【正文】 of eight interrelated ponents, which are integral to the way management runs the enterprise. The ponents are linked and serve as criteria for determining whether enterprise risk management is effective.本章摘要：所有的主體都面臨不確定性，對(duì)于管理當(dāng)局的挑戰(zhàn)在于確定在追求增加利益相關(guān)者價(jià)值的同時(shí)，準(zhǔn)備承受多少不確定性。企業(yè)風(fēng)險(xiǎn)管理使管理當(dāng)局能夠識(shí)別、評(píng)估和管理面對(duì)不確定性的風(fēng)險(xiǎn)，它對(duì)于價(jià)值創(chuàng)造和保持而言是必不可少的。企業(yè)風(fēng)險(xiǎn)管理是一個(gè)過程，它由一個(gè)主體的董事會(huì)、管理當(dāng)局和其他人員實(shí)施，應(yīng)用于戰(zhàn)略制訂并貫穿于企業(yè)之中，旨在識(shí)別可能會(huì)影響主體的潛在事項(xiàng)，管理風(fēng)險(xiǎn)以使其在該主體的風(fēng)險(xiǎn)容量之內(nèi)，并為主體目標(biāo)的實(shí)現(xiàn)提供合理保證。它包括八個(gè)相互關(guān)聯(lián)的構(gòu)成要素，它們與管理當(dāng)局經(jīng)營(yíng)企業(yè)的方式密不可分。這些構(gòu)成要素聯(lián)系起來，成為確定企業(yè)風(fēng)險(xiǎn)管理是否有效的標(biāo)準(zhǔn)。A key objective of this framework is to help managements of businesses and other entities better deal with risk in achieving an entity’s objectives. But enterprise risk management means different things to different people, with a wide variety of labels and meanings preventing a mon understanding. An important goal, then, is to integrate various risk management concepts into a framework in which a mon definition is established, ponents are identified, and key concepts are described. This framework acmodates most viewpoints and provides a starting point for individual entities’ assessment and enhancement of enterprise risk management, for future initiatives of rulemaking bodies, and for education.本框架的一個(gè)關(guān)鍵目標(biāo)是幫助企業(yè)和其他主體的管理當(dāng)局在實(shí)現(xiàn)主體目標(biāo)的過程中更好地處理風(fēng)險(xiǎn)。但是企業(yè)風(fēng)險(xiǎn)管理有許多不同的稱謂和解釋，難以形成共同的理解，因而對(duì)于不同的人而言意味著不同的含義。因此，一個(gè)重要的目的在于把各種不同的風(fēng)險(xiǎn)管理概念整合到一個(gè)構(gòu)架之中，在這個(gè)構(gòu)架中構(gòu)建一個(gè)共同的定義，辨別構(gòu)成要素，并講述關(guān)鍵概念。這個(gè)構(gòu)架容納大多數(shù)觀點(diǎn)，為各個(gè)主體評(píng)估和增進(jìn)企業(yè)風(fēng)險(xiǎn)管理，為規(guī)則制定團(tuán)體和教育機(jī)構(gòu)的未來行動(dòng)提供一個(gè)出發(fā)點(diǎn)。Uncertainty and Value 不確定性與價(jià)值A(chǔ)n underlying premise of enterprise risk management is that every entity, whether forprofit, notforprofit, or a governmental body, exists to provide value for its stakeholders. All entities face uncertainty, and the challenge for management is to determine how much uncertainty the entity is prepared to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables management to effectively deal with uncertainty and associated risk and opportunity and thereby enhance the entity’s capacity to build value.企業(yè)風(fēng)險(xiǎn)管理的一個(gè)基本前提是每一個(gè)主體，不管是營(yíng)利性的、非營(yíng)利性的，還是政府機(jī)構(gòu)，存在的目的都是為它的利益相關(guān)者提供價(jià)值。所有的主體都面臨不確定性，對(duì)于管理當(dāng)局的挑戰(zhàn)在于確定在追求增加利益相關(guān)者價(jià)值的同時(shí)，準(zhǔn)備承受多少不確定性。不確定性潛藏著對(duì)價(jià)值的破壞或增進(jìn)，既代表風(fēng)險(xiǎn)，也代表機(jī)會(huì)。企業(yè)風(fēng)險(xiǎn)管理使管理當(dāng)局能夠有效地處理不確定性以及由此帶來的風(fēng)險(xiǎn)和機(jī)會(huì)，從而提高主體創(chuàng)造價(jià)值的能力。Enterprises operate in environments where factors such as globalization, technology, restructurings, changing markets, petition, and regulation create uncertainty.Uncertainty emanates from an inability to precisely determine the likelihood that events will occur and the associated impacts. Uncertainty also is presented and created by the entity’s strategic choices. For example, an entity has a growth strategy based on expanding operations to another country. This chosen strategy presents risks and opportunities associated with the stability of the country’s political environment, resources, markets, channels, workforce capabilities, and costs.在企業(yè)經(jīng)營(yíng)所處的環(huán)境中，諸如全球化、技術(shù)、重組、變化中的市場(chǎng)、競(jìng)爭(zhēng)和管制等因素都會(huì)導(dǎo)致不確定性。不確定性來源于不能準(zhǔn)確地確定事項(xiàng)發(fā)生的可能性以及所帶來的影響。