺎﺕ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﻴﺩﺍﻥ‪ .‬ﻝﺫﺍ ﻭﺠﺏ ﺘﻐﻴﻴﺭ ﻫﻴﻜل ﺍﻝﺤﻭﻜﻤﺔ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪ ،‬ﻭﺇﻋﻁﺎﺀ ﺍﻝﻔﺭﺼﺔ‬
‫ﻝﻨﺸﺎﻁ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻝﻠﻌﺏ ﺍﻝﺩﻭﺭ ﺍﻷﺴﺎﺴﻲ ﻓﻲ ﺍﻹﺩﺍﺭﺓ ﺍﻹﺴﺘﺭﺍﺘﻴﺠﻴﺔ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻠﻰ ﺃﻋﻠﻰ‬
‫ﺍﻝﻤﺴﺘﻭﻴﺎﺕ ﺍﻹﺩﺍﺭﻴﺔ ﻝﻠﻬﻴﻜل ﺍﻝﺘﻨﻅﻴﻤﻲ‪ ،‬ﻷﻥ ﻫﺫﺍ ﺍﻝﻨﺸﺎﻁ ﻫﻭ ﺃﺼﻼ ﺍﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل ﻝﻌﺩﻡ ﺍﻝﻭﻗﻭﻉ ﻓﻲ‬
‫ﺍﻷﺨﻁﺎﺀ ﻭﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﺴﺎﺒﻘﺔ‪ ،‬ﻭﺘﻔﺎﺩﻱ ﺍﻝﺘﻌﺭﺽ ﻝﺩﺭﺠﺎﺕ ﻤﺨﺎﻁﺭﺓ ﻋﺎﻝﻴﺔ ﻗﺩ ﺘﺅﺩﻱ ﺇﻝﻰ ﺤﺩﻭﺙ ﺃﺯﻤﺎﺕ ﻜﻤﺎ‬
‫ﻫﻭ ﺍﻝﺤﺎل ﺍﻝﻴﻭﻡ‪.‬‬
‫ﺏ‪ -‬ﺍﻝﻤﺅﺸﺭﺍﺕ‪:‬‬
‫ﺇﻥ ﺍﻝﻬﺩﻑ ﺍﻷﺴﺎﺴﻲ ﻤﻥ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﻤﺅﺸﺭﺍﺕ ﻫﻭ ﺍﻜﺘﺴﺎﺏ ﺍﻝﻘﺩﺭﺓ ﻋﻠﻰ ﺍﻝﺘﻨﺒﺅ ﺒﺄﻱ ﺍﺨﺘﻼل ﺃﻭ ﺘﺤﺩﻴﺩ‬
‫ﺃﻭﻀﺎﻉ ﺍﻝﻤﺨﺎﻁﺭﺓ ﻭﺍﺤﺘﻤﺎل ﺍﻨﺩﻻﻉ ﺍﻷﺯﻤﺎﺕ ﺃﻭ ﺍﺤﺘﻤﺎل ﺍﻝﺘﻌﺜﺭ ﻭﺘﻘﺩﻴﺭ ﺤﺩﺓ ﺍﻝﺨﺴﺎﺌﺭ ﺍﻝﻨﺎﺠﻤﺔ ﻋﻨﻪ‪ ،‬ﻭﻤﺠﻤل‬
‫ﺍﻝﺨﺴﺎﺌﺭ ﺍﻝﻜﻠﻴﺔ ﺍﻝﻤﺭﺘﻘﺒﺔ‪ ،‬ﻓﺎﻝﻤﺅﺸﺭﺍﺕ ﻫﻲ ﺒﻤﺜﺎﺒﺔ ﺃﺩﺍﺓ ﻝﻺﻨﺫﺍﺭ ﺍﻝﻤﺒﻜﺭ ﻭﺘﺩﺨل ﻓﻲ ﺼﻠﺏ ﻋﻤﻠﻴﺔ ﺇﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﺇﻴﺠﺎﺩ ﺍﻝﻤﺘﻐﻴﺭﺍﺕ ﻭﺍﻝﻅﺭﻭﻑ ﺍﻝﻤﻔﺎﺠﺌﺔ ﺍﻝﻤﺴﺒﺒﺔ ﻭﺍﻝﻤﺤﺩﺩﺓ ﻷﻱ ﺍﻨﺤﺭﺍﻑ ﺃﻭ ﺨﺴﺎﺌﺭ ﺃﻭ ﺃﺯﻤﺎﺕ‬
‫ﻏﻴﺭ ﻤﺭﻏﻭﺏ ﻓﻴﻬﺎ‪ .‬ﻭﻫﺫﺍ ﻴﺩﻓﻊ ﺩﺍﺌﻤﺎ ﻝﻠﺒﺤﺙ ﻋﻥ ﺍﻝﻤﺅﺸﺭﺍﺕ ﻭﻜﻴﻔﻴﺔ ﻗﻴﺎﺱ ﺍﻷﺯﻤﺎﺕ ﺍﻝﺘﻲ ﺘﺴﺎﻋﺩ ﻋﻠﻰ‬
‫ﻜﺸﻑ ﺍﻝﺜﻐﺭﺍﺕ ﻭﻨﻘﺎﻁ ﺍﻝﻀﻌﻑ ﻭﺍﻷﺴﺒﺎﺏ ﺍﻝﺘﻲ ﺃﺩﺕ ﺇﻝﻰ ﺘﻠﻙ ﺍﻝﻭﻀﻌﻴﺔ‪ ،‬ﻭﻫﺫﺍ ﻜﻠﻪ ﻴﺘﻡ ﻓﻲ ﺤﺎﻝﺔ ﺘﻭﻓﺭ‬
‫ﺍﻝﺒﻴﺎﻨﺎﺕ ﺍﻝﻼﺯﻤﺔ ﻭﻓﻲ ﺍﻝﻭﻗﺕ ﺍﻝﻤﻨﺎﺴﺏ‪ ،‬ﻤﻥ ﺃﺠل ﺇﻋﻁﺎﺀ ﺍﻝﻭﻗﺕ ﺍﻝﻜﺎﻓﻲ ﻝﻤﻭﺍﺠﻬﺔ ﺃﻱ ﺃﻤﺭ ﻁﺎﺭﺉ ﻗﺒل ﻓﻭﺍﺕ‬
‫ﺍﻷﻭﺍﻥ‪.‬‬
‫‪ -2-2-II‬ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ ﺍﻝﻜﻠﻲ‪:‬‬
‫ﺃ‪-‬ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ‪:‬‬
‫ﺃﻤﺎ ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ ﺍﻝﻜﻠﻲ ﻓﺎﻝﺭﺃﻱ ﺍﻝﻐﺎﻝﺏ ﻫﻭ ﺃﻥ ﻫﺫﺍ ﻜﻠﻪ ﺭﺍﺠﻊ ﻝﻠﺴﻴﺎﺴﺎﺕ ﺍﻝﺨﺎﻁﺌﺔ ﺍﻝﺘﻲ ﺍﺭﺘﻜﺒﺕ ﻤﻥ‬
‫ﺍﻝﻭ‪.‬ﻡ‪.‬ﺃ ﻓﻲ ﺍﻝﺘﺨﻔﻴﺽ ﺍﻝﺸﺩﻴﺩ ﻓﻲ ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻭﺍﻹﻓﺭﺍﻁ ﻓﻲ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﻘﺭﻭﺽ ﺍﻝﺭﻫﻭﻨﺎﺕ ﺫﺍﺕ ﺘﺼﻨﻴﻑ‬
