金融學(xué)專業(yè)外文翻譯---保險(xiǎn)業(yè)對(duì)企業(yè)風(fēng)險(xiǎn)管理的實(shí)證研究

1、<p>　　外文題目： An Empirical Study on Enterprise Risk Management in Insurance </p><p>　　出 處： New Frontiers in Enterprise Risk Management </p><p>　　作 者： M.Acha

2、ryya </p><p><b>　　原 文：</b></p><p>　　Enterprise Risk Management in Insurance</p><p>　　Enterprise Risk Management (he

3、reinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all r

4、isks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overr

5、iding corporate objectives.Ris</p><p>　　Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, a

6、nd Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is

7、 a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and</p><p>　　Multidisciplinary Views of Risk</p><p>　　The objective of the research

8、is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the

9、 gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.</p><p>　　In recent years ERM has emerged as a topic for discussion in the fin

10、ancial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their c

11、lients. Rating agencies included the ERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the manageme</p&g

12、t;<p>　　Risk in Finance</p><p>　　In finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The tradit

13、ional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-d

14、iversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is posi</p><p>　　Risk in Economics</p><p>　　Risk in economics is understood within two s

15、eparate (independent) categories, i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected U

16、tility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists a

17、rgue that people</p><p>　　Risk in Psychology</p><p>　　While economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and b

18、ehavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and association

19、s that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manifests itself i</p><p>　　Psychologists argue that risk, as a multidisciplinary con

20、cept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception

21、 plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundament

22、al </p><p>　　Risk in Sociology</p><p>　　In sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The socio

23、logical literature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natur

24、al/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entr</p><p>　　Convergence of Multidisciplinary Views of Risk</p><p>　　Di

25、fferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components.

26、 Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In

27、 addition, sociologists’ criticism of economists’concern o</p><p>　　Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types o

28、f risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there exist overlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk researc

29、h. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.</p><p>　　Insurance Industry Practice</p><p>　　The practice of ERM in the insura

30、nce industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insur

31、ers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key perso

32、nnel of the CASES in betwee</p><p>　　Understanding of ERM</p><p>　　It was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Inter

33、estingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.

34、) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On th</p><p>　　ERM: A Process</p><p>　　Within

35、the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches o

36、f ERM.The analysis found four key concepts of ERM. They are harmonization, standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not

37、 exist within the CASES,</p><p>　　rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is esse

38、ntial for designing an optimal ERM system.</p><p>　　Linkages Amongst the Four Concepts</p><p>　　Although harmonization and standardization are seen apparently similar respondents view them diffe

39、rently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted dep

40、ending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing diver</p><p>　　ERM: A Tool<

41、/p><p>　　Viewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measur

42、e a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.</p><p&g

43、t;　　Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover,

44、 the objective is clear, i.e., meeting</p><p>　　the expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.</p><p>　　ERM

45、: An Approach</p><p>　　In contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance busin

46、ess, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM

47、 approach of managing business is found central to the value creation of insurance companies.In </p><p>　　It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of

48、 achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for select

49、ed audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements.</p><p>　　外文題目： An Empirical Study on Enterprise

50、 Risk Management in Insurance </p><p>　　出 處：New Frontiers in Enterprise Risk Management </p><p>　　作 者： M Acharyya

51、 </p><p><b>　　譯 文：</b></p><p>　　保險(xiǎn)業(yè)對(duì)企業(yè)風(fēng)險(xiǎn)管理的實(shí)證研究</p><p>　　企業(yè)風(fēng)險(xiǎn)管理涉及各種行業(yè)(如保險(xiǎn)精算師、公司財(cái)政經(jīng)理、保險(xiǎn)商、會(huì)計(jì)和內(nèi)部審計(jì)員)，當(dāng)前企業(yè)風(fēng)險(xiǎn)管理解決方案往往不能涵蓋所有的風(fēng)險(xiǎn)，因?yàn)檫@些方案取決于決策者和執(zhí)行則的專業(yè)道德和原則。在一家典型的保險(xiǎn)公司中，