不確定性也是主體的戰(zhàn)略選擇所帶來和 導(dǎo)致的。舉例來說，一個(gè)主體采取基于向其他國(guó)家拓展業(yè)務(wù)的增長(zhǎng)戰(zhàn)略。所選擇的這個(gè)戰(zhàn)略帶來了與該國(guó)政治環(huán)境的穩(wěn)定性、資源、市場(chǎng)、渠道、勞動(dòng)力技能和成本相關(guān)的風(fēng)險(xiǎn)和機(jī)會(huì)。Value is created, preserved, or eroded by management decisions in all activities, from strategy setting to operating the enterprise daytoday. Value creation occurs through deploying resources, including people, capital, technology, and brand, where the benefit derived is greater than resources used. Value preservation occurs where created value is sustained through, among other things, superior product quality, production capacity, and customer satisfaction. Value can be eroded where these goals are not achieved due to poor strategy or execution. Inherent in decisions is recognition of risk and opportunity, requiring that management consider information about internal and external environments, deploy precious resources, and recalibrate activities to changing circumstances.從戰(zhàn)略制訂到企業(yè)的日常經(jīng)營(yíng)，在所有的活動(dòng)中，管理當(dāng)局的決策都會(huì)創(chuàng)造、保持或破壞價(jià)值。通過把資源，包括人、資本、技術(shù)和品牌，調(diào)配到能夠產(chǎn)生比過去更多的利益的地方，就會(huì)發(fā)生價(jià)值創(chuàng)造。當(dāng)創(chuàng)造的價(jià)值通過更高的產(chǎn)品質(zhì)量、生產(chǎn)能力和顧客滿意度以及其他方式得以維持時(shí)，就會(huì)發(fā)生價(jià)值保持。當(dāng)由于糟糕的戰(zhàn)略或執(zhí)行導(dǎo)致這些目標(biāo)不能達(dá)成時(shí)，價(jià)值就會(huì)被破壞。決策中伴生著對(duì)風(fēng)險(xiǎn)和機(jī)會(huì)的認(rèn)識(shí)，要求管理當(dāng)局有關(guān)內(nèi)部和外部環(huán)境的信息，調(diào)配寶貴的資源，并針對(duì)變化的環(huán)境重新校準(zhǔn)行動(dòng)。Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. Enterprise risk management enpasses:當(dāng)管理當(dāng)局制訂戰(zhàn)略和目標(biāo)，去追求增長(zhǎng)和報(bào)酬目的以及相關(guān)的風(fēng)險(xiǎn)之間的最優(yōu)平衡，并且為了實(shí)現(xiàn)主體的目標(biāo)而提高效率和有效地配置資源時(shí)，價(jià)值得以最大化。企業(yè)風(fēng)險(xiǎn)管理包括：? Aligning risk appetite and strategy – Management considers the entity’s risk appetite first in evaluating strategic alternatives, then in setting objectives aligned with the selected strategy and in developing mechanisms to manage the related risks. For example, a pharmaceutical pany has a low risk appetite relative to its brand value. Accordingly, to protect its brand, it maintains extensive protocols to ensure product safety and regularly invests significant resources in earlystage research and development to support brand value creation.● 協(xié)調(diào)風(fēng)險(xiǎn)容量與戰(zhàn)略——管理當(dāng)局首先要在評(píng)價(jià)備選戰(zhàn)略的過程中考慮主體的風(fēng)險(xiǎn)容量，然后在設(shè)定與選定的戰(zhàn)略相協(xié)調(diào)的目標(biāo)的過程中，以及在構(gòu)建管理相關(guān)風(fēng)險(xiǎn)的機(jī)制的過程中，也要考慮主體的風(fēng)險(xiǎn)容量。例如，一家制藥公司與其品牌價(jià)值相關(guān)的風(fēng)險(xiǎn)容量較低。因此，為了保護(hù)它的品牌，它堅(jiān)持了大量的規(guī)程以確保產(chǎn)品的安全性，并且經(jīng)常性地投入巨額的資源用于早期的研究與開發(fā)以支持品牌價(jià)值創(chuàng)造。? Enhancing risk response decisions – Enterprise risk management provides the rigor to identify and select among alternative risk responses – risk avoidance, reduction, sharing, and acceptance. For example, management of a pany that uses pany owned and operated vehicles recognizes risks inherent in its delivery process, including vehicle damage and personal injury costs. Available alternatives include reducing the risk through effective driver recruiting and training, avoiding the risk by outsourcing delivery, sharing the risk via insurance, or simply accepting the risk. Enterprise risk management provides methodologies and techniques for making these decisions.● 增進(jìn)風(fēng)險(xiǎn)應(yīng)對(duì)決策——企業(yè)風(fēng)險(xiǎn)管理為識(shí)別和在備選的風(fēng)險(xiǎn)應(yīng)對(duì)——風(fēng)險(xiǎn)回避、降低、分擔(dān)和承受——之間進(jìn)行選擇提供了嚴(yán)密性。例如，一家利用公司自有和運(yùn)營(yíng)的車輛的公司的管理當(dāng)局認(rèn)識(shí)到在其運(yùn)送過程中存在的風(fēng)險(xiǎn)，包括車輛損壞和人身傷害成本?？赡艿倪x擇包括通過有效的司機(jī)招