毕业论文英文文献及翻译.docx

毕业论文英文文献及翻译.docx

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毕业论文英文文献及翻译

ManagingRisk:

AnEnterprise-wideApproach

Barton·ThomasL1、Shenkir·WilliamG2、Walker·PaulL3

Twenty-firstcenturybusinessesworldwideoperateinanenvironmentwhereforcessuchasglobalization,technology,theinternet,deregulation,restructuringsandchangingconsummerexpectations——arecreatingmuchuncertaintyandprodigiousrisks.Consider,forexample,thatnoforceishavingasgreatanimpactonbusinesstodayastheInternet.Andastheinternetevolves,companiesinallindustriesarerethinkingthebasics:

businessmodels,corestrategiesandtargetcustomerbases.

Thesenewdevelopmentscreatenewissuesrelatedtoriskandriskmanagement.Managingriskonanintegratedandenterprise-widebasisisavitalissueconfrontingexecutives,withtheCFOakeydecisionmakerincraftingthecompanystrategy,"Ithinkthepointtoriskmanagementisnottotryandoperateyourbusinessinarisk-freeenvironment,it'stotipthescaletoyouradvantage.Soitbecomesstrategicratherthanjustdefensive,"observedPeterCox,chieffinancialofficerofUnitedGrainGrowersLtd.（ofCanada）.Tosomeextent,nomatterwhatitsproductsorservices,everyorganizationisinthebusinessofriskmanagement.

Mostexecutiveswouldlikelyagreethatriskmanagementispartoftheirjob,andthereisprobablyagreementthatrisksareincreasingratherthandecreasing.Butaskexecutivestoelaborateonriskmanagementandyou'llnodoubtgetavarietyofanswers:

"It'saboutpreventingdisasters,"or,"It'ssomethingtheinsuranceorfinancepeoplehandle.

"Isitjustbusinessmanagement?

Whatdoes"riskmanagement"meantomanagementintoday'scompanies?

FinancialExecutivesResearchFoundationrecentlypublishedabooksummarizingresearchonthesubjectgleanedfromfivecompaniesindiverseindustries.ThebookMakingEnterpriseRiskManagement

PayOff,reportsonhowthefiveareimplementingenterprise-wideriskmanagement.Thecompaniesstudiedwere:

ChaseManhattanCorp（nowj.P.MorganChase&Co.）,E.LduPontdeNemoursandCo.MicrosoftCorp.,UnitedGrainGrowers,Ltd.andUnocalCorp.

Onekeyfindingisthatriskmanagementisnotjustaboutfinanceinsuranceordisasters.It'saboutrunningthebusinesseffectivelyandunderstanding,atthecore,thefundamentalrisksfacingthebusiness.TimLing,presidentandchiefoperatingofficerofUnocal（andthecompany'sformerCFO）,emphasized,"thinkyouwillseealmostallcompaniesoverthenextfewyearsmovinginthesamedirection[asweare],reallytryingtointegratethenotionofriskmanagementwiththenotionofjustbusinessmanagement.Tome,runningabusinessisallaboutmanagingrisk."

Successfulcompanies,almostbydefinition,havemanagedriskswell,butpracticing“riskmanagement”hastypicallybeeninformalandimplicit.Somecompaniesmayhavesurvivedwithouteverknowingtheirrealportfoliosofrisks.Takinganimplicitapproachtoriskmanagementcanberiskyitself,asit'scausedsomemajorsurprisestocompaniesunawareoftheexplicitrisks.Examplesincludemajordebaclessuchasproductrecallsorfraudulentsecuritiestrading,majorshiftsinmarketsthatmanagementmissedorsawtoolate,andincreasinglycomplexenvironmentalorbusinesschangesnotrecognizedbymanagement.Successfulriskmanagementtodayisnotjustalxsutdebaclesandthedownside–it’sasmuchaboutopportunitiesandtheupside.AsUGG'sPeterCox.said,it'sa"strategic"initiative,nota"defensive"one.

Aparadigmshift

Bywayofdefinition,enterprisewideriskmanagement,orintegratedriskmanagement,isaparadigmshiftformanycompanies.Itsgoalistocreate,protectandenhanceshareholdervaluebymanagingtheuncertaintiesthatcouldeithernegativelyorpositivelyinfluenceachievementoftheorganization'sobjectives.Historically,managingriskwasdonein'silos'ratherthanenter-prise-wide,Thatis,companiesknewhowtomanagecertainobviousrisksindividuallybutneverthoughtaboutexaminingeveryriskandinvolvingmanagementinmanagingallofthoserisks.Typically,companieswouldhavepeoplewhomanagedprocessrisk,safetyrisk,insurance,financialandassortedotherrisks.Aresultofthisfragmentedapproachwasthatcompanieswouldoftentakehugerisksinsomeareasofthebusinesswhileover-managingsubstantiallysmallerrisksinotherareas.

Enterprise-wideriskmanagementisacoordinatedandfocusedapproachformanagingallriskstogether.

What'sdrivingcompaniestoadoptenterprise-wideapproachestoriskmanagement?

Thestudyfoundthreemajorreasons.Forstarters,riskmanagementhasgainedrecognitionascompanieshaveseenmajordebaclesoccurinternallyoratothercompanies.Thesizeofthesedisasterscanbedevastating,andexecutivesfrequentlylosetheirjobsasaresult.Simplystated,oneofthemainreasonsriskmanagementhasbecomenecessaryistomanagestrategicallyandavoidcatastrophes.

