praktika te mira ne menaxhimin e riskut te investimeve alternative ...
praktika te mira ne menaxhimin e riskut te investimeve alternative ...
praktika te mira ne menaxhimin e riskut te investimeve alternative ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
pensio<strong>ne</strong>ve. Vleresimi i <strong>riskut</strong> duhet <strong>te</strong> shqyrtoje karak<strong>te</strong>rsitikat specifike <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative, psh<br />
<strong>ne</strong>permjet aplikimit <strong>te</strong> procedurave <strong>te</strong> pershtatshme <strong>te</strong> <strong>te</strong>stimit <strong>te</strong> stresit. Aspek<strong>te</strong> <strong>te</strong> tjera qe luaj<strong>ne</strong> rol <strong>ne</strong><br />
zgjedhjet e <strong>investimeve</strong> stra<strong>te</strong>gjike perfshij<strong>ne</strong>: strukturen e investimit (fonde çader ose menaxhim ve<strong>te</strong>),<br />
likuidi<strong>te</strong>tin e kerkuar, kostot, por gjithashtu nivelin e dijes se kerkuar (i cili mund <strong>te</strong> fitohet pjeserisht nga<br />
<strong>te</strong> tre<strong>te</strong>t).<br />
2.2 Diversifikimi i mjaftueshem i <strong>investimeve</strong> esh<strong>te</strong> esencial, brenda portofolit total dhe brenda portofolit<br />
<strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative. Portofolet jolikuide shpesh mund <strong>te</strong> levizin <strong>ne</strong> harmoni <strong>ne</strong> ras<strong>te</strong> <strong>te</strong> caktuara<br />
stresi. Ekspozime <strong>te</strong> tilla <strong>te</strong> zakonshme mund <strong>te</strong> mos kapen <strong>ne</strong> nje analize normale mesatare-variacion.<br />
3. Due diligence<br />
GP 3a: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe, kur fondet e pensio<strong>ne</strong>ve vendosin <strong>te</strong> investoj<strong>ne</strong> <strong>ne</strong> investime<br />
al<strong>te</strong>rnative, <strong>te</strong> ke<strong>ne</strong> nje kuptim <strong>te</strong> qar<strong>te</strong> <strong>te</strong> karak<strong>te</strong>ristikave <strong>te</strong> <strong>riskut</strong> <strong>te</strong> <strong>investimeve</strong> al<strong>te</strong>rnative <strong>ne</strong> <strong>te</strong> cilat po<br />
investoj<strong>ne</strong> dhe qe ky kuptim i <strong>riskut</strong> <strong>te</strong> mbesh<strong>te</strong><strong>te</strong>t nga analiza <strong>ne</strong> in<strong>te</strong>rvale <strong>te</strong> rregullta <strong>te</strong> profilit <strong>te</strong> <strong>riskut</strong> <strong>te</strong><br />
stra<strong>te</strong>gjive <strong>te</strong> investimit dhe kapaci<strong>te</strong><strong>te</strong>ve <strong>te</strong> menaxhereve <strong>te</strong> fondeve <strong>ne</strong> <strong>te</strong> cilat fondet e pensio<strong>ne</strong>ve ka<strong>ne</strong><br />
investuar ose ka<strong>ne</strong> ndermend <strong>te</strong> investoj<strong>ne</strong>. Analiza duhet bazuar <strong>ne</strong> informacion <strong>ne</strong> kohe dhe <strong>te</strong><br />
mjaftueshem rreth fondeve dhe menaxhereve <strong>te</strong> tyre, keshtuqe <strong>te</strong> mund <strong>te</strong> behet nje vleresim i pavarur.<br />
GP 3b: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese i kushtoj<strong>ne</strong> nje vemendje <strong>te</strong> madhe informacionit qe fondet e pensio<strong>ne</strong>ve<br />
mbaj<strong>ne</strong> rreth (fondeve <strong>te</strong>) fondeve <strong>te</strong> <strong>investimeve</strong> ku ato mbesh<strong>te</strong><strong>te</strong>n. Repor<strong>te</strong>t e gje<strong>ne</strong>ruara sipas (fondeve<br />
<strong>te</strong>) fondeve duhet <strong>te</strong> perdorin instruksio<strong>ne</strong> <strong>te</strong> drejta vleresimi, duhen dhe<strong>ne</strong> <strong>ne</strong> kohe, dhe duhet <strong>te</strong> ke<strong>ne</strong><br />
siguri cilesore <strong>te</strong> mjaftueshme.<br />