52、專業(yè)工作將以小組的形式完成，風(fēng)險(xiǎn)也可以稱為因素，其阻礙組織目標(biāo)的實(shí)現(xiàn)進(jìn)而影響整體。而孤立的風(fēng)險(xiǎn)管理往往忽略了全局。本文所研究的全面的風(fēng)險(xiǎn)管理是合理的，也是一般管理活動(dòng)的最終目標(biāo)。風(fēng)險(xiǎn)管理不是一個(gè)獨(dú)立的業(yè)務(wù)流程的，管理目標(biāo)的關(guān)鍵應(yīng)該是處理好風(fēng)險(xiǎn)的負(fù)面效應(yīng)，以及從風(fēng)險(xiǎn)的正面效應(yīng)中獲取機(jī)會(huì)。企業(yè)風(fēng)險(xiǎn)管理是風(fēng)險(xiǎn)管理的一種途徑，它是各個(gè)學(xué)科的專家達(dá)成的共識(shí)。企業(yè)風(fēng)險(xiǎn)管理要具有前攝性，應(yīng)立足于企業(yè)的未來發(fā)展。企業(yè)應(yīng)了解風(fēng)險(xiǎn)涉及的范圍以及可能引起的損

53、失。有效的風(fēng)險(xiǎn)管理是以全面的框架為基礎(chǔ)的一項(xiàng)跨學(xué)科的實(shí)踐活動(dòng)。</p><p>　　無論以何種名義定義這種新型的風(fēng)險(xiǎn)管理（本文指的是不同的名稱，如企業(yè)風(fēng)險(xiǎn)管理，戰(zhàn)略風(fēng)險(xiǎn)管理，整體風(fēng)險(xiǎn)管理），最終都統(tǒng)一于對(duì)該企業(yè)所有重大風(fēng)險(xiǎn)的管理。風(fēng)險(xiǎn)存在于任何事項(xiàng)中，企業(yè)的任何一項(xiàng)決策，無論是虧損還是獲利都與風(fēng)險(xiǎn)密切相關(guān)。企業(yè)風(fēng)險(xiǎn)管理理論上是簡(jiǎn)單合理的，但由于它的主體是社會(huì)，有廣泛的利益相關(guān)者，而且涉及到不同信仰，不同世界觀的社

54、會(huì)群體，在現(xiàn)實(shí)中很難實(shí)行。企業(yè)風(fēng)險(xiǎn)管理需要理論作為依據(jù)，但卻始終缺少?gòu)?qiáng)有力的理論（它涉及跨學(xué)科的概念）。本文認(rèn)為，現(xiàn)在需要的是一個(gè)整體框架的發(fā)展，本文的主要任務(wù)就是建立一個(gè)完整的理論體系，以促進(jìn)企業(yè)風(fēng)險(xiǎn)管理的實(shí)際運(yùn)用。</p><p>　　多學(xué)科的風(fēng)險(xiǎn)觀：此次討論的目的是研究保險(xiǎn)公司的風(fēng)險(xiǎn)管理。為此我們?cè)O(shè)計(jì)了一份調(diào)查，調(diào)查內(nèi)容是保險(xiǎn)業(yè)實(shí)際面臨的狀況，調(diào)查目的是盡量減少學(xué)者和從業(yè)人員之間的差距，以促進(jìn)風(fēng)險(xiǎn)管理的實(shí)證

