知识管理和风险管理的英语论文拙译
企业风险管理的英文作文
企业风险管理的英文作文英文：Enterprise risk management (ERM) is a crucial aspect of any business, as it allows companies to identify and mitigate potential risks that could negatively impact their operations. As someone who has worked in risk managementfor several years, I can attest to the importance of having a comprehensive ERM strategy in place.One of the key benefits of ERM is that it enables companies to take a proactive approach to risk management. By identifying potential risks before they occur, businesses can take steps to prevent or mitigate them, rather than simply reacting to them after the fact. This can help to minimize the impact of risks on the company's operations, reputation, and bottom line.Another benefit of ERM is that it can help companies to make more informed decisions. By having a clearunderstanding of the risks associated with differentcourses of action, businesses can make more strategic decisions that are based on a thorough analysis ofpotential risks and rewards.Of course, implementing an effective ERM strategy requires a significant amount of time and resources. However, the benefits of doing so far outweigh the costs.By investing in ERM, companies can protect themselves against potential risks, make more informed decisions, and ultimately improve their overall performance and profitability.中文：企业风险管理（ERM）是任何企业的重要组成部分，因为它可以帮助企业识别和减轻可能对其运营造成负面影响的潜在风险。
财务风险管理外文翻译英文文献
财务风险管理中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks areidentified and managed appropriately.Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss,while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature,including sales and purchases, investments and loans, and various other businessactivities. It can arise as a result of legal transactions, new projects, mergers andacquisitions, debt financing, the energy component of costs, or through the activitiesof management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues,orotherwise adversely impact the profitability of an organization. Financial fluctuationsmay make it more difficult to plan and budget, price goods and services, and allocatecapital.There are three main sources of financialrisk:1. Financial risks arising from an organization ' s expionsmuraerktoetcphrai cnegse,ssuch as interest rates, exchange rates, and commodityprices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization,particularly people, processes, andsystemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertaintiesresultingfrom financial markets. It involves assessing the financial risks facing an organizationand developing management strategies consistent with internal priorities and policies.Addressing financial risks proactively may provide an organization with a competitiveadvantage.It also ensures that management,operational staff, stakeholders, and theboard of directors are in agreement on key issues ofrisk.Managing financial risk necessitates making organizational decisions about risksthat are acceptable versus those that are not. The passive strategy of taking no actionis the acceptance of all risks bydefault.Organizations manage financial risk using a variety of strategies andproducts. Itis important to understand how these products and strategies work to reduceriskwithin the context of the organization toleran'ces arinskdobjectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable.However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows: 1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessedbased only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset ' s riskiness, but also its contributiotno the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as aresult of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assetsreduces the magnitude of loss if one issuer fails.Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management' csontrol. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financialrisks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies canbe implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization ' s exposure and risk. Alternatively, exisetixnpgosures may be managed with derivatives. Another strategy for managing risk is to accept allrisks and the possibility of losses.There are three broad alternatives for managing risk:1.Do nothing and actively, or passively by default, accept all risks.2.Hedge a portion of exposures by determining which exposures can and should be hedged.3.Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reportingand feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management.Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender ' s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include: 1、Expected levels of inflation 2、General economic conditions 3、Monetary policy and the stance of the central bank 4、Foreign exchange market activity 5、Foreign investor demand for debt securities 6、Levels of sovereign debt outstanding 7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve providesuseful 's expectations oinf tfeurteusret rates. Implied interest rates for forward-starting terms can be calculated using the information in the yieldcurve. For example, using rates for one- and two-year maturities, the expected one-year interestrate beginning in one year The shape of the yield curve is widely analyzed and monitored by marketparticipants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, aslenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensatefor this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.information about the markets time can be determined.Source: Karen A. Horcher, 2005.“ What Is Financial RiskManagement?”. Essentialsof Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
风险管理【外文翻译】
外文文献翻译译文一、外文原文原文：Risk ManagementThis chapter reviews and discusses the basic issues and principles of risk management, including: risk acceptability (tolerability); risk reduction and the ALARP principle; cautionary and precautionary principles. And presents a case study showing the importance of these issues and principles in a practical management context. Before we take a closer look, let us briefly address some basic features of risk management.The purpose of risk management is to ensure that adequate measures are taken to protect people, the environment, and assets from possible harmful consequences of the activities being undertaken, as well as to balance different concerns, in particular risks and costs. Risk management includes measures both to avoid the hazards and to reduce their potential harm. Traditionally, in industries such as nuclear, oil, and gas, risk management was based on a prescriptive regulating regime, in which detailed requirements were set with regard to the design and operation of the arrangements. This regime has gradually been replaced by a more goal-oriented regime, putting emphasis on what to achieve rather than on the means of achieving it.Risk management is an integral aspect of a goal-oriented regime. It is acknowledged that risk cannot be eliminated but must be managed. There is nowadays an enormous drive and enthusiasm in various industries and in society as a whole to implement risk management in organizations. There are high expectations that risk management is the proper framework through which to achieve high levels of performance.Risk management involves achieving an appropriate balance between realizing opportunities for gain and minimizing losses. It is an integral part of good management practice and an essential element of good corporate governance. It is aniterative process consisting of steps that, when undertaken in sequence, can lead to a continuous improvement in decision-making and facilitate a continuous improvement in performance.To support decision-making regarding design and operation, risk analyses are carried out. They include the identification of hazards and threats, cause analyses, consequence analyses, and risk descriptions. The results are then evaluated. The totality of the analyses and the evaluations are referred to as risk assessments. Risk assessment is followed by risk treatment, which is a process involving the development and implementation of measures to modify the risk, including measures designed to avoid, reduce (“optimize”), transfe r, or retain the risk. Risk transfer means sharing with another party the benefit or loss associated with a risk. It is typically affected through insurance. Risk management covers all coordinated activities in the direction and control of an organization with regard to risk.In many enterprises, the risk management tasks are divided into three main categories: strategic risk, financial risk, and operational risk. Strategic risk includes aspects and factors that are important for the enterprise’s long-term strategy and plans, for example mergers and acquisitions, technology, competition, political conditions, legislation and regulations, and labor market. Financial risk includes the enterprise’s financial situation, and includes: Market risk, associated with the costs of goods and services, foreign exchange rates and securities (shares, bonds, etc.). Credit risk, associated with a debtor’s failure to meet its obligations in accordance with agreed terms. Liquidity risk, reflecting lack of access to cash; the difficulty of selling an asset in a timely manner. Operational risk is related to conditions affecting the normal operating situation: Accidental events, including failures and defects, quality deviations, natural disasters. Intended acts; sabotage, disgruntled employees, etc. Loss of competence, key personnel. Legal circumstances, associated for instance, with defective contracts and liability insurance.For an enterprise to become successful in its implementation of risk management, top management needs to be involved, and activities must be put into effect on many levels. Some important points to ensure success are: the establishment of a strategyfor risk management, i.e., the principles of how the enterprise defines and implements risk management. Should one simply follow the regulatory requirements (minimal requirements), or should one be the “best in the class”? The establishment of a risk management process for the enterprise, i.e. formal processes and routines that the enterprise is to follow. The establishment of management structures, with roles and responsibilities, such that the risk analysis process becomes integrated into the organization. The implementation of analyses and support systems, such as risk analysis tools, recording systems for occurrences of various types of events, etc. The communication, training, and development of a risk management culture, so that the competence, understanding, and motivation level within the organization is enhanced. Given the above fundamentals of risk management, the next step is to develop principles and a methodology that can be used in practical decision-making. This is not, however, straightforward. There are a number of challenges and here we address some of these: establishing an informative risk picture for the various decision alternatives, using this risk picture in a decision-making context. Establishing an informative risk picture means identifying appropriate risk indices and assessments of uncertainties. Using the risk picture in a decision making context means the definition and application of risk acceptance criteria, cost benefit analyses and the ALARP principle, which states that risk should be reduced to a level which is as low as is reasonably practicable.It is common to define and describe risks in terms of probabilities and expected values. This has, however, been challenged, since the probabilities and expected values can camouflage uncertainties; the assigned probabilities are conditional on a number of assumptions and suppositions, and they depend on the background knowledge. Uncertainties are often hidden in this background knowledge, and restricting attention to the assigned probabilities can camouflage factors that could produce surprising outcomes. By jumping directly into probabilities, important uncertainty aspects are easily truncated, and potential surprises may be left unconsidered.Let us, as an example, consider the risks, seen through the eyes of a risk analystin the 1970s, associated with future health problems for divers working on offshore petroleum projects. The analyst assigns a value to the probability that a diver would experience health problems (properly defined) during the coming 30 years due to the diving activities. Let us assume that a value of 1 % was assigned, a number based on the knowledge available at that time. There are no strong indications that the divers will experience health problems, but we know today that these probabilities led to poor predictions. Many divers have experienced severe health problems (Avon and Vine, 2007). By restricting risk to the probability assignments alone, important aspects of uncertainty and risk are hidden. There is a lack of understanding about the underlying phenomena, but the probability assignments alone are not able to fully describe this status.Several risk perspectives and definitions have been proposed in line with this realization. For example, Avon (2007a, 2008a) defines risk as the two-dimensional combination of events/consequences and associated uncertainties (will the events occur, what the consequences will be). A closely related perspective is suggested by Avon and Renan (2008a), who define risk associated with an activity as uncertainty about and severity of the consequences of the activity, where severity refers to intensity, size, extension, scope and other potential measures of magnitude with respect to something that humans value (lives, the environment, money, etc.). Losses and gains, expressed for example in monetary terms or as the number of fatalities, are ways of defining the severity of the consequences. See also Avon and Christensen (2005).In the case of large uncertainties, risk assessments can support decision-making, but other principles, measures, and instruments are also required, such as the cautionary/precautionary principles as well as robustness and resilience strategies. An informative decision basis is needed, but it should be far more nuanced than can be obtained by a probabilistic analysis alone. This has been stressed by many researchers, e.g. Apostolicism (1990) and Apostolicism and Lemon (2005): qualitative risk analysis (QRA) results are never the sole basis for decision-making. Safety- and security-related decision-making is risk-informed, not risk-based. This conclusion isnot, however, justified merely by referring to the need for addressing uncertainties beyond probabilities and expected values. The main issue here is the fact that risks need to be balanced with other concerns.When various solutions and measures are to be compared and a decision is to be made, the analysis and assessments that have been conducted provide a basis for such a decision. In many cases, established design principles and standards provide clear guidance. Compliance with such principles and standards must be among the first reference points when assessing risks. It is common thinking that risk management processes, and especially ALARP processes, require formal guidelines or criteria (e.g., risk acceptance criteria and cost-effectiveness indices) to simplify the decision-making. Care must; however, be shown when using this type of formal decision-making criteria, as they easily result in a mechanization of the decision-making process. Such mechanization is unfortunate because: Decision-making criteria based on risk-related numbers alone (probabilities and expected values) do not capture all the aspects of risk, costs, and benefits, no method has a precision that justifies a mechanical decision based on whether the result is over or below a numerical criterion. It is a managerial responsibility to make decisions under uncertainty, and management should be aware of the relevant risks and uncertainties.Apostolicism and Lemon (2005) adopt a pragmatic approach to risk analysis and risk management, acknowledging the difficulties of determining the probabilities of an attack. Ideally, they would like to implement a risk-informed procedure, based on expected values. However, since such an approach would require the use of probabilities that have not been “rigorously derived”, they see themselves forced to resort to a more pragmatic approach.This is one possible approach when facing problems of large uncertainties. The risk analyses simply do not provide a sufficiently solid basis for the decision-making process. We argue along the same lines. There is a need for a management review and judgment process. It is necessary to see