【正文】 in future demand for the pany’s current products. In determining its response, management identified ways to apply its existing capabilities to developing new products, enabling the pany not only to preserve revenue from existing customers, but also to create additional revenue by appealing to a broader consumer base.● 抓住機(jī)會(huì)——通過考慮潛在事項(xiàng)的各個(gè)方面，而不僅僅只是風(fēng)險(xiǎn)，管理當(dāng)局就能識別代表機(jī)會(huì)的事項(xiàng)。? Improving deployment of capital – Obtaining robust information on risk allows management to effectively assess overall capital needs and enhance capital allocation. For example, a financial institution became subject to new regulatory rules that would increase capital requirements unless management calculated credit and operational risk levels and related capital needs with greater specificity. The pany assessed the risk in terms of system development cost versus additional capital costs, and made an informed decision. With existing, readily modifiable software, the institution developed the more precise calculations, avoiding a need for additional capital sourcing.● 改善資本調(diào)配——獲取關(guān)于風(fēng)險(xiǎn)的有分量的信息，可以使管理當(dāng)局有效地評估總體資本需求，并改進(jìn)資本配置。These capabilities are inherent in enterprise risk management, which helps management achieve the entity’s performance and profitability targets and prevent loss of resources. Enterprise risk management helps ensure effective reporting. And it helps ensure that the entity plies with laws and regulations, avoiding damage to its reputation and associated consequences. In sum, enterprise risk management helps an entity get to where it wants to go and avoid pitfalls and surprises along the way.企業(yè)風(fēng)險(xiǎn)管理固有這些能力，它能幫助管理當(dāng)局實(shí)現(xiàn)主體的業(yè)績和贏利目標(biāo)，并防止資源的損失。Events – Risks and Opportunities 事項(xiàng)——風(fēng)險(xiǎn)與機(jī)會(huì)An event is an incident or occurrence from internal or external sources that affects achievement of objectives. Events can have negative impact, positive impact, or both.Events with negative impact represent risks. Accordingly, risk is defined as follows:事項(xiàng)是源于內(nèi)部或外部的影響目標(biāo)實(shí)現(xiàn)的或事件。Events with adverse impact prevent value creation or erode existing value. Examples include plant machinery breakdowns, fire, and credit losses. Events with an adverse impact can derive from seemingly positive conditions, such as where customer demand for product exceeds production capacity, causing failure to meet buyer demand, eroded customer loyalty, and decline in future orders.帶有負(fù)面影響的事項(xiàng)阻礙價(jià)值創(chuàng)造，或者破壞現(xiàn)有的價(jià)值。機(jī)會(huì)的定義如下：機(jī)會(huì)是一個(gè)事項(xiàng)將會(huì)發(fā)生并給目標(biāo)實(shí)現(xiàn)帶來正面影響的可能性。它的定義如下：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)，并為主體的實(shí)現(xiàn)提供合理保證。它抓住了對于公司和其他組織如何管理風(fēng)險(xiǎn)至關(guān)重要的關(guān)鍵概念，為不同組織形式、行業(yè)和部門的應(yīng)用提供了基礎(chǔ)。這些活動(dòng)滲透和潛藏于管理當(dāng)局經(jīng)營企業(yè)的方式之中。但是，這些企業(yè)風(fēng)險(xiǎn)管理機(jī)制與主體的經(jīng)營活動(dòng)交織在一起，為了基本的經(jīng)營理由而存在。在現(xiàn)有程序之外增加新的程序會(huì)增加成本。它是通過一個(gè)組織中的人、通過他們的言行來完成的。每個(gè)人都會(huì)給工作場所帶來一個(gè)獨(dú)特的背景和技術(shù)能力，他們有著不同的需要和偏好。人們必須知道他們的責(zé)任和權(quán)力的局限。因此，董事會(huì)是企業(yè)風(fēng)險(xiǎn)管理的一個(gè)重要的要素。