企業(yè)的風(fēng)險管理-財務(wù)和會計方面【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：EnterpriseRiskManagement:FinancialAccountingPerspectivesERMFinanceOperations:KeyFinancialRisksRecentfinancialdisastersinfinancialnonfinancialfirmsingovernmentalagencieshaveledtoincreasedemphasisonvari

2、ousfmsofriskmanagementsuchasmarketriskmanagementcreditriskmanagementoperationalriskmanagement.Financialinstitutionslikebanksarefurthermotivatedbytheneedtomeetvariousregulatyrequirementsfriskmeasurementcapital.Thereisanin

3、creasingtendencytowardanintegratedholisticviewofrisks.Aframewkfthinkingaboutthecollectiveriskofagroupoffinancialinstrumentsanindividualsecurity’scontributiontothatcollectiveriskwouldbeuseful.ATillinghastTowersPerrinsurve

4、yhasreptedthatnearlyhalfoftheinsuranceindustryusedanintegratedriskmanagementprocess(withanother40%planningtodoso)40%hadachiefriskofficer.EnterpriseRiskManagement(ERM)isanintegratedapproachtoachievingtheenterprise’sstrate

5、gicprogrammaticfinancialobjectiveswithacceptablerisk.ThephilosophyofERMgeneralizestheseconceptsbeyondfinancialriskstoincludeallkindsofrisks.Fexampleaptfolioofequityinvestmentshasbeengeneralizedtotheentirecollectionofrisk

6、sfacinganganization.Anumberofprincipleshaveoftenbeenfoundusefulinpractice:1.Ptfolioriskcanneverbethesimplesumofvariousindividualriskelements.2.Onehastounderstvariousindividualriskelementstheirinteractionsindertounderstpt

7、foliorisk.3.Thekeyriski.e.themostimptantriskcontributesmosttotheptfoliodisciplinedoversightoffinancialaccountingauditsystems.ThesefourcompetenciesaresimilartotheCOSOERMframewkwherethreeobjectivecategiesareidentified:oper

8、ationalobjectivesfinancialreptingobjectivescomplianceobjectives.TheCOSOframewkdefinesERMasanongoingprocessfidentifyingmanagingpotentialeventsoperationsthatcouldaffecttheentity’sabilitytomanagebusinessriskssuchthattheyrem

9、ainwithinitsriskappetite.FinanceoperationalactivitiesareusuallymanagedthroughvariousquantitativemodelsthatcanbeusedbyERM.ValueatRiskmodelshavebeenpopularpartiallyinresponsetoBaselIIbankingguidelines.Otheranalyticapproach

10、esincludesimulationofinternalriskratingsystemsusingpastdatadecisionanalysismodels.Swedishbankshavebeenfoundtousecreditratingcategiesthateachbankreflecteditsownriskpolicy.Onebankwasfoundtohaveahigherlevelofdefaultsbutwith

11、outadverselyaffectingprofitabilityduetoconstraininghighriskloanstolowamounts.Systemicriskfromoveralleconomicsystemsaswellasriskfromwksofbankswithlinkedloanptfoliosareimptant.Overalleconomicsystemriskwasfoundtobemuchmelik

12、elywhilelinkedloanptfoliosinvolvedhighimpactbutverylowprobabilityofdefault.KeyFinancialRisksTypicallythemajsourcesofvaluelossinfinancialinstitutionsareidentifiedas:Marketriskisexposuretotheuncertainmarketvalueofaptfoliow

13、heretheunderlyingeconomicfactsaresuchasinterestratesexchangeratesequitycommodityprices.Creditriskistherisksthatcounterpartymaybeunabletoperfmonanobligation.Operationalriskistheriskoflossresultingfrominadequatefailedinter

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