【正文】 許多主體采用。Risk Appetite 風(fēng)險容量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)險容量是一個主體在追求價值的過程中所愿意承受的廣泛意義的風(fēng)險的數(shù)量。或者剛好相反，潛在事項在一個業(yè)務(wù)單元中可能意味著不可接受的風(fēng)險，但是在其他業(yè)務(wù)單元中存在抵消效應(yīng)。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。這種評估可能是定量的，也可能是定性的。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)險管理要求主體對風(fēng)險采取組合的觀念。企業(yè)風(fēng)險管理考慮組織的各個層級的活動，從諸如戰(zhàn)略和資源配置等企業(yè)層次的活動，到諸如市場營銷和人力資源等業(yè)務(wù)單元的活動，再到諸如生產(chǎn)和新客戶信用評價等經(jīng)營流程。企業(yè)風(fēng)險管理技術(shù)被應(yīng)用在這個層次上，以幫助管理當(dāng)局評價和選擇該主體的戰(zhàn)略和相關(guān)的目標(biāo)。如果管理當(dāng)局選擇第一個戰(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施這一戰(zhàn)略。另一個可能是削減采購成本以實現(xiàn)更高的毛利率。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)險管理應(yīng)用于戰(zhàn)略制訂之中，此時管理當(dāng)局考慮與備選戰(zhàn)略相關(guān)的風(fēng)險。主體為了實現(xiàn)其戰(zhàn)略目標(biāo)而制訂戰(zhàn)略。因此，董事會是企業(yè)風(fēng)險管理的一個重要的要素。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.一個組織中的人包括董事會、管理當(dāng)局和其他人員。人們必須知道他們的責(zé)任和權(quán)力的局限。每個人都有一個獨特的參照點，它影響他或她怎樣去識別、評估和應(yīng)對風(fēng)險。每個人都會給工作場所帶來一個獨特的背景和技術(shù)能力，他們有著不同的需要和偏好。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)險管理也會影響人的行動。它是通過一個組織中的人、通過他們的言行來完成的。而且，把企業(yè)風(fēng)險管理建立在經(jīng)營業(yè)務(wù)的基本構(gòu)架之中的做法，可以幫助管理當(dāng)局識別新的機會，以便抓住這些機會實現(xiàn)業(yè)務(wù)增長。在現(xiàn)有程序之外增加新的程序會增加成本。通過建立企業(yè)風(fēng)險管理，一個主體能夠直接影響其執(zhí)行戰(zhàn)略和實現(xiàn)使命的能力。但是，這些企業(yè)風(fēng)險管理機制與主體的經(jīng)營活動交織在一起，為了基本的經(jīng)營理由而存在。這并不是說有效的企業(yè)風(fēng)險管理不要求進一步的努力，它可能會那樣要求。這些活動滲透和潛藏于管理當(dāng)局經(jīng)營企業(yè)的方式之中。以上所列示的基本概念將在下面各個段落予以討論。它抓住了對于公司和其他組織如何管理風(fēng)險至關(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)。企業(yè)風(fēng)險管理是：● 一個過程，它持續(xù)地流動于主體之內(nèi)；● 由組織中各個層級的人員實施；● 應(yīng)用于戰(zhàn)略制訂；● 貫穿于企業(yè)，在各個層級和單元應(yīng)用，還包括采取主體層級的風(fēng)險組合觀；● 旨在識別一旦發(fā)生將會影響主體的潛在事項，并把風(fēng)險控制在風(fēng)險容量以內(nèi)；● 能夠向一個主體的管理當(dāng)局和董事會提供合理保證；● 力求實現(xiàn)一個或多個不同類型但相互交叉的目標(biāo)——它只是實現(xiàn)結(jié)果的一種手段，并不是結(jié)果本身。它的定義如下：企業(yè)風(fēng)險管理是一個過程，它由一個主體的董事會、管理當(dāng)局和其他人員實施，應(yīng)用于戰(zhàn)略制訂并貫穿于企業(yè)之中，旨在識別可能會影響主體的潛在事項，管理風(fēng)險以使其在該主體的風(fēng)險容量之內(nèi)，并為主體的實現(xiàn)提供合理保證。管理當(dāng)局把機會反饋到戰(zhàn)略或目標(biāo)制訂過程中，以便規(guī)劃行動去抓住機會。機會的定義如下：機會是一個事項將會發(fā)生并給目標(biāo)實現(xiàn)帶來正面影響的可能性。帶有負(fù)面影響的事項可能源于看似正面的情況，比如客戶對產(chǎn)品的需求超過了生產(chǎn)能力，就會導(dǎo)致不能滿足買方的需求，從而損害客戶忠誠度和減少未來的訂單。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)面影響的事項阻礙價值創(chuàng)造，或者破壞現(xiàn)有的價值。帶來負(fù)面影響的事項代表風(fēng)險。Events – Risks and Opportunities 事項——風(fēng)險與機會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:事項是源于內(nèi)部或外部的影響目標(biāo)實現(xiàn)的或事件。它還有助于確保主體符合法律和法規(guī)，避免對主體聲譽的損害以及由此帶來的后果。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)險管理固有這些能力，它能幫助管理當(dāng)局實現(xiàn)主體的業(yè)績和贏利目標(biāo)，并防止資源的損失。該公司根據(jù)系統(tǒng)開發(fā)成本以及追加的資本成本評估了風(fēng)險，作出了一個有信息支持的決策。? Improving deployment of capital – O