【正文】 btaining 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(píng)估總體資本需求，并改進(jìn)資本配置。在評(píng)價(jià)這些事項(xiàng)的過(guò)程中，管理當(dāng)局認(rèn)識(shí)到該公司主要消費(fèi)者的健康意識(shí)越來(lái)越強(qiáng)，正在改變他們的飲食偏好，對(duì)公司現(xiàn)有產(chǎn)品的未來(lái)需求呈現(xiàn)下降的趨勢(shì)。? 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, indicating a decline 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(guò)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(shí)別代表機(jī)會(huì)的事項(xiàng)。這個(gè)系統(tǒng)與供貨商相整合，共享銷售和庫(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。例如，一個(gè)批發(fā)本著商面臨著供貨過(guò)量和不足、薄弱的供貨來(lái)源以及不必要的高采購(gòu)價(jià)格等方面的風(fēng)險(xiǎn)。這個(gè)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(lái)更加有效地應(yīng)對(duì)風(fēng)險(xiǎn)。例如，一家銀行面臨著貫穿于企業(yè)的交易活動(dòng)的一系列風(fēng)險(xiǎn)，管理當(dāng)局開(kāi)發(fā)一套信息系統(tǒng)來(lái)分析來(lái)自其他內(nèi)部系統(tǒng)的交易和市場(chǎng)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(dòng)的風(fēng)險(xiǎn)的整體看法。? 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)。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。企業(yè)風(fēng)險(xiǎn)管理為這些決策提供方法和技巧。例如，一家利用公司自有和運(yùn)營(yíng)的車輛的公司的管理當(dāng)局認(rèn)識(shí)到在其運(yùn)送過(guò)程中存在的風(fēng)險(xiǎn)，包括車輛損壞和人身傷害成本。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。企業(yè)風(fēng)險(xiǎn)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(xiǎn)容量與戰(zhàn)略——管理當(dāng)局首先要在評(píng)價(jià)備選戰(zhàn)略的過(guò)程中考慮主體的風(fēng)險(xiǎn)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(guò)程中，以及在構(gòu)建管理相關(guān)風(fēng)險(xiǎn)的機(jī)制的過(guò)程中，也要考慮主體的風(fēng)險(xiǎn)容量。決策中伴生著對(duì)風(fēng)險(xiǎn)和機(jī)會(huì)的認(rèn)識(shí)，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(duì)變化的環(huán)境重新校準(zhǔn)行動(dòng)。當(dāng)創(chuàng)造的價(jià)值通過(guò)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(shí)，就會(huì)發(fā)生價(jià)值保持。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 that management 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(yíng)，在所有的活動(dòng)中，管理當(dāng)局的決策都會(huì)創(chuàng)造、保持或破壞價(jià)值。舉例來(lái)說(shuō)，一個(gè)主體采取基于向其他國(guó)家拓展業(yè)務(wù)的增長(zhǎng)戰(zhàn)略。不確定性來(lái)源于不能準(zhǔn)確地確定事項(xiàng)發(fā)生的可能性以及所帶來(lái)的影響。企業(yè)風(fēng)險(xiǎn)管理使管理當(dāng)局能夠有效地處理不確定性以及由此帶來(lái)的風(fēng)險(xiǎn)和機(jī)會(huì)，從而提高主體創(chuàng)造價(jià)值的能力。所有的主體都面臨不確定性，對(duì)于管理當(dāng)局的挑戰(zhàn)在于確定在追求增加利益相關(guān)者價(jià)值的同時(shí)，準(zhǔn)備承受多少不確定性。這個(gè)構(gòu)架容納大多數(shù)觀點(diǎn)，為各個(gè)主體評(píng)估和增進(jìn)企業(yè)風(fēng)險(xiǎn)管理，為規(guī)則制定團(tuán)體和教育機(jī)構(gòu)的未來(lái)行動(dòng)提供一個(gè)出發(fā)點(diǎn)。但是企業(yè)風(fēng)險(xiǎn)管理有許多不同的稱謂和解釋，難以形成共同的理解，因而對(duì)于不同的人而言意味著不同的含義。這些構(gòu)成要素聯(lián)系起來(lái)，成為確定企業(yè)風(fēng)險(xiǎn)管理是否有效的標(biāo)準(zhǔn)。企業(yè)風(fēng)險(xiǎn)管理是一個(gè)過(guò)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(shí)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)，并為主體目標(biāo)的實(shí)現(xiàn)提供合理保證。 1 定義1. DEFINITION Chapter Summary: All entities face uncertainty, and the challenge for management is to determine how much uncertainty it is prepared to accept as it strives to grow stakeholder value. Enterprise risk management enables management to identify, assess, and manage risks in the face of uncertainty, and is integral to value creation and preservation. Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise. It is designed to identify potential events that may affect the entity, and manage risk to be within the entity’s risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. It consists of eight interrelated ponents, which are integral to the way management runs the enterprise. The ponents are linked and serve as criteria for determining whether enterprise risk management is effective.本章摘要：所有的主體都面臨不確定性，對(duì)于管理當(dāng)局的挑戰(zhàn)在于確定在追求增加利益相關(guān)者價(jià)值的同時(shí)，準(zhǔn)備承受多少不確定性。立法者和