企业的风险管理-财务和会计方面【外文翻译】.doc

1、本科毕业论文（设计）外文翻译原文ENTERPRISERISKMANAGEMENTFINANCIALANDACCOUNTINGPERSPECTIVESERMANDFINANCEOPERATIONSKEYFINANCIALRISKSRECENTFINANCIALDISASTERSINFINANCIALANDNONFINANCIALFIRMSANDINGOVERNMENTALAGENCIESHAVELEDTOINCREASEDEMPHASISONVARIOUSFORMSOFRISKMANAGEMENTSUCHASMARKETRISKMANAGEMENT,CREDITRISKMANAGEMENT,AN

2、DOPERATIONALRISKMANAGEMENTFINANCIALINSTITUTIONSLIKEBANKSAREFURTHERMOTIVATEDBYTHENEEDTOMEETVARIOUSREGULATORYREQUIREMENTSFORRISKMEASUREMENTANDCAPITALTHEREISANINCREASINGTENDENCYTOWARDANINTEGRATEDORHOLISTICVIEWOFRISKSAFRAMEWORKFORTHINKINGABOUTTHECOLLECTIVERISKOFAGROUPOFFINANCIALINSTRUMENTSANDANINDIVIDUA

3、LSECURITYSCONTRIBUTIONTOTHATCOLLECTIVERISKWOULDBEUSEFULATILLINGHASTTOWERSPERRINSURVEYHASREPORTEDTHATNEARLYHALFOFTHEINSURANCEINDUSTRYUSEDANINTEGRATEDRISKMANAGEMENTPROCESSWITHANOTHER40PLANNINGTODOSO,AND40HADACHIEFRISKOFFICERENTERPRISERISKMANAGEMENTERMISANINTEGRATEDAPPROACHTOACHIEVINGTHEENTERPRISESSTRA

4、TEGIC,PROGRAMMATIC,ANDFINANCIALOBJECTIVESWITHACCEPTABLERISKTHEPHILOSOPHYOFERMGENERALIZESTHESECONCEPTSBEYONDFINANCIALRISKSTOINCLUDEALLKINDSOFRISKSFOREXAMPLE,APORTFOLIOOFEQUITYINVESTMENTSHASBEENGENERALIZEDTOTHEENTIRECOLLECTIONOFRISKSFACINGANORGANIZATIONANUMBEROFPRINCIPLESHAVEOFTENBEENFOUNDUSEFULINPRAC

5、TICE1PORTFOLIORISKCANNEVERBETHESIMPLESUMOFVARIOUSINDIVIDUALRISKELEMENTS2ONEHASTOUNDERSTANDVARIOUSINDIVIDUALRISKELEMENTSANDTHEIRINTERACTIONSINORDERTOUNDERSTANDPORTFOLIORISK3THEKEYRISK,IE,THEMOSTIMPORTANTRISK,CONTRIBUTESMOSTTOTHEPORTFOLIORISKORTHERISKFACINGTHEENTIREORGANIZATIONTHEREFORE,DECISIONMAKERS

6、SHOULDBEMOSTCONCERNEDABOUTKEYRISKDECISIONS4USINGQUANTITATIVEAPPROACHESTOMEASURERISKISVERYIMPORTANTFOREXAMPLE,AKEYFINANCIALMARKETRISKCANBROADLYBEDEFINEDASVOLATILITYRELATIVETOTHECAPITALMARKETSONEMEASUREOFTHISRISKISTHECOSTOFCAPITAL,WHICHCANBEMEASUREDTHROUGHMODELSSUCHASTHEWEIGHTEDAVERAGECOSTOFCAPITALWAC

7、CANDCAPITALASSETPRICINGMODELCAPMERMANDFINANCIALOPERATIONSTRADITIONALFINANCEOPERATIONSHAVEFOCUSEDONCOSTANDEFFICIENCYINOPERATIONSANDPROCESSESAFIRMISASSUMEDTOSEEKEFFICIENCYEITHERTHROUGHINFORMATIONTECHNOLOGIESSUCHASENTERPRISESYSTEMS,ORTHROUGHNEWEROPERATIONSMANAGEMENTTECHNIQUESSUCHASSHAREDCOST/SERVICESAN

