1、外文题目ANEMPIRICALSTUDYONENTERPRISERISKMANAGEMENTININSURANCE出处NEWFRONTIERSINENTERPRISERISKMANAGEMENT作者MACHARYYA原文ENTERPRISERISKMANAGEMENTININSURANCEENTERPRISERISKMANAGEMENTHEREINAFTERREFERREDAS“ERM”INTERESTSAWIDERANGEOFPROFESSIONSEG,ACTUARIES,CORPORATEFINANCIALMANAGERS,UNDERWRITERS,ACCOUNTANTS,ANDINTER
2、NALAUDITORS,HOWEVER,CURRENTERMSOLUTIONSOFTENDONOTCOVERALLRISKSBECAUSETHEYAREMOTIVATEDBYTHECOREPROFESSIONALETHICSANDPRINCIPLESOFTHESEPROFESSIONSWHODESIGNANDADMINISTERTHEMINATYPICALINSURANCECOMPANYALLSUCHPROFESSIONSWORKASAGROUPTOACHIEVETHEOVERRIDINGCORPORATEOBJECTIVESRISKCANBEDEFINEDASFACTORSWHICHPREV
3、ENTANORGANIZATIONINACHIEVINGITSOBJECTIVESANDRISKSAFFECTORGANIZATIONSHOLISTICALLYTHEMANAGEMENTOFRISKINISOLATIONOFTENMISSESITSBIGPICTUREITISARGUEDHERETHATAHOLISTICMANAGEMENTOFRISKISLOGICALANDISTHEULTIMATEDESTINATIONOFALLGENERALMANAGEMENTACTIVITIESMOREOVER,RISKMANAGEMENTSHOULDNOTBEASEPARATEFUNCTIONOFTH
4、EBUSINESSPROCESSRATHER,MANAGINGDOWNSIDERISKANDTAKINGTHEOPPORTUNITIESFROMUPSIDERISKSHOULDBETHEKEYMANAGEMENTGOALSCONSEQUENTLY,ERMISBELIEVEDASANAPPROACHTORISKMANAGEMENT,WHICHPROVIDESACOMMONUNDERSTANDINGACROSSTHEMULTIDISCIPLINARYGROUPSOFPEOPLEOFTHEORGANIZATIONERMSHOULDBEPROACTIVEANDITSFOCUSSHOULDBEONTHE
5、ORGANIZATIONSFUTUREORGANIZATIONSOFTENSTRUGGLETOSEEANDUNDERSTANDTHEFULLRISKSPECTRUMTOWHICHTHEYAREEXPOSEDANDASARESULTTHEYMAYFAILTOIDENTIFYTHEMOSTVULNERABLEAREASOFTHEBUSINESSTHEEFFECTIVEMANAGEMENTOFRISKISTRULYANINTERDISCIPLINARYEXERCISEGROUNDEDONAHOLISTICFRAMEWORKWHATEVERNAMETHISNEWTYPEOFRISKMANAGEMENT
6、ISGIVENTHELITERATUREREFERSTOITBYDIVERSENAMES,SUCHASENTERPRISERISKMANAGEMENT,STRATEGICRISKMANAGEMENT,ANDHOLISTICRISKMANAGEMENTTHEULTIMATEFOCUSISMANAGEMENTOFALLSIGNIFICANTRISKSFACEDBYTHEORGANIZATIONRISKISANINTEGRALPARTOFEACHANDEVERYACTIONOFTHEORGANIZATIONINTHESENSETHATANORGANIZATIONISABASKETOFCONTRACT
7、SASSOCIATEDWITHRISKINTERMSOFLOSSESANDOPPORTUNITIESTHEIDEAOFERMISSIMPLEANDLOGICAL,BUTIMPLEMENTATIONISDIFFICULTTHISISBECAUSEITSINVOLVEMENTWITHAWIDESTAKEHOLDERCOMMUNITY,WHICHINTURNINVOLVESGROUPSFROMDIFFERENTDISCIPLINESWITHDIFFERENTBELIEFSANDUNDERSTANDINGSINDEED,ERMNEEDSTHEORIESWHICHARETHEINTERESTOFACAD