Secondly,manyexecutivesbelieverisksaregreaterthaneverbefore.Infact,evenbeingachiefexecutiveisrisky.TheEconomist（Nov.11,2000）reportedthatthispastOctoberalone,129chiefexecutiveslefttheircompaniesandthattheBusinessCouncilnolongerputsanincomingexecutiveonitsmemberlistimmediately,butinsteadwaitstoseeifthenewcomerwilllast.Executivesknowtherisksarethere,buttheyarenotsurewhattodotomanagethem.Indeed,manyexecutiveswouldwelcomeariskmanagementplanandrelatedriskini'rastructure.

Thethirdreasonconcernsshareholdervalue.Companieshavelearned（asUnocal'sTimLing

expressed）thatmanagingriskisreallyaboutmanagingthebusinessandthereforemanagingriskcancreateshareholdervalueifdonecorrectly.SusanStalnecker.DuPontstrea.surer.commentsontheoldviewofriskmanagementversusthenew,moreintegratedapproach;"Whatwehaveisacontrolprocessnow.Wedon'thaveavaluecreationprocess.Thatswhatweretryingtodo."

Theriskmanagementprocess

Studyresultsfromihefivecompaniesclearlyindicatethereisno"cookie-cutter"orone-size-fits-allapproachtoriskmanagement.Eachcompanydevelopeddifferentyetoverlappingapproaches.Yet,inspiteofthedifferences,eachcompany’smanagementbelievedthattheirapproachwasaddingvaluetotheirorganization.Thediscussionthatfollowshighlightssomeofthelessonslearnedaboutaddingvaluethroughenterprise-wideriskmanagement.

1.Identifyrisks.Effectiveriskmanagementinitiallymeansknowingyourrisks.Eachofthecasestudycompanieshad,inonewayoranother,madeaconcertedefforttoidentifyitsrisks.Riskswereidentifiedinavarietyofways:

usingscenarioanalysis,brainstorming,performingriskself-assessmentsandgenerallybylookingacrosstheorganization（orenterprise-wide）tomakesuretheyhadcoveredthemajorbusinessrisks.KarlPrimm,Unocal’sgeneralauditor,saidofthenewapproach.“Riskmanagementisnotnew;managershavebeendoingthissincethebeginningoftime.Anintegratedapproach,however,doesshednewlightandbenefitsontheprocess."Riskidentificationisnotstatic.Asthebusiness,economyandindustrychange,sodotherisksandso,too.musttheriskidentificationprocess.

2.Rankrisks.Oncerisksareidentified,managementcandeterminewhattodowiththem,dependingontheeffectoftheriskonthebusiness.Agoodfirststepinassessingtheeffectistorankrisksbysomescaleofimpactandlikelihood.DuPontimplicitlylanksrisks,whileMicrosoft

usesriskrankingstogenerate"riskmaps."（Riskmapsareagraphicalapproachforviewingandplottingbothlikelihoodandimpactofrisks.）Eitherway,canyouimaginetryingtorunabusinesswithoutknowingtherealrisksandwithoutknowingthepossibleimportanceofeachrisk?

It'sarecipeforpoorperformanceorevendisaster.Thegoalistomakeconsciousdecisionsaboutrisk,

includingallrisksfacingthebusiness.

3.Trytomeasurerisks.Aspreviouslynoted,somecompaniesimplicitlyorexplicitlyrankrisks;othersdecidetovalidatetherisk'sperceivedimportance.Thesecompanieswanttohavemoreevidenceonimportancebeforetheymakedecisionsabouthowtomanagetherisk.Gatheringthisadditionalevidencehelpsmanagementallocatecapitalefficientlyandavoidover-managing

thoserisksthatarenotasimportantwhileunder-managingthosethatareimportant.

RiskMeasurementApproaches

Butsomerisksseemtodefyreliablemeasurement."Theapproachwehavetakeninfinancialriskandbusinessriskistotrytoquantifywhatwecanandnotnecessarilyworrythatweareunabletocaptureeverythinginourmeasurement,"saidGeorgeZinn.directorofcorporatefinanceforMicrosoft,describinghowhiscompanyviewstheproblem.Still,companiesshouldattemptseriousriskmeasurementbecauseitoffersharddatatobackuptheperceivedimpactofrisks.

Themostsophisticatedmeasurementofriskoccursintheareaoffinancialrisk.CompaniesareusingvalueatriskorVAR（effectofunlikelyeventsinnormalmarkets）,andstresstesting（effectofplausibleeventsinabnormalmarkets）methodologiestomeasurethepotentialimpactofthefinancialriskstheyface.ToMicrosoft.VARprovidesawaytorespondtothequestion."HowmuchriskisMicrosofttaking?

"Microsoft'streasurer,BrentCallinicos,saidthatbeforethecompanyusedVAR.itwouldhavetoask"whattheyreallymeant."Theriskmanagementgroup,accordingtoCallinicos,decidedit"wouldtellanyonewhoaskswhatwemeanwhenwesaywehaverisk."

Themeasurementofriskhasbeenevolvingfromfinancialrisktonowincludenon-financialriskwhichismoreproblematic.However,thecompaniesstudiedhavedevelopedeclecticapproachestomeasuringthesevariousrisks.Forexample:

UGGtookriskmeasurementtoanewlevelbydevelopi