8、DOUTSOURCINGWHILETHISHASBEENSUFFICIENTTOPRESERVECOMPETITIVEADVANTAGEWHENTHESEMETHODSWERENOVELANDNOTWIDELYUSED,USEBYCOMPETITORSMAKESHEAVYINVESTMENTININFORMATIONTECHNOLOGYHIGHLYRISKYCOMPANIES,FINANCIALORNOT,HAVEACHIEVEDHIGHPERFORMANCEBYUTILIZINGINFORMATIONTECHNOLOGYTOCAPTUREANDPROCESSDATATHECHALLENGET

9、ODAYISTOPROCESSTHEINHERENTUNCERTAINTIESOFBUSINESS,INTHISCASE,THROUGHFINANCEOPERATIONSDATA,INORDERTODEVELOPACOHERENTSTRATEGYEFFICIENCYISAMEANSTOACHIEVESTRATEGICOBJECTIVESWHERETHEREISSTRATEGY,THEREISANATTEMPTTOOVERCOMEUNCERTAINTYANDINCOMPLETEKNOWLEDGE,TOACTINTHEFACEOFRISKTOMAKECLEARWHEREERMTAKESOVERFR

10、OMFINANCEOPERATIONS,WEMUSTEXAMINEBESTANDFIRSTPRINCIPLESWHILEFINANCEOPERATIONSINANENTERPRISEVARYACROSSDIFFERENTINDUSTRIESANDPRODUCTSANDSERVICESPROVIDED,EFFECTIVEFINANCEOPERATIONSRELYONFOURCOMPETENCIES1TRANSACTIONPROCESSINGCREATINGSATISFIEDEFFICIENCYINCOREFINANCEFUNCTIONS,EG,ACCOUNTSPAYABLEANDGENERALL

11、EDGERWHICHAREINCREASINGLYDELIVEREDTHROUGHSHAREDSERVICESOROUTSOURCINGSTRATEGIES2FINANCIALANDREGULATORYREPORTINGCAPTURINGREGULATORYANDTAXREPORTINGREQUIREMENTSFROMATRANSACTIONALANDSYSTEMSPERSPECTIVE3MANAGEMENTREPORTINGPROVIDINGVARIOUSDATAANDINFORMATIONFORMANAGEMENTDECISIONMAKINGAND4INTERNALCONTROLSPROV

12、IDINGSUPPORTTOEFFECTIVERISKMANAGEMENTWITHINTHEENTERPRISETHROUGHTHEDISCIPLINEDOVERSIGHTOFFINANCIAL,ACCOUNTINGANDAUDITSYSTEMSTHESEFOURCOMPETENCIESARESIMILARTOTHECOSOERMFRAMEWORK,WHERETHREEOBJECTIVECATEGORIESAREIDENTIFIEDOPERATIONALOBJECTIVES,FINANCIALREPORTINGOBJECTIVES,ANDCOMPLIANCEOBJECTIVESTHECOSOF

13、RAMEWORKDEFINESERMASANONGOINGPROCESSFORIDENTIFYINGANDMANAGINGPOTENTIALEVENTSANDOPERATIONSTHATCOULDAFFECTTHEENTITYSABILITYTOMANAGEBUSINESSRISKSSUCHTHATTHEYREMAINWITHINITSRISKAPPETITEFINANCEOPERATIONALACTIVITIESAREUSUALLYMANAGEDTHROUGHVARIOUSQUANTITATIVEMODELSTHATCANBEUSEDBYERMVALUEATRISKMODELSHAVEBEE

14、NPOPULAR,PARTIALLYINRESPONSETOBASELIIBANKINGGUIDELINESOTHERANALYTICAPPROACHESINCLUDESIMULATIONOFINTERNALRISKRATINGSYSTEMSUSINGPASTDATAANDDECISIONANALYSISMODELSSWEDISHBANKSHAVEBEENFOUNDTOUSECREDITRATINGCATEGORIES,ANDTHATEACHBANKREFLECTEDITSOWNRISKPOLICYONEBANKWASFOUNDTOHAVEAHIGHERLEVELOFDEFAULTS,BUTW

15、ITHOUTADVERSELYAFFECTINGPROFITABILITYDUETOCONSTRAININGHIGHRISKLOANSTOLOWAMOUNTSSYSTEMICRISKFROMOVERALLECONOMICSYSTEMSASWELLASRISKFROMNETWORKSOFBANKSWITHLINKEDLOANPORTFOLIOSAREIMPORTANTOVERALLECONOMICSYSTEMRISKWASFOUNDTOBEMUCHMORELIKELY,WHILELINKEDLOANPORTFOLIOSINVOLVEDHIGHIMPACTBUTVERYLOWPROBABILITY