8、EMICSBUTAGRANDTHEORYOFERMWHICHINVARIABLYINVOLVESANINTERDISCIPLINARYCONCEPTISFARFROMHAVINGBEENACHIEVEDCONSEQUENTLY,FORPRACTICALPROPOSES,WHATISNEEDEDISTHEDEVELOPMENTOFAFRAMEWORKASETOFCOMPETENTTHEORIESANDONEOFTHEKEYCHALLENGESOFTHISTHESISISTOESTABLISHTHEKEYFEATURESOFSUCHAFRAMEWORKTOPROMOTETHEPRACTICEOFE
9、RMMULTIDISCIPLINARYVIEWSOFRISKTHEOBJECTIVEOFTHERESEARCHISTOSTUDYTHEERMOFINSURANCECOMPANIESINLINEWITHTHISITISDESIGNEDTOINVESTIGATEWHATISHAPPENINGPRACTICALLYINTHEINSURANCEINDUSTRYATTHECURRENTTIMEINTHENAMEOFERMTHEINTENTIONISTOMINIMIZETHEGAPBETWEENTHETWOCOMMUNITIESIE,ACADEMICSANDPRACTITIONERSINORDERTOCO
10、NTRIBUTETOTHELITERATUREOFRISKMANAGEMENTINRECENTYEARSERMHASEMERGEDASATOPICFORDISCUSSIONINTHEFINANCIALCOMMUNITY,INPARTICULAR,THEBANKSANDINSURANCESECTORSPROFESSIONALORGANIZATIONSHAVEPUBLISHEDRESEARCHREPORTSONERMCONSULTINGFIRMSCONDUCTEDEXTENSIVESTUDIESANDSURVEYSONTHETOPICTOSUPPORTTHEIRCLIENTSRATINGAGENC
11、IESINCLUDEDTHEERMCONCEPTINTHEIRRATINGCRITERIAREGULATORSFOCUSEDMOREONTHERISKMANAGEMENTCAPABILITYOFTHEFINANCIALORGANIZATIONSACADEMICSARESLOWLYRESPONDINGONTHEMANAGEMENTOFRISKINAHOLISTICFRAMEWORKFOLLOWINGTHEINITIATIVESOFPRACTITIONERSTHECENTRALIDEAISTOBRINGTHEORGANIZATIONCLOSETOTHEMARKETECONOMYNEVERTHELE
12、SS,EVERYBODYISPUSHINGERMWITHINTHESCOPEOFTHEIRCOREPROFESSIONALUNDERSTANDINGTHEFOCUSOFERMISTOMANAGEALLRISKSINAHOLISTICFRAMEWORKWHATEVERTHESOURCEANDNATURETHEREREMAINSASTRONGGROUNDOFKNOWLEDGEINMANAGINGRISKONANISOLATEDBASISINSEVERALACADEMICDISCIPLINESEG,ECONOMICS,FINANCE,PSYCHOLOGY,SOCIOLOGY,ETCBUTLITTLE
13、HASBEENDONETOTAKEAHOLISTICAPPROACHOFRISKBEYONDDISCIPLINARYSILOSMOREOVER,THETHEORETICALUNDERSTANDINGOFTHEHOLISTICIE,MULTIDISCIPLINARYPROPERTIESOFRISKISSTILLUNKNOWNCONSEQUENTLY,THEREREMAINSALACKOFUNDERSTANDINGINTERMSOFACOMMONANDINTERDISCIPLINARYLANGUAGEFORERMRISKINFINANCEINFINANCE,RISKYOPTIONSINVOLVEM
14、ONETARYOUTCOMESWITHEXPLICITPROBABILITIESANDTHEYAREEVALUATEDINTERMSOFTHEIREXPECTEDVALUEANDTHEIRRISKINESSTHETRADITIONALAPPROACHTORISKINFINANCELITERATUREISBASEDONAMEANVARIANCEFRAMEWORKOFPORTFOLIOTHEORY,IE,SELECTIONANDDIVERSIFICATIONTHEIDEAOFRISKINFINANCEISUNDERSTOODWITHINTHESCOPEOFSYSTEMATICNONDIVERSIF