55、研究。</p><p>　　近年來，風(fēng)險(xiǎn)管理已成為金融界一個(gè)重點(diǎn)討論的話題，尤其是銀行業(yè)和保險(xiǎn)業(yè)。專業(yè)組織發(fā)表關(guān)于企業(yè)風(fēng)險(xiǎn)管理的研究報(bào)告，咨詢公司為支持他們的客戶進(jìn)行廣泛的研究課題和調(diào)查，評(píng)級(jí)機(jī)構(gòu)在評(píng)級(jí)標(biāo)準(zhǔn)中包含了企業(yè)風(fēng)險(xiǎn)管理。監(jiān)管機(jī)構(gòu)更注重金融機(jī)構(gòu)的風(fēng)險(xiǎn)管理能力。學(xué)者們也逐漸響應(yīng)從業(yè)人員的號(hào)召，提倡對(duì)風(fēng)險(xiǎn)管理構(gòu)建一個(gè)全面的框架結(jié)構(gòu)，其中心思想是使該組織貼近市場(chǎng)經(jīng)濟(jì)。然而大家推崇各自核心專業(yè)的企業(yè)風(fēng)險(xiǎn)管理思想。風(fēng)

56、險(xiǎn)管理的重點(diǎn)是整個(gè)管理活動(dòng)中任何性質(zhì)的一切風(fēng)險(xiǎn)。在一些學(xué)科中，仍有大量風(fēng)險(xiǎn)管理知識(shí)是孤立存在的（例如，經(jīng)濟(jì)學(xué)，金融學(xué)，心理學(xué)，社會(huì)學(xué)等），完整的跨學(xué)科風(fēng)險(xiǎn)體系還未建立。此外，整體（即多學(xué)科的）風(fēng)險(xiǎn)性質(zhì)的理論認(rèn)識(shí)仍是盲點(diǎn)，因此，人們對(duì)跨學(xué)科的企業(yè)風(fēng)險(xiǎn)管理的認(rèn)識(shí)仍然難以達(dá)成共識(shí)。</p><p>　　金融學(xué)中的風(fēng)險(xiǎn)：在金融學(xué)中，風(fēng)險(xiǎn)主要通過期望值和風(fēng)險(xiǎn)程度來表現(xiàn)。傳統(tǒng)規(guī)避風(fēng)險(xiǎn)的方法是投資組合理論；金融風(fēng)險(xiǎn)包括系統(tǒng)性風(fēng)

57、險(xiǎn)和非系統(tǒng)性風(fēng)險(xiǎn)；系統(tǒng)性風(fēng)險(xiǎn)與投資回報(bào)率密切相關(guān)，但與企業(yè)自身盈利能力無關(guān)；金融風(fēng)險(xiǎn)還包括違約風(fēng)險(xiǎn)，這與公司的業(yè)績(jī)密切相關(guān)；相當(dāng)一部分金融風(fēng)險(xiǎn)與投資組合風(fēng)險(xiǎn)的衡量標(biāo)準(zhǔn)有關(guān)（如標(biāo)準(zhǔn)差，β，風(fēng)險(xiǎn)等）；除了投資組合理論，資本資產(chǎn)定價(jià)模型在完美的資本市場(chǎng)也適用于風(fēng)險(xiǎn)資產(chǎn)的定價(jià)；衍生市場(chǎng)隨著期權(quán)定價(jià)理論的推廣而迅速擴(kuò)張。</p><p>　　經(jīng)濟(jì)學(xué)中的風(fēng)險(xiǎn)：經(jīng)濟(jì)學(xué)中的風(fēng)險(xiǎn)可以分為兩類即內(nèi)部風(fēng)險(xiǎn)和外部風(fēng)險(xiǎn)。經(jīng)濟(jì)決策往往是在存

58、在多個(gè)風(fēng)險(xiǎn)的不確定性下做出的。預(yù)期效用理論認(rèn)為，人們根據(jù)自己的風(fēng)險(xiǎn)態(tài)度判斷風(fēng)險(xiǎn)大?。ㄐ⌒停行?，大型），而根據(jù)財(cái)富效用理論，風(fēng)險(xiǎn)態(tài)度取決于財(cái)富，它通過風(fēng)險(xiǎn)的概率來衡量。經(jīng)濟(jì)學(xué)家認(rèn)為當(dāng)風(fēng)險(xiǎn)很大時(shí)，人們是風(fēng)險(xiǎn)厭惡型的。風(fēng)險(xiǎn)預(yù)期理論論述了風(fēng)險(xiǎn)狀態(tài)下的選擇分析。標(biāo)準(zhǔn)風(fēng)險(xiǎn)厭惡是指在獨(dú)立的風(fēng)險(xiǎn)中偏好于承擔(dān)風(fēng)險(xiǎn)的個(gè)體。經(jīng)濟(jì)中對(duì)風(fēng)險(xiǎn)的研究來自于為彩票和其他賭博行為制定規(guī)則。</p><p>　　心理學(xué)中的風(fēng)險(xiǎn)：雖然經(jīng)濟(jì)學(xué)假定個(gè)人