16、OFDEFAULTKEYFINANCIALRISKSTYPICALLY,THEMAJORSOURCESOFVALUELOSSINFINANCIALINSTITUTIONSAREIDENTIFIEDASMARKETRISKISEXPOSURETOTHEUNCERTAINMARKETVALUEOFAPORTFOLIO,WHERETHEUNDERLYINGECONOMICFACTORSARESUCHASINTERESTRATES,EXCHANGERATES,ANDEQUITYANDCOMMODITYPRICESCREDITRISKISTHERISKSTHATCOUNTERPARTYMAYBEUNAB

17、LETOPERFORMONANOBLIGATIONOPERATIONALRISKISTHERISKOFLOSSRESULTINGFROMINADEQUATEORFAILEDINTERNALPROCESSES,PEOPLEANDSYSTEMS,ORFROMEXTERNALEVENTSTHECOMMITTEEINDICATESTHATTHISDEFINITIONEXCLUDESSYSTEMICRISK,LEGALRISKANDREPUTATIONALRISKDURINGTHEEARLYPARTOFTHE1990S,MUCHOFTHEFOCUSWASONTECHNIQUESFORMEASURINGA

18、NDMANAGINGMARKETRISKASTHEDECADEPROGRESSED,THISSHIFTEDTOTECHNIQUESOFMEASURINGANDMANAGINGCREDITRISKBYTHEENDOFTHEDECADE,FIRMSANDREGULATORSWEREINCREASINGLYFOCUSINGONOPERATIONALRISKATRADERHOLDSAPORTFOLIOOFCOMMODITYFORWARDSSHEKNOWSWHATITSMARKETVALUEISTODAY,BUTSHEISUNCERTAINASTOITSMARKETVALUEAWEEKFROMTODAY

19、SHEFACESMARKETRISKTHETRADEREMPLOYSTHEDERIVATIVES“GREEKS”TODESCRIBEANDTOCHARACTERIZETHEVARIOUSEXPOSURESTOFLUCTUATIONSINFINANCIALPRICESINHERENTINAPARTICULARPOSITIONORPORTFOLIOOFINSTRUMENTSSUCHAPORTFOLIOOFINSTRUMENTSMAYINCLUDECASHINSTRUMENTS,DERIVATIVESINSTRUMENTS,BORROWINGANDLENDINGINTHISARTICLE,WEWIL

20、LINTRODUCETWOADDITIONALTECHNIQUESFORMEASURINGANDREPORTINGRISKVALUEATRISKASSESSMENTANDSCENARIOANALYSISMARKETRISKISCONCERNEDBOTHINTERNALLYANDEXTERNALLYINTERNALLY,MANAGERSANDTRADERSINFINANCIALSERVICEINDUSTRYNEEDAMEASURETHATALLOWSACTIVE,EFFICIENTMANAGEMENTOFTHEFIRMSRISKPOSITIONEXTERNALLY,REGULATORSWANTT

21、OBESUREAFINANCIALCOMPANYSPOTENTIALFORCATASTROPHICNETWORTHLOSSISACCURATELYMEASUREDANDTHATTHECOMPANYSECONOMICCAPITALISSUFFICIENTTOSURVIVESUCHALOSSALTHOUGHBOTHMANAGERSANDREGULATORSWANTUPTODATEMEASURESOFRISK,THEYDOESTIMATEEXPOSURETORISKSBASEDONDIFFERENTTIMEHORIZONSBANKMANAGERSANDTRADERSMEASURESMARKETRIS

22、KSONADAILYBASIS,WHICHISVERYCOSTLYANDTIMECONSUMINGTHUS,BANKMANAGERSCOMPROMISEBETWEENMEASUREMENTPRECISIONONTHEONEHANDANDTHECOSTANDTIMELINESSOFREPORTINGONTHEOTHERREGULATORSARECONCERNEDWITHTHEMAXIMUMLOSSABANKISLIKELYTOEXPERIENCEOVERAGIVENHORIZONSOTHATTHEYCANSETTHEBANKSREQUIREDCAPITALIE,ITSECONOMICNETWOR