15、IABLERISKANDUNSYSTEMATICDIVERSIFIABLERISKITISRECOGNIZEDINFINANCETHATSYSTEMATICRISKISPOSITIVELYCORRELATEDWITHTHERATEOFRETURNINADDITION,SYSTEMATICRISKISANONINCREASINGFUNCTIONOFAFIRMSGROWTHINTERMSOFEARNINGSANOTHERESTABLISHEDCONCERNINFINANCEISDEFAULTRISKANDITISARGUEDTHATTHEPERFORMANCEOFTHEFIRMISLINKEDTO
16、THEFIRMSDEFAULTRISKALARGEPARTOFFINANCELITERATUREDEALSWITHSEVERALTECHNIQUESOFMEASURINGRISKSOFFIRMSINVESTMENTPORTFOLIOSEG,STANDARDDEVIATION,BETA,VAR,ETCINADDITIONTOTHEPORTFOLIOTHEORY,CAPITALASSETPRICINGMODELCAPMWASDISCOVEREDINFINANCETOPRICERISKYASSETSONTHEPERFECTCAPITALMARKETSFINALLY,DERIVATIVEMARKETS
17、GREWTREMENDOUSLYWITHTHERECOGNITIONOFOPTIONPRICINGTHEORYRISKINECONOMICSRISKINECONOMICSISUNDERSTOODWITHINTWOSEPARATEINDEPENDENTCATEGORIES,IE,ENDOGENOUSCONTROLLABLERISKANDBACKGROUNDUNCONTROLLABLERISKITISRECOGNIZEDTHATECONOMICDECISIONSAREMADEUNDERUNCERTAINTYINTHEPRESENCEOFMULTIPLERISKSEXPECTEDUTILITYTHE
18、ORYARGUESTHATPEOPLESRISKATTITUDEONTHESIZEOFRISKSMALL,MEDIUM,LARGEISDERIVEDFROMTHEUTILITYOFWEALTHFUNCTION,WHERETHEUTILITIESOFOUTCOMESAREWEIGHTEDBYTHEIRPROBABILITIESECONOMISTSARGUETHATPEOPLEARERISKAVERSENEUTRALWHENTHESIZEOFTHERISKSISLARGESMALLPROSPECTTHEORYPROVIDESADESCRIPTIVEANALYSISOFCHOICEUNDERRISK
19、INECONOMICS,THECONCEPTOFRISKBEARINGPREFERENCESOFAGENTSFORINDEPENDENTRISKSWASDESCRIBEDUNDERTHENOTIONOF“STANDARDRISKAVERSION”MOSTOFTHEECONOMICRESEARCHONRISKISORIGINATEDONTHESTUDYOFDECISIONMAKINGBEHAVIORONLOTTERIESANDOTHERGAMBLESRISKINPSYCHOLOGYWHILEECONOMICSASSUMESANINDIVIDUALSRISKPREFERENCEISAFUNCTIO
20、NOFPROBABILISTICBELIEFS,PSYCHOLOGYEXPLORESHOWHUMANJUDGMENTANDBEHAVIORSYSTEMATICALLYFORMSSUCHBELIEFSPSYCHOLOGYTALKSABOUTTHERISKTAKINGBEHAVIORRISKPREFERENCESITLOOKSFORTHEPATTERNSOFHUMANREACTIONSTOTHECONTEXT,REFERENCEPOINT,MENTALCATEGORIESANDASSOCIATIONSTHATINFLUENCEHOWPEOPLEMAKEDECISIONSTHEPSYCHOLOGIC
21、ALAPPROACHTORISKDRAWSUPONTHENOTIONOFLOSSAVERSIONTHATMANIFESTSITSELFINTHERELATEDNOTIONOF“REGRET”ACCORDINGTOWILLETT“RISKAFFECTSECONOMICACTIVITYTHROUGHTHEPSYCHOLOGICALINFLUENCEOFUNCERTAINTY”MANAGERSATTITUDEOFRISKTAKINGISOFTENDESCRIBEDFROMTHEPSYCHOLOGICALPOINTOFVIEWINTERMSOFFEELINGSPSYCHOLOGISTSARGUETHA
