《企业风险管理：具体的实施意见》由会员分享，可在线阅读，更多相关《企业风险管理：具体的实施意见（12页珍藏版）》请在金锄头文库上搜索。
1、本科毕业论文（设计） 外 文 翻 译原文：Enterprise Risk Management: Practical Implementation IdeasOne of the most critical challenges for management today is determining how much risk the business is prepared to accept as it strives to create value. Yet, research consistently indicates that six of ten senior executive
2、s “lack high confidence” that their companys risk management practices identify and manage all potentially significant business risks.With the heightened focus on risk management, it has become increasingly clear that traditional risk management approaches do not adequately identify, evaluate and ma
3、nage risk. Traditional approaches tend to be fragmented, treating risks as disparate and compartmentalized. These risk management approaches often limit the focus to managing uncertainties around physical and financial assets. Because they focus largely on loss prevention, rather than adding value,
4、traditional approaches do not provide the framework most organizations need to redefine the risk management value proposition in this rapidly changing world.Under enterprise risk management (ERM), the focus is on integrating risk management with existing management processes, identifying future even
5、ts that can have both positive and negative effects, and evaluating effective strategies for managing the organizations exposure to those possible future events. ERM transforms risk management to a proactive, continuous, value-based, broadly focused and process-driven activity.A new approach to risk
6、 managementERM differs from traditional risk management approaches in terms of focus, objective, scope, emphasis and application. It aligns strategy, people, processes, technology and knowledge. The emphasis is on strategy, and the application is enterprise-wide.Under an ERM approach, managements at
7、tention is directed to the uncertainties around the enterprises entire asset portfolio, including its intangibles such as customer assets, employee and supplier assets and such organizational assets as its differentiating strategies, distinctive products and brands, and innovative processes and syst
8、ems. This expanded focus is important in this era of market capitalizations significantly exceeding balance sheet values and the desire of many companies to focus on protecting their reputation from unacceptable risks relating to potential future events.The COSO Enterprise Risk Management - Integrat
9、ed Framework, issued in September 2004, defines ERM in broad terms that underscore some fundamental concepts and provides a common language as well as guidance on how to effectively manage risk across the enterprise. Like its internal control counterpart, the COSO ERM framework is presented as a thr
10、ee-dimensional matrix. It includes four categories of objectives across the top: strategic, operations, reporting and compliance. There are eight components of enterprise risk management across the face of the cube. Finally, the entity, its divisions and business units are depicted as the third dime
11、nsion of the matrix along the side.This ERM framework does not replace the internal control framework. Instead, it incorporates it. As a result, businesses may decide to implement ERM to address their internal control needs and to move toward a more robust risk management process.Why implement ERM?E
12、RM provides a company with the process it needs to become more anticipatory and effective at evaluating, embracing and managing the uncertainties it faces as it creates sustainable value for stakeholders. It helps an organization manage its risks to protect and enhance enterprise value in three ways
13、. First, it helps to establish sustainable competitive advantage. Second, it optimizes the cost of managing risk. Third, it helps management improve business performance.These contributions redefine the value proposition of risk management to a business. One way to think about the contribution of ER
14、M to the success of a business is to take a value dynamics approach. Just as potential future events can affect the value of tangible physical and financial assets, so also can they affect the value of key intangible assets. This is the essence of what ERM contributes to the organization: the elevat
15、ion of risk management to a strategic level by broadening the application and focus of the risk management process to all sources of value, not just physical and financial ones.ERM transitions risk management from “avoiding and hedging bets” to a differentiating skill for protecting and enhancing en
16、terprise value as management seeks to make the best bets in the pursuit of new opportunities for growth and returns. ERM invigorates opportunity-seeking behavior by helping managers develop the confidence that they truly understand the risks and have the capabilities at hand within the organization to manage those risks.Five steps to implementing ERMFor organizations choosing to broaden their focus to ERM, there are five practical steps for implementation. While the following steps provid