23、THTOBEGREATERTHANTHEESTIMATEDMAXIMUMLOSSANDBEALMOSTSURETHATTHEBANKWILLNOTFAILOVERTHATHORIZONASARESULT,THEYARECONCERNEDWITHTHEOVERALLRISKINESSOFABANKANDHAVELESSCONCERNWITHTHERISKOFINDIVIDUALPORTFOLIOCOMPONENTSTHETIMEHORIZONUSEDINCOMPUTATIONISRELATIVELYLONGFOREXAMPLE,UNDERBASELIICAPITALFORMARKETRISKIS

24、BASEDONTHE10DAY99VARANDFORCREDITRISKANDOPERATIONALRISKISBASEDONA1YEAR999VARTHECOSOERMCUBEIN2004,COSOPUBLISHEDANENTERPRISERISKMANAGEMENTINTEGRATEDFRAMEWORKTHECOSOERMCUBECONSIDERSDIMENSIONOFOBJECTIVECATEGORIES,ACTIVITIES,ANDORGANIZATIONALLEVELSTABLE（31）CATEGORIESTHESTRATEGICLEVELINVOLVESOVERARCHINGACT

25、IVITIESSUCHASORGANIZATIONALGOVERNANCE,STRATEGICOBJECTIVES,BUSINESSMODELS,CONSIDERATIONOFEXTERNALFORCES,ANDOTHERFACTORSTHEOPERATIONSLEVELISCONCERNEDWITHBUSINESSPROCESSES,VALUECHAINS,FINANCIALFLOWS,ANDRELATEDISSUESREPORTINGINCLUDESINFORMATIONSYSTEMSASWELLASMEANSTOCOMMUNICATEORGANIZATIONALPERFORMANCEON

26、MULTIPLEDIMENSIONS,TOINCLUDEFINANCE,REPUTATION,ANDINTELLECTUALPROPERTYCOMPLIANCECONSIDERSORGANIZATIONALREPORTINGONLEGAL,CONTRACTUAL,ANDOTHERREGULATORYREQUIREMENTSINCLUDINGENVIRONMENTALACTIVITIESTHECOSOPROCESSCONSISTSOFASERIESOFACTIONS1INTERNALENVIRONMENTTHEPROCESSSTARTSWITHIDENTIFICATIONOFTHEORGANIZ

27、ATIONALUNITS,WITHENTITYLEVELREPRESENTINGTHEOVERALLORGANIZATIONTHISINCLUDESACTIONSTODEVELOPARISKMANAGEMENTPHILOSOPHY,CREATEARISKMANAGEMENTCULTURE,ANDDESIGNARISKMANAGEMENTORGANIZATIONALSTRUCTURE2OBJECTIVESETTINGEACHPARTICIPATINGDIVISION,BUSINESSUNIT,ANDSUBSIDIARYWOULDTHENIDENTIFYBUSINESSOBJECTIVESANDS

28、TRATEGICALTERNATIVES,REFLECTINGVISIONFORENTERPRISESUCCESSTHESEOBJECTIVESWOULDBECATEGORIZEDASSTRATEGIC,OPERATIONS,REPORTING,ANDCOMPLIANCETHESEOBJECTIVESNEEDTOBEINTEGRATEDWITHENTERPRISEOBJECTIVESATTHEENTITYLEVELOBJECTIVESSHOULDBECLEARANDSTRATEGIC,ANDSHOULDREFLECTTHEENTITYWIDERISKAPPETITE3EVENTIDENTIFI

29、CATIONMANAGEMENTNEEDSTOIDENTIFYEVENTSTHATCOULDINFLUENCEORGANIZATIONALPERFORMANCE,EITHERPOSITIVELYORNEGATIVELYRISKEVENTSAREIDENTIFIED,ALONGWITHEVENTINTERDEPENDENCIESSOMEEVENTSAREISOLATED,WHILEOTHERSARECORRELATEDMEASUREMENTISSUESASSOCIATEDWITHMETHODOLOGIESORRISKASSESSMENTTECHNIQUESNEEDTOBECONSIDEREDOD

30、ONNELL2004PROVIDEDASYSTEMSVIEWTOCREATEAMAPOFTHEORGANIZATIONSVALUECHAINANDATAXONOMYOFCATEGORIESTOIDENTIFYEVENTSTHATMIGHTTHREATENBUSINESSPERFORMANCE4RISKASSESSMENTEACHOFTHERISKSIDENTIFIEDINSTEP3AREASSESSEDINTERMSOFPROBABILITYOFOCCURRENCE,ASWELLASTHEIMPACTEACHRISKWILLHAVEONTHEORGANIZATIONTHUSBOTHIMPACT