59、的風(fēng)險(xiǎn)偏好是信念的表現(xiàn)，心理學(xué)家仍在研究系統(tǒng)的判斷和行為對(duì)建立這種信念的影響。心理學(xué)家討論的冒險(xiǎn)行為，看起來只是研究人類的反應(yīng)模式，但對(duì)其內(nèi)容，局部，主旨都進(jìn)行了分析，進(jìn)而探討其如何影響人們的決策。心理學(xué)上的風(fēng)險(xiǎn)表現(xiàn)在對(duì)損失發(fā)生后的遺憾程度上。據(jù)威利特所論述，“風(fēng)險(xiǎn)是通過對(duì)不確定性的心理反應(yīng)進(jìn)而影響經(jīng)濟(jì)活動(dòng)的一種行為?！苯?jīng)理人對(duì)風(fēng)險(xiǎn)采取的態(tài)度往往表現(xiàn)在他對(duì)待風(fēng)險(xiǎn)的個(gè)人主觀感受。</p><p>　　心理學(xué)家爭(zhēng)論，

60、橫跨多重學(xué)科的風(fēng)險(xiǎn)，不能簡(jiǎn)單的以獨(dú)立的學(xué)科知識(shí)進(jìn)行闡述，這樣會(huì)破壞風(fēng)險(xiǎn)內(nèi)容體系的完整性。經(jīng)理人習(xí)慣運(yùn)用風(fēng)險(xiǎn)測(cè)量工具協(xié)助他們解決在決策過程中的不確定性。風(fēng)險(xiǎn)感知是風(fēng)險(xiǎn)在心理學(xué)中研究的重要環(huán)節(jié)，其關(guān)鍵就是解決人類如何覺察風(fēng)險(xiǎn)，風(fēng)險(xiǎn)對(duì)于不同的人群的區(qū)別。并且，對(duì)心理學(xué)上風(fēng)險(xiǎn)的研究為情緒與決策的緊密聯(lián)系提供了基礎(chǔ)的理論支持。</p><p>　　社會(huì)學(xué)中的風(fēng)險(xiǎn)：在社會(huì)學(xué)中的風(fēng)險(xiǎn)是社會(huì)創(chuàng)造出的一種正?，F(xiàn)象（即社會(huì)問題），通

61、常被定義為社會(huì)事件后的決策。風(fēng)險(xiǎn)在社會(huì)學(xué)中的學(xué)術(shù)研究遲于人類學(xué)和心理學(xué)作對(duì)風(fēng)險(xiǎn)的研究。風(fēng)險(xiǎn)先和文化聯(lián)系在一起，其次才是社會(huì)學(xué)。研究社會(huì)學(xué)風(fēng)險(xiǎn)的重點(diǎn)是對(duì)有害事件的后果加以分析。從社會(huì)學(xué)的角度看，企業(yè)家的經(jīng)營(yíng)活動(dòng)是對(duì)社會(huì)負(fù)責(zé)，按照財(cái)富的比例負(fù)起屬于自己的那份責(zé)任。實(shí)際上，這些都是由國(guó)家監(jiān)管部門執(zhí)行并實(shí)施的。研究社會(huì)學(xué)風(fēng)險(xiǎn)的關(guān)鍵是正確認(rèn)識(shí)社會(huì)可接受的風(fēng)險(xiǎn)范圍。</p><p>　　交叉學(xué)科中的風(fēng)險(xiǎn)：顯然，不同學(xué)科對(duì)風(fēng)險(xiǎn)