‫ﻤﺘﺩﻨﻲ )‪ (subprime‬ﻭﻋﻤﻠﻴﺎﺕ ﺍﻝﺘﻭﺭﻴﻕ ﺍﻝﻤﺼﺎﺤﺒﺔ ﻝﺫﻝﻙ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻝﻰ ﻋﺩﻡ ﺍﺴﺘﻴﻌﺎﺏ ﺍﻝﺩﺭﻭﺱ ﺒﺸﻜل‬
‫ﻜﻠﻲ ﻤﻥ ﺍﻷﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺴﺎﺒﻘﺔ ﺨﺼﻭﺼﺎ ﺍﻝﺘﻲ ﺤﺩﺜﺕ ﻓﻲ ﺍﻝﻴﺎﺒﺎﻥ ﺴﻨﺔ ‪ 1990‬ﻭﺍﻷﺯﻤﺔ ﻓﻲ ﺠﻨﻭﺏ ﺸﺭﻕ‬
‫ﺁﺴﻴﺎ ﻤﺎﻱ ‪ ،1998‬ﻭﺍﻝﺘﻲ ﻜﺎﻥ ﻤﻌﻅﻤﻬﺎ ﻴﺩﻭﺭ ﺤﻭل ﻨﺸﺎﻁ ﺍﻹﻗﺭﺍﺽ ﻭﺍﻝﻨﺸﺎﻁ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ‪ .‬ﻭﻤﺎ‬
‫ﻴﻤﻴﺯ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻫﻭ ﺘﺴﺎﺭﻉ ﺍﻨﺘﺸﺎﺭﻫﺎ ﺇﻝﻰ ﺍﻻﺭﺘﺒﺎﻁ ﺍﻝﻜﺒﻴﺭ ﺒﻴﻥ ﺃﺴﻭﺍﻕ ﺍﻝﻤﺎل ﺍﻝﻌﺎﻝﻤﻴﺔ‪ ،‬ﻭﻤﺎ ﺯﺍﺩ‬
‫ﺍﻷﻤﺭ ﺘﻌﻘﻴﺩﺍ ﻫﻭ ﺇﻫﻤﺎل ﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻝﻜﻠﻴﺔ ﻝﻠﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﺘﻲ ﻜﺎﻨﺕ ﺘﺘﺭﺍﻜﻡ ﻝﻤﺩﺓ ﻁﻭﻴﻠﺔ ﻤﻥ‬
‫ﺍﻝﺯﻤﻥ ﻭﻏﻴﺎﺏ ﺍﻹﻓﺼﺎﺡ ﺍﻝﻜﺎﻓﻲ ﻭﺘﻨﻅﻴﻡ ﺍﻝﺭﻗﺎﺒﺔ ﻭﻋﺩﻡ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻝﻨﻤﺎﺫﺝ ﻭﺍﻝﻤﻌﻠﻭﻤﺎﺕ ﺍﻝﻤﺘﻭﻓﺭﺓ ﻹﺩﺍﺭﺓ‬
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‫ﺍﻝﻤﺨﺎﻁﺭ ﻭﺇﻫﻤﺎل ﺍﻝﻘﻭﺍﻋﺩ ﺍﻝﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﺴﺎﻴﺭﺘﻬﺎ ﻝﻀﻤﺎﻥ ﺃﺩﺍﺀ ﺁﻤﻥ ﻝﻬﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ‪ .‬ﻭﺘﺘﻤﺜل ﺍﻝﻨﻘﺎﻁ‬
‫ﺍﻷﺴﺎﺴﻴﺔ ﻝﻀﻤﺎﻥ ﺇﺩﺍﺭﺓ ﺠﻴﺩﺓ ﻝﻠﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻓﻲ‪:‬‬
‫‪ -1‬ﺘﻔﺎﺩﻱ ﺘﺭﺍﻜﻡ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‬
‫‪ -2‬ﺘﺩﻋﻴﻡ ﻭﻤﺭﺍﻗﺒﺔ ﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻝﻨﻘﺩﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻤﺔ‪ ،‬ﻭﻤﺭﺍﻗﺒﺔ ﺍﻝﺘﻀﺨﻡ ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ ﺍﻝﻌﺎﻝﻤﻲ ﻭﻓﻲ‬
‫ﺠﻤﻴﻊ ﺍﻗﺘﺼﺎﺩﻴﺎﺕ ﺍﻝﻌﺎﻝﻡ‪ ،‬ﺒﺘﻌﺯﻴﺯ ﺩﻭﺭ ﺍﻝﻬﻴﺌﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻜﺎﻝﺒﻨﻙ ﻭﺍﻝﺼﻨﺩﻭﻕ ﺍﻝﻨﻘﺩ ﺍﻝﺩﻭﻝﻴﻴﻥ‪.‬‬
‫‪ -3‬ﻤﺭﺍﻗﺒﺔ ﺘﺩﻓﻘﺎﺕ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﺍﻝﻌﺎﻝﻤﻴﺔ ﻭﺍﻝﺴﻴﻭﻝﺔ ﻭﺇﺫﺍ ﻜﺎﻥ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻼﻗﺎﺕ ﻀﻴﻘﺔ ﻤﻊ‬
‫ﻋﺎﺭﻀﻲ ﺍﻷﻤﻭﺍل ﻝﻬﻡ ﻭﻀﻌﻴﺔ ﻤﺎﻝﻴﺔ ﻀﻌﻴﻔﺔ ﻓﺈﻤﻜﺎﻨﻴﺔ ﺍﻝﺘﺄﺨﻴﺭ ﻓﻲ ﺘﻭﻓﻴﺭ ﻤﺎ ﺘﺤﺘﺎﺠﻪ ﺍﻝﻤﺅﺴﺴﺔ ﺃﻜﺒﺭ‬
‫ﻤﻥ ﺤﺎﻝﺔ ﻋﺎﺭﻀﻲ ﺍﻷﻤﻭﺍل ﺫﻭ ﻭﻀﻌﻴﺔ ﻤﺎﻝﻴﺔ ﻤﺴﺘﻘﺭﺓ‪ .‬ﻭﻫﺫﺍ ﺒﺘﻔﻌﻴل ﺩﻭﺭ ﺍﻝﺒﻨﻭﻙ ﺍﻝﻤﺭﻜﺯﻴﺔ‪.‬‬