beyond the computed risk picture in the form of the probabilities and expected values. Traditional quantitative risk analyses fail inthis respect. We acknowledge the need for analyzing risk, but question the value added by performing traditional quantitative risk analyses in the case of large uncertainties. The arbitrariness in the numbers produced can be significant, due to the uncertainties in the estimates or as a result of the uncertainty assessments being strongly dependent on the analysts.It should be acknowledged that risk cannot be accurately expressed using probabilities and expected values. A quantitative risk analysis is in many cases better replaced by a more qualitative approach, as shown in the examples above; an approach which may be referred to as a semi-quantitative approach. Quantifying risk using risk indices such as the expected number of fatalities gives an impression that risk can be expressed in a very precise way. However, in most cases, the arbitrariness is large. In a semi-quantitative approach this is acknowledged by providing a more nuanced risk picture, which includes factors that can cause “surprises” relative to the probabilities and the expected values. Quantification often requires strong simplifications and assumptions and, as a result, important factors could be ignored or given too little (or too much) weight. In a qualitative or semi-quantitative analysis, a more comprehensive risk picture can be established, taking into account underlying factors influencing risk. In contrast to the prevailing use of quantitative risk analyses, the precision level of the risk description is in line with the accuracy of the risk analysis tools. In addition, risk quantification is very resource demanding. One needs to ask whether the resources are used in the best way. We conclude that in many cases more is gained by opening up the way to a broader, more qualitative approach, which allows for considerations beyond the probabilities and expected values.The traditional quantitative risk assessments as seen for example in the nuclear and the oil & gas industries provide a rather narrow risk picture, through calculated probabilities and expected values, and we conclude that this approach should be used with care for problems with large uncertainties. Alternative approaches highlighting the qualitative aspects are more appropriate in such cases. A broad risk description is required. This is also the case in the normative ambiguity situations, as the risk characterizations provide a basis for the risk evaluation processes. The main concernis the value judgments, but they should be supported by solid scientific assessments, showing a broad risk picture. If one tries to demonstrate that it is rational to accept risk, on a scientific basis, too narrow an approach to risk has been adopted. Recognizing uncertainty as a main component of risk is essential to successfully implement risk management, for cases of large uncertainties and normative ambiguity.A risk description should cover computed probabilities and expected values, as well as: Sensitivities showing how the risk indices depend on the background knowledge (assumptions and suppositions); Uncertainty assessments; Description of the background knowledge, including models and data used.The uncertainty assessments should not be restricted to standard probabilistic analysis, as this analysis could hide important uncertainty factors. The search for quantitative, explicit approaches for expressing the uncertainties, even beyond the subjective probabilities, may seem to be a possible way forward. However, such an approach is not recommended. Trying to be precise and to accurately express what is extremely uncertain does not make sense. Instead we recommend a more open qualitative approach to reveal such uncertainties. Some might consider this to be less attractive from a methodological and scientific point of view. Perhaps it is, but it would be more suited for solving the problem at hand, which is about the analysis and management of risk and uncertainties.Source: Terje Aven. 2010. “Risk Management”. Risk in Technological Systems, Oct, p175-198.二、翻译文章译文：风险管理本章回顾和讨论风险管理的基本问题和原则，包括：风险可接受性（耐受性）、风险削减和安全风险管理原则、警示和预防原则，并提出了一个研究案例，说明在实际管理环境中这些问题和原则的重要性。
知识工作者需要更好地管理 毕业论文外文文献翻译
知识工作者需要更好地管理Allan Alter知识工作者可以发挥更好，如果我们只知道如何管理他们，托马斯说，达文波特。
他的建议：不要对待他们的所有相同的，他们巧妙的措施。
他们不喜欢被告知该怎么做。
他们享有更多的自主权比其他工人。
他们的大部分工作是无形的，难以衡量，因为它内部的负责人或办公室以外的地方。
他们越来越多的美国劳动力，他们的技能是难以替代。
他们是知识型工人，他们的表现远远低于它们的潜力，因为公司仍然不知道如何管理他们，达文波特说，托马斯教授的信息技术和管理Babson学院，在韦尔斯利，马萨诸塞州与研究部主管为巴布森的行政教育课程。
“知识工人将成为主要力量确定哪些经济是成功的，哪些是没有，”他说。
“他们的主要增长源在大多数组织。
新的产品和服务，新的办法，市场营销，新的商业模式，所有这些来自于知识型工人。
所以，如果你想你的经济增长，您的知识工作者最好做了搞好。
”然而，在研究100多个公司和600名个人的知识型工人，达文波特已经得出的结论是，旧的格言雇用聪明的人，使他们本身的最佳途径获得最大的知识型工人。
正如他写在他的最新著作“思考的生活：如何获取更好的性能，结果知识工人” （哈佛商学院出版社，2005年7月），但知识型工人“不能被管理的传统意义上的总之，你可以进行干预，但是你不能这样做了繁重的手，分层的方式。
”执行编辑阿兰随后改变了达文波特的职业生涯从他的天，是一项开创性的思想家的业务流程重组和知识管理。
他会见了达文波特在他的办公室在巴布森学院的学校执行教育，以了解如何管理人员，CIO们尤其可以提高性能的这一关键部分的劳动力。
经过编辑的讨论如下。
CIO的洞察：你如何定义知识型员工？达文波特：人民，其主要工作是做一些知识：创建，分发，适用于它。
大多数时候，他们也有高度的教育或专业知识。
它们包括从地方四分之一到三分之一的劳动力，但不是每个人都谁使用知识。
如果您是挖沟渠，你可能有一些知识的工作，但不是主要目的，你怎么做。
internal control and risk management内部控制与风险管理 外文翻译学士学位论文
Internal control and risk management1.Internal control --, standard and legislationIn 1985, the United States in order to curb the growing business of accounting fraud activities, formed a committee against financial fraud Treadway committee), (accounting fraud activities investigation led to reason and proposed solutions. The scheme emphasized the importance of internal control, requests and Suggestions of all listed companies should provide in the annals of internal control reports. The report shall include admit management authorities of financial reporting and internal control is responsible, and discuss the implementation of these responsibilities.In The end The mission Treadway Committee after The five, The commission launched organization jointly established a new Committee - The Com - mittee COSO (Sponsoring Organizations of The Treadway of ordinary), namely The organizing Committee Treadway Committee launched. It consists of the American public institute of certified public accountants (AICPA), American accounting association (AAA), international financial management association (FEI), internal auditors association (type IIA), international accounting association (NAA would) (a managerial accounting association jointly sponsored IMA predecessor). COSO continue to study and in 1992 it issued a programmatic document about the Internal Control, namely "Internal Control - the overall framework" (Internal Control - IntegratedFramework). The reports are put forward the COSO U.S. federal reserve, the United States securities and exchange commission, the Basel committee regulators or international organizations such as the recognition and adopted, many of these definitions, Suggestions and ideas absorbed into the legislation and regulations, worldwide has had a broad impact. Since THE end of 2001, THE United States broke with enron, worldcom, xerox and other companies financial cases of fraud as a representative of accounting scandals, hit U.S. capital markets and THE economy, also concentrated exposure for American companies in THE existing problem of internal control, thus causing THE United States adopted THE "sasha class nice --, THE extension of THE law (SARBANES OXLEY ACT) -. The bill made clear company managers CEO and CFO finance director of internal control, and will be held directly responsible shall undertake economic and criminal consequences; Greatly improve the punishment of accounting fraud; Strengthening the internal audit, external audit and audit supervision. This legislation represents a large capital marketsystem, also make the progress of the importance of internal control people have more deeply.2.The internal control and risk management comparisonInternal control and risk management has the close relation. COSO internal control is that part of the risk management. Therefore, the committee in the whole framework of internal control - the basis of, and in 2003 issued a new report --, "enterprise risk management framework". At present the report was only a rough draft, in public, revised later, is expected to formally released this year. The enterprise risk management framework "inherit and contains the whole framework of internal control - the main content also expanded the three elements, added a goal, updated some ideas for countries to provide a unified enterprise risk management terms and concepts of comprehensive application guide system.COSO internal control and risk management of the definition and elements were: Internal control: enterprise internal control is by the enterprise board of directors, managers, and other staff to implement, for financial reporting accuracy, business activity of efficiency and effect, the relevant laws and regulations such as the follow to achieve the goal of the process and provide reasonable assurance. It includes five elements: control environment, risk assessment, control activities, information and communication, the surveillance.Risk management: enterprise risk management is a process of the board of directors, the management of enterprises and other personnel to implement, applied in strategy formulation and enterprise all levels of activity, aims to identify possible influence enterprise various potential events, and according to enterprise's risk preference for enterprises to manage risk, to achieve the goal of providing reasonable assurance. It has eight elements: the internal environment, goal setting, event risk identification, risk assessment, countermeasures, control activities, information and communication, the surveillance.The two reports from the COSO perspective, the enterprise risk management and internal control has the following similar or different places:First, they are made by "enterprise board, management and other personnel to implement", emphasize the point, says the participation parties on the internal control and risk management has a corresponding roles and responsibilities.Second, they are all clearly is a "process", not as a static thing, such as system files, technical model and so on, also not be alone or extra activities, such asinspection, evaluation is best placed inside enterprise daily management process, as a kind of routine operation mechanism to construction.Third, they are for the realization of the goal of enterprise provide reasonable assurance. Risk management objectives are four categories, including three categories and internal control collocated, namely report targets, business targets and follow the targets. But the report targets have expanded, it not only include financial report, also requires all the accuracy of internal and external non-financial class report issued by the accurate and reliable. In addition, risk management increased the strategic target, namely and enterprise vision or mission related high-level objectives. This means that risk management is not only ensure management efficiency and effect, and intervention in the enterprise strategy (including business objectives) formulation process.Fourth, risk management and internal control elements have five aspects, i.e. (overlap is control or internal) environment, risk assessment, control activities, information and communication, the surveillance. These coincide most of their goals and realization mechanism coincide of similar decision. Risk management increased goal setting, event identification and risk countermeasures three factors. Coincide elements, connotation, for example, has been extended internal control environment including honest character and moral values, staff quality and ability, the board of directors and the audit committee, management philosophy and management style, the organizational structure, the power and the allocation of responsibility, human resource policies and practices seven aspects. Risk management "internal environment" in addition to include these seven aspects outside, still include risk management philosophy, risk preference (appetite) and risks associated cultural three new content. In the risk assessment elements, risk management requires the consideration of the inherent risk and residual risk, with expectations, worst case values or probability distribution measure risk and to consider time preferences and risk association between the role. In information and communication, risk management emphasized the past, present and future of the relevant data about obtaining and analysis, provides information of the depth and timeliness, etc.Fifth, risk management proposes risk portfolio and the overall risk management (in tegrated management) - are new idea. The enterprise risk management framework "in the theory of modern financial borrowing portfolio risk theory, this paper puts forward the concept of combination and overall management from enterprise level,demanding dispersed in the overall grasp all levels and departments of enterprise, the risk exposure with overall consideration risk countermeasures, prevent dispersed consider and coping by department, such as will risk the risk in technology, financial, separated by information technology, environment, safety, quality, auditing departments, and considering the interaction between risk events, prevent two tendencies: one is the department's risk in risk preference can withstand ability, but within the overall effect may be beyond sustaining limit, because individual risk influence is not always add, may be multiplied; Second is the risk of individual departments over its limits, but exposure to the overall risk level haven't beyond sustaining range, because sometimes has offset the effects of the event of the effect. At this time, and further, strive for higher return risk with room to grow. According to risk portfolio and the overall management point of view, need unification consideration risk events as risk countermeasures between interaction between, overall risk management plan formulated.3. Internal control and risk management inner linkEnterprise system evolution and risk associated with the development. The establishment of a limited liability system is running or partnership enterprise organization from the key turning into a modern shares, it enables shareholders steps possessions and enterprise property and enterprise economic responsibility independent, shareholder transformation will no longer affect the enterprise credit capacity for equity transactions, expanded range and increased liquidity, which reduces the risk of investment and promoting enterprise financing, contributed to today a giant corporation.In order to make equity trading and the shareholders transform business continuity, influence and to make capital and management ability realize more optimal combination of ownership and management, enterprise in the modern enterprise of altitude, which also separate brings new risks, namely professional operators might not perform its accountability and shareholders' expense. In addition, limited liability may also lure enterprise engaged in high risk and damage the project's creditors. Because in limited liability, the potential revenue mainly by the enterprise (shareholders) to obtain, and the risk of failure, the major that bankruptcy is borne by the obligee. The risk is not marketization, the market competition spontaneous constraints or market transactions, such as providing a hedge product quality or natural disasters, but mechanism, belongs to the organization or trade in agency issues,need to regulate rules and system. These systems include corporate governance in the liability system, such as financial report, an internal control and audit, etc.Internal control and risk management is the fundamental role maintenance, security enterprise asset investor interest, and create new value. Fama&Jensen (1983) analyzed under the board of directors of ownership and separation of the internal control functions; Jensen (1993) further analyzed the American board of directors in internal control with reasons for the failure of performance. Theoretically, the enterprise internal control is the enterprise system component, is in the enterprise management and ownership of the separation of investor benefit under the condition of the protection mechanism. Its purpose is to ensure the accuracy and reliability of the accounting information management, prevent manipulation of statements and fraud and protect the company's property security, comply with the law in order to maintain the company's reputation and avoid incur pecuniary loss, etc. The historical origin of internal control, the requirements to earlier more basic, easier or appropriate rise to legislative