31、ANDLIKELIHOODARECONSIDEREDTHEIRPRODUCTPROVIDESAMETRICFORRANKINGRISKSASSESSMENTTECHNIQUESCANINCLUDEPOINTESTIMATES,RANGES,ORBEST/WORSTCASESCENARIOS5RISKRESPONSESTRATEGIESAVAILABLETOMANAGERISKSAREDEVELOPEDTHESECANINCLUDERISKACCEPTANCE,RISKAVOIDANCE,RISKSHARING,ORRISKREDUCTIONOPTIONSHAVEBEENSUMMARIZEDIN

32、TOTHEFOURTSATREATINGARISKTAKINGDIRECTACTIONTOREDUCEIMPACTORLIKELIHOODBTERMINATEARISKDISCONTINUEACTIVITYEXPOSINGTHEORGANIZATIONTOTHERISKCTRANSFERARISKINSURANCEORCONTRACTSDTAKEORTOLERATEARISKFORAREASOFORGANIZATIONALEXPERTISE,THEYMAYDECIDETOACCEPTRISKWITHTHEIDEATHATTHEYAREEXPERTATDEALINGWITHITANOTHERVI

33、EWCONSIDERSRISKAVOIDANCE,REDUCTION,ACCEPTANCE,TRANSFER,ORSEEKINGRISKSFITTINGTHEORGANIZATIONSRISKAPPETITETHISISCOMPATIBLEWITHTHEFOURTSAVOIDANCEISAKINTOTERMINATING,ACCEPTANCETOTREATING,REDUCTIONANDTRANSFERTOTRANSFERABOVE,ANDSEEKINGRISKSTOTOLERATIONRISKSARENECESSARYTOLEADTOSITUATIONSLIKELYTOOFFERPROFIT

34、,BUTRISKSSHOULDBETAKENONLYAFTERINFORMEDBUSINESSANALYSISTHEEFFECTSOFRISKRESPONSEONOTHERRISKSSHOULDBECONSIDERED6CONTROLACTIVITIESCONTROLSNEEDEDTOMITIGATEIDENTIFIEDRISKSARESELECTEDIMPLICITINTHISSTEPISASSESSMENTOFTHECOSTSOFEACHRISKRESPONSEAVAILABLE,ANDCONSIDERATIONOFACTIVITIESTOREDUCERISKS7INFORMATIONAN

35、DCOMMUNICATIONCONTROLANDOTHERRISKRESPONSEACTIVITIESAREPUTINPLACETOENSUREAPPROPRIATEACTIONISTAKENWITHINTHEORGANIZATIONORGANIZATIONSNEEDTOENSURETHATINFORMATIONSYSTEMSCANMEASUREANDREPORTRISKACCURATELYERMEFFECTIVENESSANDCOSTSHOULDBECOMMUNICATEDTOSTAKEHOLDERSMONITORINGASPARTOFANONGOINGPROCESS,THEEFFECTIV

36、ENESSOFPLANIMPLEMENTATIONISMONITORED,FEEDINGBACKTOTHECONTROLSTEPIFPROBLEMSAREENCOUNTEREDMONITORINGINCLUDESRISKEVALUATIONSCOMPARINGACTUALEVENTOCCURRENCESWITHPRIORESTIMATESOFPROBABILITY,FREQUENCY,ANDCOSTEVENTIDENTIFICATIONASANEXAMPLEOFHOWSTEP3ABOVECANBEIMPLEMENTED,TABLE32PROVIDESACATEGORIZATIONOFRISKS

37、FORFINANCIALINSTITUTIONSIMPLEMENTATIONISSUESPASTRISKMANAGEMENTEFFORTSHAVEBEENCHARACTERIZEDBYBOTTOMUPIMPLEMENTATIONEFFECTIVEIMPLEMENTATIONCALLSFORTOPDOWNMANAGEMENT,ASDOMOSTORGANIZATIONALEFFORTSWITHOUTTOPSUPPORT,LACKOFFUNDINGWILLSTARVEMOSTEFFORTSRELATEDTOTHAT,TOPSUPPORTISNEEDEDTOCOORDINATEEFFORTSSOTHA

