风险管理(英文)

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ISO风险管理原则指南完整版

ISO风险管理原则指南完整版

集团标准化办公室:[VV986T-J682P28-JP266L8-68PNN]所有类型和规模的组织都面临内部和外部的、使组织不能确定是否及何时实现其目标的因素和影响。

这种不确定性所具有的对组织目标的影响就是“风险”。

组织的所有活动都涉及风险。

组织通过识别、分析和评定是否运用风险处理修正风险以满足它们的风险准则,来管理风险。

通过这个过程,它们与利益相关方进行沟通和商议,监测和评审风险,以及为确保再也不进一步需求风险处理而修正风险的控制措施。

本国际标准详细描述了这一系统的和逻辑的过程。

尽管所有的组织在某种程度上都在管理风险,本国际标准建立了一些为使风险管理变得有效而需要满足的原则。

本国际标准建议,组织制定、实施和持续改进一个框架,其目的是将风险管理过程整合到组织的整体管理、战略和规划、管理、报告过程、方针、价值观和文化中。

风险管理可以在组织多个领域和层次、任何时间,应用到整个组织,以及具体职能、项目和活动。

尽管在过去一段时间在许多行业,为满足不同的需要,已经开展了风险管理实践,但在一个综合框架内采用一致性过程有助于确保在组织内有效、有效率和结合性地管理风险。

本国际标准中所描述的通用方法提供了在任何范围和状况下,以系统、清晰、可靠的方式管理风险的原则和指南。

每一个具体行业或者风险管理的应用都产生了各自的需求、受众、观念和准则。

因此,本国际标准的主要特点是将所包含“确定状况”作为通用风险管理过程开始的活动。

确定状况将捕获组织的目标,组织所追求目标的环境,组织的利益相关方和风险准则的多样性,所有这些都将匡助揭示和评价风险的性质和复杂性。

本国际标准描述的风险管理原则、框架和风险管理过程之间的关系,如图 1 所示。

当依据本国际标准实施和保持风险管理时,能够使组织,例如:——提高实现目标的可能性;——鼓励主动性管理 ;——在整个组织意识到识别和处理风险的需求 ;——改进机会和威胁的识别能力;——符合相关法律法规要求和国际规范;——改进强制性和自愿性报告;——改善管理;——提高利益相关方的信心和信任;——为决策和规划建立可靠的根基;——加强控制;——有效地分配和利用风险处理的资源;——提高运营的效果和效率;——增强健康安全绩效,以及环境保护 ;——改善损失预防和事件管理;——减少损失;——提高组织的学习能力——提高组织的应变能力本国际标准旨在满足众多利益相关方的需求,包括:a)负责制定组织风险管理方针的人员 ;b)负责确保在组织整体、或者某一特定区域、项目或者活动内有效开展风险管理的人员 ;c)需要评定组织风险管理有效性的人员;d)整体或者部份地实施风险管理的标准、指南、程序和操作规范的开辟者。

风险管理英文课件 (12)

风险管理英文课件 (12)
l What is the 99% VaR and expected shortfall of each project?
l What is the 99% VaR and expected shortfall for the portfolio?
Spectral Risk Measures
1. A spectral risk measure assigns weights to quantiles of the loss distribution
2. VaR assigns all weight to the Xth percentile of the loss distribution
3. Expected shortfall assigns equal weight to all percentiles greater than the Xth percentile
l The 1% point of the distribution of gains is 2 − 2.33 × 10 or −$21.3 million.
l The VaR for the portfolio with a six-month time horizon and a 99% confidence level is $21.3 million.
VaR vs. Expected Shortfall
l VaR satisfies the first three conditions but not the fourth one.
l ES satisfies all four conditions.
Example 12.5 and 12.7
l Regulators have indicated that they plan to move from using VaR to using ES for determining market risk capital

商业银行风险管理中英文对照外文翻译文献

商业银行风险管理中英文对照外文翻译文献

商业银行风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in number and volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolio and reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important risk to manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen very little study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyond and over riding the specifics of risk modeling issues, the challenge is moving towards improved credit risk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value of net NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000 crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percent and having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measure of credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under the RBI stipulation4. With a view to moving towards International best practices and to ensure greater transparency, it has been decided to adopt the ’ 90 days’ ‘ over due’ norm for identification of NPAs from the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulator of the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were not being repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basis of present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International Settlement’ (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement and risk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。

(风险管理)风险分析及方法简述

(风险管理)风险分析及方法简述

风险分析及方法简述(中英文)1 Basic Risk Management Facilitation Methods 基本的风险管理的便利方法Some of the simple techniques that are commonly used to structure risk management by organizing data and facilitating decision-making are:下面是一些简单的通常使用的方法,进行风险管理和制定决策:Flowcharts/流程图Check Sheets/检查清单Process Mapping/过程图Cause and Effect Diagrams (also called an Ishikawa diagram or fish bone diagram)/因果图(或者叫鱼骨图)2 Failure Mode Effects Analysis (FMEA) 失效模式与效果分析2.1 Describe/描述FMEA (see IEC 60812) provides for an evaluation of potential failure modes for processes and their likely effect on outcomes and/or product performance. Once failure modes are established, risk reduction can be used to eliminate, contain, reduce or control the potential failures. FMEA relies on product and process understanding. FMEA methodically breaks down the analysis of complex processes into manageable steps. It is a powerful tool for summarizing the important modes of failure, factors causing these failures and the likely effects of these failures.FMEA提供了工艺潜在失效模式的评估和对产品性能或结果的潜在影响。

管理知识词汇英文怎么写

管理知识词汇英文怎么写

管理知识词汇英文怎么写在管理领域,理解和掌握一些基本的管理知识词汇是非常重要的。

本文将介绍一些常见的管理知识词汇以及它们的英文写法,帮助读者更好地理解和运用这些管理概念。

1. 组织管理•Organization Management 组织管理•Organizational Structure 组织结构•Organizational Behavior 组织行为•Organizational Culture 组织文化•Human Resource Management 人力资源管理•Talent Management 人才管理2. 领导与决策•Leadership 领导力•Decision-Making 决策•Strategic Management 战略管理•Change Management 变革管理•Risk Management 风险管理•Crisis Management 危机管理3. 绩效评估•Performance Management 绩效管理•Key Performance Indicators (KPIs) 关键绩效指标•Performance Appraisal 绩效评估•Balanced Scorecard 平衡计分卡•Continuous Improvement 持续改进4. 项目管理•Project Management 项目管理•Project Lifecycle 项目生命周期•Project Scope 项目范围•Project Budget 项目预算•Project Stakeholders 项目利益相关方•Agile Project Management 敏捷项目管理5. 沟通与协作•Communication 沟通•Teamwork 合作•Collaboration 协作•Conflict Resolution 冲突解决•Negotiation 谈判•Stakeholder Engagement 利益相关方参与6. 组织发展•Organizational Development 组织发展•Change Leadership 变革领导•Organizational Learning 组织学习•Knowledge Management 知识管理•Learning Organization 学习型组织通过了解和掌握以上提到的管理知识词汇及其英文写法,您将能更好地应用管理概念,提升在管理领域的专业能力。