GP 3c: Autori<strong>te</strong><strong>te</strong>t mbikeqyrese presin qe çdo vleresim i fondeve <strong>te</strong> fondeve <strong>te</strong> perfshije nje gjykim <strong>te</strong><br />
cilesise se menaxhimit <strong>te</strong> <strong>riskut</strong> <strong>te</strong> realizuar nga fondi i menaxhereve <strong>te</strong> fondeve dhe respektimin e<br />
standar<strong>te</strong>ve dhe kri<strong>te</strong>reve <strong>te</strong> verejtura.<br />
3.1 Menaxheret e kujdestareve/<strong>te</strong> besuarve pergjegjes per nje fond pensio<strong>ne</strong>sh nuk duhet <strong>te</strong> ndermarrin<br />
investime al<strong>te</strong>rnative <strong>ne</strong>se ato nuk kuptoj<strong>ne</strong> plo<strong>te</strong>sisht karak<strong>te</strong>ristikat e investimit <strong>ne</strong> fjale, dhe riskun qe e<br />
shoqeron. Ata duhet <strong>te</strong> evitoj<strong>ne</strong> investimet qe nuk i kuptoj<strong>ne</strong>. Investigimi due diligence esh<strong>te</strong> faza me e<br />
rendesishme e procesit <strong>ne</strong> lidhje me investimet <strong>ne</strong> fonde investimesh al<strong>te</strong>rntive, jo ve<strong>te</strong>m sepse ai af<strong>te</strong>son <strong>te</strong><br />
in<strong>te</strong>resurit <strong>te</strong> konfirmoj<strong>ne</strong> <strong>ne</strong>se <strong>te</strong> kuptuarit e tyre esh<strong>te</strong> i sak<strong>te</strong>.<br />
Per arsye se fondet e <strong>investimeve</strong> ja<strong>ne</strong> shpesh <strong>te</strong> bazuar off-shore 5 dhe mund <strong>te</strong> je<strong>ne</strong> subjekt i pak<br />
mbikeqyrjeje, <strong>ne</strong>se ka, kerkohet nje investigim due diligence eks<strong>te</strong>nsiv.<br />
3.2 Kur fondet e pensio<strong>ne</strong>ve vleresoj<strong>ne</strong> investimet al<strong>te</strong>rnative, pikat e vemendjes <strong>ne</strong> procesin due diligence<br />
mund <strong>te</strong> ndahen <strong>ne</strong> vija <strong>te</strong> pergjithshme <strong>ne</strong> tre: njerezit, proceset dhe performaca. Vleresimi i njerezve<br />
shikohet <strong>ne</strong> <strong>te</strong> dy menaxhim dhe staf, aspek<strong>te</strong>t kyç ja<strong>ne</strong> risku i in<strong>te</strong>gri<strong>te</strong>tit dhe ekspertizes se skuadres<br />
menaxhuese. Vleresimi i proceseve perqendrohet <strong>te</strong>k faktoret <strong>te</strong> tille si organizimi i fondeve <strong>te</strong> pensio<strong>ne</strong>ve,<br />
proceset operacionale dhe <strong>te</strong> menaxhimit <strong>te</strong> <strong>riskut</strong>, procesi i <strong>investimeve</strong> dhe proceset qe rrethoj<strong>ne</strong> çdo<br />
outsorcing/delegim <strong>ne</strong> palet e treta, perfshire perdorimin e sis<strong>te</strong>meve <strong>te</strong> pershtatshem dhe ekzis<strong>te</strong>ncen<br />
e pla<strong>ne</strong>ve <strong>te</strong> emergjences. Nje vleresim i performances duhet <strong>te</strong> perfshije nje vleresim <strong>te</strong> menyres <strong>ne</strong> <strong>te</strong><br />
cilen vleresimi i fondit esh<strong>te</strong> prekur dhe, deri sa esh<strong>te</strong> e mundur, nje analize <strong>te</strong> rekordeve <strong>te</strong> gjurmeve<br />
<strong>te</strong> menaxhimit. Per autori<strong>te</strong><strong>te</strong>t mbikeqyrese esh<strong>te</strong> e pershtatshme <strong>te</strong> verifikoj<strong>ne</strong> <strong>ne</strong>se fondet e<br />
pensio<strong>ne</strong>ve siguroj<strong>ne</strong> qe investimet e tyre al<strong>te</strong>rnative perputhen me <strong>praktika</strong>t e <strong>mira</strong> <strong>te</strong> industrise (<strong>ne</strong><br />
lidhje me <strong>menaxhimin</strong> e <strong>riskut</strong>, raportimin dhe kontrollin e brendshem), duke perfshire <strong>ne</strong> cilen<br />
5 Off-shore – ketu <strong>ne</strong>nkupton ja<strong>ne</strong> <strong>te</strong> shkeputur ose <strong>ne</strong> distance.<br />
4
Change language