level. Enterprise risk management is in the new technology and the market conditions of natural extension of internal control. COSO in the enterprise risk management framework of risk management of significance about when this is the case discussion: "enterprise risk management strategy and organization used in the various levels activities. It enables managers in the face of uncertainty can identify, evaluate and manage risk, play the role of creation and maintain value. Risk management can make risk preference and strategic keeps consistent, will risk and growth and return overall consideration, promote the decision against risks and reduce the risk and losses, identify business management and enterprise crossover risk, for various risks to provide overall countermeasures, capture opportunities and make capital rationalization." COCO in explaining the generalized control and risk discusses way: "' leadership 'in the face of uncertainty include choice." risk "refers to individuals or organizations are making choices adverse consequences after the possibility of suffering. The risk is opportunity counterparts." Obviously, these discussions have realized that enterprise exists for shareholders or stakeholders (for nonprofit organization, etc.), and create value value creation is not only passive assets security, it should also include the use of opportunity. Moreover, the threat of shareholder value comes not from the operator internal factors such as accounting frauds, including from the market risk, etc.Technology and market conditions, promote the new progress of internal controlto risk management. In advanced information technology conditions, accounting records realized the electronic control, real-time update, make traditional error-detection and prevent disadvantages accounting control seems outdated. However, the risk is often caused by trading or organization innovation, these innovation comes from emerging market practice, such as enron will energy trading large developed into similar financial derivatives trading. On the other hand, environmental protection and the enforcement of protection of consumer rights, strengthened the social responsibility of the enterprise, if an enterprise may have inadvertently, suffer from commodity market or capital market for the enterprise, and punish the performance brand value, or the capital market capitalisation put-downs. Therefore, the enterprise need a daily operation function and structure to guard against risks, including abide by laws and regulations, and ensure the trust of investors and ensure financial information management efficiency, etc. Therefore, from maintenance and promote this basic function value creation standpoint, risk management and internal control target is consistent, just in new technology and the market conditions, in order to effectively protect the interests of investors need in the basis of the development of internal control more active and more comprehensive risk management.4.From internal control to risk managementThere is a debate that risk management include internal control, or internal control contains risk management. The author thinks that what kind of conclusion that is not very important, the most important is to clear risk management and internal control of the relation between the superposition place. Who's wider, may be with time, technology, market conditions, legal and regulatory practice and different, for example, in the early development of internal control, market risk management tools and technology conditions are not fully (such as computer systems, statistics theory, quantity model, hedge tools and insurance etc.), then the internal control contains (alternative) risk management function is very natural. Even in the same era, different industry their emphasis may also different, for example, in the financial industry regulatory strict or involving the people's lives and health pharmacy and medical industry, the urgency of risk management, enterprise stronger with risk management leading internal control may be more convenient. And in some other enterprise, in order to comply with information disclosure requirements of internal control reports with the internal control system, enterprise for leading, give attention to two ormorethings risk management may be more suitable.Because of the internal control and risk management is the intrinsic relation, countries with different ways were gradually integrate internal control and risk management connected. January 8, 2004, China's relevant aspects held the "commercial bank risk management and internal control BBS", this shows that our banking also began to internal control and risk management connected.The Basel committee "issued by the banking group of internal control system framework said:" the board of directors approved and regularly check the overall strategy, and important system, understand the main risk, the bank for these risks setting acceptable level, ensure management to take necessary steps to identifying, measuring, supervision and control these risks..." Here, the risk management is obviously the content into the internal control framework. In the UK the FSA comprehensive standards (TheCombined Code) about the internal control regulation, it is first in official documents containing definitely in risk management in internal under control. This code is that the board should keep sound internal control system to protect shareholders investment and enterprise assets (principle d. 2). The board of directors at least once a year, and check the effectiveness of enterprise internal control systems, and to shareholders and report. Reports should include all the control, such as financial, management, follow control and risk management (d. 2.1). This rule is listed on the London stock exchange enterprise must abide by.Canadian association of certified accountants control standards committee (COCO) think "control should include risk identification and reduce the risk of", in which not only include the risk of achieving specific goals related, but also include general, if can't identify and took advantage of the opportunity, cannot make enterprise in the face of not anticipate events and uncertain information while maintaining flexibility or resilient. In 1992 the COSO internal control - in the whole framework will risk assessment of the internal control as one of the five elements, in the latest on the introduction of the "enterprise risk management framework" and further integrate internal control expanded to risk management, clearly put risk management include internal control.The author believes that in the actual business process, risk management and internal control is inseparable in rule or legislative process, consideration scope and control strength, the requirements, the greater the control range will be weaker. For its core problems, such as financial reporting accurate and reliable, the most suitable forlegislation to form to constraint, and other more broad content may be more suitable for rules and guidelines. The different levels of the enterprise internal risk management and internal control, the leading relative order can also be different, for example, from the enterprise strategic risk in turn to the management risk, financial risk, and finally to the financial report, risk management and internal control the relative importance should vary. In strategic risk, the risk management should play a leading role play complexation and internal control. This role reversal to financial report, gradually level, should play a leading role is the internal control, risk management play complexation.Despite the risk management and internal control an inner link, but the reality of or on behalf of the current application level of internal control and risk management and lots of gap. The typical risk management attention in particular business with strategic choice or business decisions related to compare the benefits and risks of, for example, banking credit management or market (price) risk management such as exchange rate, interest rate risk, etc. The typical internal control refers to accounting control, audit activities, are generally confined to financial related department. What they all have in common is low level, small range, confined to a few functional departments, and no penetration or applied in enterprise management process and the whole management system, therefore, sometimes looks risk management and internal control or independent of each other two things. Along with the internal control and risk management constantly improve and become more comprehensive, they inevitably overlapping and fusion between until unity.内部控制与风险管理周兆生1、内部控制———标准与立法1985年美国为了遏制日益猖獗的会计舞弊活动,成立了一个反财务舞弊委员会(Treadway委员会),调查导致会计舞弊活动的原因,并提出了解决方案。
Knowledge management一篇知识管理的英文文章
Knowledge managementThe ability to deliver a quality service or process rests to a significant extent on the ability of those involved to respond to circumstances – and that in turn rests heavily on their understanding of the situation, the options and the consequences and benefits, i.e. their knowledge of the situation they are, or may find themselves, in. That knowledge within the Service Transition domain might include:∙Identity of stakeholder s.∙Acceptable risk levels and performance expectations.∙Available resource and timescales.∙Identity of stakeholder s.The quality and relevance of the knowledge rests in turn on the accessibility, quality and continued relevance of the underpinning data and information available to service staff.1.Purpose, goal and objectiveThe purpose of Knowledge Management is to ensure that the right information is delivered to the appropriate place or competent person at the right time to enable informed decision.The goal of Knowledge Management is to enable organizations to improve the quality of management decision making by ensuring that reliable and secure information and data is available throughout the service lifecycle.The objective s of Knowledge Management includes:∙Enabling the service provider to be more efficient and improve quality of service, increase satisfaction and reduce the cost of service.∙Ensuring staff have a clear and common understanding of the value that their services provide to customers and the ways in which benefits arerealized from the use of those services.∙Ensuring that, at a given time and location, service provider staff have adequate information on:∙Who is currently using their services?∙The current states of consumption.∙Service delivery constraints.∙Difficulties faced by the customer in fully realizing the benefitsexpected from the service.2.ScopeKnowledge Management is a whole lifecycle-wide process in that it is relevant to all lifecycle sectors and hence is referenced throughout ITIL from the perspective of each publication. It is dealt with to some degree within other ITIL publications but this chapter sets out the basic concept, from a Service Transition focus.2.1.InclusionsKnowledge Management includes oversight of the management of knowledge, the information and data from which that knowledge derives.2.2.ExclusionsDetailed attention to the capturing, maintenance and use of asset and configuration data is set out in Section 4.2.3.Value to businessKnowledge Management is especially significant within Service Transition since relevant and appropriate knowledge is one of the key service elements being transitioned. Examples where successful transition rests on appropriate Knowledge Management include:∙User, service desk, support staff and supplier understanding of the new or changed service, including knowledge of error s signed off beforedeployment, to facilitate their roles within that service.∙Awareness of the use of the service, and the discontinuation of previous version s.∙Establishment of the acceptable risk and confidence levels associated with the transition, e.g. measuring, understanding and acting correctlyon results of testing and other assurance results.Effective Knowledge Management is a powerful asset for people in all roles across all stages of the service lifecycle. It is an excellent method for individuals and teams to share data, information and knowledge about all facets of an IT service. The creation of a single system for Knowledge Management is recommended.Specific application to Service Transition domain can be illustrated through considering the following examples:∙Blurring of the concept of intellectual property and information when engaged in sourcing and partnering, therefore new approaches tocontrollin g ‘knowledge’ must be addressed and managed duringService Transition.∙Knowledge transfer often being a crucial factor in facilitating effective transition of new or changed services and essential to operationalreadiness.∙Training of user s, support staff, supplier s and other stakeholder s in new or changed services.∙Recording of error s, fault s, workaround s etc. detected and documented during the Service Transition phase.∙Capturing of implementation and testing information.∙Re-using previously developed and quality assured testing, training and documentation.∙Compliance with legislative requirement s, e.g. SOX, and conformance to standard s such as ISO 9000 and ISO/IEC 20000.∙Assisting decisions on whether to accept or proceed with items and services by delivering all available relevant information (and omittingunnecessary and confusing information) to key decision makers.知识管理交付一项优质服务或者过程的能力,取决于对环境的反应能力.而对环境的反应能力又反过来十分依赖于他们对环境的理解,选择,后果和利益.也就是他们认识到或者发现他们自己所出的情形中.这种认识在服务转换领域内可能包括:∙利益攸关者的身份∙可接受的风险等级和性能展望∙可用的资源和时间表知识的质量和实用性又反过来取决于服务人员可用的基础数据和信息的可达性,品质,以及持续的实用性.1.意图,目标,目的知识管理的意图(purpose)是,确保正确的信息在正确的时间内,交付到适当的地方或者有能力的人,保证他们做出全面的决策.知识管理的目标(goal)是,通过在整个服务周期中保证获得可靠安全的信息和数据,使组织能够提升管理制定决策的质量.知识管理的目的(objective)包括:∙使服务提供者的效率提高,增强服务质量,增加客户满意度以及降低服务成本.∙确保员工都有一个清晰的共识,那就是客户通过使用他们提供的服务获得了利益.∙要确保在给定的时间和地点,服务提供人员要有足够的下列方面的信息: ∙谁正在使用他们的服务∙当时的消费状况∙服务交付的局限∙客户在使用服务时,完全获得期望的利益时所面对的困难.2.范围知识管理是整个一个广阔的生命周期过程,在这个过程中它和生命周期的各个元素都有关联,因此它可以被全部的ITIL出版物的观点所引用.它还可以用来出来处理ITIL 框架内的其他出版物的关系,但是本章只从服务转换的角度给出它的基本概念.2.1.包括的方面知识管理包括管理知识过程中的失误,源自知识的信息和数据.2.2.排除的方面关于获取,维护和使用资产以及配置数据的详细信息陈述在4.2章节.3.商业价值知识管理在服务转换中尤其重要,因为在转换中,相关和适当的知识是一个主要的服务因素.成功的,依赖于知识管理的服务转换应包括:∙用户,服务台,支持人员和供应商都了解新服务和变更的服务,包括在部署之前停止活动的错误的认识.以便使他们的角色在服务中更容易.∙知道服务的使用方法和废除以前的版本.∙制定和转换相关的可接受的风险和信心等级,例如:在经过测试和有保证的结果之上的准确测量,理解和行动.对于整个生命循环周期的所有阶段的所有角色来说,有效的知识管理是一种强有力的资产.对于需要分享数据,信息和IT 服务方面的知识的个人和小组来说,它是一种极好的方法.我们推荐创造一个单独的系统来进行知识管理.服务转换领域的特殊应用可以借鉴从以下例子的描述:∙当您既是原始发起者又是股东时,知识产权和信息的概念就有可能混乱,这时在服务转换时必须提出并运用一种新的方法(途径).∙知识转移是促进新的或者变更的知识进行有效转换的一个重要因素,也是系统运作就绪的一个要素.∙在新的或变更的服务中训练用户,服务支持人员供应商和其他利益攸关者.∙记录下错误,故障,工作区,在服务转换阶段进行检测并使之文档化.∙获取执行和测试的信息.∙重用以前的开发,质量保证测试,培训,文档化工作.∙要按照立法机关的要求,例如:SOX,要和国际标准一致,例如:ISO 9000和ISO/IEC 20000∙把所有相关的可用的信息(忽略不必要的和令人费解的信息)交付给主要的决策者,帮助他们决定是否接受或者继续进行一些条款和服务.。
财务风险管理外文文献翻译译文
Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsFinancial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
财务风险管理外文文献翻译译文
Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
财务风险管理外文文献翻译译文
Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originatewith events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequentmarket reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchangerates, interest rates, and commodity prices.Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as aresult of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it.Identifying exposuresand risks forms the basis for an appropriatefinancial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as aresult of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1.Financial risks arising from an organization e'xpsosure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2.Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3.Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessingthe financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitatesmaking organizational decisions about risks that are acceptable versus those that are not.The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization r'isks tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset.Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change.Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows: 1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modernportfolio theory considers not only an asset 'ri s kiness, but alsoits contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities fordiversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails.Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management'scontrol. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets.Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges,appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization 'exsposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1.Do nothing and actively, or passively by default, accept all risks.2.Hedge a portion of exposures by determining which exposures can and should be hedged.3.Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk managementprocess is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender 'a s sets.The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include: 1、Expected levels of inflation 2、General economic conditions 3、Monetary policy and the stance of the central bank 4、Foreign exchange market activity 5、Foreign investor demand for debt securities 6、Levels of sovereign debt outstanding 7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-yearterms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yieldcurve provides useful information about the market 'esxpectations offuture interest rates.Implied interest rates for forward-starting terms can be calculatedusing theinformation in the yield curve. For example, using rates for one-and two-year maturities, the expected one-year interestrate' s time can beginning in one year be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is oftenconsidered to be a predictor of future economic activity and mayprovide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longerlending terms.Since the chance of a borrower default increases with term tomaturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected bythe expected rate of inflation. Investors demand at least theexpected rate of inflation from borrowers, in addition to lendingand risk components. If investors expect future inflation to behigher, they will demand greater premiums for longer terms tocompensate for this uncertainty. As a result, the longer the term,the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increasessubstantially, and short-term interest rates may rise above thelevel of longer term interest rates.This results in an inversion of the yield curve and a downward slopeto its appearance.The high cost of short-term funds detracts fromgains that would otherwise be obtained through investment andexpansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to anormal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
Knowledge Management
Translation for Reference知识管理公司需要管理知识自从二十世纪九十年代起，在IT领域一个持续讨论的话题是关于知识管理。
公司的高管认识到公司中最能获得资产的人每天晚上带着他们的另一项重要资产——知识走出去。
而且试图继续在计算机系统中继续获得知识。
但是对于这一领域的某些专家和研究者来讲，知识不是能在一个机器中获得的东西，而是仅仅存在人的头脑中。
信息可以从计算机中获得，但是知识不能。
很多人觉得知识管理这个术语会给人造成误解。
这一术语通常产生“我们可以控制它”的想法。
知识是不可控和操纵的，所以用机械式的方法来比喻是错误的。
知识是可以通过过程和文化进行调节的。
故用生物或生态式的比喻比较好。
人们联系的越多，他们就交换越多的想法，他们的知识传播的越快，从而知识获得了影响和力量。
这种观点，当然，现在还被争论，并且它也提出了这样一个问题：“如果我们不能将知识从有形的形体中脱离出来，我们如何能做得更好管理人群中的知识从而增加这种资产影响吗？”Tony Brewer 调研了这一课题并指出当我们从服务经济转向知识经济时，公司也转向用一种更正式的和有目的的方式管理他们的智力资源。
实质上，知识以两种形式存在：暗含的和表达出来的知识。
暗藏的知识存在每个人的头脑中，是私人的、对每个人来说是独一无二的。
已被表达出来的知识已经被组织、编码和公布于众。
西方管理实践集中在管理明晰的、表现在外的知识，但是开发和影响暗含的知识也同样重要。
有效的管理要求知识的这两种状态的能相互转换。
如何去做呢？Brewer 谈到因为知识不是有形资产，所以它不能以一种生产加工方式的类比术语来有效描述它，诸如储藏、库存。
而是通过一种生物术语的形式去思考它，诸如：培育，耕耘和收割。
而且知识在其暗含和已表达出来这两种状态间相互转换的方法是重要的并且鼓励思想、信息和一些由组织标准、部门边界和民族差异抑制化了的东西自由流动。
把暗含的知识转换成其他的形式是管理知识的一个重要部分。
全面知识管理英文作文
全面知识管理英文作文英文：Knowledge management is a crucial aspect of modern-day businesses and organizations. It involves the collection, organization, and dissemination of knowledge and information within an organization. Effective knowledge management can lead to increased productivity, improved decision-making, and enhanced innovation.One of the key aspects of knowledge management is the use of technology. With the advent of digital technologies, organizations can now store and access vast amounts of data and information. This can be done through the use of databases, knowledge management software, and other tools. For example, companies can use customer relationship management (CRM) software to track customer interactions and preferences, which can then be used to inform marketing and sales strategies.Another important aspect of knowledge management is the creation of a knowledge-sharing culture within an organization. This involves encouraging employees to share their knowledge and expertise with one another. This can be done through the use of collaborative tools such as wikis, forums, and social media platforms. For example, a company might use a wiki to create a knowledge base that employees can access and contribute to. This can help to build a sense of community within the organization and foster collaboration and innovation.Ultimately, effective knowledge management requires a combination of technology and culture. Organizations must invest in the right tools and technologies to enable knowledge sharing and collaboration, while also fostering a culture that values and rewards knowledge sharing and innovation.中文：全面的知识管理是现代企业和组织的重要方面。
全面知识管理英文作文
全面知识管理英文作文Knowledge management is essential for the success of any organization. It involves capturing, organizing, and sharing information and knowledge to improve efficiency and innovation.In today's fast-paced world, knowledge is constantly evolving, and it's crucial for businesses to stay updated with the latest information and trends. By implementing a comprehensive knowledge management system, organizations can ensure that their employees have access to the most current and relevant knowledge.One of the key benefits of knowledge management is that it helps to break down silos within an organization. When knowledge is shared across departments and teams, it can lead to better collaboration and problem-solving.Furthermore, knowledge management can also help to prevent the loss of valuable knowledge when employees leavethe organization. By documenting and organizing knowledge, companies can ensure that critical information is retained for future use.In addition, knowledge management can lead to improved decision-making. When employees have access to the right information at the right time, they can make more informed decisions, leading to better outcomes for the organization.Moreover, knowledge management can also drive innovation. By fostering a culture of knowledge sharing and learning, organizations can encourage creativity and new ideas, leading to the development of innovative products and services.Overall, knowledge management is a critical aspect of organizational success. By effectively capturing, organizing, and sharing knowledge, businesses can improve efficiency, collaboration, decision-making, and innovation.。
风险管理英文作文
风险管理英文作文Risk management is a crucial aspect of any business or project. It involves identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate or avoid them. Effective risk management can help organizations avoid costly mistakes, protect their reputation, and ensure the success of their endeavors.One common approach to risk management is to conduct a risk assessment. This involves analyzing the potentialrisks associated with a particular activity or project and determining their likelihood and impact. By identifying the most significant risks, organizations can focus their resources on mitigating or avoiding those risks, rather than trying to address every possible risk.Another important aspect of risk management is contingency planning. This involves developing a plan of action in the event that a risk does materialize. By having a contingency plan in place, organizations can respondquickly and effectively to mitigate the impact of the risk and minimize any damage or losses.Communication is also a key component of effective risk management. It is important to communicate with stakeholders, team members, and other relevant parties about the potential risks associated with a project or activity. This can help ensure that everyone is aware of the risks and can take appropriate steps to mitigate them.Monitoring and evaluation are also critical elements of risk management. It is important to regularly monitor the progress of a project or activity and evaluate whether the risk management strategies in place are effective. If necessary, adjustments can be made to ensure that the project or activity stays on track and any risks are mitigated.Overall, effective risk management requires a proactive approach, careful planning, and ongoing monitoring and evaluation. By taking these steps, organizations canminimize the impact of potential risks and ensure the success of their endeavors.。
知识管理和风险管理的英语论文拙译
CHAPTER 1 INTRODUCTIONIn the past year, the world witnessed major turbulence in the global economy.Many companies restructured themselves, some merged with others, filed forbankruptcy, acquired another company, and some implemented drastic layoffs.This resulted in a decrease in the resources available to all departments and asubsequent increase in business risks. Additionally, the U.S. economy has shrunksharply since last autumn, with a real gross domestic product (GDP) havingdropped at an annual rate of more than 6 percent in the fourth quarter of 2008and the first quarter of 2009. One of the enormous costs of this economicdownturn is the loss of 6 million payroll jobs over the past 15 months (Bernanke,2009).在过去的一年里,世界目睹着全球经济的动荡。
许多公司进行改组，有的因面临倒闭而与其他公司和并成另一个公司，有的则进行大规模的裁员。
这导致了所有部门可利用资源的减少并增加了商业风险。
此外，从去年秋季开始，美国经济大幅度萎缩，国内生产总值以2008年第四季度和2009年第一季度的百分之六的速度下降。
OFIS风险管理终发布版中文翻译稿完整版
O F I S风险管理终发布版中文翻译稿HEN system office room 【HEN16H-HENS2AHENS8Q8-HENH1688】INTERNATIONAL STANDARDISO/FDIS31000Risk management — Principles and guidelines Foreword前言ISO (the International Organization for Standardization) is a worldwide federation of national standards bodies(ISO member bodies). The work of preparing International Standards is normally carried out through ISO technical committees. Each member body interested in a subject for which a technical committee has been established has the right to be represented on that committee. International organizations, governmental and not-governmental, in liaison with ISO, also take part in the work. ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.ISO（国际标准化组织）是一个各国标准化机构（ISO成员机构）组成的世界性联合会。
(风险管理)大学风险管理文献翻译
原文：U niversity Risk ManagementOrganizations around the world are facing challenging times due to continuing economic volatility and facing new risks that cause them continuously to assess the potential impact, financial and otherwise, of market conditions on the performance of their operations. And universities are no exception.Institutions of higher education have significant compliance requirements, and many have invested greatly in response to heightened expectations from stakeholders to stay competitively viable among other universities. However, many continue to approach risk and control requirements in silos, which leads to the creation of multiple frameworks for governance, infrastructure, and processes; fragmented risk and control activities; potential gaps in overall risk coverage; and duplication of effort. Understandably, there is a resulting concern about compliance breaches. Without a common basis for evaluation, audit committees struggle to determine the adequacy of risk and control efforts, and boards and executives want assurance that investments are appropriately focused, consistent with peers, and aligned to the institution’s unique risk issues.Universities are also facing increased scrutiny from stakeholders regarding issues such as investments and spending, privacy, conflicts of interest, IT availability and security, fraud, research compliance, and transparency. Students, faculty members, staff, donors, and other interested parties are looking not only at what is being done, but how it is being done.Although the approach to risk management varies from institution to institution, there are clearly some common challenges and trends. Overall, a growing number of universities are integrating a risk management framework into their strategic planning and decision-making processes, but sustaining formal risk management and reporting process is a challenge. The board of governors, president, and other senior management members are often involved in ongoing risk identification and assessment, and are taking part in efforts to develop and implement both internal andexternal risk management processes and controls. The establishment of risk champions (members of the university beyond the university’s administration who can champion risk management) within the university is also increasing, which raises the awareness of risk, fosters better understanding of risk management programs and practices, and increases communication to relevant stakeholders.Applying ERT to universitesEnterprise risk management (ERM) can be described as a strategic process affected by a u niversity’s governance structure, management, administration, and faculty, designed to:• Help identify risks that may affect the institution.• Manage identified risks within the university’s risk appetite.• Provide assurance that the university can achieve its objectives.The values of the university influence how risk is perceived, and it is important that the culture reflects a risk management philosophy. Having a strong ERM framework can provide a common understanding of risk across the organization and help it achieve its strategic and academic objectives through focusing on the interrelated risks that could have the most significant impact. It drives the organization to integrate risk into its everyday planning and budgeting/forecasting process and operations, and strengthens its ability to deal vent unexpected or stealth risks.As in ot her organizations, a university’s risk management approach must grow and change with the environment in which it operates. An embedded, sustainable ERM approach allows management to assess, improve, and monitor consistently the way the university manages its evolving risks.A university risk management maturity modelThere are three stages of maturity that can be applied to universities. The risk management maturity model can be used as a roadmap for evaluating an institution's current state and defining next steps. The Baseline Practices stage typically consists of fundamental compliance activities. Typically, there are no established risk management roles, responsibilities, processes, or documentation, and most efforts aremade in “silos” .Then, as the university improves its understanding of ERM and alters its practices accordingly, it progresses to an Improved Practices state. In this “alignment”phase, the organizat ion’s ERM efforts have moved beyond mere compliance. There is a certain level of risk ownership by the board of governors, but at this point the roles, responsibilities, and process have not been defined clearly and completely. Finally, in the Optimized Practices state, the university has reached a stage in which ERM processes and responsibilities are fully established and have become integrated into the organization’s strategy and day to- day operations. The focus during this “integration” phase is now on continuously re-evaluating risk and performance, and adjusting its response accordingly.Universities without a robust risk management framework are increasingly exploring and implementing new ERM processes, and making risk management an integral part of their planning and decision- making processes, while universities that have already adopted ERM are altering their approach accordingly to reach an optimal state. Current trends include raising awareness through activities such as seeking internal and external stakeholder input, increasing communications of relevant risk management initiatives such as campus emergency communications, identifying risk champions to foster and develop new programs and processes, and involving university executives and the board in risk identification and assessment. Who’s responsible for risk management?Risk management is ever yone’s responsibility, and the roles and responsibilities of stakeholders must be defined clearly. The board of governors, senior administration, and risk management and internal audit teams are responsible for understanding principal risks in their areas, and for making effective risk management decisions. Board of governorsThe board’s overall risk management mandate is to assess and recommend improvements on how the principal risks of the university are being managed through an effective risk management and internal control system that VSTU help the university achieve its mission. Board members are ¡responsible for:• Determining a risk-adjusted strategy.• Facilitating and encouraging a risk management culture.• Approving risk measurements, risk appetite, and tolerance levels.