22、TRISK,ASAMULTIDISCIPLINARYCONCEPT,CANNOTBEREDUCEDMEANINGFULLYBYASINGLEQUANTITATIVETREATMENTCONSEQUENTLY,MANAGERSTENDTOUTILIZEANARRAYOFRISKMEASURERSTOASSISTTHEMINTHEDECISIONMAKINGPROCESSUNDERUNCERTAINTYRISKPERCEPTIONPLAYSACENTRALROLEINTHEPSYCHOLOGICALRESEARCHONRISK,WHERETHEKEYCONCERNISHOWPEOPLEPERCEI
23、VERISKANDHOWITDIFFERSTOTHEACTUALOUTCOMENEVERTHELESS,THEPSYCHOLOGICALRESEARCHONRISKPROVIDESFUNDAMENTALKNOWLEDGEOFHOWEMOTIONSARELINKEDTODECISIONMAKINGRISKINSOCIOLOGYINSOCIOLOGYRISKISASOCIALLYCONSTRUCTEDPHENOMENONIE,ASOCIALPROBLEMANDDEFINEDASASTRATEGYREFERRINGTOINSTRUMENTALRATIONALITYTHESOCIOLOGICALLIT
24、ERATUREONRISKWASORIGINATEDFROMANTHROPOLOGYANDPSYCHOLOGYISDOMINATEDBYTWOCENTRALCONCEPTSFIRST,RISKANDCULTUREANDSECOND,RISKSOCIETYTHENEGATIVECONSEQUENCESOFUNWANTEDEVENTSIE,NATURAL/CHEMICALDISASTERS,FOODSAFETYARETHEKEYFOCUSOFSOCIOLOGICALRESEARCHESONRISKFROMASOCIOLOGICALPERSPECTIVEENTREPRENEURSREMAINLIAB
25、LEFORTHERISKOFTHESOCIETYANDRESPONSIBLETOSHAREITINPROPORTIONTOTHEIRRESPECTIVECONTRIBUTIONSPRACTICALLY,THERESPONSIBILITIESAREIMPOSEDANDACTIONSAREMONITOREDBYSTATEREGULATORSANDSUPERVISORSNEVERTHELESS,IDENTIFICATIONOFASOCIALLYACCEPTABLETHRESHOLDOFRISKISAKEYCHALLENGEOFMANYSOCIOLOGICALRESEARCHESONRISKCONVE
26、RGENCEOFMULTIDISCIPLINARYVIEWSOFRISKDIFFERENTDISCIPLINARYVIEWSOFRISKAREOBVIOUSWHEREAS,ECONOMICSANDFINANCESTUDYRISKBYEXAMININGTHEDISTRIBUTIONOFCORPORATERETURNS,PSYCHOLOGYANDSOCIOLOGYINTERPRETRISKINTERMSOFITSBEHAVIORALCOMPONENTSMOREOVER,ECONOMISTSFOCUSONTHEECONOMICIE,COMMERCIALVALUEOFINVESTMENTSINARIS
27、KYSITUATIONINCONTRAST,SOCIOLOGISTSARGUEONTHEMORALVALUEIE,SACRIFICEONTHERISKRELATEDACTIVITIESOFTHEFIRMINADDITION,SOCIOLOGISTSCRITICISMOFECONOMISTSCONCERNOFRISKISTHATALTHOUGHTHEYRELYONRISK,TIME,ANDPREFERENCESWHILEDESCRIBINGTHEISSUESRELATEDTORISKTAKING,THEYOFTENMISSOUTTHEIRINTERRELATIONSHIPSIE,NARROWPE
28、RSPECTIVEINTERESTINGLY,THEREAPPEARSSOMECONVERGENCEOFECONOMICSANDPSYCHOLOGYINTHELITERATUREOFECONOMICPSYCHOLOGYTHEINTENTIONISTOINCLUDETHETRADITIONALECONOMICMODELOFINDIVIDUALSFORMALRATIONALACTIONINTHEUNDERSTANDINGOFTHEWAYTHEYACTUALLYTHINKANDBEHAVEIE,IRRATIONALITYINADDITION,BEHAVIORALFINANCEISSEENASAGRO
29、WINGDISCIPLINEWITHTHEORIGINOFECONOMICSANDPSYCHOLOGYINCONTRASTTOEFFICIENTMARKETHYPOTHESISBEHAVIOURFINANCEPROVIDESDESCRIPTIVEMODELSINMAKINGJUDGMENTUNDERUNCERTAINTYTHEORIGINOFTHISCONVERGENCEWASDUETOTHEDISCOVERYOFTHEPROSPECTTHEORYINTHEFULFILLMENTOFTHESHORTCOMINGSOFVONNEUMANNMORGENSTERNSUTILITYTHEORYFORP