‫ﺏ‪-‬ﺇﺼﻼﺡ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ‪:‬‬

‫ﻴﺘﻠﺨﺹ ﻨﻘﺎﻁ ﺍﻹﺼﻼﺡ ﻓﻲ ﺜﻼﺜﺔ ﻨﻘﺎﻁ ﺃﺴﺎﺴﻴﺔ ﻭﻫﻲ‪:‬‬
‫‪-1‬ﺸﺭﺍﺀ ﺍﻷﺼﻭل ﺍﻝﻤﺴﻤﻭﻤﺔ‪:‬‬
‫ﺘﺘﻡ ﻫﺫﻩ ﺍﻝﻌﻤﻠﻴﺔ ﺒﺘﺤﺩﻴﺩ ﺍﻷﺼﻭل ﺍﻝﻤﺘﻌﺜﺭﺓ ﻭﺨﺼﻭﺼﺎ ﺍﻷﺩﻭﺍﺕ ﺍﻻﺌﺘﻤﺎﻨﻴﺔ ﺍﻝﻤﻭﺭﻗﺔ ﻹﻴﺠﺎﺩ ﻜﻴﻔﻴﺔ ﺍﻝﺘﻌﺎﻤل‬
‫ﻤﻌﻬﺎ ﻋﻠﻰ ﺃﺴﺎﺱ ﺇﺜﺒﺎﺕ ﺍﻝﻘﻴﻤﺔ ﺍﻝﻭﺍﻗﻌﻴﺔ ﻝﻬﺎ ﻤﻥ ﺨﻼل ﺇﺭﺴﺎﺀ ﻁﺭﻕ ﻭﺁﻝﻴﺎﺕ ﺘﻌﻴﻥ ﻤﺠﻤل ﺍﻝﺘﺩﻓﻘﺎﺕ ﺍﻝﻨﻘﺩﻴﺔ‬
‫ﺍﻝﻤﺴﺘﻘﺒﻠﻴﺔ ﻝﻬﺫﻩ ﺍﻷﺼﻭل ﺒﺎﻝﻨﻅﺭ ﻝﻠﺨﺴﺎﺌﺭ ﺍﻝﺴﺎﺒﻘﺔ‪ .‬ﻭﻤﺴﺎﻫﻤﺔ ﺍﻝﺩﻭﻝﺔ ﺘﻜﻤﻥ ﻓﻲ ﺍﻝﻜﺸﻑ ﻋﻥ ﻤﺜل ﻫﺫﻩ‬
‫ﺍﻷﺼﻭل ﻭﻤﺴﺎﻋﺩﺓ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﺘﻭﻓﻴﺭ ﺍﻝﺘﻤﻭﻴل ﺍﻝﻜﺎﻓﻲ ﻓﻲ ﻅل ﺸﻔﺎﻓﻴﺔ ﻜﺎﻤﻠﺔ ﺒﺎﺘﺨﺎﺫ ﺍﻷﺴﺎﻝﻴﺏ‬
‫ﺍﻝﻤﻨﺎﺴﺒﺔ ﻜﺈﻋﺎﺩﺓ ﺍﻝﺭﺴﻤﻠﺔ‪ ،‬ﺤﻴﺙ ﺘﻘﺩﺭ ﺍﻷﻤﻭﺍل ﺍﻝﻼﺯﻤﺔ ﺤﻭﺍﻝﻲ ‪ 800‬ﻤﻠﻴﺎﺭ ﺩﻭﻻﺭ ﻓﻲ ﺍﻝﻭﻻﻴﺎﺕ ﺍﻝﻤﺘﺤﺩﺓ‬
‫ﺍﻷﻤﺭﻴﻜﻴﺔ ﻭﺤﺩﻫﺎ ﻋﻠﻰ ﺃﻗل ﺘﻘﺩﻴﺭ‪ ،‬ﻭﻫﺫﺍ ﻝﻀﻤﺎﻥ ﻗﺩﺭﺓ ﻫﺫﻩ ﺍﻝﻤﺅﺴﺴﺎﺕ ﻋﻠﻰ ﺍﻻﺴﺘﻤﺭﺍﺭ ﻓﻲ ﺍﻝﻤﺩﻯ ﺍﻝﻁﻭﻴل‬
‫ﻤﻥ ﺃﺠل ﺍﻻﺴﺘﻘﺭﺍﺭ ﺍﻝﻤﺎﻝﻲ‪ ،‬ﻭﻴﺘﻡ ﺫﻝﻙ ﻋﺒﺭ‪:‬‬
‫‪ -‬ﺘﻔﻌﻴل ﺩﻭﺭ ﺍﻷﺠﻬﺯﺓ ﺍﻝﺭﻗﺎﺒﻴﺔ ﻭﻤﺭﺍﻗﺒﺔ ﻤﺩﻯ ﻜﻔﺎﺀﺓ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻓﻲ ﺇﺩﺍﺭﺓ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﺒﺸﻜل‬
‫ﺍﻨﻔﺭﺍﺩﻱ؛‬
‫‪ -‬ﺍﻋﺘﻤﺎﺩ ﺨﻁﻁ ﻭﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻭﻤﺩﻯ ﻜﻔﺎﺀﺓ ﺍﻝﺠﻬﺎﺯ ﺍﻹﺩﺍﺭﻱ ﺒﺎﻝﻨﻅﺭ ﻝﻠﺘﻌﻭﻴﻀﺎﺕ ﻭﺍﻝﺭﻭﺍﺘﺏ‬
‫ﻭﺍﻝﻤﺯﺍﻴﺎ؛‬
‫‪ -‬ﺍﻝﺴﺭﻋﺔ ﻓﻲ ﺘﻨﻔﻴﺫ ﺨﻁﻁ ﺍﻝﺤﻭﺍﻓﺯ ﻭﺍﻹﻨﻘﺎﺫ ﻝﺘﻔﺎﺩﻱ ﺤﺩﻭﺙ ﺨﺴﺎﺌﺭ ﺃﺨﺭﻯ ﻏﻴﺭ ﻤﺘﻭﻗﻌﺔ‪ ،‬ﺒﺘﻭﻓﻴﺭ ﺭﺅﻭﺱ‬
‫ﺍﻷﻤﻭﺍل ﺍﻝﻼﺯﻤﺔ ﺴﻭﺍﺀ ﻤﻥ ﺍﻝﺤﻜﻭﻤﺎﺕ ﺃﻭ ﻤﺼﺎﺩﺭ ﺨﺎﺼﺔ‪ .‬ﻷﻥ ﺍﻝﺘﺒﺎﻁﺅ ﻓﻲ ﺘﻨﻔﻴﺫ ﺍﻝﺤﻠﻭل ﻗﺩ ﻴﻜﻠﻑ‬
‫ﺨﺴﺎﺌﺭ ﻤﺎﻝﻴﺔ ﺇﻀﺎﻓﻴﺔ‪.‬‬
‫‪ -2‬ﻀﺦ ﺍﻷﻤﻭﺍل ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪:‬‬
‫ﻭﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻝﻌﻤﻠﻴﺔ ﻝﻤﺤﺎﻭﻝﺔ ﺍﺴﺘﺭﺠﺎﻉ ﺍﻝﺜﻘﺔ ﻭﺍﻻﺴﺘﻘﺭﺍﺭ ﻝﻸﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﻤﺴﺘﻭﻴﺎﺕ ﺘﻤﻭﻴل ﻤﻨﺎﺴﺒﺔ‬
‫ﺤﺘﻰ ﻭﻝﻭ ﻜﺎﻨﺕ ﻫﻨﺎﻙ ﻤﻠﻜﻴﺔ ﻋﺎﻤﺔ ﺒﺸﻜل ﻤﺅﻗﺕ ﻝﻬﺫﺍ ﺍﻝﻭﻀﻊ‪ ،‬ﻭﻤﻥ ﺜﻡ ﺍﻝﺘﻔﻜﻴﺭ ﻓﻲ ﺤﻠﻭل ﺃﺨﺭﻯ ﺒﻤﺴﺎﻫﻤﺔ‬
‫ﺍﻝﻘﻁﺎﻉ ﺍﻝﺨﺎﺹ؛ ﺃﻭ ﻋﺒﺭ ﺍﻻﻨﺩﻤﺎﺝ ﺃﻭ ﺇﻋﻼﻥ ﺍﻹﻓﻼﺱ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻤﺘﻌﺜﺭﺓ ﻭﻫﺫﺍ ﻤﻥ ﺃﺠل‪:‬‬
‫‪ -‬ﺍﻝﺘﻐﻠﺏ ﻋﻠﻰ ﺍﻻﻀﻁﺭﺍﺒﺎﺕ ﻭﺍﻝﺘﺫﺒﺫﺒﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺘﻲ ﻗﺩ ﺘﺤﺩﺙ ﺠﺭﺍﺀ ﻋﺩﻡ ﻀﺦ ﺍﻷﻤﻭﺍل ﺍﻝﻜﺎﻓﻴﺔ ﻓﻲ‬