• Ensuring the university’s senior administrators have an approach to identifying emerging issues and possible impacts on university operations and business risks. • Reviewing controls and compliance with the university’s administration and audit teams, and seeking input on university and administrative best practices. • Understanding and providing oversight on the quality of the u niversity’s overall risk management program implementation and execution.In determining its risk oversight structure, the board should identify where within its governance practices it addresses risk management matters from an enterprise wide perspective. In most cases, the audit committee and the finance and administration vice presidents assume responsibility for risk oversight, including:• Providing the necessary checks and balances so that they are operating in an active oversight capacity.• Continuously reevaluating risk monitoring processes.• Reviewing and approving governance practices, policies, priorities, and procedures against best practices.• Ensuring that audit committee and executing members have instituted processes to identify and inform the board of key strategic, reputational, operational, compliance, and financial risks the organization faces.• Advising and counseling the deans,professors, and functional unit heads.The board’s role is to focus on the overall approach to risk management, rather than on the administrative details. The more tactical aspects of the risk strategy are generally the r esponsibility of the university’s team of senior administrators. Senior administrationOverseeing the university’s compliance with generally accepted accounting principles, practices, and requirements, and evaluating the university’s finance and accounting practices, risk management, and internal controls to ensure that they are appropriate and adequate is the responsibility of senior administration. Their otherresponsibilities can include:• Encouraging the right risks to drive business performance.• Identifying and prioritizing key risks and aligning university resources accordingly. • Improving alignment and coordination among risk and control activities. • Leveraging best practices on managing and controlling key risks.• Maintaining appropriate oversight of key controls.• Monitoring and escalating risks.The university’s senior administrators are responsible for the management of the day-to-day functioning of the university, including strategic, financial, operational, and compliance activities.Risk management and internal auditingThe risk management and internal audit teams play an important role in university risk management. In general, internal auditio n’s responsibilities can include:• Understanding the university’s challenges and key objectives, and establishing an appropriate, detailed internal audit plan.• Helping the university’s management and board understand, assess. and manage the organization’s risk through consistent communication and reporting.• E nsuring that processes are addressing changes and the associated risks adequately, and working as intended, especially during times of change.In general, risk management’s responsibilities can include:• Facilitating the completion of an enterprise risk assessment (ERA) and identifying risk mitigation and monitoring practices required for the university.• Developin g an ERM framework, approach, and program that will sustain risk management activities and better coordinate them —where appropriate. • Ensuring sufficient transparency of relevant risk management practices residing at the university either by way of training, awareness programs, or communication.In addition to the board and senior administrative members, internal auditors play a crucial role in a university risk management strategy—regardless of whether the risk management group reports directly to the internal audit function.Improving risk management practicesThe steps r equired to improve a university’s risk management practices can be broken down into three general phases. The core risk management group should start by assessing the current situation to defame and prioritize the key risks that could prevent strategic objectives from being achieved. The group should then review the design and operation of the risk management and internal control framework to determine the areas where incremental enhancements would provide the greatest benefits. Once the necessary improvements and processes are in place, they must be monitored and modified, if necessary, to ensure that they are relevant and effective and that risks are being managed appropriately.One of the most important elements of a successful risk management function is ongoing and involves creating and maintaining a strong risk management culture and incorporating the implications of risk management into regular, everyday decision making. This type of environment can be facilitated through visible executive support for risk management programs, clear expectations, transparent communication and reporting, clearly defined roles and responsibilities, strong governance, and regular self-assessments to review risk exposure.Phase1:defining and prioritizing the risk that matter for the university Before undertaking efforts to enhance the way risk is managed, it is important to understand the institution’s key risks by conducting an ERA. Defining the risks that matter is a critical step to understanding the key controls and decision-making processes, and developing an enterprise wide view of risk. The ERA is conducted as a facilitated self assessment, provides insight regarding the significant risks faced, and links them to the objectives, initiatives, and business processes. Although the approach is performed using standard tools and processes, the output must be validated and prioritized by senior management and the board. The risk assessment methodology assists with:• Providing an insightful point of view on significant risks inherent to institutes of higher education.• Efficiently capturing insight from across the university using a combination ofsurveys and structured interviews.• Validating and prioriti zing key risks for monitoring and testing.• Defining opportunities for improvements to internal controls and management activities.• Developing the foundational elements of a process that can be embedded and sustained within existing processes.The four risk pillars that a university should consider during the ERA include: strategic risk, operational risk, financial risk, and compliance risk. These four categories should all be reviewed at the university, faculty, and functional level. Seeking external perspectives on university risk can also be useful. For example, groups such as the National Association of College and University Business Officers, the Association of College and University Auditors, and other sector-specific organizations are good resources.Phase2:evaluating the university’s competencies to manage riskThe “Risk Management Performance Assessment” phase builds upon the results of the assessment completed in the first phase and provides a snapshot of the university’s risk management competencies. It is designed to identify opportunities for alignment and coordination across traditional organizational boundaries, as well as determine how well the functional and business operational areas manage risks. In general, this phase offers an overall review of:• Responsibilities for key risks across functional activities and business processes. • The degree of alignment and coordination across the organization. • The maturity of risk management foundational components such as governance, infrastructure, operations, and people.While performing the review, the following elements should be considered: • Risk strateg y —risk tolerance and appetite, alignment of risk management to university objectives, and risk-related policies and procedures.• Risk management and assurance processes— risk assessment, risk communication, and reporting(e.g., dashboards).• Governance structure—sponsorship by the board of governors; risk ownership, accountability, and related roles and responsibilities; appropriate technology (e.g., institution’s intranet and databases); early warning systems; and analytical and modeling tools.• Culture and capability—measurement, reward, training, and behavior.This phase helps management recognize how to make incremental enhancements to the existing infrastructure to embed and sustain risk management activities within the normal course of operations.Phase3:building an enterprise approach to riskThe last phase involves defining and prioritizing opportunities for improvement, developing specific plans to improve and monitor significant risks, and then enforcing adherence to the established policies and procedures. All efforts to expand risk management competencies should be practical, be embedded within existing functions and processes where possible, support coordination and alignment for risk management and internal control, incorporate leading practices, be coordinated across the entire organization,support effective decision making,and align to industry standards and published frameworks.Established control activities are only effective if they are implemented and monitored. Once the initial direction for risk management is set, it is important to verify that everyone is complying with the processes and that the changing exposures to risk are assessed consistently and modified as required.Benefits of ERMThe decentralized nature of universities and the increasing competition over faculty, students, and funds amplifies their requirement for adopting an integrated risk management fame work. Universities must build on their present risk management culture, identify internal and external forces that could limit the ability to achieve strategic objectives, assess risks using the appropriate tools, develop an appropriate risk plan, implement the necessary controls and communications, and monitor ongoing risk management activities.Regardless of a university’s current risk management philosophy and practices,reviewing the risk management framework and adopting an embedded approach to the ERM process and culture will help the university’s board and administration make informed decisions that are aligned with its risk tolerance and strategy, remain confident of compliance with regulatory requirements, and achieve the transparency and outcomes desired by stakeholders.Source: Carol.Wilson,2010.“University risk management”.Internal Auditor,vol.67 Issue 4 ,pp.65-68.译文：大学风险管理由于经济的持续波动，各地有关组织正面临着挑战，使他们不断地评估金融、市场条件和其它方面对执行自己业务有潜在影响的情况。
英语论文参考：风险管理
英语论文参考:风险管理风险管理是对一个组织即将到来的威胁和危险的.识别过程。
在一个组织中，风险可以通过多种方式进入，它可以来自项目失败、金融市场、组织中的事故，如洪水、地震、龙卷风、断电、公共卫生和安全以及法律风险等。
很难说，一个组织可以解决所有即将到来的风险的组织如地震，我们可以假定地震破坏的业务，但我们不能说多少，但也有一些替代即将到来的威胁像断电我们可以用发电机维持经营。
Introduction 简介Risk management is a identification process of upcoming threats and danger to an organisation. In an organisation risk can enter through many ways, it can come from project failure, financial market, an accident in organisation such as flood, earthquake, cyclone, power failure, public health and safety and legal risk etc. Risk can be low to medium, or medium to high. It is difficult to say that an organisation can solve all the upcoming risks to the organisation like earthquake, we can just assume that earthquake can damage the business, but we cannot say how much, but there are some alternatives of upcoming threats like in power failure we can use generator to keep running the business.1) Purpose of risk management within an enterprise- The purpose of risk management in an organisation to identify problems before they enter and create problems in the organisation, so that risk management handling process may be planed.It is a continuous looking ahead process so it is an important part of a business. Early detection of risk is important because it is easier, not much expensive, and changes can made easily in the planned process. It is easy to maintain a strategy and solve therisks when they are in early stage. A successful manager can monitor risks before they create problems in a business. The lack of information can is dangerous in a business so the staff of the organisation should be well training so that they can assume the risk when it is in early stage and report to the management as soon as possible.2) Benefits of risk management within an enterprise- An effective risk management program can help the organisations to manage their risks and maximise success opportunities .There are too many benefits of risk management to an organisation, like less time consuming, less costly, less labour. The managers of an organisation should train the staff that they can discuss the risks with the management when it is in early stage. Communication is a beneficial way for an organisation it helps to understand the most important risk areas. Staff can provide information in written or discuss with the management. So it can be early identification for the management and an alert to the management about the upcoming threats. The potential risk management benefits are ; supporting business planning, use of resources in effective ways, continuous improvement in the business, fewer dangers and threats, increase of new opportunities, increasing communication between staff and management, helps and focus internal audit programme etc.3) A Reviewing of activities and internal environment- By reviewing the internal environment of a organisation we can assume that how we can identify the risks and found risk in the organisation is acceptable or unacceptable, if it is unacceptable then how can we manage that risk to avoid an upcoming danger or threat. It can be found by an audit committee or by a group. Risk can affect the internal environment of the organisation .Itdepends on the organisations staff that how well they are trained by the management, it depends on the skills of the staff that how they will handle it or will they handle it themselves or will report to management of the organisation.The staff and management should perform their duties with responsibilities and complete their assignments on the given time frame by the management. There should be a continuous monitoring of activities in the organisation and the management should do something for the development of the staff and give them a proper and continuous training so they can be perfect in performing their duties.B. Setting objectives- All the organisations face the risks from internal and external environments. Objectives should be exist before the management can identify risks affecting the achievements of the organisation. An agency should develop related objectives. There are three broad categories of objectives ”operations, reporting, and compliance. In operations the company should do all the operations and work very effectively and in a progressive way, there should not be the minor faults in the formulations of the products and services of the company. If there are any risks around the operation the management should make a report and find the solutions of the involved risks. If they will avoid the so there will not be compliance risks for the company, and the company can achieve their target successfully.There are some questions that what risks should a company not accept for example quality compromises and environmental and rules and regulations set by the government. They must not accept the legal risks. All the product and services should be a standard quality. Always worst outcomes should be assessed forthe development of the company.C. Event identification- An event is a incident arising from external and internal sources that can affect implementation of strategy. There are some external and internal factors through which we can identify events. Economic changes can affect the company financially. Ups and down in the currency of the country can affect the import and export of the company. Natural environments can also affect the company. Environmental damage can cause by failure in the rules and regulations set by law. Loss of funds through frauds can be a serious problem for the company. Failure to measurement of product can be another deficit for the company. Project delay can affect the company, s reputation. Failure of contractors and partners can be another bad situation for the company. Technical faults can also be costly for the company, It can be time consuming and affect the company, s target and reputation.D. Risk assessment with particular reference to the impact and likelihood of risk- In an organisation it is possible that an event can occur and affect the achievements of the objectives. It can decrease the value of the goods and services, so that risk should analysed because of their impacts. Management should consider the future events, expected or unexpected. They should always finding that what is worst that can happen or damage the reputation of the organisation. Considering the risk appetite the amount of risk is acceptable or not, most likely the government entities risk is low