【正文】 , and for education.本框架的一個關(guān)鍵目標(biāo)是幫助企業(yè)和其他主體的管理當(dāng)局在實現(xiàn)主體目標(biāo)的過程中更好地處理風(fēng)險。因此，一個重要的目的在于把各種不同的風(fēng)險管理概念整合到一個構(gòu)架之中，在這個構(gòu)架中構(gòu)建一個共同的定義，辨別構(gòu)成要素，并講述關(guān)鍵概念。Uncertainty and Value 不確定性與價值A(chǔ)n underlying premise of enterprise risk management is that every entity, whether forprofit, notforprofit, or a governmental body, exists to provide value for its stakeholders. All entities face uncertainty, and the challenge for management is to determine how much uncertainty the entity is prepared to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables management to effectively deal with uncertainty and associated risk and opportunity and thereby enhance the entity’s capacity to build value.企業(yè)風(fēng)險管理的一個基本前提是每一個主體，不管是營利性的、非營利性的，還是政府機(jī)構(gòu)，存在的目的都是為它的利益相關(guān)者提供價值。不確定性潛藏著對價值的破壞或增進(jìn)，既代表風(fēng)險，也代表機(jī)會。Enterprises operate in environments where factors such as globalization, technology, restructurings, changing markets, petition, and regulation create uncertainty.Uncertainty emanates from an inability to precisely determine the likelihood that events will occur and the associated impacts. Uncertainty also is presented and created by the entity’s strategic choices. For example, an entity has a growth strategy based on expanding operations to another country. This chosen strategy presents risks and opportunities associated with the stability of the country’s political environment, resources, markets, channels, workforce capabilities, and costs.在企業(yè)經(jīng)營所處的環(huán)境中，諸如全球化、技術(shù)、重組、變化中的市場、競爭和管制等因素都會導(dǎo)致不確定性。不確定性也是主體的戰(zhàn)略選擇所帶來和 導(dǎo)致的。所選擇的這個戰(zhàn)略帶來了與該國政治環(huán)境的穩(wěn)定性、資源、市場、渠道、勞動力技能和成本相關(guān)的風(fēng)險和機(jī)會。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)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。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。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。? 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?？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(yùn)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。? 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。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。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。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。? 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。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)。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。例如，一家食品公司考慮可能影響其收入持續(xù)增長的潛在事項。在確定應(yīng)對的過程中，管理當(dāng)局明確了通過利用其現(xiàn)有的生產(chǎn)能力去開發(fā)新產(chǎn)品的方法，從而使公司不僅能保持來自現(xiàn)在消費(fèi)者的收入，而且還能通過吸引更廣泛的消費(fèi)者來創(chuàng)造額外的收入。例如，一家金融機(jī)構(gòu)面臨新的監(jiān)管，除非管理當(dāng)局更加精確地計算信用和經(jīng)營風(fēng)險水平以及相關(guān)的資本需求，否則就要提高資本要求量。利用現(xiàn)有的可修改軟件，該機(jī)構(gòu)開發(fā)了更加精確的計算工具，避免了尋求額外資本的需要。企業(yè)風(fēng)險管理有助于確保有效的報告。總之，企業(yè)風(fēng)險管理不僅幫助一個主體到達(dá)期望的目的地，還有助于避開前進(jìn)途中的隱患和意外。事項可能有負(fù)面影響，也可能有下面影響，或者兩者兼而有之。因此，可以定義如下：Risk is the possibility that an event will occur and adversely affect the achievement of objectives.風(fēng)險是一個事項將會發(fā)生并給目標(biāo)實現(xiàn)帶來負(fù)面影響的可能性。例子包括機(jī)器設(shè)備故障、火災(zāi)和信用損失等。Events with positive impact may offset negative impacts or represent opportunities.Opportunity is defined as follows:Opportunity is the possibility that an event will occur and positively affect the achievement of objectives.帶有正面影響的事項可以消弭負(fù)面影響，或帶來機(jī)會。Opportunities support value creation or preservation. Management channels opportunities back to its strategy or objectivesetting processes, so that actions can be formulated to seize the opportunities.機(jī)會支持價值創(chuàng)造或保持。Definition of Enterprise Risk Management 企業(yè)風(fēng)險管理的定義Enterprise risk management deals with risks and opportunities to create or preserve value. It is defined as follows: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, designed to identify potential events that may affect the entity, an