30、ROVIDINGREASONSOFHUMANIRRATIONALBEHAVIORUNDERUNCERTAINTYEG,ARBITRAGEALTHOUGH,THEOVERRIDINGENQUIRYOFDISCIPLINESISTHEESTIMATIONOFRISK,THEYCOMPARINGANDREDUCINGINTOACOMMONMETRICOFMANYTYPESOFRISKSARETHEREULTIMATEDIFFICULTYTHEKEYCONCLUSIONOFTHEABOVEANALYSISSUGGESTSTHATTHEREEXISTOVERLAPSONTHEDISCIPLINARYVI
31、EWSOFRISKANDTHEIRINTERRELATIONSAREEMERGINGWITHTHEPROGRESSOFRISKRESEARCHINPARTICULAR,THECENTRALIDEAOFERMISTOOBSCURETHEHIDDENDEPENDENCIESOFRISKBEYONDDISCIPLINARYSILOSINSURANCEINDUSTRYPRACTICETHEPRACTICEOFERMINTHEINSURANCEINDUSTRYHASBEENDRAWNFROMTHEAUTHORSPHDRESEARCHCOMPLETEDIN2006THEINITIATIVESOFFOURM
32、AJORGLOBALEUROPEANINSURERSHEREINAFTERREFERREDAS“CASES”WERESTUDIEDFORTHISPURPOSEOUTOFTHESEFOURINSURERSONEISAREINSURERANDTHEREMAININGTHREEAREPRIMARYINSURERSTHEYWEREATVARIOUSSTAGESOFDESIGNINGANDIMPLEMENTINGERMATOTALOFFIFTYONEFACETOFACEANDTELEPHONEINTERVIEWSWERECONDUCTEDWITHKEYPERSONNELOFTHECASESINBETWE
33、ENTHEENDOF2004ANDTHEBEGINNINGOF2006THECOMPARATIVEANALYSISCOMPAREANDCONTRASTTECHNIQUEWASUSEDTOANALYZETHEDATAANDTHEYWEREDISCUSSEDWITHSEVERALINDUSTRYANDACADEMICEXPERTSFORTHEPURPOSEOFVALIDATIONTHEREAFTER,ACONCEPTUALMODELOFERMWASDEVELOPEDFROMTHEFINDINGSOFTHEDATAFINDINGSBASEDONTHEDATAAREARRANGEDUNDERFIVED
34、IMENSIONSTHEYAREUNDERSTANDINGEVALUATIONSTRUCTURECHALLENGES,ANDPERFORMANCEOFERMUNDERSTANDINGOFERMITWASFOUNDTHATTHEKEYDISTINCTIONINVARIOUSPERCEPTIONSOFERMREMAINSBETWEENRISKMEASUREMENTANDRISKMANAGEMENTINTERESTINGLY,TOOLSANDPROCESSESAREFOUNDCOMPLIMENTARYINESSENCE,MEANINGTHATATOOLCANNOTRUNWITHOUTAPROCESS
35、ANDVICEVERSAITISFOUNDTHATTHEPEOPLEWHOWORKWITHNUMBERSEG,ACTUARIES,FINANCEPEOPLE,ETCAREINVOLVEDINTHERISKMODELINGANDMANAGEMENTMOSTLYCONCERNEDWITHTHEFINANCIALANDCOREINSURANCERISKSANDTENDTOBELIEVEERMISATOOLONTHEOTHERHANDINTERNALAUDITORS,COMPANYSECRETARIES,ANDOPERATIONALMANAGERSWHOSEJOBISRELATEDTOTHEHUMAN
36、,SYSTEMANDCOMPLIANCERELATEDISSUESOFRISKAREMORELIKELYTOSEEERMASAPROCESSERMAPROCESSWITHINTHEUNDERSTANDINGOFERMASAPROCESS,FOURKEYCONCEPTSWEREFOUNDTHEYAREHARMONIZATION,STANDARDIZATION,INTEGRATIONANDCENTRALIZATIONINFACT,THEYARELINKEDTOTHECONCEPTOFTOPDOWNANDBOTTOMUPAPPROACHESOFERMTHEANALYSISFOUNDFOURKEYCO