than the private organisations. Tolerance level is high in the private organisations. Risk assessment can use quantitative and qualitative methods. If the management already miss to give notification to the controller and it can be failure to recover the funds. Lack of notification can result in investigation.E. Risk response- Management determines that how can be respond to the risk, reviewing and impact, evaluating costs and benefits and selecting options within the entity, s risk tolerance. Management should keep trying to avoid the risk if there are other alternatives in front of company. By doing that the risk management we can find out what is good for the company. If the risk occurs the specific actions should taken by the management to reduce the risk level. Reducing risk by sharing the impact of the risk can be beneficial for the organisation. If the organisation will accept the risk without doing anything then the results can be dangers.It is easy to analyse the cost side in spite of benefit side. Management should first find the risks in each division or in each business unit. A view of risk can be depicted in several ways focusing on major risks and event categories across divisions. If the risk is in the program unit can be tolerated but it depends of the level of the risk.F. Control activities- there is a major role of effectiveness and efficiency in control activities. Control activities should be tested to ensure that there is not material weakness or difficulties. Management also should ensure that control activities are carried out in a timely manner. Internal auditor can also support management by providing assurance on the effectiveness and efficiency of control activities. In an organisation they must provide the receipt to customers, cash should be handle with care, information system and data processing system should be strong enough, financial reporting, accounts receivable , and investments should handle with care. Misuse of company, s assets, corruption and fraudulent reports should be should be probe properly.The management should focus on the core areas like information system, contracts, purchasing, grants and other programs, services provided to the community, revenue collection, salaries of employees, and property. Risk with large and moderate impacts should be addressed with control activities.G. information communication- Information is major source to identify risks, and respond them in a appropriate way even is external or internal. Information should available for widespread use, all the transactions should recorded and tracked in actual timing, management should have immediate access to operating and financial information more effectively. If the risk is in tolerance than that, s all right otherwise an action should take immediately. Data reliability in information system should assessed carefully, poor assessment or bad management decisions can affect the targets. Communication is another way to be safe from risks, managers and staff needs to discuss the matters with each other, and tries to find the solutions for the problems. If necessary they should take actions immediately.H. Monitoring- In an organisation ongoing monitoring activities should be continuous process. Ongoing monitoring activities will occur through management activities. Division head, Line manager, controller, senior management, internal auditor, and external auditor can evaluate the monitoring process. A variety of evaluation techniques are available like checklist, questionnaire, flowchart techniques, performance steps etc. Reporting to the management about the risks is a good way to keep an eye in the organisation it will be far seeing process which can keep safe the organisation from unwanted danger and threats.Conclusion: Savoury aroma coffee shopee should identify threats coming in the way of achieving objectives and start creating hazards. They should do proper assessment and need to find solution. This solution should be bigger than problem. They have to be very competent and efficient.。
项目风险管理分析中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Project Risk AnalysisChapter 1 Introduction1.1 About this compendiumThis course compendium is to be used in the course “Risikostyring is projector”. The focus will be on the following topics:• R isk identification• Risk structuring• Risk modeling in the light of a time schedule and a cost model• Risk follows upWe will also discuss elements related to decision analysis where risk is involved, and use of life cycle cost and life cycle profit models. The course compendium comprises a large number of exercises, and it is recommended to do most of the exercises in order to get a good understanding of the topics and methods described. A separate MS Excel program, pRisk.xls has been developed in order to assist numerical calculations and to conduct Monte Carlo simulation.1.2 DefinitionsAleatory uncertaintyVariation of quantities in a population. We sometimes use the word variability rather than aleatory uncertainty.Epistemic uncertaintyLack of knowledge about the “world”, and observable quantities in particular. DependencyThe relation between the sequences of the activities in a project.Observable quantityA quantity expressing a state of the “world”, i.e. a quantity of the p hysical reality or nature, that is unknown at the time of the analysis but will, if the system being analyzed is actually implemented, take some value in the future, and possibly become known. ParameterWe use the term parameter in two ways in this report. The main use of a parameter is that it is a quantity that is a part of the risk analysis models, and for which we assign numerical values. The more academic definition of a parameter used in a probabilitystatement about an observable quantity, X, is that a parameter is a construct where the value of the parameter is the limiting value where we are not able to saturate our understanding about the observable quantity X whatsoever new information we could get hold of. Parameter estimateThe numeric value we assess to a parameter.ProbabilityA measure of uncertainty of an event.RiskRisk is defined as the answer to the three questions [14]: i) what can go wrong? ii) How likely is it? And if it goes wrong, iii) what are the consequences? To describe the risk is a scenarioRisk acceptanceA decision to accept a risk.Risk acceptance criterionA reference by which risk is assessed to be acceptable or unacceptable.ScheduleA plan which specifies the start and finalization point of times for the activities in a project.Stochastic dependencyTwo or more stochastic variables are (stochastically) dependent if the expectation of one stochastic variable depends on the value of one or more of the other stochastic variables. Stochastic variableA stochastic variable, or random quantity, is a quantity for which we do not know the value it will take. However, we could state statistical properties of the variable or make probability statement about the value of the quantity.1.3 DEFINITIONSUncertaintyLack of knowledge about the performance of a system, and observable quantities in particular.Chapter 2Risk ManagementGenerally, risk management is defined (IEC 60300-3-9) as a “systematic application ofmanagement policies, procedures and practices to the tasks of analyzing, evaluating and controlling risk”. It will comprise (IEC definitions in parentheses):• Risk assessment, i.e.–Risk analysis (“Systematic use of available information to identify hazards and to estimate the r isk to individuals or populations, property or the environment”)–Risk evaluation (“Process in which judgments are made on the tolerability of the risk on the basis of risk analysis and taking into account factors such as socio-economic and environmental aspects”)• Risk reduction/control (Decision making, implementation and risk monitoring).There exists no common definition of risk, but for instance IEC 60300-3-9 defines risk as a “combination of the frequency, or probability, of occurrence and the consequence of a specified hazardous events”. Most definitions comprise the elements of probabilities and consequences. However, some as Klinke and Renn suggest a very wide definition, stating: “Risk refers to the possibility that human actions or events lead to consequences that affect aspects of what humans value”. So the total risk comprises the possibility of number (“all”)unwanted/hazardous events. It is part of the risk analysis to delimit which hazards to include. Further, risk usually refers to threats in the future, involving a (high) degree of uncertainty. In the following we will present the basic elements of risk management as it is proposed to be an integral part of project management.2.1 Project objectives and criteriaIn classical risk analysis of industrial systems the use of so-called risk acceptance criteria has played a central role in the last two or tree decades. Basically use of risk acceptance criteria means that some severe consequences are defined, e.g. accident with fatalities. Then we try to set an upper limit for the probability of these consequences that could be accepted, i.e. we could not accept higher probabilities in any situations. Further these probabilities could only be accepted if risk reduction is not possible, or the cost of risk reduction is very high.In recent years it has been a discussion in the risk analysis society whether it is fruitful or not to use risk acceptance criteria according to the principles above. It is argued that very often risk acceptance criteria are set arbitrary, and these do not necessarily support the overall best solutions. Therefore, it could be more fruitful to use some kind of risk evaluation criteria, rather than strict acceptance criteria. In project risk management we could establish acceptance criteria related to two types of events:• Events with severe consequences related to health, environment and safety.• Events with severe consequences related to project costs, project quality, project duration, oreven termination of the project. In this course we will have main focus on the project costs and the duration of the project. Note that both project cost and project duration are stochastic variables and not events. Thus it is not possible to establish acceptance criteria to project cost or duration directly. Basically, there are three types of numeric values we could introducein relation to such stochastic variables describing the project:1. Target. The target expresses our ambitions in the project. The target shall be something we are striving at, and it should be possible to reach the target. It is possible to introduce (internal) bonuses, or other rewards in order to reach the targets in a project.2. Expectation. The expectations are the value the stochastic variables will achieve in the long run, or our expectation about the outcome. The expectation is less ambitious than the target. The expectation will in a realistic way account for hazards, and threats and conditions which often contribute to the fact that the targets are not met.3. Commitment. The commitments are values related to the stochastic variables which are regulated in agreements and contracts. For example it could be stated in the contract that a new bridge shall be completed within a given date. If we are not able to fulfill the commitments, this will usually result in economical consequences, for example penalties for defaults, or in the worst case canceling of the contract.2.2 Risk identificationA scenario is a description of a imagined sequence or chain of events, e.g. we have a water leakage, and we are not able to stop this leakage with ordinary tightening medium due to the possible environmental aspects which is not clarified at the moment. Further the green movement is also likely to enter the scene in this case. A hazard is typically related to energies, poisonous media etc, and if they are released this will result in an accident or a severe event. A threat is a wider term than hazard, and we include also aspects as “wrong” method applied, “lack of competence and experience”. The term threat is also very often used in connection with security problems, e.g. sabotage, terrorism, and vandalism.2.3 Structuring and modeling of riskIn Section 2.2 we have identified methods to identify events and threats. We now want to relate these events and threats to the explicit models we have for project costs and project duration.2.3.1 Model for project execution time/schedule modelingWhen analyzing the execution time for a project we will have a project plan and typicallya Gantt diagram as a starting point. The Gantt diagram is transformed into a so-called flow network where the connections between the activities are explicitly described. Such a flow network also comprises description of duration of the activities in terms of probability statements. The duration of each activity is stochasticVariables, which we denote Ti for activity in a flow network we might also have uncertain activities which will be carried out only under special conditions. These conditions could be described in terms of events, and we need to describe the probability of occurrence of such events. Thus, there is a set of quantities, i.e. time variables and events in the model. The objective is now to link the undesired events and threats discussed in Section 2.2 to these time variables and events. Time variables are described by a probability distribution function. Such a distribution function comprises parameters that characterize the time variable. Often a parametric probability distribution is described by the three quantities L (low), M (most likely) and H high. If an undesired event occur, it is likely that the values of L, M and H will be higher than in case this event does not occur. A way to include the result from the risk identification process is then to express the different values of L, M and H depending on whether the critical event occurs or not. If we in addition are able to assess the probability of occurrence of the critical event, the knowledge about this critical event has been completely included into the risk model. Based on such an explicit modeling of the critical event, we could also easily update the model in case of new information about the critical event is obtained, for example new information could be available at a later stage in the process and changes of the plan could still be possible in light of the new information.2.3.2 Cost modelingThe cost model is usually based on the cost breakdown structure, and the cost elements will again be functions of labor cost, overtime cost, purchase price, hour cost of renting equipment, material cost, amount of material etc. The probabilistic modeling of cost is usually easier than for modeling project execution time. The principle is just to add a lot of cost terms, where each cost term is the product of the unit price and the number of units. We introduce price and volume as stochastic variables to describe the unit price and the number of units. The price and volume variables should also be linked to the undesired events and threats we have identified in Section 2.2. Often it is necessary to link the cost model to the schedule model. For example in case of delays it might be necessary to put more effort into the project to catch up with the problems, and these efforts could be very costly. Also, if the project is delayed we may need to pay extra cost to sub-contractors that have to postpone their support into the project.2.3.3 Uncertainty in schedule and cost modelingAs indicated above we will establish probabilistic models to describe the duration and cost of a project. The result of such a probabilistic modeling is that we treat the duration and cost as stochastic variables. Since duration and costs are stochastic variables, this means that there is uncertainty regarding the values they will take in the real project we are evaluating. Sometimes we split this uncertainty into three different categories, i) Aleatory uncertainty (variability due to e.g. weather conditions, labor conflicts, breakdown of machines etc.), ii) para meter or epistemic uncertainty due to lack of knowledge about “true” parameter values, and iii) model uncertainty due to lack of detailed, or wrong modeling. Under such thinking, the aleatory uncertainty could not be reduced; it is believed to be the result of the variability in the world which we cannot control. Uncertainty in the parameters is, however, believed to be reducible by collecting more information. Also uncertainty in the models is believed to be reducible by more detailed modeling, and decomposition of the various elements that go into the model. It is appealing to have a mental model where the uncertainty could be split into one part which we might not reduce (variability), and one part which we might reduce by thorough analysis and more investigation (increased knowledge). If we are able to demonstrate that the part of the uncertainty related to lack of knowledge and understanding has been reduced to a sufficient degree, we could then claim high confidence in the analysis. In some situation the owner or the authorities put forward requirements. Which could be interpreted as confidence regarding the quality of the analysis? It is though not always clear what is meant by such a confidence level. As an example, let E(C) be the expected cost of ap roject. A confidence statement could now be formulated as “The probability that the actual project cost is within an interval E(C) ± 10% should at least be 70%”. It is, however, not straight forward to document such a confidence level in a real analysis. T he “Successive process (trinnvisprosessen)” [4] is an attempt to demonstrate how to reduce the “uncertainty” in the result to a certain level of confidence.We also mention that Even [12] has recently questioned such an approach where there exist model uncertainty and parameter uncertainty, and emphasizes that we in the analysis should focus on the observable quantities which will become evident for us if the project is executed, e.g. the costs, and that uncertainty in these quantities represent the lack of knowledge about which values they will take in the future. This discussion is not pursuit any more in this presentation.2.4 Risk elements for follow up: Risk and opportunity registerAs risk elements and threats are identified in Section 2.2 these have to be controlled as far as possible. It is not sufficient to identify these conditions and model them in the schedule and cost models, we also have to mitigate the risk elements and threats. In order to ensure a systematic follow up of risk elements and threats it is recommended to establish a so-called threat log. The terms ‟Risk Register…and ‟Risk & Opportunity Register…(R&OR) is sometimes used rather than the term ‟threat log.