‫ﺍﻝﻭﻗﺕ ﺍﻝﻤﻨﺎﺴﺏ؛‬

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‫‪ -‬ﺘﺸﺠﻴﻊ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺘﺤﻔﻴﺯﻫﺎ ﻋﻠﻰ ﺭﻓﻊ ﻤﺴﺘﻭﻯ ﺃﺩﺍﺌﻬﺎ‪ ،‬ﻤﺎ ﻴﺅﺜﺭ ﺇﻴﺠﺎﺒﺎ ﻋﻠﻰ ﺃﺩﺍﺀ ﺒﺎﻗﻲ‬
‫ﺍﻝﻘﻁﺎﻋﺎﺕ ﺍﻷﺨﺭﻯ ﻭﺴﺭﻋﺔ ﺍﻝﺘﻌﺎﻓﻲ ﻝﺘﻌﺠﻴل ﺍﻝﺨﺭﻭﺝ ﻤﻥ ﻫﺫﻩ ﺍﻷﺯﻤﺔ؛‬
‫‪ -‬ﻀﺦ ﺍﻷﻤﻭﺍل ﻤﻥ ﻁﺭﻑ ﺍﻝﺩﻭﻝﺔ ﻓﻲ ﻗﻁﺎﻉ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻭﺍﻹﺸﺭﺍﻑ ﺍﻝﺭﻗﺎﺒﻲ ﻋﻠﻴﻬﺎ ﻗﺩ ﻴﺴﺎﻋﺩ ﻋﻠﻰ‬
‫ﻜﺸﻑ ﻭﺠﻭﺩ ﻤﻭﺍﻁﻥ ﺍﻝﻀﻌﻑ ﻓﻲ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﻭﺇﻴﺠﺎﺩ ﺍﻝﺤﻠﻭل ﻝﻬﺎ ﻴﺴﺎﻫﻡ ﻓﻲ ﺘﻁﻭﻴﺭ ﺃﺩﺍﺀ ﻫﺫﺍ ﺍﻝﻨﻅﺎﻡ‬
‫ﻜﻜل‪.‬‬
‫‪ -3‬ﺇﻋﺎﺩﺓ ﺘﻨﻅﻴﻡ ﻜﻠﻲ ﻝﻠﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‪:‬‬
‫ﺍﻝﻐﺭﺽ ﻤﻥ ﻫﺫﺍ ﻫﻭ ﺘﻨﺸﻴﻁ ﺃﺩﺍﺀ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﻤﺎ ﻴﺴﺎﻋﺩ ﻓﻲ ﺘﻨﺸﻴﻁ ﻗﻁﺎﻋﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺍﻷﺨﺭﻯ ﺴﻭﺍﺀ ﺍﻝﺼﻨﺎﻋﺔ ﺃﻭ ﺍﻝﺘﺠﺎﺭﺓ ﻭﺤﺘﻰ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺩﻭل ﺍﻷﺨﺭﻯ ﺍﻝﺘﻲ ﻝﻬﺎ ﺍﺭﺘﺒﺎﻁﺎﺕ ﻭﺜﻴﻘﺔ ﺨﺼﻭﺼﺎ‬
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‫ﻋﻨﺩﻤﺎ ﻴﺘﻌﻠﻕ ﺍﻷﻤﺭ ﺒﺎﻝﻭﻻﻴﺎﺕ ﺍﻝﻤﺘﺤﺩﺓ ﺍﻷﻤﺭﻴﻜﻴﺔ‪ ،‬ﻭﻫﺫﺍ ﻋﺒﺭ‪:‬‬
‫‪ -‬ﻭﻀﻊ ﺨﻁﻁ ﻤﺴﺘﻘﺒﻠﻴﺔ ﻝﺤﺩﻭﺙ ﺃﻱ ﻁﺎﺭﺉ ﻴﻤﻜﻥ ﺍﻝﺘﻌﺎﻤل ﻤﻌﻪ ﻭﺍﻝﺨﺭﻭﺝ ﻤﻥ ﺍﻝﺠﺎﻨﺏ ﺍﻝﻨﻅﺭﻱ ﻹﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﺇﻝﻰ ﻤﻤﺎﺭﺴﺘﻬﺎ ﺒﺸﻜل ﻴﻀﻤﻥ ﺘﺠﻨﺏ ﺍﻝﺘﺄﺜﺭ ﺍﻝﻜﺒﻴﺭ ﺒﺎﻷﺯﻤﺎﺕ ﺃﻭ ﺘﻔﺎﺩﻴﻬﺎ ﺘﻤﺎﻤﺎ ﺇﻥ ﺃﻤﻜﻥ ﺫﻝﻙ‬
‫ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل؛‬
‫‪ -‬ﺨﻠﻕ ﺍﻝﺘﻨﺴﻴﻕ ﻭﺍﻝﺘﻌﺎﻭﻥ ﺒﻴﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ ﺍﻝﻤﺤﻠﻲ ﻭﺍﻝﺩﻭﻝﻲ ﻻﺠﺘﻨﺎﺏ ﺍﻵﺜﺎﺭ ﺍﻝﺴﻠﺒﻴﺔ‬
‫ﻝﻠﻘﺭﺍﺭﺍﺕ ﻭﺍﻝﺴﻴﺎﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻻﻨﻔﺭﺍﺩﻴﺔ ﻭﺍﻝﻤﺘﺒﺎﻴﻨﺔ ﺒﻴﻥ ﺍﻝﺩﻭل ﻓﻲ ﺤل ﻤﺎ ﻗﺩ ﻴﺘﻌﺭﺽ ﻝﻪ ﻤﻥ ﻤﺨﺎﻁﺭ‬
‫ﺨﺼﻭﺼﺎ ﺍﻝﻨﻅﺎﻤﻴﺔ ﻤﻨﻬﺎ ﻭﺍﻝﺘﻲ ﺃﺜﺒﺘﺕ ﺍﻷﺯﻤﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻀﻌﻑ ﺇﺩﺍﺭﺘﻬﺎ ﻋﻠﻰ ﺍﻝﻤﺴﺘﻭﻯ ﺍﻝﻌﺎﻝﻤﻲ؛‬
‫‪ -‬ﺍﺤﺘﺭﺍﻡ ﺍﻝﻘﻭﺍﻋﺩ ﺍﻝﻤﺤﺎﺴﺒﻴﺔ ﻭﺘﻘﻭﻴﺔ ﺩﻭﺭ ﺍﻝﺭﻗﺎﺒﺔ ﺍﻝﺩﺍﺨﻠﻴﺔ ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺒﻤﺎ ﻴﻨﻌﻜﺱ ﻋﻠﻰ ﺘﻔﻌﻴل‬