38、TSILOMENTALITIESDONOTTAKEOVERCOSOREQUIRESAHOLISTICAPPROACHIFCOSOISADOPTEDWITHINDAILYPROCESSES,ITCANEFFECTIVELYSTRENGTHENCORPORATEGOVERNANCEANOTHERIMPORTANTISSUEISTHEAPPLICATIONOFSUFFICIENTRESOURCESTOEFFECTIVELYIMPLEMENTERMONEVIEWOFERM,PARALLELTOTHATOFTHECMISYSTEMUSEDINSOFTWAREENGINEERING,ISASFOLLOWS

39、1LEVEL1COMPLIANCEREVIEWOFPOLICYANDPROCEDUREWITHACHECKLISTORIENTATION,PROVIDINGLOWVALUETOTHEORGANIZATIONINTERMSOFERM2LEVEL2CONTROLIMPLEMENTATIONOFCONTROLFRAMEWORKS,STILLUSINGACHECKLISTORIENTATION,ALSOPROVIDINGLOWVALUETOORGANIZATIONS3LEVEL3PROCESSTAKINGAPROCESSVIEWACROSSDEPARTMENTS,FOCUSINGONEFFECTIVE

40、NESSASWELLASEFFICIENCY,TOINCLUDEPROCESSMAPPING4LEVEL4RISKMANAGEMENTUSEOFSHAREDRISKLANGUAGE,WITHTHEABILITYTOPRIORITIZEEFFORTSBASEDONPROCESSMAPPING5LEVEL5ENTERPRISERISKMANAGEMENTTHENIRVANAOFHOLISTICRISKREVIEWSTIEDTOENTITYSTRATEGYBASEDONCOMMONRISKLANGUAGE,VIEWINGRISKMANAGEMENTASAPROCESS,PROVIDINGHIGHVA

41、LUETOORGANIZATIONALRISKMANAGEMENTCONCLUSIONSRISKSINAFINANCIALFIRMCANBEQUANTIFIEDANDMANAGEDUSINGVARIOUSMODELSMODELSALSOPROVIDESUPPORTTOORGANIZATIONSSEEKINGTOCONTROLENTERPRISERISKERMPROVIDESTOOLSTOINTEGRATEENTERPRISEWIDEOPERATIONSANDFINANCEFUNCTIONSANDBETTERINFORMSTRATEGICDECISIONSTHEPROMISEOFERMLIESI

42、NALLOWINGMANAGERSTOBETTERUNDERSTANDANDUSETHEIRFIRMSFUNDAMENTALRELATIONTOUNCERTAINTYINASCIENTIFICFRAMEWORKFROMEACHRISK,STRATEGYMAYCREATEOPPORTUNITYWEHAVEDISCUSSEDVARIOUSRISKMODELINGANDREVIEWEDSOMECOMMONRISKMEASURESINFINANCIALSERVICECOMPANYFROMTHECOREFINANCIALANDACCOUNTINGPERSPECTIVEGUPTAANDTHOMSONIDE

43、NTIFIEDPROBLEMSINIMPLEMENTINGCOSOSMALLCOMPANIESFEWERTHAN1,000EMPLOYEESREPORTEDALESSFAVORABLEIMPRESSIONOFCOSOCOMPLAINTSINGENERALINCLUDEDVAGUENESSANDNONSPECIFICITYFORAUDITINGCOSOWASVIEWEDASHIGHLEVEL,ANDTHUSOPENTOINTERPRETATIONATTHEOPERATIONALLEVELTHISSEEMSTOREFLECTAVIEWBYMOSTORGANIZATIONSREFLECTIVEOFL

44、EVEL1ANDLEVEL2INBOWLINGANDRIEGERSFRAMEWORKOTHERCOMPLAINTSABOUTCOSOHAVEBEENPUBLISHEDONEISTHATTHE1992FRAMEWORKISNOTCOMPLETELYAPPROPRIATEFOR2006THESUBSEQUENTCOSOERMISMORECURRENT,BUTSOMEVIEWITASVAGUE,SIMPLISTIC,ANDPROVIDESLITTLEIMPLEMENTATIONGUIDANCESOURCEDAVIDLOLSON,DESHENGWU,2008“ENTERPRISERISKMANAGEM