Enterprise risk management is applied in strategy setting, in which management considers risks relative to alternative strategies. For instance, one alternative may be to acquire other panies in order to grow market share. Another may be to cut sourcing costs in order to realize higher gross margin percentage. Each of these strategic choices poses a number of risks. If management selects the first strategy, it may have to expand into new and unfamiliar markets, petitors may be able to gain share in the pany’s existing markets, or the pany might not have the capabilities to effectively implement the strategy. With the second, risks include having to use new technologies or suppliers, or form new alliances. Enterprise risk management techniques are applied at this level to assist management in evaluating and selecting the entity’s strategy and related objectives.企業(yè)風(fēng)險(xiǎn)管理應(yīng)用于戰(zhàn)略制訂之中，此時(shí)管理當(dāng)局考慮與備選戰(zhàn)略相關(guān)的風(fēng)險(xiǎn)。如果管理當(dāng)局選擇第一個(gè)戰(zhàn)略，就可能必須向新的和不熟悉的市場拓展，競爭者就可能會(huì)占取公司目前市場的份額，或者公司可能沒有能力去有效地實(shí)施這一戰(zhàn)略。企業(yè)風(fēng)險(xiǎn)管理考慮組織的各個(gè)層級的活動(dòng)，從諸如戰(zhàn)略和資源配置等企業(yè)層次的活動(dòng)，到諸如市場營銷和人力資源等業(yè)務(wù)單元的活動(dòng)，再到諸如生產(chǎn)和新客戶信用評價(jià)等經(jīng)營流程。這種評估可能是定量的，也可能是定性的?；蛘邉偤孟喾?，潛在事項(xiàng)在一個(gè)業(yè)務(wù)單元中可能意味著不可接受的風(fēng)險(xiǎn)，但是在其他業(yè)務(wù)單元中存在抵消效應(yīng)。許多主體采用。Risk Appetite 風(fēng)險(xiǎn)容量Risk appetite is the amount of risk, on a broad level, an entity is willing to accept in pursuit of value. It reflects the entity’s risk management philosophy, and in turn influences the entity’s culture and operating style. Many entities consider risk appetite qualitatively, with such categories as high, moderate, or low, while others take a quantitative approach, reflecting and balancing goals for growth, return, and risk. A pany with a higher risk appetite may be willing to allocate a large portion of its capital to such highrisk areas as newly emerging markets. In contrast, a pany with a low risk appetite might limit its shortterm risk of large losses of capital by investing only in mature, stable markets.風(fēng)險(xiǎn)容量是一個(gè)主體在追求價(jià)值的過程中所愿意承受的廣泛意義的風(fēng)險(xiǎn)的數(shù)量。Management considers interrelated risks from an entitylevel portfolio perspective.Risks for individual units of the entity may be within the units’ risk tolerances, but taken together may exceed the risk appetite of the entity as a whole. Or, conversely, potential events may represent an otherwise unacceptable risk in one business unit, but with an offsetting effect in another. Interrelated risks need to be identified and acted on so that the entirety of risk is consistent with the entity’s risk appetite.管理當(dāng)局從主體層次組合的角度考慮相互關(guān)聯(lián)的風(fēng)險(xiǎn)。Enterprise risk management requires an entity to take a portfolio view of risk. This might involve each manager responsible for a business unit, function, process, or other activity developing an assessment of risk for the activity. The assessment may be quantitative or qualitative. With a posite view at each succeeding level of the organization, senior management is positioned to make a determination whether the entity’s overall risk portfolio is mensurate with its risk appetite.企業(yè)風(fēng)險(xiǎn)管理要求主體對風(fēng)險(xiǎn)采取組合的觀念。企業(yè)風(fēng)險(xiǎn)管理技術(shù)被應(yīng)用在這個(gè)層次上，以幫助管理當(dāng)局評價(jià)和選擇該主體的戰(zhàn)略和相關(guān)的目標(biāo)。另一個(gè)可能是削減采購成本以實(shí)現(xiàn)更高的毛利率。主體為了實(shí)現(xiàn)其戰(zhàn)略目標(biāo)而制訂戰(zhàn)略。An organization’s people include the board of directors, management and other personnel. Although directors primarily provide oversight, they also provide direction and approve str