Operating on unsecured interbank markets exposes banks to various risks which trigger changes in bank strategic outcomes such as risk management and performance. This paper proposes a novel three-stage network data envelopment approach with feedback and alliance to examine the importance of bank risk exposures through interbank funding on bank efficiency levels. Our results show that overall bank performance management is achieved via a complement of good alliance between risk and funding, and financial performance. In addition, high financial or overall performance may not imply better risk management or allied process performance. Rather, banks are inherently performance-driven institutions whose performance objectives are independently optimal but aggregately suboptimal. Further analyses show that, for international banks, high financial or overall performance may not necessarily limit high allied process and risk management. Moreover, risk governance in large banks has not improved despite the increased regulatory pressure induced after the 2007–2008 credit crisis. Our results remain robust regardless of whether the alliance or financial performance stage is given priority in the overall efficiency decomposition, and when the novel resource imbalance index is used to assess and enhance the discriminatory power of performance.

在无担保的银行间市场上经营会使银行面临各种风险，这些风险会触发银行战略成果的变化，例如风险管理和绩效。本文提出了一种具有反馈和联盟的新颖的三阶段网络数据包络方法，以研究通过银行间资金对银行效率水平的银行风险敞口的重要性。我们的结果表明，银行整体绩效管理是通过风险与资金与财务绩效之间的良好联盟的补充来实现的。此外，较高的财务或整体绩效可能并不意味着更好的风险管理或相关流程绩效。相反，银行本质上是由绩效驱动的机构，其绩效目标是独立最佳的，但总体而言是次优的。进一步的分析表明，对于国际银行来说，较高的财务或整体绩效可能未必会限制较高的相关流程和风险管理。此外，尽管在2007–2008年信贷危机之后引发了越来越大的监管压力，但大型银行的风险治理并没有得到改善。无论是在整体效率分解中优先考虑联盟阶段还是财务绩效阶段，以及何时使用新颖的资源失衡指标来评估和增强绩效的歧视性，我们的结果仍然是可靠的。