【正文】 verall 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(píng)估總體資本需求，并改進(jìn)資本配置。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。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(lái)正面影響的可能性。它抓住了對(duì)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(mén)的應(yīng)用提供了基礎(chǔ)。但是，這些企業(yè)風(fēng)險(xiǎn)管理機(jī)制與主體的經(jīng)營(yíng)活動(dòng)交織在一起，為了基本的經(jīng)營(yíng)理由而存在。它是通過(guò)一個(gè)組織中的人、通過(guò)他們的言行來(lái)完成的。人們必須知道他們的責(zé)任和權(quán)力的局限。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)。企業(yè)風(fēng)險(xiǎn)管理考慮組織的各個(gè)層級(jí)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(chǎng)營(yíng)銷(xiāo)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(hù)信用評(píng)價(jià)等經(jīng)營(yíng)流程?；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)。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(guò)程中所愿意承受的廣泛意義的風(fēng)險(xiǎn)的數(shù)量。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(duì)風(fēng)險(xiǎn)采取組合的觀念。另一個(gè)可能是削減采購(gòu)成本以實(shí)現(xiàn)更高的毛利率。An organization’s people include the board of directors, management and other personnel. Although directors primarily provide oversight, they also provide direction and approve strategy and certain transactions and policies. As such, boards of directors are an important element of enterprise risk management.一個(gè)組織中的人包括董事會(huì)、管理當(dāng)局和其他人員。Similarly, enterprise risk management affects people’s actions. Enterprise risk management recognizes that people do not always understand, municate, or perform consistently. Each individual brings to the workplace a unique background and technical ability, and has different needs and priorities.同樣，企業(yè)風(fēng)險(xiǎn)管理也會(huì)影響人的行動(dòng)。通過(guò)建立企業(yè)風(fēng)險(xiǎn)管理，一個(gè)主體能夠直接影響其執(zhí)行戰(zhàn)略和實(shí)現(xiàn)使命的能力。以上所列示的基本概念將在下面各個(gè)段落予以討論。管理當(dāng)局把機(jī)會(huì)反饋到戰(zhàn)略或目標(biāo)制訂過(guò)程中，以便規(guī)劃行動(dòng)去抓住機(jī)會(huì)。帶來(lái)負(fù)面影響的事項(xiàng)代表風(fēng)險(xiǎn)。該公司根據(jù)系統(tǒng)開(kāi)發(fā)成本以及追加的資本成本評(píng)估了風(fēng)險(xiǎn)，作出了一個(gè)有信息支持的決策。這個(gè)系統(tǒng)與供貨商相整合，共享銷(xiāo)售和庫(kù)存信息，幫助選擇戰(zhàn)略伙伴，并通過(guò)更長(zhǎng)期間的進(jìn)貨合同和改進(jìn)的定價(jià)方式，避免缺貨和不必要的運(yùn)送成本。? Identifying and managing crossenterprise risks – Every entity faces a myriad of risks affecting different parts of the organization. Management needs to not only manage individual risks, but also understand interrelated impacts. For example, a bank faces a variety of risks in trading activities across the enterprise, and management developed an information system that analyzes transaction and market data from other internal systems, which, together with relevant externally generated information, provides an aggregate view of risks across all trading activities. The information system allows drilldown capability to department, customer or counterparty, trader, and transaction levels, and quantifies the risks relative to risk tolerances in established categories. The system enables the bank to bring together previously disparate data to respond more effectively to risks using aggregated as well as targeted views.● 識(shí)別和管理貫穿于企業(yè)的風(fēng)險(xiǎn)——每一個(gè)主體都面臨著影響組織的不同部分的無(wú)數(shù)風(fēng)險(xiǎn)。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(kāi)發(fā)以支持品牌價(jià)值創(chuàng)造。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 th