【導(dǎo)讀】所有的主體都面臨不確定性，管理當(dāng)局所面臨的挑戰(zhàn)就是在為增加利益。相關(guān)者價(jià)值而奮斗的同時(shí)，要確定承受多大的不確定性。不確定性可能會(huì)破壞或。企業(yè)風(fēng)險(xiǎn)管理使管理當(dāng)局能夠有效。地應(yīng)對(duì)不確定性以及由此帶來(lái)的風(fēng)險(xiǎn)和機(jī)會(huì)，增進(jìn)創(chuàng)造價(jià)值的能力。時(shí)，價(jià)值得以最大化。協(xié)調(diào)風(fēng)險(xiǎn)容量與戰(zhàn)略——管理當(dāng)局在評(píng)價(jià)備選的戰(zhàn)略、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。抑減了意外情況以及由此帶來(lái)的成本或損失。抓住機(jī)會(huì)——通過(guò)考慮全面范圍內(nèi)的潛在事項(xiàng)，促使管理當(dāng)局識(shí)別并積極。目標(biāo)，防止資源損失。企業(yè)風(fēng)險(xiǎn)管理有助于確保有效的報(bào)告以及符合法律和法規(guī)，還有助于避免對(duì)主體聲譽(yù)的損害以及由此帶來(lái)的后果。幫助一個(gè)主體到達(dá)期望的目的地，還有助于避開(kāi)前進(jìn)途中的隱患和意外。由組織中各個(gè)層級(jí)的人員實(shí)施；應(yīng)用于戰(zhàn)略制訂；貫穿于企業(yè)，在各個(gè)層級(jí)和單元應(yīng)用，還包括采取主體層級(jí)的風(fēng)險(xiǎn)組合觀；旨在識(shí)別一旦發(fā)生將會(huì)影響主體的潛在事項(xiàng)，并把風(fēng)險(xiǎn)控制在風(fēng)

　　

【正文】 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)和部門的應(yīng)用提供了基礎(chǔ)。它直接關(guān)注特定主體既定目標(biāo)的實(shí)現(xiàn)，并為界定將在本章后文中討論的企業(yè)管理的有效性提供了依據(jù)。以上所列示的基本概念將在下面各個(gè)段落予以討論。 A Process 一個(gè)過(guò)程 Enterprise risk management is not static, but rather a continuous or iterative interplay of actions that permeate an entity. These actions are pervasive and inherent in the way management runs the business. 企業(yè)風(fēng)險(xiǎn)管理并不是靜止的，而是滲透于一個(gè)主體的各種活動(dòng)的持續(xù)的或反復(fù)的相互影響。這些活動(dòng)滲透和潛藏于管理當(dāng)局經(jīng)營(yíng)企業(yè)的方式之中。 Enterprise risk management is different from the perspective of some observers who view it as something added on to an entity’s activities. That is not to say effective enterprise risk management does not require incremental effort, as it may. In considering credit and currency risks, for example, incremental effort may be required to develop needed models and make necessary analyses and calculations. However, these enterprise risk management mechanisms are intertwined with an entity’s operating activities and exist for fundamental business reasons. Enterprise risk management is most effective when these mechanisms are built into the entity’s infrastructure and are part of the essence of the enterprise. By building in enterprise risk management, an entity can directly affect its ability to implement its strategy and achieve its mission. 企業(yè)風(fēng)險(xiǎn)管理并不像一些觀察家所認(rèn)為的那樣是加在主體活動(dòng)之上的東西。 17 這并不是說(shuō)有效的企業(yè)風(fēng)險(xiǎn)管理不要求進(jìn)一步的努力，它可能會(huì)那樣要求。例如，在考慮信用和貨幣風(fēng)險(xiǎn)時(shí)，可能需要進(jìn)一步努力去開(kāi)發(fā)所需的模型和進(jìn)行必要的分析和計(jì)算。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。當(dāng)這些機(jī)制被構(gòu)建到主體的結(jié)構(gòu)之中，并成為企業(yè)核心要件的一部分時(shí)，企業(yè)風(fēng)險(xiǎn)管理就會(huì)更加有效。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。 Building in enterprise risk management has important implications for cost containment, especially in the highly petitive marketplaces many panies face. Adding new procedures separate from existing ones adds costs. By focusing on existing operations and their contribution to effective enterprise risk management, and integrating risk management into basic operating activities, an enterprise can avoid unnecessary procedures and costs. And, a practice of building enterprise risk management into the fabric of operations helps identify new opportunities for management to seize in growing the business. 