‫ﺍﻻﻨﻀﺒﺎﻁ ﻓﻲ ﺍﻝﺴﻭﻕ؛‬
‫‪ -‬ﺘﻔﻌﻴل ﺩﻭﺭ ﺍﻝﻬﻴﺌﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺩﻭﻝﻴﺔ ﻭﺍﻝﻌﺎﻝﻤﻴﺔ‪ ،‬ﻋﻠﻰ ﺍﻝﻤﺴﺎﻋﺩﺓ ﻓﻲ ﺇﻴﺠﺎﺩ ﺍﻝﺘﻌﺎﻭﻥ ﻭﺭﺒﻁ ﺒﻴﻥ ﺍﻝﺴﻴﺎﺴﺎﺕ‬
‫ﺍﻝﻨﻘﺩﻴﺔ ﻭﺍﻝﻤﺎﻝﻴﺔ ﺒﻴﻥ ﺍﻻﻗﺘﺼﺎﺩﻴﺎﺕ ﺍﻝﻤﺘﻘﺩﻤﺔ ﻭﺍﻝﺼﺎﻋﺩﺓ ﻋﻠﻰ ﺘﺠﺎﻭﺯ ﻫﺫﻩ ﺍﻷﺯﻤﺔ‪ ،‬ﻭﻤﻥ ﺃﺠل ﺘﻔﺎﺩﻱ ﺃﻭ‬
‫ﺍﻝﺘﺨﻔﻴﻑ ﻤﻥ ﺁﺜﺎﺭ ﺍﻝﺘﻌﺭﺽ ﻝﻸﺯﻤﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻌﺎﻝﻤﻴﺔ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪.‬‬
‫ﻝﻜﻥ ﻴﺭﻯ ﺍﻝﺒﻌﺽ ﺃﻥ ﺍﻝﺠﺎﻨﺏ ﺍﻹﻴﺠﺎﺒﻲ ﺒﻌﺩ ﻅﻬﻭﺭ ﺍﻷﺯﻤﺎﺕ ﻫﻭ ﺍﻝﺘﻁﻭﺭ ﻓﻲ ﺃﺩﺍﺀ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻤﻥ ﺤﻴﺙ ﺍﻝﻭﻅﺎﺌﻑ ﻭﺍﻝﻨﺸﺎﻁ ﻭﺍﻝﺘﺸﺭﻴﻌﺎﺕ ﺍﻝﺘﺤﻭﻁﻴﺔ ﺍﻝﻤﺼﺎﺤﺒﺔ ﻝﺫﻝﻙ‪ ،‬ﻭﺍﺤﺘﻤﺎل ﺍﻝﺘﺤﻭل ﻓﻲ ﻭﺠﻬﺎﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﻭﺇﻤﻜﺎﻨﻴﺎﺘﻪ ﻭﻝﻜﻥ ﻋﻠﻰ ﻨﺤﻭ ﺒﻁﻲﺀ ﺇﻝﻰ ﺍﻝﺼﻴﻥ ﻭﺃﻤﺭﻴﻜﺎ ﺍﻝﺠﻨﻭﺒﻴﺔ ﻭﺭﻭﺴﻴﺎ ﻭﺠﻨﻭﺏ ﺸﺭﻕ ﺁﺴﻴﺎ‬
‫ﻭﺒﺩﺭﺠﺔ ﺃﻗل ﺍﻝﻭﻁﻥ ﺍﻝﻌﺭﺒﻲ‪ .‬ﻝﻜﻥ ﻤﺎ ﻴﻭﺍﺠﻪ ﺍﻝﺒﻠﺩﺍﻥ ﺍﻝﻌﺭﺒﻴﺔ ﺍﻝﻨﻔﻁﻴﺔ ﻫﻭ ﺃﻥ ﻤﺎ ﻜﺴﺒﺘﻪ ﻤﻥ ﺍﺭﺘﻔﺎﻉ ﺃﺴﻌﺎﺭ‬
‫ﺍﻝﺒﺘﺭﻭل ﻓﻲ ‪ 4‬ﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ ﻗﺩ ﺘﺘﺤﻘﻕ ﺍﻝﻤﻘﻭﻝﺔ ﻋﻠﻰ ﺃﻥ "ﻤﺎ ﺃﺘﻰ ﺴﺭﻴﻌﺎ ﺘﺒﺨﺭ ﺴﺭﻴﻌﺎ" ﻷﻥ ﻤﻌﻅﻡ‬
‫ﺍﻗﺘﺼﺎﺩﻴﺎﺘﻬﺎ ﻤﺭﺘﺒﻁﺔ ﺒﺎﻝﺩﻭﻻﺭ‪ ،‬ﺇﻀﺎﻓﺔ ﺇﻝﻰ ﺃﻥ ﺍﻵﺜﺎﺭ ﺍﻝﺴﻠﺒﻴﺔ ﻝﻸﺯﻤﺔ ﺍﻝﺤﺎﻝﻴﺔ ﺘﻤﺜﻠﺕ ﺃﺴﺎﺴﺎ ﻓﻲ ﺍﻨﺨﻔﺎﺽ‬
‫ﻜﺒﻴﺭ ﻝﻤﺅﺸﺭﺍﺕ ﺍﻷﺴﻭﺍﻕ ﺍﻝﻤﺎﻝﻴﺔ ﺨﺼﻭﺼﺎ ﻓﻲ ﺍﻝﺴﻌﻭﺩﻴﺔ ﺒـ ‪ %6.5‬ﻭﺍﻝﻜﻭﻴﺕ ‪ ،%3.8‬ﻭﺍﻹﻤﺎﺭﺍﺕ ﺍﻝﻌﺭﺒﻴﺔ‬
‫ﺍﻝﻤﺘﺤﺩﺓ‪.‬‬
‫ﺇﻻ ﺃﻥ ﺍﻝﻭﻀﻊ ﺍﻝﺤﺎﻝﻲ ﻴﻨﻡ ﻋﻠﻰ ﻭﺠﻭﺩ ﺒﻌﺽ ﺍﻵﻤﺎل ﻭﺇﺸﺎﺭﺍﺕ ﺍﻝﺘﻌﺎﻓﻲ ﻋﻠﻰ ﺍﻝﻤﺩﻯ ﺍﻝﻘﺼﻴﺭ ﻋﻜﺴﻪ‬
‫ﺍﺭﺘﻔﺎﻉ ﻁﻔﻴﻑ ﻓﻲ ﻤﻌﺩﻻﺕ ﺍﻝﻨﻤﻭ ﻭﺍﻨﺨﻔﺎﺽ ﺴﻌﺭ ﺍﻝﻔﺎﺌﺩﺓ ﻭﺘﺭﺍﺠﻊ ﺍﻝﺘﻘﻠﺒﺎﺕ ﻭﺍﻻﻀﻁﺭﺍﺒﺎﺕ ﺇﺜﺭ ﻨﻅﺎﻡ‬
‫ﺍﻝﺤﻭﺍﻓﺯ‪ ،‬ﻝﻜﻥ ﻫﺫﺍ ﻻ ﻴﻤﻨﻊ ﻤﻥ ﻭﺠﻭﺩ ﺁﺜﺎﺭ ﻀﻌﻑ ﻤﺎﺯﺍﻝﺕ ﺘﺨﻴﻡ ﻋﻠﻰ ﺍﻝﻨﻅﺎﻡ ﺍﻝﻤﺎﻝﻲ ﺍﻝﻌﺎﻝﻤﻲ‪ ،‬ﻭﻤﺎ ﻴﻨﻘﺼﻪ‬
‫ﻤﻥ ﻋﻤل ﺘﻨﻅﻴﻤﻲ ﻤﻥ ﺃﺠل ﺩﺭﺉ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ ﺍﻝﺘﻲ ﺘﻭﺍﺠﻬﻪ ﻋﻠﻰ ﺍﻝﻤﺩﻯ ﺍﻝﻤﺘﻭﺴﻁ ﻭﺍﻝﻁﻭﻴل ﺍﻷﺠل‪.‬‬

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 ‫ﺍﻝﺨﺎﺘﻤﺔ‪:‬‬
‫ﻜﺎﻥ ﻴﻨﻅﺭ ﻝﻠﻤﺸﺘﻘﺎﺕ ﻜﺄﺩﺍﺓ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‪ ،‬ﻝﻜﻥ ﻤﺎ ﺤﺩﺙ ﻓﻲ ﺍﻷﺯﻤﺔ ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﺤﺎﻝﻴﺔ ﻜﺎﻥ ﺃﺤﺩ ﺃﻫﻡ‬
‫ﺃﺴﺒﺎﺏ ﺍﻨﻔﺠﺎﺭﻫﺎ ﻫﻭ ﺍﻻﺴﺘﺨﺩﺍﻡ ﺍﻝﻤﻔﺭﻁ ﻭﻏﻴﺭ ﺍﻝﻤﻨﺎﺴﺏ ﻝﻠﻤﺸﺘﻘﺎﺕ ﻝﻐﺭﺽ ﺘﺤﻘﻴﻕ ﺃﻗﺼﻰ ﺭﺒﺢ‪ ،‬ﺃﺩﻯ ﺇﻝﻰ‬
‫ﺯﻴﺎﺩﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺩﻻ ﻤﻥ ﺘﺨﻔﻴﻀﻬﺎ‪ .‬ﺇﻀﺎﻓﺔ ﻝﻌﺩﻡ ﺍﻻﻫﺘﻤﺎﻡ ﺒﺈﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻏﻴﺎﺏ ﺃﻨﻅﻤﺔ ﺠﺎﺩﺓ ﻹﺩﺍﺭﺓ‬
‫ﺍﻝﻤﺨﺎﻁﺭ ﻭﻋﺩﻡ ﺍﻷﺨﺫ ﺒﺘﻭﺼﻴﺎﺕ ﺍﺘﻔﺎﻗﻴﺔ ﺒﺎﺯل ‪ 2‬ﻓﻲ ﻭﻗﺕ ﻤﺒﻜﺭ ﻓﻲ ﻫﺫﺍ ﺍﻝﻤﺠﺎل ﻭﻋﺩﻡ ﺍﻻﻝﺘﺯﺍﻡ ﺒﺎﻝﺩﻋﺎﺌﻡ‬
‫ﺍﻝﺜﻼﺜﺔ )ﺍﻝﻤﺘﻁﻠﺒﺎﺕ ﺍﻝﺩﻨﻴﺎ ﻝﺭﺃﺱ ﺍﻝﻤﺎل؛ ﻋﻤﻠﻴﺎﺕ ﺍﻝﻤﺭﺍﺠﻌﺔ ﺍﻝﺭﻗﺎﺒﻴﺔ؛ ﻭﺍﻨﻀﺒﺎﻁ ﺍﻝﺴﻭﻕ(‪ ،‬ﺃﺩﻯ ﺇﻝﻰ ﺘﺤﻤل‬
‫ﺨﺴﺎﺌﺭ ﻤﺎﻝﻴﺔ ﻀﺨﻤﺔ ﻜﺎﻥ ﻤﻥ ﺍﻝﻤﻤﻜﻥ ﺘﻔﺎﺩﻱ ﺠﺯﺀﺍ ﻜﺒﻴﺭﺍ ﻤﻨﻬﺎ‪ ،‬ﻭﻫﺫﺍ ﻤﺎ ﺨﻠﻕ ﻨﻭﻋﺎ ﻤﻥ ﺍﻻﺭﺘﺒﺎﻙ‬
‫ﻭﺍﻝﺼﺩﻤﺔ ﻝﻤﺎ ﺤﺩﺙ ﻭﻜﻴﻔﻴﺔ ﺍﻝﺘﻌﺎﻤل ﻭﺍﻻﺴﺘﺠﺎﺒﺔ ﻤﻌﻪ‪.‬‬
‫ﺯﻴﺎﺩﺓ ﻋﻠﻰ ﻫﺫﺍ ﻓﺈﻥ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻠﺒﻨﻭﻙ ﺃﻭ ﻝﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ ﻭ ﻝﺼﻨﺎﺩﻴﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺒﺸﻜل‬
‫ﻤﻨﻔﺭﺩ ﻗﺩ ﻴﺨﻠﻕ ﻓﺭﻕ ﻓﻲ ﺍﻝﺘﻌﺎﻤل ﺒﺎﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ ﺨﺼﻭﺼﺎ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻨﻅﺎﻤﻴﺔ‪ ،‬ﻭﻤﻥ ﺍﻝﻤﻌﺭﻭﻑ‬
‫ﺃﻥ ﺍﻝﻤﺨﺎﻁﺭ ﺒﺼﻔﺔ ﻋﺎﻤﺔ ﺘﺘﺤﻭل ﻭﺘﻨﺘﻘل ﻋﻠﻰ ﻨﺤﻭ ﺒﻴﻨﻲ ﻤﻥ ﻤﺅﺴﺴﺔ ﻤﺎﻝﻴﺔ ﺇﻝﻰ ﺃﺨﺭﻯ ﻋﺒﺭ ﺍﻝﺘﻌﺎﻤﻼﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ ﺍﻝﻤﺘﺸﺎﺒﻜﺔ‪ ،‬ﻓﺎﻝﺒﻨﻭﻙ ﻤﺜﻼ ﺘﻭﺯﻉ ﻤﺨﺎﻁﺭ ﺍﻝﻘﺭﺽ ﺇﻝﻰ ﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ‪ ،‬ﻭﺘﺴﺘﻌﻴﻥ ﺸﺭﻜﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ‬
‫ﻋﻠﻰ ﺍﻝﺤﻴﺎﺓ ﺒﺄﺴﻭﺍﻕ ﺭﺃﺱ ﺍﻝﻤﺎل ﻭﺍﻝﺒﻨﻭﻙ ﻝﺘﻐﻁﻴﺔ ﺒﻌﺽ ﻤﺨﺎﻁﺭ ﺍﻝﺴﻭﻕ ﺍﻝﻬﺎﻤﺔ ﺍﻝﻨﺎﺠﻤﺔ ﻋﻥ ﻤﺤﺎﻓﻅﻬﺎ‪.‬‬
‫ﻭﺘﹶﺘﺒﻴﻥ ﻫﺫﻩ ﺍﻝﺘﻔﺎﻋﻼﺕ ﻭﺍﻝﻌﻼﻗﺎﺕ ﺍﻝﻤﺅﺜﺭﺓ ﺃﺴﺎﺴﺎ ﻤﻥ ﺨﻼل ﻋﻤﻠﻴﺎﺕ ﺍﻝﺘﻭﺭﻴﻕ ﻭﺍﻻﺸﺘﻘﺎﻕ‪ ،‬ﺒﺤﻴﺙ‬
‫ﺘﺴﺘﻌﻴﻥ ﺍﻝﺸﺭﻜﺎﺕ ﺒﺄﺴﻭﺍﻕ ﺘﺤﻭﻴل ﺍﻝﻤﺨﺎﻁﺭ ﻤﻥ ﺃﺠل ﺇﻝﻐﺎﺌﻬﺎ‪ ،‬ﻭﺍﻝﺘﻲ ﺘﻤﻨﺤﻬﺎ ﻓﺭﺼﺔ ﺃﻗل ﻝﻠﺘﻌﺭﺽ ﻝﺼﺩﻤﺎﺕ‬
‫ﻤﻌﻴﻨﺔ ﻋﻠﻰ ﻤﺴﺘﻭﻯ ﺍﻝﻘﻁﺎﻉ ﻭﺍﻝﺴﻭﻕ‪ ،‬ﻭﻫﺫﺍ ﻴﺘﻭﻗﻑ ﺒﺸﻜل ﻜﺒﻴﺭ ﻋﻠﻰ ﺒﺭﻭﺯ ﺘﺤﺩﻴﺎﺕ ﻜﺒﻴﺭﺓ ﺘﻭﺍﺠﻪ ﻜل ﻤﻥ‬
‫ﺍﻝﻤﺘﻌﺎﻤﻠﻴﻥ ﻓﻲ ﺍﻝﺴﻭﻕ ﻭﺍﻝﺴﻠﻁﺎﺕ ﺒﺘﻌﻘﺏ ﺘﻭﺯﻴﻊ ﺍﻝﻤﺨﺎﻁﺭ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﻭﺇﺩﺍﺭﺓ ﺘﻌﺭﻀﺎﺕ ﺍﻷﻁﺭﺍﻑ‬
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‫ﺍﻝﻤﺸﺘﺭﻜﺔ‪ ،‬ﻭﻀﻤﺎﻥ ﺃﻥ ﺍﻝﺘﻘﻨﻴﻥ ﻭﺍﻝﺘﻐﻴﺭﺍﺕ ﺍﻝﻀﺭﻴﺒﻴﺔ ﻻ ﺘﺸﻭﻩ ﺍﻝﺘﻌﺎﻤﻼﺕ‪.‬‬