45、ENTFINANCIALANDACCOUNTINGPERSPECTIVES”NEWFRONTIERSINENTERPRISERISKMANAGEMENT,PP2538译文企业的风险管理财务和会计方面企业风险管理和财务操作关键的财务风险最近的金融危机导致金融公司、非金融公司和政府机构增加对各种形式的风险管理的重视，如市场风险管理，信贷风险管理，操作风险管理。金融机构，比如银行的进一步目的是需要满足各种风险计量与资本监管的要求。目前有走向风险综合或全面的观点增加的趋势。考虑金融工具集团的集体和个人安全风险的贡献思想，对集体风险的结构将是有益的。阿蒂林哈斯特佩兰的调查显示，近一半的保险业使用综合风险

46、管理方法（另外40计划这样做），而且40有首席风险官。企业风险管理（ERM）是使企业的战略，规划和财务目标承受可接受的风险的综合办法。对风险管理理念，这些财务风险之外的概念包括各种风险。例如，一个股票投资组合已推广到一个组织所面临风险的整个集合。一些原则经常被证实在实践中非常有用1、投资组合的风险永远也不能成为单独的各种风险因素的简单组合。2、你必须了解各种个别的风险因素及其相互作用，以了解投资组合的风险。3、关键的风险，即最重要的风险，最能促进该组合的风险或整个组织面临的风险。因此，决策者应该最关注关键风险的决策。4、采用定量方法来衡量风险是非常重要的。比如，一个关键的金融市场风险相对于资本

47、市场可大致定义为波动。这种风险的测量方法之一，是通过模型计算的资本成本，如加权资本（加权平均资本成本）和资本资产定价模型（CAPM）。企业风险管理和财务操作传统的财务操作都集中在成本、经营的效率和流程上。一个公司假定通过信息技术，如企业系统或新的经营管理技术，如分摊成本和外包来寻求效率。这些方法新颖，没有广泛使用，使得竞争对手使用信息技术进行大量的高风险投资，使其足以维持竞争优势。公司，或是财务部门，都取得了利用信息技术来获取和处理数据的高性能的成果。今天的挑战是处理业务固有的不确定性，在这种情况下，应通过金融业务的数据，来制定一项连贯的战略。效率是实现战略目标的一种手段。面对风险，只要有策略

48、，就有试图克服不确定性和不完整性的知识，来采取行动。为了明确企业风险管理接管金融业务，我们必须制定最好的首要原则。而企业财务操作在不同行业、不同的产品和服务中能提供有效的操作依赖于四个方面（1）交易处理创造满意的核心财务职能的效率，例如，应付账款和总分类账提供越来越多的共享服务或外包策略。（2）财务和监管报告取得法规和税务报告在事务性和系统角度的要求。（3）管理报告管理决策的制定提供各种数据和信息。（4）内部控制通过财务、会计和审计制度的严格监督，来支持有效的风险管理。这四个方面类似于风险管理框架，其中三个目标的类别包括经营目标，财务报告目标，服从的目标。内部控制整合框架定义的企业风险管理是一

49、种识别和管理潜在发生的事件和操作可能影响该公司经营风险管理能力，使他们保持其风险偏好持续不断的过程。财务操作活动通常通过各种定量模型来管理，可供企业风险管理使用。风险价值模型已经得到普及，部分表明了对新巴塞尔协议银行准则的回应。其他分析方法包括模仿利用内部风险评级系统过去的数据和决策分析系统的模型。瑞典银行已使用信用评级类别，每家银行都反映了其自身的风险管理政策。一家银行被发现有一个更高层次的违约，但由于制约了数额低的高风险贷款，对盈利能力没有不利的影响。从整体经济体系的系统风险，以及从网络银行的风险与相关贷款组合是重要的。整个经济体系的风险更容易被发现，而相关贷款组合涉及高冲击，但非常低的违约概率。关键的财务风险通常情况下，金融机构的价值损失的主要来源是确认为市场风险是置身于一个具有不确定市场价值的投资组合，其相关的经济因素有利率，汇率，股票及商品价格。信用风险是对手方可能不履行义务的风险。经营风险是由不适当的或失败的内部流程、人员和系统或外部事件造成的风险损失。该委员会表明这一定义排除了系统性风险，法律风险和信誉风险。在20世纪90年代初，大部分的焦点是对市场风险的测量与管理技术。经过十年的发展，这转移到信贷风险的测量与管理技术上。到了九十年代末期，公司和监管者越来越注重经营风险。交易者持有的远期商品组合。她知道它今天的市场价值，但她不确定从今