Credit Risk Measurement and Management: Disruption and Evolution
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Credit Risk Management in the Era of Big Data: From Measurement to Insight
Xianxin Zhao
Foreword
Introduction
An Exploration of the Evolution of Risk: Past, Present and Future
Risk Trading, Risky Debt and Financial Stability
Skating on Thinner Ice: A Macroeconomic Outlook at the End of the Credit Cycle
Climate Change: Managing a New Financial Risk
The Quest to Save Risk-Weighted Assets
The Evolution of the CLO Market since the Global Financial Crisis and a Valuation Approach for CLO Tranches
Homo Ex Machina: Finance Rebooted
Innovation and Digitisation in Credit: A Global Perspective
The Lending Revolution: How Digital Credit Is Changing Banks from the Inside
Digital Lending in Asia: Disruption and Continuity
Digitisation and Automation in Commercial Lending: Disruption without Distraction
Credit Risk Management in the Era of Big Data: From Measurement to Insight
Artificial Intelligence and Machine Learning in Credit Risk Analytics: Present, Past and Future
Integrated Loan Portfolio Modelling and Risk Management
The Role of Banks in Illiquid Credit Markets, and the Disruption and Evolution of Credit Portfolio Management
Epilogue
Credit risk management in the People’s Republic of China in the 21st century has experienced two distinct periods: first, a regulatory-driven period from 2007 to 2015, and then a technology-driven period from 2015 onwards.
Since 2007, the Chinese regulators have systematically enforced Basel II. Through the implementation of Basel II and, in particular, the internal ratings-based approach it required, a relatively comprehensive framework of risk identification and quantification became established, the key pillars of which were internal credit risk rating systems developed by the banks themselves. Risk was no longer merely conceptual, but it could be measured with various metrics and applied to capital management, risk pricing and performance review.
The technology-driven period began in 2015. With the digital transformation and the application of big data, mobile Internet and artificial intelligence, banks could construct borrower-specific, holistic risk profiles, providing contextualised lending products such as consumer instalment loans, supply-chain financing and credit specific to a platform ecosystem (eg, the Alibaba family of platforms). With the growth of financial
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