62、的看法是不同的，經(jīng)濟(jì)學(xué)和金融學(xué)通過公司的投資回報(bào)率來衡量風(fēng)險(xiǎn)，而心理學(xué)和社會(huì)學(xué)則是通過人們自身的行為反應(yīng)來定義風(fēng)險(xiǎn)。經(jīng)濟(jì)學(xué)家注重的是在風(fēng)險(xiǎn)環(huán)境中的投資的經(jīng)濟(jì)收益。相反，社會(huì)學(xué)家們卻認(rèn)為風(fēng)險(xiǎn)的道德價(jià)值更為重要，有時(shí)候會(huì)使經(jīng)濟(jì)效益有所損失。風(fēng)險(xiǎn)的經(jīng)濟(jì)學(xué)學(xué)說，通過風(fēng)險(xiǎn)，時(shí)間和偏好來描述風(fēng)險(xiǎn)事故的發(fā)生，但仍遭到社會(huì)學(xué)家的批判，他們認(rèn)為，在這一過程中經(jīng)濟(jì)學(xué)家，往往會(huì)忽略它們的內(nèi)在關(guān)系。一些經(jīng)濟(jì)學(xué)家，心理學(xué)家正在對(duì)經(jīng)濟(jì)心理學(xué)進(jìn)行研究，目的是通過對(duì)個(gè)

63、人思維和行為的分析建立一個(gè)理性的經(jīng)濟(jì)行為模型。此外，行為金融學(xué)是經(jīng)濟(jì)學(xué)和心理學(xué)的衍生。而且，有效市場(chǎng)假說為行為經(jīng)濟(jì)學(xué)的研究提供了理論依據(jù)。針對(duì)馮諾伊曼，摩根斯坦的效用理論的缺陷，行為經(jīng)濟(jì)學(xué)為人們?cè)诓淮_定條件下的非理性行為提供理由。</p><p>　　這些學(xué)科首先要解決的是對(duì)風(fēng)險(xiǎn)的認(rèn)知，但各個(gè)學(xué)科的學(xué)者們想要在這一認(rèn)識(shí)上達(dá)成共識(shí)，仍存在很多難題。通過以上分析，從中可以看出各個(gè)學(xué)科對(duì)風(fēng)險(xiǎn)的認(rèn)識(shí)有重疊的部分，它們?cè)趯?duì)

64、風(fēng)險(xiǎn)的研究過程中是有內(nèi)在聯(lián)系的。</p><p>　　在保險(xiǎn)業(yè)的風(fēng)險(xiǎn)管理做法：全球四大保險(xiǎn)公司為此進(jìn)行了研究。這四家保險(xiǎn)公司除了一個(gè)是再保險(xiǎn)公司外，其余三個(gè)是主要的保險(xiǎn)公司，他們處于設(shè)計(jì)和實(shí)施企業(yè)風(fēng)險(xiǎn)管理的各個(gè)階段。這些公司在2004年底至2006年初期間通過面對(duì)面和電話訪問的方式對(duì)案件的關(guān)鍵人員進(jìn)行研究，他們用比較分析法進(jìn)行分析并與專家討論審定，據(jù)此建立了企業(yè)風(fēng)險(xiǎn)管理的概念模型。</p><

