券商压力测试工作迎深化要求 风险管理迈向提质增效新阶段

Core Viewpoint - The China Securities Association has acknowledged the positive outcomes of the 2025 industry stress tests while highlighting existing issues such as "form over substance" and insufficient coverage of complex business risks, prompting further guidelines to enhance the quality and effectiveness of stress testing [1][2] Group 1: Regulatory Guidance - The regulatory focus is shifting from mere compliance to a more nuanced evaluation of stress testing effectiveness, indicating a higher level of risk management maturity within the industry [2][4] - The five key requirements outlined by the China Securities Association aim to transform stress testing from a compliance exercise into a management tool, emphasizing the need for top-level design and application expansion [2][3] Group 2: Focus on Complex Risks - The China Securities Association has specifically called for the optimization of stress testing for over-the-counter derivatives and reputation risks, indicating these areas as critical for further development [3][4] - There is a noted deficiency in how some firms assess reputation risk, with some equating it to risk disposal costs without adequately evaluating its transmission effects [3][4] Group 3: Enhancing Management Practices - The association emphasizes the need for comprehensive and transparent management of subsidiaries, ensuring consistency and effectiveness in risk management across domestic and international operations [3] - Regular evaluations and optimizations of stress testing mechanisms are required to ensure their effectiveness and accuracy, with the association planning to conduct checks as necessary [3]