37、NCEPTSOFERMTHEYAREHARMONIZATION,STANDARDIZATION,INTEGRATIONANDCENTRALIZATIONINDECREASINGORDEROFIMPORTANCEITWASALSOFOUNDTHATAUNIQUEUNDERSTANDINGOFERMDOESNOTEXISTWITHINTHECASES,RATHERERMISSEENASACOMBINATIONOFTHEFOURCONCEPTSANDTHEYOFTENOVERLAPITISREVEALEDTHATANUNDERSTANDINGOFTHESEFOURCONCEPTSINCLUDINGT
38、HEIRLINKAGESISESSENTIALFORDESIGNINGANOPTIMALERMSYSTEMLINKAGESAMONGSTTHEFOURCONCEPTSALTHOUGHHARMONIZATIONANDSTANDARDIZATIONARESEENAPPARENTLYSIMILARRESPONDENTSVIEWTHEMDIFFERENTLYWHEREAS,HARMONIZATIONALLOWSCHOICESBETWEENALTERNATIVES,STANDARDIZATIONPROVIDESNOFLEXIBILITYEFFECTIVELY,HARMONIZATIONOFFERSARA
39、NGEOFIDENTICALALTERNATIVES,OUTOFWHICHONEORMORECANBEADOPTEDDEPENDINGONTHEGIVENCIRCUMSTANCESALTHOUGHSTANDARDIZATIONDOESNOTOFFERSUCHFLEXIBILITY,ITWASFOUNDASANESSENTIALTECHNIQUEOFERMWHILSTHARMONIZATIONACCEPTSEXISTINGDIVERGENCETOBRINGASTATEOFCOMPARABILITY,STANDARDIZATIONDOESNOTNECESSARILYCONSIDEREXISTING
40、CONVENTIONSANDDEFINITIONSITFOCUSESONACOMMONSTANDARD,A“TOPDOWN”APPROACHINDEED,INTEGRATIONOFCOMPETENTPOLICIESANDPROCESSES,MODELS,ANDDATAEITHERFORMANAGEMENTUSE,COMPLIANCEANDREPORTINGARENOTPOSSIBLEFORGLOBALINSURERSWITHOUTHARMONIZINGANDSTANDARDIZINGTHEMHENCE,THERESEARCHESTABLISHESTHATASEQUENCEIE,HARMONIZ
41、ATION,STANDARDIZATION,INTEGRATION,ANDTHENCENTRALIZATIONISTOBEMAINTAINEDWHENERMISBEINGDEVELOPEDINPRACTICEFROMANOPERATIONALPERSPECTIVEABOVEALL,THEPROCESSISFOUNDIMPORTANTTOACHIEVEADIVERSIFIEDRISKCULTUREACROSSTHEORGANIZATIONTOALLOCATERISKMANAGEMENTRESPONSIBILITIESTORISKOWNERSANDRISKTAKERSERMATOOLVIEWEDA
42、SATOOL,ERMENCOMPASSESPROCEDURESANDTECHNIQUESTOMODELANDMEASURETHEPORTFOLIOOFQUANTIFIABLEENTERPRISERISKFROMINSURERSCOREDISCIPLINARYPERSPECTIVETHEOBJECTIVEISTOMEASUREALEVELOFRISKADJUSTEDCAPITALIE,ECONOMICCAPITALANDTHEREAFTERALLOCATIONOFCAPITALINTHISPERSPECTIVEERMISTHOUGHTASASOPHISTICATEDVERSIONOFINSURE
43、RSASSETLIABILITYMANAGEMENTMOSTOFTEN,EXTREMEANDEMERGINGRISKS,WHICHMAYBRINGTHEORGANIZATIONDOWN,ARETAKENINTOCONSIDERATIONIDEALLY,THEPROCEDUREOFCALCULATINGECONOMICCAPITALISCLOSELYLINKEDTOTHEMARKETVOLATILITYMOREOVER,THEOBJECTIVEISCLEAR,IE,MEETINGTHEEXPECTATIONOFSHAREHOLDERSCONSEQUENTLY,THEREREMAINSLESSSC