‫ﻭﻋﻠﻴﻪ ﻓﺈﻥ ﺒﻨﺎﺀ ﺃﻨﻅﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻴﻌﺘﻤﺩ ﻋﻠﻰ ﺠﻤﻠﺔ ﻤﻥ ﺍﻹﺠﺭﺍﺀﺍﺕ ﺍﻝﻤﺭﺘﺒﻁﺔ ﻭﺍﻝﻤﺘﻨﺎﺴﻘﺔ ﻓﻴﻤﺎ‬
‫ﺒﻴﻨﻬﺎ ﺴﻭﺍﺀ ﻓﻲ ﻤﻴﺩﺍﻥ ﻤﻌﻴﻥ ﻤﻥ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺃﻭ ﺒﺸﻜل ﻜﺎﻤل ﻷﻥ ﺍﻝﺘﻜﺎﻤل ﺒﻴﻥ ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ ﻴﺴﺎﻋﺩ‬
‫ﻓﻲ ﺘﻭﻁﻴﺩ ﻋﻤﻠﻴﺔ ﺘﻔﺎﺩﻱ ﺍﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺸﺘﺭﻜﺔ‪ ،‬ﻭﺇﺭﺴﺎﺀ ﻤﻌﺎﻴﻴﺭ ﻤﻭﺤﺩﺓ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻜﻤﻌﻴﺎﺭ‬
‫)‪ (ISO31000‬ﻝﻬﺫﺍ ﺍﻝﻌﺎﻡ‪.‬‬
‫ﻭﺍﻝﺘﺤﺩﻱ ﻴﻜﻤﻥ ﻓﻲ ﺘﻘﺼﻴﺭ ﻤﺩﻯ ﻁﻭل ﻓﺘﺭﺓ ﺍﻻﻀﻁﺭﺍﺏ‪ ،‬ﻭﻗﺩﺭﺓ ﻫﺫﻩ ﺍﻷﻨﻅﻤﺔ ﻋﻠﻰ ﺍﻤﺘﺼﺎﺹ ﻤﺜل ﻫﺫﻩ‬
‫ﺍﻝﺼﺩﻤﺎﺕ ﻓﻲ ﺍﻝﻤﺴﺘﻘﺒل‪ ،‬ﻭﺇﻴﺠﺎﺩ ﻨﻅﺎﻡ ﻤﺘﻜﺎﻤل ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻴﻜﻭﻥ ﻤﻘﺩﻤﺔ ﻹﺩﺍﺭﺓ ﺍﻷﺯﻤﺎﺕ ﻭﻋﻠﻰ‬
‫ﺍﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺠﻤﻴﻊ ﺍﻷﻨﻅﻤﺔ ﻝﺠﻤﻴﻊ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﻝﺘﻔﺎﺩﻱ ﻤﺎ ﻴﻤﻜﻥ ﺘﻔﺎﺩﻴﻪ ﻗﺒل ﻭﻗﻭﻋﻪ‪.‬‬
‫ﻝﻜﻥ ﺍﻻﺘﺠﺎﻩ ﺍﻝﻌﺎﻡ ﻓﻲ ﺍﻝﻌﺎﻝﻡ ﻫﻭ ﺇﺩﺍﺭﺓ ﺭﺅﻭﺱ ﺍﻷﻤﻭﺍل ﻓﻲ ﺍﻝﻤﺅﺴﺴﺎﺕ ﺍﻝﻤﺎﻝﻴﺔ ﺴﺘﻜﻭﻥ ﻤﺭﺘﺒﻁﺔ ﺒﺸﻜل‬
‫ﻜﺒﻴﺭ ﺒﺎﻝﻤﺨﺎﻁﺭ ﺍﻝﻤﺘﻌﺭﺽ ﻝﻬﺎ ﻭﺘﻜﺭﻴﺱ ﺍﻝﺭﻗﺎﺒﺔ ﺍﻝﺘﺤﻭﻁﻴﺔ‪ ،‬ﻭﻭﻀﻊ ﺁﻝﻴﺎﺕ ﻭﺒﺭﺍﻤﺞ ﻹﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ ﻭﻤﻥ‬
‫ﺜﻡ ﺃﻨﻅﻤﺔ ﻤﺘﻜﺎﻤﻠﺔ‪.‬‬

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 :‫ﻗﺎﺌﻤﺔ ﺍﻝﻤﺭﺍﺠﻊ‬

.46‫؛ ﺹ‬2003 ‫ ﺒﻨﻭﻙ؛ ﺍﻝﺩﺍﺭ ﺍﻝﺠﺎﻤﻌﻴﺔ؛ ﺍﻹﺴﻜﻨﺩﺭﻴﺔ؛‬،‫ ﺸﺭﻜﺎﺕ‬،‫ ﺇﺩﺍﺭﺍﺕ‬،‫ ﺃﻓﺭﺍﺩ‬:‫ ﻁﺎﺭﻕ ﻋﺒﺩ ﺍﻝﻌﺎل ﺤﻤﺎﺩ؛ ﺇﺩﺍﺭﺓ ﺍﻝﻤﺨﺎﻁﺭ‬-1
2
Collective; Project Risk Management Handbook ; Office of Project Management Process
Improvement; First Edition; June 26, 2003; p
3
Pirkko Ostring; Profit-Focused Supplier Management : How to Identify Risks and Recognize
Opportunities; AMACOM; New York; 2003; p22
4
Peter F. Christoffersene Elements of Financial Risk Management; Academic Press; USA; 2003; pp
2-3
5
- Jacqueline Jeynes; Risk Management: 10 Principles ; Butterworth-Heinemann ; London ; 2002 ; pp
9-10
6
- Joël Bessis; Gestion des Risques et Gestion Actif et Passif des Banques; Dalloz; 1995; p48.