风控英文术语

风控英文术语

风控英文术语全文共四篇示例,供读者参考第一篇示例:风控英文术语是指在金融、保险等行业中用于描述风险管理和控制的专业术语。

这些术语在风险管理过程中起着至关重要的作用,帮助机构识别、评估和控制各种风险,保障机构的安全和稳健发展。

以下是一些常见的风控英文术语及其解释:1. Risk management - 风险管理Risk management refers to the process of identifying, assessing and controlling risks in order to minimize potential losses or disruptions to an organization.这些风控英文术语在风险管理实践中扮演着重要的角色,帮助机构更好地理解和应对各种风险,确保其业务的可持续发展和稳定运营。

对于从事风险管理工作的专业人士来说,熟练掌握这些术语是至关重要的。

希望以上内容对大家对风控英文术语有所帮助。

第二篇示例:风险是企业经营过程中不可避免的因素,而风险管理则是企业管理的重要环节之一。

风险控制是风险管理的一个重要方面,对于企业来说,有效的风险控制可以帮助企业避免和降低损失,保证企业的正常经营和发展。

在风控领域,有许多专业术语,下面我们就来介绍一些风控英文术语。

1. Risk Management(风险管理)Risk management is the process of identifying, assessing, and prioritizing risks, and taking steps to mitigate or manage these risks to achieve business objectives. It involves a systematic approach to managing risks and ensuring that risks are controlled at an acceptable level.第三篇示例:风控英文术语是指在金融领域中用于描述与控制风险相关内容的专业术语。

风险术语的英文对照

风险术语的英文对照

风险术语的英文对照1. Risk Assessment - 风险评估2. Risk Management - 风险管理3. Risk Mitigation - 风险缓解4. Risk Identification - 风险识别5. Risk Analysis - 风险分析6. Risk Control - 风险控制7. Risk Response - 风险应对8. Risk Avoidance - 风险避免9. Risk Transfer - 风险转移10. Risk Tolerance - 风险容忍度11. Risk Probability - 风险概率12. Risk Impact - 风险影响13. Risk Assessment Matrix - 风险评估矩阵14. Risk Register - 风险登记册15. Risk Treatment Plan - 风险处理计划16. Risk Exposure - 风险暴露度17. Risk Control Measures - 风险控制措施18. Risk Indicator - 风险指标19. Risk Communication - 风险沟通20. Risk Event - 风险事件请注意,上述术语仅提供参考,具体的风险管理术语可能根据行业和上下文有所不同。

Risk management is an essential component of any organization, as it involves the identification, assessment, and mitigation of potential risks that could impact the achievement of objectives. In order to effectively manage risks, itis crucial to have a clear understanding of various risk terminologies and their corresponding translations in English.Risk assessment, or 风险评估, is the process of identifying and evaluating potential risks to determine their likelihood and potential impact. This involves analyzing the probability of a risk occurring and assessing the potential consequences it could have on the organization. Risk assessments are typically conducted using various tools and techniques such as risk matrices, scenario analysis, and historical data.Once risks have been identified and assessed, the organization can proceed with risk management, or 风险管理. This involves developing strategies and action plans to minimize or eliminate the identified risks. Risk management aims to reduce the likelihood of a risk occurring or its potential impact if it does occur. It includes risk mitigation, or 风险缓解, which involves implementing measures to reduce the probability and/or severity of a risk.Risk identification, or 风险识别, is the process of identifying potential risks that could impact the organization's objectives. This includes analyzing internal and external factors that could lead to risks, such as changes in regulations, market volatility, or operational vulnerabilities. Risk analysis, or 风险分析, is the process of evaluating the identified risks to determine their potential impact and prioritize their treatment.Risk control, or 风险控制, involves implementing measures to reduce or manage the identified risks. This includes developingand implementing risk control measures, such as implementing safety protocols, conducting regular inspections, or implementing redundancy measures. Risk response, or 风险应对, refers to the actions taken by the organization to address identified risks. This could include accepting the risk, avoiding the risk, transferring the risk to a third party, or implementing measures to mitigate the risk.Risk avoidance, or 风险避免, refers to the strategy of completely eliminating the exposure to a particular risk. This could involve making changes to business processes, discontinuing certain activities, or avoiding certain markets or investments. Risk transfer, or 风险转移, involves transferring the responsibility and financial implications of a risk to another party, such as purchasing insurance coverage.Risk tolerance, or 风险容忍度, refers to the level of risk that an organization is willing to accept in order to achieve its objectives. This involves striking a balance between maximizing opportunities and minimizing potential risks. Risk probability, or 风险概率, refers to the likelihood or chance of a risk occurring. Risk impact, or 风险影响, refers to the magnitude of the consequences that would result if a risk were to occur.A risk assessment matrix, or 风险评估矩阵, is a tool used to evaluate and prioritize risks based on their likelihood and impact. It provides a visual representation of risks and helps in determining appropriate risk management strategies. A risk register, or 风险登记册, is a document that records all identified risks, along with their likelihood, potential impact, and mitigation measures.To implement effective risk management, organizations develop risk treatment plans, or 风险处理计划, which outline the specific actions to be taken to manage identified risks. These plans include a clear description of the risk, its potential impact, the desired risk treatment strategy, and the individuals responsible for its implementation.Risk exposure, or 风险暴露度, refers to the level of vulnerability or susceptibility of the organization to a particular risk. It considers the organization's potential financial, operational, and reputational losses resulting from a risk event. Risk control measures, or 风险控制措施, are actions implemented to mitigate or prevent identified risks. These measures may include implementing internal controls, conducting training programs, or investing in technologies to mitigate risks.Risk indicators, or 风险指标, are quantitative or qualitative measures used to monitor and assess risks. These indicators help in identifying early warning signs of emerging risks, enabling timely and proactive risk management. Risk communication, or 风险沟通, refers to the process of sharing information about risks within the organization or with external stakeholders. Effective risk communication is crucial for ensuring that everyone understands the risks, their potential impact, and the organization's strategiesfor managing them.Overall, understanding and utilizing risk terminologies in both English and their native language is vital for effective riskmanagement. It ensures clear communication, facilitates collaboration, and enhances the organization's ability to identify, assess, and mitigate risks. By effectively managing risks, organizations can safeguard their interests, minimize losses, and enhance their overall performance and resilience.。

风险管理教学大纲

风险管理教学大纲

风险管理教学大纲一、课程名称(一)中文名称:风险管理(二)英文名称:RikManagement二、课程性质任意性选修课三、课程教学目标通过学习本课程,让学生掌握风险管理的基本理论和方法,为实际工作提供专业基础知识和理论指导。

从商业银行风险管理的基本概念和基本架构入手,着重突出信用、市场、操作三大风险的识别、计量、监测与控制的技能知识,并掌握流动性风险、声誉风险和战略风险等基本知识,最后从理念、机制和方法等角度对商业银行监管和市场约束做了要求。

了解风险管理的基本概念、性质、原理、特点;掌握风险分析各阶段包括风险辨识、风险估计和风险评价的任务和方法,理解并区分众多的风险分析方法;在理解风险分析基本理论和方法的基础上,掌握各种风险控制工具和风险财务工具的作用、实施方法;在掌握风险分析和风险管理工具的基础上,了解风险管理决策的内涵、原则、决策中常用的技术方法,以及各种风险管理工具的优化组合。

运用风险管理方法分析和解决实际问题。

四、课程教学原则和教学方法(一)教学原则本课程教学围绕“培养学生学习能力、运用法律知识分析问题的能力和创新能力”这一中心,努力实行课堂教学与课外实践相结合,理论与实践相结合,理论讲授与实践教学相结合。

(二)教学方法综合运用课堂讲授与自学、课堂随机提问、课后作业及模拟法庭等相结合的方法,进行启发式教学,培养学生独立思考的能力、组织语言回答问题的能力以及敏锐观察问题和分析问题的能力。