44、OPETOCAPTURETHESUBJECTIVITYASSOCIATEDWITHENTERPRISERISKSERMANAPPROACHINCONTRASTTOPROCESSANDTOOL,ERMISALSOFOUNDASANAPPROACHOFMANAGINGTHEENTIREBUSINESSFROMASTRATEGICPOINTOFVIEWSINCE,RISKISSODEEPLYROOTEDINTHEINSURANCEBUSINESS,ITISDIFFICULTTOSEPARATERISKFROMTHEFUNCTIONSOFINSURANCECOMPANIESITISARGUEDTHAT
45、APROPERLYDESIGNEDERMINFRASTRUCTURESHOULDALIGNRISKTOACHIEVESTRATEGICGOALSALTERNATIVELY,APPLICATIONOFANERMAPPROACHOFMANAGINGBUSINESSISFOUNDCENTRALTOTHEVALUECREATIONOFINSURANCECOMPANIESINTHESTUDY,ERMISBELIEVEDASANAPPROACHOFCHANGINGTHECULTUREOFTHEORGANIZATIONINBOTHMARKETINGANDSTRATEGICMANAGEMENTISSUESIN
46、TERMSOFINNOVATINGANDPRICINGPRODUCTS,SELECTINGPROFITABLEMARKETS,DISTRIBUTINGPRODUCTS,TARGETINGCUSTOMERSANDRATINGS,ANDTHUSFORMULATINGAPPROPRIATECORPORATESTRATEGIESINTHISHOLISTICAPPROACHVARIOUSSTRATEGIC,FINANCIALANDOPERATIONALCONCERNSARESEENINTEGRATEDTOCONSIDERALLRISKSACROSSTHEORGANIZATIONITISSEENTHATA
47、SAPROCESS,ERMTAKESANINDUCTIVEAPPROACHTOEXPLORETHEPITFALLSCHALLENGESOFACHIEVINGCORPORATEOBJECTIVESFORBROADERAUDIENCEIE,STAKEHOLDERSEMPHASIZINGMOREONMORALANDETHICALISSUESINCONTRAST,ASATOOL,ITTAKESADEDUCTIVEAPPROACHTOMEETSPECIFICCORPORATEOBJECTIVESFORSELECTEDAUDIENCEIE,SHAREHOLDERSBYCONCENTRATINGMOREON
48、MONITORYFINANCIALOUTCOMESCLEARLY,THEAPPROACHESARECOMPLIMENTARYANDHAVEOVERLAPPINGELEMENTS外文题目ANEMPIRICALSTUDYONENTERPRISERISKMANAGEMENTININSURANCE出处NEWFRONTIERSINENTERPRISERISKMANAGEMENT作者MACHARYYA译文保险业对企业风险管理的实证研究企业风险管理涉及各种行业如保险精算师、公司财政经理、保险商、会计和内部审计员，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则
49、。在一家典型的保险公司中，专业工作将以小组的形式完成，风险也可以称为因素，其阻碍组织目标的实现进而影响整体。而孤立的风险管理往往忽略了全局。本文所研究的全面的风险管理是合理的，也是一般管理活动的最终目标。风险管理不是一个独立的业务流程的，管理目标的关键应该是处理好风险的负面效应，以及从风险的正面效应中获取机会。企业风险管理是风险管理的一种途径，它是各个学科的专家达成的共识。企业风险管理要具有前摄性，应立足于企业的未来发展。企业应了解风险涉及的范围以及可能引起的损失。有效的风险管理是以全面的框架为基础的一项跨学科的实践活动。无论以何种名义定义这种新型的风险管理（本文指的是不同的名称，如企业风险管理，战略风险管理，整体风险管理），最终都统一于对该企业所有重大风险的管理。风险存在于任何事项中，企业的任何一项决策，无论是亏损还是获利都与风险密切相关。企业风险管理理论上是简单合理的，但由于它的主体是社会，有广泛的利益相关者，而且涉及到不同信仰，不同世界观的社会群体，在现实中很难实行。企业风险管理需要理论作为依据，但却始终缺少强有力的理论（它涉及跨学科的概念）。本文认为，现在需要的是一个整体框架的发展，本文的主要任务就是建立一个完整的理论体系，以促进企业风险管理的实际运用。多学科的风险观此次讨论的目的是研究保险公司的风险管理。为此我们设计了一份调查，调查内容是保险业实