建立企業(yè)風(fēng)險(xiǎn)管理對(duì)于抑制成本具有重要意義，尤其是在許多公司所面臨的高度競(jìng)爭(zhēng)的市場(chǎng)中更是如此。在現(xiàn)有程序之外增加新的程序會(huì)增加成本。通過(guò)關(guān)注現(xiàn)有的經(jīng)營(yíng)業(yè)務(wù)以及它們對(duì)有效的企業(yè)風(fēng)險(xiǎn)管理的貢獻(xiàn)，并將風(fēng)險(xiǎn)管理整合到基本的經(jīng)營(yíng)活動(dòng)之中，企業(yè)就能夠避免不必要的程序和成本。而且，把企業(yè)風(fēng)險(xiǎn)管理建立在經(jīng)營(yíng)業(yè)務(wù)的基本構(gòu)架之中的做法，可以幫助管理當(dāng)局識(shí)別新的機(jī)會(huì)，以便抓住這些機(jī)會(huì)實(shí)現(xiàn) 業(yè)務(wù)增長(zhǎng)。 Effected by People 由人員來(lái)實(shí)施 Enterprise risk management is effected by an entity’s board of directors, management and other personnel. It is acplished by the people of an anization, by what they do and say. People establish the entity’s mission, strategy, and objectives, and put enterprise risk management mechanisms in place. 企業(yè)風(fēng)險(xiǎn)管理由一個(gè)主體的董事會(huì)、管理當(dāng)局和其他人員實(shí)施。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。人制訂主體的使命、戰(zhàn)略和目標(biāo)，并使企業(yè)風(fēng)險(xiǎn)管理機(jī)制得以落實(shí)。 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)。企業(yè)風(fēng)險(xiǎn)管理認(rèn)識(shí)到人們并不總是始終如一地理解、溝通和行動(dòng) 。每個(gè)人都會(huì)給工作場(chǎng)所帶來(lái)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。 These realities affect, and are affected by, enterprise risk management. Each person has a unique point of reference, which influences how he or she identifies, assesses, and responds to risk. Enterprise risk management provides the mechanisms needed to help people understand risk in the context of the entity’s objectives. People must 18 know their responsibilities and limits of authority. Accordingly, a clear and close linkage needs to exist between people’s duties and the way in which they are carried out, as well as with the entity’s strategy and objectives. 這些現(xiàn)實(shí)影響企業(yè)風(fēng)險(xiǎn)管理，同時(shí)也受到企業(yè)管理的影響。每個(gè)人都有一個(gè)獨(dú)特的參照點(diǎn)，它影響他或她怎樣去識(shí)別、評(píng)估和應(yīng)對(duì)風(fēng)險(xiǎn)。企業(yè)風(fēng)險(xiǎn)管理提供所需的機(jī)制，幫助在主體目標(biāo)的背景下去理解。人們必須知道他們的責(zé)任和權(quán)力的局限。因此，在人們的職責(zé)和他們履行職責(zé)的方式以及主體的戰(zhàn)略和目標(biāo)之間，需要有一個(gè)而又密切的聯(lián)系。 An anization’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。盡管董事主要是提供監(jiān)督，他們也提供指導(dǎo)，審批戰(zhàn)略和特 定的交易與政策。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。 Applied in Setting Strategy 應(yīng)用于戰(zhàn)略制訂 An entity sets out its mission or vision and establishes strategic objectives, which are the highlevel goals that align with and support its mission or vision. An entity establishes a strategy for achieving its strategic objectives. It also sets related objectives it wants to achieve, flowing from the strategy, cascading to entity business units, divisions, and processes. 一個(gè)主體設(shè)定其使命或愿景，并制訂戰(zhàn)略目標(biāo)，它們是協(xié)調(diào)和支撐其使命或愿景的高層次的目的。主體為了實(shí)現(xiàn)其戰(zhàn)略目標(biāo)而制訂戰(zhàn)略。它還設(shè)定所希望實(shí)現(xiàn)的相關(guān)目標(biāo)，上至戰(zhàn)略，下至主體的業(yè)務(wù)單元、分部和流程。 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)。舉例來(lái)說(shuō)，一個(gè)選擇可能是收購(gòu)其他公司以擴(kuò)大市場(chǎng)份額。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。這些戰(zhàn)略選擇中的每一個(gè)都會(huì)帶來(lái)許多風(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(chǎng)拓展，競(jìng)爭(zhēng)者 19 就可能會(huì)占取公司目前市場(chǎng)的份額，或者公司可能沒(méi)有能力去有效地實(shí)施這一戰(zhàn)略。對(duì)于第二個(gè)而言，風(fēng)險(xiǎn)包括