尽可能运用多媒体教学,传达丰富的信息,另外试着采用以班级为单位,分成若干小组,分角色模拟起诉等实践教学活动。

五、课程总学时54学时六、课程教学内容要点及建议学时分配第一章风险管理基础教学目的了解金融法的概念和特点以及调整的对象、金融活动的社会控制,把握金融法的功能与作用、金融法律体系以及金融法律调整机制等,并将其能够准确、熟练地运用到以后各章的学习之中。

教学重点风险管理与商业银行经营;商业银行的风险管理的发展教学难点经济资本在风险管理中的要求建议学时6学时教学内容第一节风险与风险管理一、风险、收益与损失二、风险管理与商业银行经营三、商业银行风险管理的发展(一)资产风险管理模式阶段(二)债务风险管理模式阶段(三)资产负债风险管理模式阶段(四)全面风险管理模式阶段1.全球的风险管理体系2.全面的风险管理范围3.全程的风险管理过程4.全新的风险管理方法5.全员的风险管理文化第二节商业银行风险的主要类别一、信用风险二、市场风险三、操作风险四、流动性风险五、国别风险六、声誉风险七、法律风险八、战略风险第三节商业银行风险管理的主要策略一、风险分散二、风险对冲三、风险转移(一)保险转移(二)非保险转移四、风险规避五、风险补偿第四节商业银行风险与资本一、资本的定义、作用和分类二、监管资本与资本充足率要求(一)巴塞尔协议(二)杠杆率与资本充足率三、经济资本及其应用(一)经济资本的含义(二)经济资本的作用(三)经济资本与监管资本第五节风险管理的数理基础一、收益的计量(一)绝对收益(二)百分比收益率二、常用的概率统计知识(一)预期收益率(二)方差和标准差(三)正态分布三、投资组合分散风险的原理思考题1.风险与收益、损失之间的关系是什么?2.风险管理对商业银行经营有何重要意义?3.简述商业银行面临的八大类风险。

101条风险管理准则英文版

101条风险管理准则英文版

一般准则【准则条文】1.英文:「An organization risk management program must be tailored to its overall objectives and should change when those objectives change.」2.英文:「If you are in a “safe”business (relatively immune from depression, bankruptcy or shifts in products market), you risk management program can be more “risky”and less costly.」3.英文:「Don’t risk more than you can afford to lose.」4.英文:「Don’t risk a lot for a little」5.英文:「C onsider the odds of an occurrence」6.英文:「Have clearly defined objectives which are consistent with corporate objectives」7.英文:「The risk management department, as a user of services, should award business on the basis of ability to perform.」8.英文:「For any significant loss exposure, neither loss control nor loss financing alone is enough; control and financing must be combined in the right proportion.」风险辨认衡量准则【准则条文】9.英文:「Review financial statements to help identify and measure risks.」10.英文:「Use flow charts to identify sole source suppliers or other contingent business11.英文:「To more fully identify and assess risks, you must visit the plants and relate to operations people.」12.英文:「A reliable data base is essential to estimate probability and severity.」13.英文:「Accurate and timely risk information reduces risk, in any of itself.」14.英文:「The risk manager should be involved in the purchase or design of any new operation to assure that there are no built-in risk management problems.」15.英文:「Be certain environmental risks are evaluated in mergers, acquisitions and joint ventures.」16.英文:「Select hazardous waste contractors on their risk control measures and their financial stability or insurance protection. 」17.英文:「Look for incidental involvement in critical risk areas, (ie. aircraft and nuclear products, medical malpractice, engineering design, ect.)」风险控制准则【准则条文】18.英文:「Risk control works, it is cost effective and helps control local operating costs.」19.英文:「The first ( and incontrovertible ) reason for risk control is the preservation of life.」20.英文:「A property conservation program should be designed to protect corporate assets-not the underwriter.」21.英文:「Be mindful that key plants and sole source suppliers may need protection above and beyond normal HPR (highly protected risks)requirements.」22.英文:「Use the risk control services of your broker and insurer as an extension of your corporate program. Don’t let them go off on a tangent.」23.英文:「Quality control should not be substitute for a full product liability program.Quality control only assures the product is made according to specifications, whether good or bad.」24.英文:「Most of the safety-related “standards”of governmental agencies should be considered as minimum requirements.」25.英文:「Duplicate and separately store valuable papers and back-up data processing media.」26.英文:「Avoid travel by multiple executives in a single aircraft.」。

企业风险管理(中英文)

企业风险管理(中英文)
一份在交易双方进行周期性现金流交换的协定
• At each payment date, only the net value of cash flows is exchanged 只在每个交割日交易净现金流
• The cash flows are based on a notional principal or notional amount 现金流基于名义本金交易量进行计算
– Gibson Greetings – Barings Bank 巴林银行 – Orange County, California 橙县,加州
• Model failure 金融模型失败
– Long Term Capital Management 长期资本管理
• Accounting improprieties 不适当做账
不恰当地管理金融衍生物
• Financial model failures 金融模型失败 • Improper accounting for derivatives
对于衍生物的不适当的会计记账手段
Mismanagement of Financial Risk
金融风险的不妥当管理 • Mismanagement of derivatives 衍生物的不善管理
最初致力于避免衍生工具带来的灾难
– Developing into optimizing firm value
发展到最优化公司价值
• Chief Risk Officer 设立首席风险执行官 • Sarbanes-Oxley Act in the U. S. – 2002 SOX法案 • Increased focus on risk models
出售者有义务应购买者要求履行期权合约

风险管理框架中英文版

风险管理框架中英文版

企业风险管理——整合框架2004年9月目录内容摘要企业风险管理的基础性前提是每一个主体的存在都是为它的利益相关者提供价值。

所有的主体都面临不确定性,管理当局所面临的挑战就是在为增加利益相关者价值而奋斗的同时,要确定承受多大的不确定性。

不确定性可能会破坏或增加价值,因而它既代表风险,也代表机会。

企业风险管理使管理当局能够有效地应对不确定性以及由此带来的风险和机会,增进创造价值的能力。

当管理当局通过制订战略和目标,力求实现增长和报酬目标以及相关的风险之间的最优平衡,并且在追求所在主体的目标的过程中高效率和有效地调配资源时,价值得以最大化。

企业风险管理包括:协调风险容量(risk appetite)与战略——管理当局在评价备选的战略、设定相关目标和建立相关风险的管理机制的过程中,需要考虑所在主体的风险容量。

增进风险应对决策——企业风险管理为识别和在备选的风险应对——风险回避、降低、分担和承受——之间进行选择提供了严密性。

抑减经营意外和损失——主体识别潜在事项和实施应对的能力得以增强,抑减了意外情况以及由此带来的成本或损失。

识别和管理多重的和贯穿于企业的风险——每一家企业都面临影响组织的不同部分的一系列风险,企业风险管理有助于有效地应对交互影响,以及整合式地应对多重风险。

抓住机会——通过考虑全面范围内的潜在事项,促使管理当局识别并积极地实现机会。

改善资本调配——获取强有力的风险信息,使得管理当局能够有效地评估总体资本需求,并改进资本配置。

企业风险管理所固有的这些能力帮助管理当局实现所在主体的业绩和赢利目标,防止资源损失。

企业风险管理有助于确保有效的报告以及符合法律和法规,还有助于避免对主体声誉的损害以及由此带来的后果。

总之,企业风险管理不仅帮助一个主体到达期望的目的地,还有助于避开前进途中的隐患和意外。

事项——风险与机会事项可能会带来负面的影响,也可能会带来正面的影响,抑或二者兼而有之。

带来负面影响的事项代表风险,它会妨碍价值创造或者破坏现有价值。

企业风险管理(中英文)