… A R&OR is best managed by a database solution, for example an MS-Access Database. Each row in the database represents one risk element or threat. The fields in such a database could vary, but the following fields seems reasonable: • ID. An identifier is required in order to keep track of the threat in relation to the quantitative risk models, to follow up actions ET.• Description. A description of the threat is necessary in order to understand the content of the problem. It could be necessary to state the immediate consequences (e.g. occupational accident), but also consequences in terms of the main objectives of the project, e.g. time and costs.• Likelihood or probability. A judgment regarding how probable it is that the threat or the risk condition will be released in terms of e.g. undesired or critical events.• Impact. If possible, give a direct impact on cost and schedule if the event occurs, either by an expected impact, or by L, M and H values.• References to cost and schedule. In order to update the schedule and cost models it is convenient to give an explicit reference from the R&OR into the schedule and cost models. • Manageability. Here it is descried how the threat could be influenced, either by implementing measures to eliminate the threat prior to it reveals it self, or measures in orderto reduce the consequences in case of the threat will materialize.• Alert information. It is important to be aware of information that could indicate the development of the threat before it eventually will materialize. If such information is available we could implement relevant measures if necessary. For example it could be possible to take ground samples at a certain cost, but utilizing the information from such samples could enable us to choose appropriate methods for tunnel penetration.• Measures. List of measures that could be implemented to reduce the risk.• Deadline and responsible. Identification of who is responsible for implementing and follow up of the measure or threat, and any deadlines.• Status. Both with respect to the threat and any measure it is valuable to specify the development, i.e. did the treat reveal it self into undesired events with unwanted consequences, did the measure play any positive effect etc.2.5 Correction and controlAs the project develops the R&OR is the primary control tool for risk follow up. By following the status of the various threats, risk elements and measures we could monitor the risk in the project. This information should of course be linked to the time and cost plans. If a given threat does not reveal in terms of undesired events, the time and cost estimates could be lowered and this gain could be utilized in other part of the project, or in other projects. In the opposite situation it is necessary to increase the time and cost estimates, and we need to consider new measures, and maybe spend some of the reserves to catch up in case of an expected delay. During the life cycle of a project it will occur new threats and risk elements which we did not foresee in the initial risk identification process. Such threats must continuously be entered into the R&OR, and measures need to be considered.一、介绍（一）关于本纲要本课程纲要过程中研究的是“风险也是一种项目”。
酒店风险管理英文作文
酒店风险管理英文作文英文：Risk management is an essential aspect of running a successful hotel business. As someone who has worked in the hospitality industry for many years, I have seen firsthand the importance of identifying and mitigating potential risks.One of the most common risks in the hotel industry is the risk of injury or accident to guests. To manage this risk, hotels must have comprehensive safety protocols in place, such as regular maintenance checks, staff training on emergency procedures, and clear signage throughout the property.Another risk that hotels must manage is the risk of financial loss due to fraud or theft. This can include everything from credit card fraud to employee theft. To mitigate this risk, hotels should have strict securitymeasures in place, such as background checks for employees, surveillance cameras in public areas, and secure payment processing systems.In addition to these risks, hotels must also beprepared for unexpected events such as natural disasters or pandemics. This requires having a contingency plan in place, such as a plan for evacuating guests in the event of a fire or a plan for handling a widespread illness outbreak.Overall, effective risk management is essential for the success of any hotel business. By identifying potentialrisks and implementing strategies to mitigate them, hotels can ensure the safety and satisfaction of their guestswhile protecting their own financial interests.中文：风险管理是酒店业成功运营的重要方面。
企业风险管理外文文献翻译译文5000字
文献出处：Bedard J C, Hoitash R, et al. The development of the enterprise risk management theory [J]. Contemporary Accounting Research, 2014, 30(4): 64-95.原文The development of the enterprise risk management theoryBedard J C, Hoitash RAbstractEnterprise risk management as an important field of risk management disciplines, in more than 50 years of development process of the implementation of dispersing from multiple areas of research to the integration of comprehensive risk management framework evolution, the theory of risk management and internal audit and control theory are two major theoretical sources of risk management theory has experienced from the traditional risk management, financial volatility to the development of the enterprise risk management, risk management and internal audit and control theory went through the internal accounting control and internal control integrated framework to the evolution of enterprise risk management, the development of the theory of the above two points to the direction of the enterprise risk management, finally realizes the integration development, enterprise risk management theory to become an important part of enterprise management is indispensable.Keywords: enterprise risk management, internal audit the internal control1 The first theory source, evolution of the theory of risk management"Risk management" as a kind of operation and management idea, has a long history: thousands of years ago in the west have "don't put all eggs in one basket" the proverb, the ancient Chinese famous "product valley hunger" allusions and "yicang (" system," boat was "organization have a prototype of the modern risk managementthought, and points under escort ship transportation, yuen, is effective way to spread risk, transfer risk .In the modern sense of risk management thought appeared in the first half of the 20th century, such as fayol's safe production ideas, Marshall's "risk sharing management" point of view, etc.;But risk management as a discipline system development is started in the middle of the 20th century: in 1950, gallagher in the risk management: a new stage of cost control in the paper, puts forward the concept of risk management; Johnso (1952) mentioned the problems how to deal with risks and uncertainties in farm management, which involves early enterprise (farms) of risk management problem.The emergence of risk management as a discipline real Mehr and Hedges of the enterprise risk management (1963) and C.A.Williams and Richard m. Heins "risk management and insurance" (1964) published marked. Williams and Heins thinks, "risk management is based on the risk identification, measurement and control to the smallest cost risk caused by the loss to the lowest level of management methods", risk management is not just a technology, a method, a kind of management process, and is a new and scientific management.The development of the theory of risk management.1.1The first stage: the 70 s and 1950 sTheoretical tendency mainly is the pure risk prevention and management of enterprise (adverse risk);Take the main strategy of enterprise risk management is risk avoidance and risk transfer, insurance becomes the main risk management tools. Fire events of general motors and the United States steel industry the workers went on strike to enterprise's normal operation caused serious impact and losses, become an important opportunity to promote the development of enterprise risk management theory. This phase the first important area of risk management theory, is the risk management object definition and research. Since the 20th century, scholars have been the object of risk management divided into two major categories of pure risk and speculative risk, and the pure risks as the object of risk management and the target (Denenberg, 1966; Gahin, 1967).In fact, the risk can be divided into pure risk and speculative risk is a kind of method based on the responsibility, is targeted at loss, isnot aimed at risk, so it can be divided into pure risk and speculative risk, but not as good as it can be divided into pure loss and speculative loss, because it can reflect the true respect of the risk manager more loss problem.Is the second important areas, to the enterprise decision-making and of behavior, and insurance in response to the important role of enterprise risk and universality of the study. Greene (1955) orientation is insurance buyers of risk management. A paper published in 1955, the management review "to the risk of a kind of management method", think of insurance as the most important means of enterprise risk management should be attention by the enterprise management and the shareholders, think insurance is a business spending the most valuable part of all kinds of costs. Denenberg etc. (1966) also emphasizes the insurance at this stage the important role of risk management, points out the important responsibility of the risk manager is to determine the appropriate insurance policy for the enterprise and insurance products, that will be the risk manager's name changed to "insurance and risk managers". Snider (1956), McCahill, Jr. (1971) stressed that risk management in the enterprise organization structure not only has a certain status, report to top management work, and want to maintain good communication and coordination with the finance department.A third important area is, the risk management theory into the analysis framework of mainstream economics and management.On the one hand, by the wind management theory combined with the traditional enterprise theory, the risk management of the decision-making process and the integration of enterprise's overall ing the capital asset pricing model, the decision rule of enterprise in the optimal retention ratio, cumulative franchise policy selection and choice of reserves, etc., makes the risk management theory into the financial market;And the use of marginal analysis tool to determine the optimal strategy of risk management, then further forming marks in risk management theory, and become an important area of finance (Cummins, 1976)., on the other hand, William g. Scott complex type combined with risk management organization system, through to the enterprise basic system and branch offices neat, will be the overall goal and the risk of the enterprisemanager daily target organic unification, then to the appraisal of the branch to contribution to the enterprise overall risk identification and measurement, and consider the relationship between them and the relationship between the dynamic characteristics, so as to provide theoretical sources for the development of risk management (Close,1974).1.2The second stage, the late 1970 s to the end of the 20th centuryRisk management object is mainly the business and financial results of volatility, risk management tools on the basis of insurance also achieved great development, new derivatives and alternative risk transfer (ART) play an important role.In the 1970 s, the collapse of the bretton woods system of exchange rate volatility significantly increased, oil price rising sharply, the production cost of enterprise is difficult to control;After entering the 80 s, high inflation and interest rate volatility and number of money and credit crisis makes the enterprise the management face greater uncertainty.Tool of a large number of applications in convenient enterprise risk management at the same time, also because of its characteristics of leveraged to amplify the damage due to improper use strategy of so the use of derivatives and the management strategy becomes very important.Therefore, the enterprise risk management and derivatives trading, hedge strategy should pay close attention to the competitor (Froot etc., 1994).And (2001) study found that such as Cummins, although the measurement of the risk and the liquidity as well as the decision-making has a positive connection of the underwriter, but for those who use derivatives to hedge risk, the risk index was has negative relationship with the width and depth of the hedge.1.3The third stage, since the 21st centuryAfter entering the 21st century, with the speeding up of the global economic integration, companies, increasing the risk for the influence of various risks and potential consequences will magnify, together with the complexity of the financial derivatives trading and frequency are increased rapidly, to the continuous operation of the enterprise put forward the serious challenge, the enterprise must break through thetraditional pattern of risk management, from a more comprehensive, integrated view of risk analysis and management, as a result, the comprehensive risk management stage of the development of risk management.The emergence of comprehensive risk management and application of risk management for the enterprise provides new methods and tools, its application field is very broad, from enterprises, non-profit organizations to the government are gradually introduced the analysis framework.2 Second theory sourceInternal audit and the development of control theory in the process of the evolution of enterprise risk management theory, theory of the second source is the evolution and development of internal audit and control theory.From the literature in internal audit and control of the internal accounting control, internal control integrated framework, enterprise risk management process of the overall framework, including the COSO has played a leading role, in particular, it issued two symbolic file "enterprise internal control, the overall framework" and "enterprise risk management - integrated framework".The separation of corporate ownership and control is the ultimate cause of internal audit and the emergence of a control theory, and the expansion of enterprise scale and the structure of the branch in shortage problem caused by the lack of management and control is to encourage enterprises to strengthen internal audit and control of direct motivation.2.1Internal accounting controlInternal accounting