7
- Bernard Barthélémy; Gestion des Risques: Méthode d’Optimisation Globale; éd d’organisation;
Paris; 2002; pp1-8.

‫ ﻤﺤﻤﺩ ﻜﺎﻤل ﺩﺭﻭﻴﺵ؛ ﺇﺩﺍﺭﺓ ﺍﻷﺨﻁﺎﺭ ﻭﺍﺴﺘﺭﺍﺘﻴﺠﻴﺎﺕ ﺍﻝﺘﺄﻤﻴﻥ ﺍﻝﻤﺘﻁﻭﺭﺓ ﻓﻲ ﻅل ﺍﺘﻔﺎﻗﻴﺔ ﺍﻝﻐﺎﺕ؛ ﺩﺍﺭ ﺍﻝﺨﻠﻭﺩ؛ ﺍﻝﻁﺒﻌﺔ ﺍﻷﻭﻝﻰ؛‬-8
.56‫؛ ﺹ‬1996 ‫ﺒﻴﺭﻭﺕ؛ ﻝﺒﻨﺎﻥ؛‬
‫ ﺸﺭﻜﺎﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ؛ ﺍﻝﺩﺍﺭ ﺍﻝﺠﺎﻤﻌﻴﺔ‬،‫ ﺸﺭﻜﺎﺕ ﺘﺄﻤﻴﻥ‬،‫ ﻤﺼﺎﺭﻑ‬،‫ ﺒﻭﺭﺼﺎﺕ‬:‫ ﻋﺒﺩ ﺍﻝﻐﻔﺎﺭ ﺤﻨﻔﻲ ﻭﺭﺴﻤﻴﺔ ﻗﺭﻴﺎﻗﺹ؛ ﺃﺴﻭﺍﻕ ﺍﻝﻤﺎل‬-9
.208‫؛ ﺹ‬2003 ‫ﺍﻝﺠﺩﻴﺩﺓ؛ ﺍﻹﺴﻜﻨﺩﺭﻴﺔ؛‬
‫ ﻤﺩﺨل ﻜﻤﻲ ﻭﺍﺴﺘﺭﺍﺘﻴﺠﻲ ﻤﻌﺎﺼﺭ؛ ﺩﺍﺭ ﻭﺍﺌل‬:‫ ﻓﻼﺡ ﺤﺴﻥ ﻋﺩﺍﻱ ﺍﻝﺤﺴﻴﻨﻲ ﻭ ﻤﺅﻴﺩ ﻋﺒﺩ ﺍﻝﺭﺤﻤﻥ ﻋﺒﺩ ﺍﷲ ﺍﻝﺩﻭﺭﻱ؛ ﺇﺩﺍﺭﺓ ﺍﻝﺒﻨﻭﻙ‬-10
.167‫؛ ﺹ‬.2000 ‫ﻝﻠﻨﺸﺭ؛‬
11
Guy Caudamine Et Jean Montier; Banques et Marches Financiers; Economica; Paris; 1998; p167 et
pp 220-221.
3
- Joël Bessis; Op.cit; p17.
13
- Mondher Bellalah; Gestion Des Risques Et Produits Dérivés Classiques et Exotiques; Dunod;
Paris; 2003; p19.
14
- Collective Work; Working Paper On The Regulatory Treatment Of The Operational Risk; Basel
Committee On Banking Supervision; Bank For International Settlements; 2001; p2.
15
- Jose A. Lopez; What Is The Operational Risk; FRBSF Economic Letter; Number 2003-03; 2003;
p1

‫ ﻭﺃﺴﻠﻭﺏ ﺍﻝﺘﺼﻨﻴﻑ‬،‫ ﺃﺴﻠﻭﺏ ﺍﻝﺘﺼﻨﻴﻑ ﺍﻝﺩﺍﺨﻠﻲ ﺍﻷﺴﺎﺴﻲ‬،‫ ﺍﻷﺴﻠﻭﺏ ﺍﻝﻤﻌﻴﺎﺭﻱ‬:‫ ﺍﻷﺴﺎﻝﻴﺏ ﺍﻝﺜﻼﺜﺔ ﻝﻘﻴﺎﺱ ﻤﺨﺎﻁﺭ ﺍﻻﺌﺘﻤﺎﻥ ﻫﻲ‬-16
‫ﺍﻝﺩﺍﺨﻠﻲ ﺍﻝﻤﺘﻘﺩﻡ‬
‫ ﻭﺃﺴﻠﻭﺏ‬،‫ ﺃﺴﻠﻭﺏ ﺍﻝﻨﻤﻁﻲ‬،‫ ﺃﺴﻠﻭﺏ ﺍﻝﻤﺅﺸﺭ ﺍﻷﺴﺎﺴﻲ‬:‫ﺃﻤﺎ ﺒﺎﻝﻨﺴﺒﺔ ﻝﻤﻘﻴﺎﺱ ﻤﺨﺎﻁﺭ ﺍﻝﺘﺸﻐﻴل ﻓﺎﻗﺘﺭﺤﺕ ﻝﺠﻨﺔ ﺒﺎﺯل ﺜﻼﺜﺔ ﺃﺴﺎﻝﻴﺏ ﻭﻫﻲ‬
‫ﺍﻝﻘﻴﺎﺱ ﺍﻝﻤﺘﻘﺩﻡ‬
17
- Arjun C Marphatia & Nishant Tiwari; Risk Management In Financial Services Industry: An
Overview; TATA Consultancy Services; Accessed July 2004; p9.
18
- Pirkko Ostring; op.cit; p20
19
.29‫؛ ﺹ‬2008 ‫ ﻤﺠﻠﺔ ﺍﻝﺘﻤﻭﻴل ﻭﺍﻝﺘﻨﻤﻴﺔ؛ ﺠﻭﺍﻥ‬،‫ ﻓﻲ ﻤﻨﻊ ﺍﻷﺯﻤﺎﺕ ﺃﻡ ﺴﻴﺯﻴﺩﻫﺎ ﺴﻭﺀﺍ‬2 ‫ ﻫل ﺴﻴﺴﺎﻋﺩ ﺇﻁﺎﺭ ﺒﺎﺯل‬:‫ ﺘﻘﺭﻴﺭ‬-
.19-17‫ ا"! ؛ ص ص‬#‫ز‬%‫(!'& ا‬# ‫؛‬2009‫ ا اي وق ا او‬-20
21
- Martin Neil Baily and Douglas J. Elliott; The US Financial and Economic Crisis: Where Does It
Stand and Where Do We Go From Here? ; The Initiative on Business and Public Policy at Brookings;
June 2009; pp 9-10

24