企业风险管理(中英文)

风险转移 (Risk Transfer)
总结词
风险转移是通过将风险暴露转移给其他实体 或第三方来降低潜在损失的管理策略。
详细描述
风险转移通常涉及保险、外包或与其他企业 合作等手段。通过将这些风险转移给更能够 应对和管理风险的实体,企业可以降低自身
风险敞口。
风险容忍 (Risk Tolerance)
• Enterprise Risk Management Organization and Processes
目录
• Corporate risk management culture and awareness
• Case Analysis of Enterprise Risk Management
Case Three: Credit Risk Management Practice of a Certain Enterprise
某企业的信用风险管理实践
This case study examines how a certain enterprise manages credit risks through effective credit policies and procedures.
风险管理信息系统
数据收集
收集内外部数据,包括 财务、市场、行业等数
据。
数据处理
对收集的数据进行清洗、 整合和加工,生成风险
管理所需的信息。
数据分析
运用统计分析、机器学 习等技术,对数据进行 深入分析,发现潜在风
险。
数据展示
将分析结果以图表、报 告等形式展示给管理层 和业务部门,支持决策
制定。
05
制定风险管理政策和流程,明 确各部门在风险管理中的职责 和角色。

PPM-质量与可靠性风险控制

PPM-质量与可靠性风险控制
既然是抽样毕竟不是全部检验那么就存在准确度的风既然是抽样毕竟不是全部检验那么就存在准确度的风险可能一批产品能达到规定的合格率但是根据抽样结险可能一批产品能达到规定的合格率但是根据抽样结果被拒收这称为果被拒收这称为生产方风险生产方风险也有可能一批产品的不良也有可能一批产品的不良率高过规定但是没有抽到被接受这称为率高过规定但是没有抽到被接受这称为使用方风险使用方风险另外我们知道绝对没有缺陷的产品意味着很高的成本另外我们知道绝对没有缺陷的产品意味着很高的成本在采购谈判中双方也会根据价格来商定最终的质量接收在采购谈判中双方也会根据价格来商定最终的质量接收水平以及用什么样的抽样方法进行检验于是水平以及用什么样的抽样方法进行检验于是可接收质可接收质量水平量水平本身也是一种风险本身也是一种风险page32letshavechange
PPM—质量与可靠性风险控制系统 Risk Control of quality & reliability
顾问:丁远 Presented by Steven Ding
为什么说供应链上面,很多传统的管理手段 (包括质量管理)都演变成了风险管理?
答案并不复杂:因为供应关系发生在企业之 间,并非本企业内部,在下订单之前,在经 过时间考验前,除了运用一套风险预测方法 来评估这种供应关系的可靠性和安全性以外, 几乎没有其他建立信任的方法
page 5
PPM—质量与可靠性风险控制系统
PPM质量控制的发展
Risk Control of quality & reliability
顾问:丁远 Presented by Steven Ding
经过了多年的传播和发展,PPM质量评价和相应的管理 已经成为国际通用的方式,伴随着近二三十年来经济全 球化的发展,风险管理和控制的方法和理论开始从美国 或欧洲向全球扩展,由于发达国家日益在全球各国拓展

临床试验中风险管理计划

临床试验中风险管理计划

临床试验中风险管理计划英文回答:Risk management is a crucial aspect of clinical trials to ensure the safety and well-being of participants and to minimize any potential harm. A risk management plan outlines the strategies and procedures that will be implemented to identify, assess, and mitigate risks throughout the trial process.One important aspect of risk management in clinical trials is the identification of potential risks. This involves carefully assessing the study protocol, the investigational product, and the patient population to identify any potential risks or safety concerns. For example, if a trial involves testing a new drug, potential risks could include adverse reactions, drug interactions, or unexpected side effects.Once potential risks are identified, the next step isto assess their likelihood and potential impact. This involves evaluating the probability of the risk occurring and the severity of the potential harm. For example, if a trial involves a surgical procedure, the risk of infection may be assessed as high due to the invasive nature of the procedure, while the severity of the potential harm may be assessed as moderate since infections can usually be treated with antibiotics.Based on the risk assessment, appropriate risk mitigation strategies can be developed. These strategies aim to minimize the likelihood and impact of the identified risks. For example, if the risk of infection in a surgical trial is assessed as high, mitigation strategies may include strict adherence to sterile procedures, regular monitoring for signs of infection, and prompt treatment if an infection is detected.It is also important to regularly monitor and review the risks throughout the trial. This involves ongoing data collection and analysis to identify any emerging risks or changes in the risk profile. For example, if a trialinvolves a new treatment for a chronic condition, long-term monitoring may reveal previously unknown risks or side effects that were not initially identified.In addition to risk identification and mitigation, arisk management plan should also include procedures for reporting and managing adverse events. Adverse events are any undesirable or unexpected events that occur during the trial, such as serious side effects or treatment failures. These events should be promptly reported, thoroughly investigated, and appropriate actions should be taken to ensure participant safety.Overall, a comprehensive risk management plan is essential for the successful conduct of clinical trials. It helps to ensure participant safety, minimize potential harm, and maintain the integrity of the trial results. By identifying, assessing, and mitigating risks, researchers can confidently move forward with their studies and contribute to the advancement of medical knowledge.中文回答:风险管理是临床试验中的一个关键方面,旨在确保参与者的安全和福祉,并最大限度地减少潜在的风险。

ISO FDIS31000风险管理最终发布版中文翻译稿8609646694

ISO FDIS31000风险管理最终发布版中文翻译稿8609646694

欢迎共阅INTERNATIONALSTANDARDISO/FDIS31000Riskmanagement—PrinciplesandguidelinesForeword前言国际标准化组织(ISO合。

制定国际标准工作通常由ISO3/4本标准中的某些内容有可能涉及一些专利权问题,这一点应引起注意,ISO不负责识别任何这样的专利权问题。

ISO31000由ISO技术管理委员会风险管理工作组编写。

所有类型和规模的组织都面临内部和外部因素的影响,使得它不能确定是否及何时实现其目标。

这种对一个组织的目标影响的不确定性既是“风险”。

一个组织的所有活动都涉及风险。

组织通过识别、分析、评价风险以及处理风险,以满足他们的风险标准。

在这个过程中,他们与利益相关者沟通协商,监测和审查风险控制,并不断的辑的过程。

职能,项目和活动。

尽管在过去这段时间内的许多部门,以满足不同的需要的风险管理的做法是成熟的,但是通过采用一致性流程的综合框架有助于确保风险管理的有效性,并且有效和连贯整个组织。

在本标准规定的一般性的原则和方针,目的在于在任何的环境和背景下,系统的、清晰的、可靠的方式管理风险。

每一个具体部门或风险管理的应用都产生了独自的需要,受众,观念和标准。

因此,这一国际标准的主要特点是将风险管理“环境建设”列入其管理过程的开始活动。

环境建设方面将捕获该组织的目标,它所追求目标的环境,它的利益相关者和本标准描述了风险管理的原则、所示。

???;??符合有关法律及监管要求和国际规范?改进财务报告?改善治理?提高利益相关者的信心和信任?建立决策和规划提供可靠的根基?加强控制?有效地分配和使用资源处理风险?提高运营的效果和效率??改善防损和事件管理???a)开发者对其机构内的风险管理政策负责;b)有人对组织作为一个整体、或者某一特定范围、项目或者活动的风险管理的有效性负责;c)有人需要对风险管理评估的有效性负责;d)标准,指南,程序和守则的开发者,应该对在特定的环境下风险管理整体的或部分的文件得以实施负责;目前许多组织的管理实践和流程包括风险管理的组成部分,并且许多组织对特在本国际标准中,Riskmanagement—Principlesandguidelines风险管理-原则和指导方针1Scope范围为方便起见,无论其性质是否有积极或消极尽管本国际标准提供了风险管理的一般准则,但不是为了促进各组织风险管理的统一性。