control is the first stage in the development of internal control theory.Grady (1957) pointed out that the internal accounting control is a comprehensive coordination of the organization plan and business process system, used to prevent unexpected or wrong operation to bring the asset losses, examination management decision used in accuracy and objectivity of accounting data, promote operational efficiency and encourage compliance with established policies, etc.In practice, accounting and audit personnel played a dominant role in the internalaccounting control, audit became the earliest forms of internal control, therefore, the internal control is in deepening and audit activities based on the theory of audit.But with the increase of the enterprise management activity, pure audit already cannot satisfy the needs of the enterprises, the internal control arises at the historic moment, the audit has become a part of the internal control (Haun, 1955).The internal audit activity is one of the important conditions, implement control and management of enterprises is a key component part of the internal control, is the eye of the "supervision" top management.For the internal control evaluation, the audit is the most important tools and stakeholders;At the same time, the audit data for the evaluation of internal control provides conditions, through a review of the audit data, can be a preliminary judgment of enterprise internal control system and in need of improvement, which provide ideas for the perfection of the internal control (Garbade, 1944; Mautz etc., 1966; Smith, 1972).2.2 The internal control framework as a wholeIn 1992, the COSO issued "enterprise internal control, the overall framework, system construction of the enterprise internal control system for the first time. The COSO framework of internal control, is more based on the perspective of independent accountants and auditors, puts forward the concept of enterprise internal control, think the overall internal control framework is mainly composed of control environment, risk assessment, control activities, information and communication, supervision, the five elements, thus the concept of internal control to completely break through the limitation of the audit, the category of management control comprehensive development to the enterprise.COCO, Canada in 1995, the report put forward higher request to the external auditor for the enterprise internal control to join the external factors. International institute of internal auditors in 1996 published "concept and responsibility:" report, think that should be pay more attention to the contribution and role of internal audit in the organization. The risk management of card of German report, ham pell, as well as comprehensive criteria guide turn bull report is the most famous and arguably Britainthree milestones in the internal control research, especially in 1992, DE Burleigh report on internal control, the relationship between the quality of financial reporting and corporate governance as the prerequisite, attaches great importance to the significance of independent audit committee on the internal control.2.3 The enterprise risk management framework as a wholeIn 2004, the COSO committee report in 2004, on the basis of combining the requirements of the sarbanes - oakes act, formally issued "enterprise risk management - integrated framework". The analysis framework will be within the scope of the internal control in enterprise risk management, formed a broader meaning of the internal risk management framework. Therefore, the development of the theory of internal audit and control the final point to the enterprise comprehensive risk management. Reviews the development of internal audit and control, it can be seen that the theory of evolution has experienced the process of "plane, three-dimensional, three-dimensional" : in the stage of internal accounting control, control environment, control activities, and accounting system in the plane of the three elements constitute a control system;In the overall framework of internal control, the control environment, risk assessment, control activities, information and communication, monitoring, five elements, evolved into a three-dimensional control system;In the overall enterprise risk management framework stage, the internal environment, goal setting, item identification, risk assessment, risk response, control activities, information and communication, monitoring, eight elements, makes the enterprise risk management, a solid control system3The development of the enterprise risk management theoryAfter entering the 21st century, the academic study of enterprise risk management, mainly focus on the following: the connotation of enterprise risk management and the target, achieve the goal of enterprise risk management mechanism, the implementation of enterprise risk management motivation as well asthe factors of the enterprise risk management.3.1 the connotation of enterprise risk managementKent d. Miller (1992) the source of the uncertainty problem of enterprise internationalization operation and performance are analyzed, and puts forward the thinking of integrated risk management, for the first time in academia the concept of integrated risk management is studied in detail. Later, scholars gradually with the definition of enterprise risk management refers to those using the method of comprehensive, integrated processing enterprise faces the risk of problems. Skipper (1994), Lisa Meulbroek (2002), enterprise risk management involves not only the profit loss without possibility, also focus on the possibility of benefits and risks. The COSO committee (2004) published an authoritative definition of enterprise risk management.3.2 Enterprise risk management goalsFor the goal of enterprise risk management, the academia mainly has a single teleology and multiple teleology two factions. The single core view of skopos theory is that the goal of enterprise risk management is to maximize the value of the shareholders of a company. Neal Enriquez (2001) pointed out that the main purpose of the enterprise risk management is in order to save a lot of trivial claims costs, facilitate enterprise of risk control, raise the value of the company. Multiple teleology of argument is that the purpose of the enterprise risk management is to achieve multiple goals in the development of enterprises. James Lam (2003), detailing the purpose of overall corporate risk management, including lower earnings volatility, to maximize the value of the shareholders of a company, and to promote professional and financial security, etc.; The COSO committee (2004) proposed the strategic target and business objectives, reporting, and compliance goals four goals.3.3The mechanism of the enterprise risk management, improve enterprise valueThe mechanism of enterprise risk management, improve enterprise value ismainly done through three ways: (1) the optimization of enterprise capital allocation. Enterprise risk management framework of capital structure management, can improve the return on equity and improve the corporate governance structure, which affects the value of the enterprise (Peter Tufano, 1996).(2) improve enterprise strategic decision level. Enterprise risk management will be integrated into the overall strategy of the enterprise risk management, covering the entire process and the development of the enterprise business, can make enterprises seize the opportunity and enhance competition ability, thus improve the performance of the company. Enterprise risk management can reduce the cost of enterprise was in financial trouble, reduce the probability of bankruptcy, reduce the influence of traditional liabilities to the company value (NeilDoherty, 2005).(3) to strengthen the management of incentive, in turn, improve the level of performance. If it can be through effective risk management measures to control the fluctuation of stock price, makes the sensitivity of management compensation to company performance is positive, so that it can solve the agency problem in corporate governance, so as to make the management efficiency and to enhance the value of the company (Aggarwal, 1999).3.4 The enterprise risk management: an empirical study of relationship between the value of the companyEnterprise risk management on earth has much impact on the promotion of enterprise value, simple qualitative analysis is difficult to get the exact conclusion. To do this through a variety of academic empirical method to research: (1) the overall level of study from the enterprise, the enterprise risk management of the company, its universality of the increase of the value of the company has a large (Cyree etc., 2004; Hoyt, etc., 2008);(2) from the specific business level, using tobin Q as substitution variables of enterprise value, found that use derivatives to hedge risk, the enterprise value of a positive growth trend (Allayannis etc., 2001; Bartram, etc., 2004; Nain, 2004; Kim, 2004);Karen berger (2007), ABB company as an example to analyze the risk communication to establish credibility and maintain the significance of the value of the company.4Summary and outlookCan clearly see through the above analysis, the theory of risk management and internal audit and control theory of the cross and integrated, makes the enterprise risk management in a more integrated and comprehensive perspective and method to deal with the risks of enterprise developing, to ensure the healthy and sustainable development of the enterprise. But in 2007 the outbreak of the subprime crisis, to the enterprise risk management to improve and perfect puts forward a new proposition: how to implement effective risk management to respondA new challenge? Have the following questions need to be further studied and discussed:4.1. The COSO - application problems of enterprise risk management framework.At present the framework is the core of enterprise risk management standards, but more from the perspective of process management is the framework to deal with the risk of enterprise, to real-time risk management is not enough attention, especially not fully consider the enterprise's solvency problems, in fact, enterprise bankruptcy is often insufficient solvency direct consequences. Therefore, the enterprise is the lack of risk management: in the analysis of enterprise risk management framework, how to pay attention to the solvency of enterprises and set up effective feasible evaluation index.4.2. The use of financial derivatives and structured finance instruments.Subprime mortgage crisis, the AIG, citigroup and other large financial institutions are far as companies used as risk reserve capital will not be able to meet the needs of the huge amount of structured products trading, high leverage multiples bring unexpected losses. Therefore, how to correctly treat and deal with problem of structured finance instruments, is the enterprise risk management cannot be ignored.4.3. The problem of corporate social responsibility and reputation.As from the simple to the requirement of enterprise profit extends to socialresponsibility and reputation, brand, and other fields, enterprise risk management must also be followed by development and extension, to include external stakeholders requirements in enterprise risk management framework, in a more broad perspective to the comprehensive risk management. Therefore, how an enterprise bear the social responsibility through sustainable risk management, realize the harmony of economic interests and social interests, is the future of enterprise risk management an important problem to be reckoned with.译文企业风险管理理论的发展贝达德；霍塔什摘要企业风险管理作为风险管理学科的一个重要领域，在50 多年的发展过程中实现了从多个领域的分散研究向全面风险管理一体化框架的演进，其中风险管理理论和内部审计与控制理论是两大理论来源，风险管理理论经历了从传统风险管理、财务波动性风险管理向企业风险管理的发展，而内部审计与控制理论也经历了内部会计控制、内部控制整体框架向企业风险管理的演进，上述两大理论的发展都指向了企业风险管理的方向，企业风险管理理论最终实现了集成发展，成为企业管理不可或缺的重要组成部分。
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CHAPTER 1 INTRODUCTIONIn the past year, the world witnessed major turbulence in the global economy.Many companies restructured themselves, some merged with others, filed forbankruptcy, acquired another company, and some implemented drastic layoffs.This resulted in a decrease in the resources available to all departments and asubsequent increase in business risks. Additionally, the U.S. economy has shrunksharply since last autumn, with a real gross domestic product (GDP) havingdropped at an annual rate of more than 6 percent in the fourth quarter of 2008and the first quarter of 2009. One of the enormous costs of this economicdownturn is the loss of 6 million payroll jobs over the past 15 months (Bernanke,2009).在过去的一年里,世界目睹着全球经济的动荡。
许多公司进行改组，有的因面临倒闭而与其他公司和并成另一个公司，有的则进行大规模的裁员。
这导致了所有部门可利用资源的减少并增加了商业风险。
此外，从去年秋季开始，美国经济大幅度萎缩，国内生产总值以2008年第四季度和2009年第一季度的百分之六的速度下降。
在过去的十五个月里，经济低迷时期的巨大的经济成本是岗位上工作人员的六百万的工资。
（伯南克，2009）。
Another issue facing companies is globalization. The globalization of companiesintroduces many challenges. To meet these challenges, companies are required tobecome more innovative and introduce new ideas. The need to change is forcingcorporations to organize their projects and their systems. Many companiesdepend on their own resources or external resources to meet their objectives andbe better prepared for changes in their surrounding environment.Moreover, corporations are facing new and different types of risks every daybecause of the changes in the world environment. These changing environmentsmight introduce new risk or raise existing risks to the corporations. The source ofrisks can be differentiated between those that are internal or external. This riskyenvironment, if not managed appropriately, might negatively affect the existenceand possible future conditions of corporations.A Framework For Integrating Knowledge Management With Risk Management ForInformation Technology Projects (RiskManIT)这些公司面临的另一个问题就是全球化。
全球化给公司带来了很大的挑战。
为了应付这些挑战，公司必须富有创新气息并且不断提出更好的想法来。
这种改变的迫切性驱使公司更新他们的项目和系统。
许多公司是依靠自身资源和外部资源来来达到目标并准备好应对周围环境的挑战。
再者，因为世界环境的变化，公司每天都必须面临各种各样的新挑战。
这些环境的变化可能带给公司新的甚至是生存危机的挑战。
这种危机的根源可以分为内部危机和外部危机。
这种挑战性的环境，如果不能合理经营，则很可能影响公司的生存及未来的发展状态。
信息技术项目中知识管理和风险管理的整合框架（IT行业风险投资）Chapter 1 Introduction2Companies often utilize Information Technology (IT) to develop innovativesolutions in the hopes of having a competitive advantage. The IT systemsattempt to streamline the business and reduce costs. IT enables businesses tointegrate the operational, transactional, and financial information processing.This information processing and reporting allows management to identifybusiness risks and resolve risk-related issues.第一章前言2公司经常利用信息技术来革新以便处于竞争的有利地位。
信息技术系统尝试商业流线型来降低成本。
信息技术使商业能够将经营、贸易及财务信息处理融为一体。
这个信息流程及报导允许经营鉴别商业风险并解决这类有风险的问题。
With recent headcount reductions, IT Projects are faced with many challengesand risks and new projects are conducted with fewer resources available. A 2009 report by CHAOS stated that there is an overall decrease in the IT project success rate. , As a result, managing risks properly in IT projects is extremely critical for project success and risk management (RM) might need renewal to improveproject performance and have project management activities perform more effectively.因为员工人数的减少，IT项目面临着许多挑战和风险，并且，新的项目只需要更少的人来完成。
2009年，CHAOS在一篇报道中指出IT行业成功率将会出现整体性的下降。
结果，IT项目中合理经营风险对项目成功与否的影响深远并且可能需要革新来提高项目表现力同时使得项目管理更加有效运行。
This researcher examined the relationships between KM processes and RM processes to improve the RM activities. The objective is to introduce the Knowledge-Based Risk Management (KBRM) process by employing and introducing some of the KM processes into RM. The purpose is to obtain themost comprehensive, complete and relevant information of risks, therebyenabling companies to respond rapidly to the changing, turbulent environment surrounding the organization. These environmental changes may introduce newrisks and organizations must arm themselves with comprehensive knowledge to address the risks introduced by this unstable environment.这位研究者通过验证知识管理和风险管理的关系来改进风险管理。
其目标是通过介绍知识管理来应用风险管理。
它的目的在于得到关于风险的相关完整的信息。
因此，使公司有能力来迅速应对风险及公司繁复的环境。
这种环境的变化引进新的风险。
同时，公司应该把自己武装成拥有广博知识的企业来应对由不稳定环境带来的风险。
Chapter 1 Introduction3The remainder of this Introduction Chapter is divided into the followingsections:Section 1.1 introduces KM and provides the substantiation of its role inrisk mitigation in the organization..Section 1.2 gives an introduction to RM.Section 1.3 describes the scope of dissertation.Section 1.4 identifies the research focus.Section 1.5 covers the relevance of the research to industry.Section 1.6 addresses the research questions and hypothesis.Section 1.7 provides the research aim and objectives.Section 1.8 contains the research methodology.Section 1.9 gives the reader an overview of structure and the dissertationoutline.第一章前言3前言部分剩余的可以分为以下几部分：1.1介绍知识管理并证明其在公司管理中的角色。