【文章內(nèi)容簡介】 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，在所有的活動中，管理當(dāng)局的決策都會創(chuàng)造、保持或破壞價值。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，就會發(fā)生價值創(chuàng)造。當(dāng)創(chuàng)造的價值通過更高的產(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，就會發(fā)生價值保持。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，價值就會被破壞。決策中伴生著對風(fēng)險和機(jī)會的認(rèn)識，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，并針對變化的環(huán)境重新校準(zhǔn)行動。 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)，去追求增長和報酬目的以及相關(guān)的風(fēng)險之間的最優(yōu)平衡，并且為了實現(xiàn)主體的目標(biāo)而提高效率和有效地配置資源時，價值得以最大化 。企業(yè)風(fēng)險管理包括： ? 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)險容量與戰(zhàn)略 —— 管理當(dāng)局首先要在評價備選戰(zhàn)略的過程中考慮主體的風(fēng)險容量，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)險的機(jī)制的過程中，也要考慮主體的風(fēng)險容量。例如，一家制藥公司與其品牌價值相關(guān)的風(fēng)險容量較低。因此，為了保護(hù)它的品牌，它堅持了大量的規(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 12 持品牌價值創(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)險應(yīng)對決策 —— 企業(yè)風(fēng)險管理為識別和在備選的風(fēng)險應(yīng)對 —— 風(fēng)險回避、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營的車輛的公司的管理當(dāng)局認(rèn)識到在其運送過程中存在的風(fēng)險，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)招聘和培訓(xùn)來降低風(fēng)險，通過外包運送業(yè)務(wù)來回避風(fēng)險，通過保險來分擔(dān)風(fēng)險 ，或者簡單地承擔(dān)風(fēng)險。企業(yè)風(fēng)險管理為這些決策提供方法和技巧。 ? Reducing operational surprises and losses – Entities gain enhanced capability to identify potential events, assess risk, and establish responses, thereby reducing the occurrence of surprises and related costs or losses. For example, a manufacturing pany tracks production parts and equipment failure rates and deviation around averages. The pany assesses the impact of failures using multiple criteria, including time to repair, inability to meet customer demand, employee safety, and cost of scheduled versus unscheduled repairs, and responds by setting maintenance schedules accordingly. ● 抑減經(jīng)營意外和損失 —— 主體增強(qiáng)了識別潛在事項、評估風(fēng)險和加以應(yīng)對的能力，從而降低意外的發(fā)生和由此帶來的成本或損失。例如，一家制造公司調(diào)整生產(chǎn)部件和設(shè)備故障率和誤差使其接近正常水平。該公司采用多重標(biāo)準(zhǔn)來評估故障的影響，包括維修時間、不能滿足客戶需要、員工案例以及預(yù)定維修與非預(yù)定維修的成本，并據(jù)此制訂維護(hù)方案來加以應(yīng)對。 ? Identifying and managing crossenterprise risks – Every entity faces a myriad of risks affecting different parts of the anization. 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. ● 識別和管理貫穿于企業(yè)的風(fēng)險 —— 每一個主體都面臨著影響組織的不同部分 13 的無數(shù)風(fēng)險。管理當(dāng)局不僅需要管理個別風(fēng)險，還需要了解相互關(guān)聯(lián)的影響。例如，一家銀行面臨著貫穿于企業(yè)的交易活動的一系列風(fēng)險，管理當(dāng)局開發(fā)一套信息系統(tǒng)來分析來自其他內(nèi)部系統(tǒng)的交易和市場數(shù)據(jù)，它與外部生成的有關(guān)信息一起，提供了關(guān)于貫穿于所有交易活動的風(fēng)險的整體看法。這個信息系統(tǒng)可以向下追溯到部門、客戶或同行、交易商和交易層次，并針對既定類別的風(fēng)險容量對風(fēng)險進(jìn)行量化。這個系統(tǒng)使該銀行能夠把先前分隔的數(shù)據(jù)湊到一起，從而采用整體的和有目的性看法來更加 有效地應(yīng)對風(fēng)險。 ? Providing integrated responses to multiple risks – Business processes carry many inherent risks, and enterprise risk management enables integrated solutions for managing the risks. For instance, a wholesale distributor faces risks of over and undersupply positions, tenuous supply sources, and unnecessarily high purchase prices. Management identified and assessed risk in the context of the pany’s strategy, objectives, and alternative responses, and developed a farreaching inventory control system. The system integrates with suppliers, sharing sales and inventory information and enabling strategic partnering, and avoiding stockouts and unneeded carrying costs, with longerterm sourcing contracts and enhanced pricing. Suppliers take responsibility for replenishing stock, generating further cost reductions. ● 提供對多重風(fēng)險的整體應(yīng)對 —— 經(jīng)營過程帶來許多固有的風(fēng)險，而企業(yè)風(fēng)險管理能夠為管理這些風(fēng)險提供整體解決方案。例如，一個批發(fā)本著商面臨著供貨過量和不足、薄弱的供貨來源以及不必要的高采購價格等方面的風(fēng)險。管理當(dāng)局以公司戰(zhàn)略、目標(biāo)和備選的應(yīng)對為背景識別和評估風(fēng)險，開發(fā)了一套廣泛拓展的存貨控制系統(tǒng)。這個系統(tǒng)與供貨商相整合，共享銷售和庫存信息，幫助選擇戰(zhàn)略伙伴，并通過更長期間的進(jìn)貨合同和 改進(jìn)的定價方式，避免缺貨和不必要的運送成本。由供應(yīng)商負(fù)責(zé)補(bǔ)足庫存，從而進(jìn)一步降低了成本。 ? Seizing opportunities – By considering a full range of potential events, rather than just risks, management identifies events representing opportunities. For example, a food pany considered potential events likely to affect its sustainable revenue growth objective. In evaluating the events, management determined that the pany’s primary consumers are increasingly health conscious and changing their dietary preferences, indi