金融市场的风险管理(英文版)

金融市场的风险管理(英文版)

金融市场的风险管理(英文版)Risk Management in Financial MarketsIntroductionRisk management is a crucial aspect of the financial markets. It involves the identification, assessment, and mitigation of potential risks that may impact an organization's financial well-being. The dynamic nature of financial markets makes effective risk management imperative to ensure stability and sustainability. This article aims to explore the various aspects of risk management in financial markets.Types of RisksFinancial markets face various types of risks, each with its unique characteristics. The most common types of risks in financial markets include credit risk, market risk, liquidity risk, operational risk, and systemic risk.Credit risk refers to the potential loss arising from a borrower's inability to repay a loan or meet its contractual obligations. Financial institutions employ credit risk management techniques, such as credit scoring models and credit derivatives, to assess and mitigate this risk.Market risk encompasses the potential loss due to fluctuating market prices of financial instruments. It includes risks associated with interest rates, currencies, equities, commodities, and derivatives. Market risk management involves using techniques like portfolio diversification, hedging, and stress testing to mitigate potential losses.Liquidity risk arises when an institution is unable to fulfill its financial obligations due to an insufficient availability of liquid assets. Effective liquidity risk management involves maintaining adequate liquidity buffers, developing contingency funding plans, and regularly monitoring and stress testing liquidity positions.Operational risk involves the risk of financial loss due to inadequate or failed internal processes, systems, or human error. It includes risks associated with technology failures, fraud, legal and regulatory compliance, and vendor management. Operational risk management involves implementing robust internal controls, conducting regular audits, and training staff on risk awareness.Systemic risk refers to the risk of widespread disruptions or failures in the financial system that could have a significant impact on the overall economy. It can arise from interconnectedness and interdependencies among financial institutions, such as in the case of a financial crisis. Systemic risk management involves regulatory oversight, stress testing, and contingency planning at both the institutional and systemic levels.Risk Assessment and MitigationEffective risk management starts with a thorough and comprehensive risk assessment. This involves identifying and analyzing risks, including their potential impacts and likelihoods of occurrence. Risk assessment enables organizations to prioritize risks and allocate resources accordingly.Once risks are identified, appropriate risk mitigation strategies canbe implemented. These strategies may include risk avoidance, risk reduction, risk transfer, or risk acceptance. Risk avoidance involves refraining from activities that pose significant risks. Risk reduction involves implementing measures to minimize the likelihood or impact of risks. Risk transfer involves transferring risks to another party, such as through insurance or hedging. Risk acceptance involves acknowledging and accepting certain risks if their potential impact is deemed acceptable.Risk management frameworks and tools can also assist in the overall risk management process. These frameworks provide a structured approach to managing risks and can help organizations establish appropriate risk management policies, procedures, and controls. Examples of risk management tools include risk registers, risk appetite statements, risk and control self-assessment, and key risk indicators.Continual Monitoring and ReviewRisk management is an ongoing process that requires continuous monitoring and review. Financial institutions need to establish effective risk monitoring systems to detect and assess emerging risks promptly. Regular risk reporting and analysis help organizations stay informed about their risk profiles and take necessary actions.Risk management frameworks should also be periodically reviewed and updated to ensure their effectiveness in addressing evolving risks. As technology advances and market conditions change, risk management practices need to keep pace to effectively manage emerging risks.ConclusionRisk management is a critical component of the financial markets. The proper identification, assessment, and mitigation of risks are essential for maintaining stability and sustainability. By implementing robust risk management practices, financial institutions can navigate the challenges and uncertainties of financial markets effectively. Continued commitment to risk management ensures the soundness and integrity of the overall financial system.Sure, here's some additional content on the topic:Risk measurement and monitoring are key aspects of risk management in financial markets. Organizations use various metrics and tools to quantify and monitor risks. These include value-at-risk (VaR), stress testing, scenario analysis, and sensitivity analysis. VaR measures the potential loss in a portfolio or position under normal market conditions, with a specified confidence level. Stress testing, on the other hand, involves assessing the impact of extreme and hypothetical market scenarios on a portfolio's value. Scenario analysis involves analyzing the potential outcomes of specific events or market conditions. Sensitivity analysis assesses how changes in underlying factors, such as interest rates or exchange rates, affect the value of a portfolio.Risk management practices also extend to regulatory compliance. Financial institutions need to comply with various regulations and guidelines set by regulatory authorities. These regulations aim to safeguard the stability and integrity of the financial system and protect consumers. Risk management frameworks helporganizations ensure compliance by providing guidelines on risk assessment, reporting, and governance. Regulatory frameworks, such as Basel III, require banks to maintain adequate capital buffers to absorb potential losses and to have robust risk management systems in place.Technology plays a significant role in modern risk management. Advanced analytics tools and algorithms enable organizations to better analyze and understand risks. Artificial intelligence and machine learning can identify patterns and detect anomalies that may indicate potential risks. Risk management systems can also be automated to facilitate real-time monitoring and reporting. Technology-driven risk management helps organizations to improve risk assessment accuracy, increase efficiency, and enable faster decision-making.In addition to external risks, organizations also need to consider internal risks. Internal risks can arise from poor governance, inadequate internal controls, or unethical behaviors. Risk management frameworks often include internal control systems to ensure the effective mitigation of internal risks. These systems involve procedures and policies that promote transparency, accountability, and ethical behavior within the organization. Regular internal audits help assess the effectiveness of internal controls and identify areas for improvement.Risk management is a collective effort that involves all stakeholders in the financial markets. Regulators, financial institutions, investors, and market participants all play a role in identifying, assessing, and mitigating risks. Effective riskmanagement requires collaboration and information sharing among these stakeholders. Regulatory authorities set standards and guidelines, financial institutions implement risk management practices, investors conduct due diligence, and market participants adhere to market rules and regulations.In conclusion, risk management in financial markets is vital to ensure stability, sustainability, and trust in the financial system. It involves identifying, assessing, and mitigating various types of risks, including credit risk, market risk, liquidity risk, operational risk, and systemic risk. Risk assessment and mitigation strategies are informed by robust risk management frameworks and tools. Continual monitoring and review of risks help organizations stay informed and responsive to emerging risks. Technology and regulatory compliance also play significant roles in effective risk management. By prioritizing risk management, financial institutions can safeguard their financial well-being and contribute to the overall stability of the financial system.。