65、p>　　對(duì)企業(yè)風(fēng)險(xiǎn)管理的了解：結(jié)果發(fā)現(xiàn)，區(qū)別企業(yè)風(fēng)險(xiǎn)管理各種定義的關(guān)鍵是風(fēng)險(xiǎn)計(jì)量和風(fēng)險(xiǎn)管理是否存在。精算師、財(cái)務(wù)人員在處理數(shù)據(jù)時(shí)都運(yùn)用了風(fēng)險(xiǎn)建模和管理，尤其是財(cái)務(wù)風(fēng)險(xiǎn)和核心保險(xiǎn)風(fēng)險(xiǎn)，他們將風(fēng)險(xiǎn)管理視為一項(xiàng)工具，而內(nèi)部審計(jì)、公司秘書、業(yè)務(wù)經(jīng)理等為便于風(fēng)險(xiǎn)的管理，將風(fēng)險(xiǎn)管理視為一個(gè)過程。</p><p>　　企業(yè)風(fēng)險(xiǎn)管理是一個(gè)過程：風(fēng)險(xiǎn)管理作為一個(gè)過程，主要包括四個(gè)方面：統(tǒng)一化，標(biāo)準(zhǔn)化，一體化和集中化。這些概念

66、與企業(yè)風(fēng)險(xiǎn)管理的自上而下或自下而上的解決途徑有關(guān)，對(duì)概念方法的分析衍生出了這四個(gè)企業(yè)風(fēng)險(xiǎn)管理的關(guān)鍵概念：統(tǒng)一化，標(biāo)準(zhǔn)化，一體化和集中化。風(fēng)險(xiǎn)管理不是指單個(gè)獨(dú)立的概念，而應(yīng)該是四個(gè)方面的組合，它們相互融合。了解掌握這四個(gè)概念的聯(lián)系是設(shè)計(jì)一個(gè)最佳的風(fēng)險(xiǎn)管理體系至關(guān)重要的環(huán)節(jié)。</p><p>　　四個(gè)概念的聯(lián)系：雖然統(tǒng)一化和標(biāo)準(zhǔn)化看上去相似，但仍是有區(qū)別的。統(tǒng)一化有更多的靈活性。統(tǒng)一化是提供了一個(gè)相同的替代品，可以根

67、據(jù)不同的情況采用其中一個(gè)或多個(gè)工具。雖然標(biāo)準(zhǔn)化缺乏了這種靈活性，但它卻是企業(yè)風(fēng)險(xiǎn)管理的基本工具。</p><p>　　作為一項(xiàng)工具，企業(yè)風(fēng)險(xiǎn)管理從保險(xiǎn)公司的角度來衡量整個(gè)風(fēng)險(xiǎn)投資組合，包含了該模型的所有程序和技術(shù)。企業(yè)風(fēng)險(xiǎn)管理可以衡量資本質(zhì)量和資本配置水平。從這個(gè)角度看企業(yè)風(fēng)險(xiǎn)管理是保險(xiǎn)公司的資產(chǎn)負(fù)債管理的先進(jìn)手段，此時(shí)應(yīng)考慮的風(fēng)險(xiǎn)是極端的和可能引起重大事故的風(fēng)險(xiǎn)。經(jīng)濟(jì)資本的計(jì)算過程與市場(chǎng)波動(dòng)緊密相關(guān)。此外，企業(yè)

68、風(fēng)險(xiǎn)管理的目標(biāo)是明確的，即滿足股東的期望值。</p><p>　　企業(yè)風(fēng)險(xiǎn)管理是一種方法：企業(yè)風(fēng)險(xiǎn)管理不僅僅是過程和工具，從企業(yè)戰(zhàn)略角度看也是管理保險(xiǎn)業(yè)務(wù)的一種方法。這是因?yàn)轱L(fēng)險(xiǎn)根植于整個(gè)保險(xiǎn)業(yè)務(wù)中，無法簡(jiǎn)單的從中分離出來。因此最佳的風(fēng)險(xiǎn)管理設(shè)計(jì)應(yīng)根據(jù)戰(zhàn)略目標(biāo)調(diào)整風(fēng)險(xiǎn)。另外，風(fēng)險(xiǎn)管理在管理業(yè)務(wù)中的應(yīng)用是保險(xiǎn)公司價(jià)值創(chuàng)造的核心。在研究中，企業(yè)風(fēng)險(xiǎn)管理被視為市場(chǎng)管理和戰(zhàn)略管理的創(chuàng)新方法，包括創(chuàng)新和產(chǎn)品定價(jià)，選擇有利可