风险管理知识培训

风险管理知识培训
风险管理
版本:V1.0
“当你度量你所述的事物,而能用数字来表达它,你对这 事物已有些认识了 .” 卡尔文勋爵
风险: 简单地说
可能性 (某一事件发生的可能性)
X 严重性 (结果的严重程度)
风险的两个组成
后果: 事情发生的影响
频率(可能性): 事件发生的概率
风险:(risk)
• 风险:(risk)某一事件发生的概率和其后果的结合 。
风险评价 (主动)
事件调查 (被动)
产品生产前进行
发生8D或异常后进行
列明作业步骤
收集相关数据
确定可能存在的危险
确定投诉或异常的根本原因
落实相应的危险控制措施
落实整改行动以防再次发生
与相关人员一起沟通评价结果 学习教训
危险(源):hazard
可能导致死亡、伤害、职业病、财产损失、工 作环境破坏或这些情况组合的根源或状态。危 险源应三个要素构成:潜在危险性、存在条件 和触发因素。
当场探测问题
失效模式或错误(起因)当场由操作者通过计数量具探测 ,或由在线自动探测不合 格产品并通过灯、蜂鸣通知操作者,用量具做作业准备或首件检查 (仅对作业准备 5 起因)
后处理探测问题 失效模式处理自动控制,在线自动探测不合格产品,并锁住产品防止流到下过程
4
当场探测问题 失效模式当场自动控制,在线自动探测不合格产品,并锁住产品防止流到下过程
风险管理主流程
风 险管理的信息反馈流 程
产品或服务的设计和开发:根据产品或项目特点分析可能出现的损害
风险分析汇总:列出/修正损害的类型和发生的概率 风险评价:在产品设计或项目进展过程中逐条进行风险评价
风险解决措施:根据评价的结果制订相应的解决措施

企业风险管理中英文对照外文翻译文献

企业风险管理中英文对照外文翻译文献

企业风险管理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: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 toreduce 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 an iterative 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”), transfer, 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 e nterprise’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 strategy for 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 ofuncertainties. 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 analyst in 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 uncertaintyabout 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 is not, 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 overor 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 b een “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 in this 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” r elative 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, amore 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 concern is 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 openqualitative 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.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。

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Example of risk management : A NASA model showing areas at high risk from impact for the International Space Station.Risk managementFrom Wikipedia, the free encyclopediaRisk management is the identification, assessment,and prioritization of risks (defined in ISO 31000 asthe effect of uncertainty on objectives , whetherpositive or negative) followed by coordinated andeconomical application of resources to minimize,monitor, and control the probability and/or impact ofunfortunate events [1] or to maximize the realization ofopportunities. Risks can come from uncertainty infinancial markets, project failures (at any phase indesign, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, naturalcauses and disasters as well as deliberate attack froman adversary, or events of uncertain or unpredictableroot-cause. Several risk management standards havebeen developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards.[2][3] Methods, definitions and goals varywidely according to whether the risk managementmethod is in the context of project management, security, engineering, industrial processes, financial portfolios,actuarial assessments, or public health and safety.The strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actualconsequences of a particular risk.Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk, whether the confidence in estimates and decisions seem to increase.[1]Contents1 Introduction1.1 Method1.2 Principles of risk management2 Process2.1 Establishing the context2.2 Identification2.3 Assessment3 Composite Risk Index4 Risk Options4.1 Potential risk treatments4.2 Create a risk management plan4.3 Implementation4.4 Review and evaluation of the plan5 Limitations6 Areas of risk management6.1 Enterprise risk management6.2 Risk management activities as applied to project management6.3 Risk management for megaprojects6.4 Risk management regarding natural disasters6.5 Risk management of information technology6.6 Risk management techniques in petroleum and natural gas7 Positive Risk Management7.1 Criticisms8 Risk management and business continuity9 Risk communication9.1 Seven cardinal rules for the practice of risk communication10 See also11 References12 Further readingIntroductionA widely used vocabulary for risk management is defined by ISO Guide 73, "Risk management. Vocabulary."[2]In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss (or impact) and the greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process of assessing overall risk can be difficult, and balancing resources used to mitigate between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled.Intangible risk management identifies a new type of a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materializes. Relationship risk appears when ineffectivecollaboration occurs. Process-engagement risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of knowledge workers, decrease costeffectiveness, profitability, service, quality, reputation, brand value, and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity.Risk management also faces difficulties in allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending (or manpower or other resources) and also minimizes the negative effects of risks. MethodFor the most part, these methods consist of the following elements, performed, more or less, in the following order.1. identify, characterize threats2. assess the vulnerability of critical assets to specific threats3. determine the risk (i.e. the expected likelihood and consequences of specific types of attacks on specificassets)4. identify ways to reduce those risks5. prioritize risk reduction measures based on a strategyPrinciples of risk managementThe International Organization for Standardization (ISO) identifies the following principles of risk management:[4]Risk management should:create value – resources expended to mitigate risk should be less than the consequence of inaction, or (as in value engineering), the gain should exceed the painbe an integral part of organizational processesbe part of decision making processexplicitly address uncertainty and assumptionsbe systematic and structuredbe based on the best available informationbe tailorabletake human factors into accountbe transparent and inclusivebe dynamic, iterative and responsive to changebe capable of continual improvement and enhancementbe continually or periodically re-assessedProcessAccording to the standard ISO 31000 "Risk management – Principles and guidelines on implementation,"[3] the process of risk management consists of several steps as follows:Establishing the contextThis involves:1. identification of risk in a selected domain of interest2. planning the remainder of the process3. mapping out the following:the social scope of risk managementthe identity and objectives of stakeholdersthe basis upon which risks will be evaluated, constraints.4. defining a framework for the activity and an agenda for identification5. developing an analysis of risks involved in the process6. mitigation or solution of risks using available technological, human and organizational resources. IdentificationAfter establishing the context, the next step in the process of managing risk is to identify potential risks. Risks are about events that, when triggered, cause problems. Hence, risk identification can start with the source of problems, or with the problem itself.Source analysis[citation needed] - Risk sources may be internal or external to the system that is the target of risk management.Examples of risk sources are: stakeholders of a project, employees of a company or the weather over an airport.Problem analysis[citation needed] - Risks are related to identified threats. For example: the threat of losing money, the threat of abuse of confidential information or the threat of human errors, accidents andcasualties. The threats may exist with various entities, most important with shareholders, customers and legislative bodies such as the government.When either source or problem is known, the events that a source may trigger or the events that can lead to a problem can be investigated. For example: stakeholders withdrawing during a project may endanger funding of the project; confidential information may be stolen by employees even within a closed network; lightning striking an aircraft during takeoff may make all people on board immediate casualties.The chosen method of identifying risks may depend on culture, industry practice and compliance. The identification methods are formed by templates or the development of templates for identifying source, problem or event. Common risk identification methods are:Objectives-based risk identification[citation needed] - Organizations and project teams have objectives.Any event that may endanger achieving an objective partly or completely is identified as risk.Scenario-based risk identification - In scenario analysis different scenarios are created. The scenarios may be the alternative ways to achieve an objective, or an analysis of the interaction of forces in, forexample, a market or battle. Any event that triggers an undesired scenario alternative is identified as risk –see Futures Studies for methodology used by Futurists.Taxonomy-based risk identification - The taxonomy in taxonomy-based risk identification is a breakdown of possible risk sources. Based on the taxonomy and knowledge of best practices, a questionnaire iscompiled. The answers to the questions reveal risks.[5]Common-risk checking[citation needed] - In several industries, lists with known risks are available. Each risk in the list can be checked for application to a particular situation.[6]Risk charting [7] - This method combines the above approaches by listing resources at risk, threats tothose resources, modifying factors which may increase or decrease the risk and consequences it is wished to avoid. Creating a matrix under these headings enables a variety of approaches. One can begin with resources and consider the threats they are exposed to and the consequences of each. Alternatively one can start with the threats and examine which resources they would affect, or one can begin with theconsequences and determine which combination of threats and resources would be involved to bringthem about.AssessmentMain article: risk assessmentOnce risks have been identified, they must then be assessed as to their potential severity of impact (generally a negative impact, such as damage or loss) and to the probability of occurrence. These quantities can be either simple to measure, in the case of the value of a lost building, or impossible to know for sure in the case of the probability of an unlikely event occurring. Therefore, in the assessment process it is critical to make the best educated decisions in order to properly prioritize the implementation of the risk management plan.Even a short-term positive improvement can have long-term negative impacts. Take the "turnpike" example. A highway is widened to allow more traffic. More traffic capacity leads to greater development in the areas surrounding the improved traffic capacity. Over time, traffic thereby increases to fill available capacity. Turnpikes thereby need to be expanded in a seemingly endless cycles. There are many other engineering examples where expanded capacity (to do any function) is soon filled by increased demand. Since expansion comes at a cost, the resulting growth could become unsustainable without forecasting and management.The fundamental difficulty in risk assessment is determining the rate of occurrence since statistical information is not available on all kinds of past incidents. Furthermore, evaluating the severity of the consequences (impact) is often quite difficult for intangible assets. Asset valuation is another question that needs to be addressed. Thus, best educated opinions and available statistics are the primary sources of information. Nevertheless, risk assessment should produce such information for the management of the organization that the primary risks are easy to understand and that the risk management decisions may be prioritized. Thus, there have been several theories and attempts to quantify risks. Numerous different risk formulae exist, but perhaps the most widely accepted formula for risk quantification is:Rate (or probability) of occurrence multiplied by the impact of the event equals risk magnitude Composite Risk IndexThe above formula can also be re-written in terms of a Composite Risk Index, as follows:Composite Risk Index = Impact of Risk event x Probability of OccurrenceThe impact of the risk event is commonly assessed on a scale of 1 to 5, where 1 and 5 represent the minimum and maximum possible impact of an occurrence of a risk (usually in terms of financial losses). However, the 1 to 5 scale can be arbitrary and need not be on a linear scale.The probability of occurrence is likewise commonly assessed on a scale from 1 to 5, where 1 represents a very low probability of the risk event actually occurring while 5 represents a very high probability of occurrence. This axis may be expressed in either mathematical terms (event occurs once a year, once in ten years, once in 100 years etc.) or may be expressed in "plain english" – event has occurred here very often; event has been known to occur here; event has been known to occur in the industry etc.). Again, the 1 to 5 scale can be arbitrary or non-linear depending on decisions by subject-matter experts.The Composite Index thus can take values ranging (typically) from 1 through 25, and this range is usually arbitrarily divided into three sub-ranges. The overall risk assessment is then Low, Medium or High, depending on the sub-range containing the calculated value of the Composite Index. For instance, the three sub-ranges could be defined as 1 to 8, 9 to 16 and 17 to 25.Note that the probability of risk occurrence is difficult to estimate, since the past data on frequencies are not readily available, as mentioned above. After all, probability does not imply certainty.Likewise, the impact of the risk is not easy to estimate since it is often difficult to estimate the potential loss in the event of risk occurrence.Further, both the above factors can change in magnitude depending on the adequacy of risk avoidance and prevention measures taken and due to changes in the external business environment. Hence it is absolutely necessary to periodically re-assess risks and intensify/relax mitigation measures, or as necessary. Changes in procedures, technology, schedules, budgets, market conditions, political environment, or other factors typically require re-assessment of risks.Risk OptionsRisk mitigation measures are usually formulated according to one or more of the following major risk options, which are:1. Design a new business process with adequate built-in risk control and containment measures from thestart.2. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of businessoperations and modify mitigation measures.3. Transfer risks to an external agency (e.g. an insurance company)4. Avoid risks altogether (e.g. by closing down a particular high-risk business area)Later research[citation needed] has shown that the financial benefits of risk management are less dependent on the formula used but are more dependent on the frequency and how risk assessment is performed.In business it is imperative to be able to present the findings of risk assessments in financial, market, or schedule terms. Robert Courtney Jr. (IBM, 1970) proposed a formula for presenting risks in financial terms. The Courtney formula was accepted as the official risk analysis method for the US governmental agencies. The formula proposes calculation of ALE (annualised loss expectancy) and compares the expected loss value to the security control implementation costs (cost-benefit analysis).Potential risk treatmentsOnce risks have been identified and assessed, all techniques to manage the risk fall into one or more of these four major categories:[8]Avoidance (eliminate, withdraw from or not become involved)Reduction (optimize – mitigate)Sharing (transfer – outsource or insure)Retention (accept and budget)Ideal use of these strategies may not be possible. Some of them may involve trade-offs that are not acceptable to the organization or person making the risk management decisions. Another source, from the US Department of Defense (see link), Defense Acquisition University, calls these categories ACAT, for Avoid, Control, Accept, or Transfer. This use of the ACAT acronym is reminiscent of another ACAT (for Acquisition Category) used in US Defense industry procurements, in which Risk Management figures prominently in decision making and planning.Risk avoidanceThis includes not performing an activity that could carry risk. An example would be not buying a property or business in order to not take on the legal liability that comes with it. Another would be not flying in order not to take the risk that the airplane were to be hijacked. Avoidance may seem the answer to all risks, but avoiding risks also means losing out on the potential gain that accepting (retaining) the risk may have allowed. Not entering a business to avoid the risk of loss also avoids the possibility of earning profits. Increasing risk regulation in hospitals has led to avoidance of treating higher risk conditions, in favour of patients presenting with lower risk.[9]Hazard preventionMain article: Hazard preventionHazard prevention refers to the prevention of risks in an emergency. The first and most effective stage of hazard prevention is the elimination of hazards. If this takes too long, is too costly, or is otherwise impractical, the second stage is mitigation.Risk reductionRisk reduction or "optimization" involves reducing the severity of the loss or the likelihood of the loss from occurring. For example, sprinklers are designed to put out a fire to reduce the risk of loss by fire. This method may cause a greater loss by water damage and therefore may not be suitable. Halon fire suppression systems may mitigate that risk, but the cost may be prohibitive as a strategy.Acknowledging that risks can be positive or negative, optimizing risks means finding a balance between negative risk and the benefit of the operation or activity; and between risk reduction and effort applied. By an offshore drilling contractor effectively applying HSE Management in its organization, it can optimize risk to achieve levels of residual risk that are tolerable.[10]Modern software development methodologies reduce risk by developing and delivering software incrementally. Early methodologies suffered from the fact that they only delivered software in the final phase of development; any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. By developing in iterations, software projects can limit effort wasted to a single iteration.Outsourcing could be an example of risk reduction if the outsourcer can demonstrate higher capability at managing or reducing risks.[11] For example, a company may outsource only its software development, the manufacturing of hard goods, or customer support needs to another company, while handling the business management itself. This way, the company can concentrate more on business development without having to worry as much about the manufacturing process, managing the development team, or finding a physical location for a call center.Risk sharingBriefly defined as "sharing with another party the burden of loss or the benefit of gain, from a risk, and the measures to reduce a risk."The term of 'risk transfer' is often used in place of risk sharing in the mistaken belief that you can transfer a risk to a third party through insurance or outsourcing. In practice if the insurance company or contractor go bankrupt or end up in court, the original risk is likely to still revert to the first party. As such in the terminology of practitioners and scholars alike, the purchase of an insurance contract is often described as a "transfer of risk." However, technically speaking, the buyer of the contract generally retains legal responsibility for the losses "transferred", meaning that insurance may be described more accurately as a post-event compensatory mechanism. For example, a personal injuries insurance policy does not transfer the risk of a car accident to the insurance company. The risk still lies with the policy holder namely the person who has been in the accident. The insurance policy simply provides that if an accident (the event) occurs involving the policy holder then some compensation may be payable to the policy holder that is commensurate to the suffering/damage.Some ways of managing risk fall into multiple categories. Risk retention pools are technically retaining the risk for the group, but spreading it over the whole group involves transfer among individual members of the group. This is different from traditional insurance, in that no premium is exchanged between members of the group up front, but instead losses are assessed to all members of the group.Risk retentionInvolves accepting the loss, or benefit of gain, from a risk when it occurs. True self insurance falls in this category. Risk retention is a viable strategy for small risks where the cost of insuring against the risk would be greater over time than the total losses sustained. All risks that are not avoided or transferred are retained by default. This includes risks that are so large or catastrophic that they either cannot be insured against or the premiums would be infeasible. War is an example since most property and risks are not insured against war, so the loss attributed by war is retained by the insured. Also any amounts of potential loss (risk) over the amount insured is retained risk. This may also be acceptable if the chance of a very large loss is small or if the cost to insure for greater coverage amounts is so great it would hinder the goals of the organization too much. Create a risk management planMain article: Risk management planSelect appropriate controls or countermeasures to measure each risk. Risk mitigation needs to be approved by the appropriate level of management. For instance, a risk concerning the image of the organization should have top management decision behind it whereas IT management would have the authority to decide on computer virus risks.The risk management plan should propose applicable and effective security controls for managing the risks. For example, an observed high risk of computer viruses could be mitigated by acquiring and implementing antivirus software. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions.According to ISO/IEC 27001, the stage immediately after completion of the risk assessment phase consists of preparing a Risk Treatment Plan, which should document the decisions about how each of the identified risks should be handled. Mitigation of risks often means selection of security controls, which should be documented in a Statement of Applicability, which identifies which particular control objectives and controls from the standard have been selected, and why.ImplementationImplementation follows all of the planned methods for mitigating the effect of the risks. Purchase insurance policies for the risks that have been decided to be transferred to an insurer, avoid all risks that can be avoided without sacrificing the entity's goals, reduce others, and retain the rest.Review and evaluation of the planInitial risk management plans will never be perfect. Practice, experience, and actual loss results will necessitate changes in the plan and contribute information to allow possible different decisions to be made in dealing with the risks being faced.Risk analysis results and management plans should be updated periodically. There are two primary reasons for this:1. to evaluate whether the previously selected security controls are still applicable and effective2. to evaluate the possible risk level changes in the business environment. For example, information risks area good example of rapidly changing business environment.LimitationsPrioritizing the risk management processes too highly could keep an organization from ever completing a project or even getting started. This is especially true if other work is suspended until the risk management process is considered complete.It is also important to keep in mind the distinction between risk and uncertainty. Risk can be measured by impacts x probability.If risks are improperly assessed and prioritized, time can be wasted in dealing with risk of losses that are not likely to occur. Spending too much time assessing and managing unlikely risks can divert resources that could be used more profitably. Unlikely events do occur but if the risk is unlikely enough to occur it may be better to simply retain the risk and deal with the result if the loss does in fact occur. Qualitative risk assessment is subjective and lacks consistency. The primary justification for a formal risk assessment process is legal and bureaucratic.Areas of risk managementAs applied to corporate finance, risk management is the technique for measuring, monitoring and controlling the financial or operational risk on a firm's balance sheet. See value at risk.The Basel II framework breaks risks into market risk (price risk), credit risk and operational risk and also specifies methods for calculating capital requirements for each of these components.Enterprise risk managementMain article: Enterprise Risk ManagementIn enterprise risk management, a risk is defined as a possible event or circumstance that can have negative influences on the enterprise in question. Its impact can be on the very existence, the resources (human and capital), the products and services, or the customers of the enterprise, as well as external impacts on society, markets, or the environment. In a financial institution, enterprise risk management is normally thought of as the combination of credit risk, interest rate risk or asset liability management, liquidity risk, market risk, and operational risk.In the more general case, every probable risk can have a pre-formulated plan to deal with its possible consequences (to ensure contingency if the risk becomes a liability).From the information above and the average cost per employee over time, or cost accrual ratio, a project manager can estimate:the cost associated with the risk if it arises, estimated by multiplying employee costs per unit time by the estimated time lost (cost impact, C where C = cost accrual ratio * S).the probable increase in time associated with a risk (schedule variance due to risk, Rs where Rs = P * S):Sorting on this value puts the highest risks to the schedule first. This is intended to cause thegreatest risks to the project to be attempted first so that risk is minimized as quickly as possible.This is slightly misleading as schedule variances with a large P and small S and vice versa are notequivalent. (The risk of the RMS Titanic sinking vs. the passengers' meals being served at slightlythe wrong time).the probable increase in cost associated with a risk (cost variance due to risk, Rc where Rc = P*C = P*CAR*S = P*S*CAR)sorting on this value puts the highest risks to the budget first.see concerns about schedule variance as this is a function of it, as illustrated in the equationabove.Risk in a project or process can be due either to Special Cause Variation or Common Cause Variation and requires appropriate treatment. That is to re-iterate the concern about extremal cases not being equivalent in the list immediately above.Risk management activities as applied to project managementIn project management, risk management includes the following activities:Planning how risk will be managed in the particular project. Plans should include risk management tasks, responsibilities, activities and budget.Assigning a risk officer – a team member other than a project manager who is responsible for foreseeing potential project problems. Typical characteristic of risk officer is a healthy skepticism.Maintaining live project risk database. Each risk should have the following attributes: opening date, title, short description, probability and importance. Optionally a risk may have an assigned person responsible for its resolution and a date by which the risk must be resolved.Creating anonymous risk reporting channel. Each team member should have the possibility to report risks that he/she foresees in the project.Preparing mitigation plans for risks that are chosen to be mitigated. The purpose of the mitigation plan is to describe how this particular risk will be handled – what, when, by whom and how will it be done to avoid it or minimize consequences if it becomes a liability.Summarizing planned and faced risks, effectiveness of mitigation activities, and effort spent for the risk management.Risk management for megaprojectsMegaprojects (sometimes also called "major programs") are extremely large-scale investment projects, typically costing more than US$1 billion per project. Megaprojects include bridges, tunnels, highways, railways, airports, seaports, power plants, dams, wastewater projects, coastal flood protection schemes, oil and natural gas extraction projects, public buildings, information technology systems, aerospace projects, and defence systems. Megaprojects have been shown to be particularly risky in terms of finance, safety, and social and environmental impacts. Risk management is therefore particularly pertinent for megaprojects and special methods and special education have been developed for such risk management.[12]Risk management regarding natural disastersIt is important to assess risk in regard to natural disasters like floods, earthquakes, and so on. Outcomes of natural disaster risk assessment are valuable when considering future repair costs, business interruption losses and other downtime, effects on the environment, insurance costs, and the proposed costs of reducing the risk.[13] There are regular conferences in Davos to deal with integral risk management.Risk management of information technologyMain article: IT risk management。

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