1、2135 单词， 3980 汉字 出处 : James W. DeLoach,2005. “Enterprise Risk Management: Practical Implementation Ideas ” . Protiviti, May , PP1-7. 本科毕业论文（设计） 外 文 翻 译 原文： Enterprise Risk Management: Practical Implementation Ideas One of the most critical challenges for management today is determining how much risk
2、 the business is prepared to accept as it strives to create value. Yet, research consistently indicates that six of ten senior executives “lack high confidence” that their companys risk management practices identify and manage all potentially significant business risks. With the heightened focus on
3、risk management, it has become increasingly clear that traditional risk management approaches do not adequately identify, evaluate and manage risk. Traditional approaches tend to be fragmented, treating risks as disparate and compartmentalized. These risk management approaches often limit the focus
4、to managing uncertainties around physical and financial assets. Because they focus largely on loss prevention, rather than adding value, traditional approaches do not provide the framework most organizations need to redefine the risk management value proposition in this rapidly changing world. Under
5、 enterprise risk management (ERM), the focus is on integrating risk management with existing management processes, identifying future events that can have both positive and negative effects, and evaluating effective strategies for managing the organizations exposure to those possible future events.
6、ERM transforms risk management to a proactive, continuous, value-based, broadly focused and process-driven activity. A new approach to risk management ERM differs from traditional risk management approaches in terms of focus, objective, scope, emphasis and application. It aligns strategy, people, pr
7、ocesses, technology and knowledge. The emphasis is on strategy, and the application is enterprise-wide. Under an ERM approach, managements attention is directed to the uncertainties around the enterprises entire asset portfolio, including its intangibles such as customer assets, employee and supplie
8、r assets and such organizational assets as its differentiating strategies, distinctive products and brands, and innovative processes and systems. This expanded focus is important in this era of market capitalizations significantly exceeding balance sheet values and the desire of many companies to fo
9、cus on protecting their reputation from unacceptable risks relating to potential future events. The COSO Enterprise Risk Management - Integrated Framework, issued in September 2004, defines ERM in broad terms that underscore some fundamental concepts and provides a common language as well as guidanc
10、e on how to effectively manage risk across the enterprise. Like its internal control counterpart, the COSO ERM framework is presented as a three-dimensional matrix. It includes four categories of objectives across the top: strategic, operations, reporting and compliance. There are eight components o
11、f enterprise risk management across the face of the cube. Finally, the entity, its divisions and business units are depicted as the third dimension of the matrix along the side. This ERM framework does not replace the internal control framework. Instead, it incorporates it. As a result, businesses m
12、ay decide to implement ERM to address their internal control needs and to move toward a more robust risk management process. Why implement ERM? ERM provides a company with the process it needs to become more anticipatory and effective at evaluating, embracing and managing the uncertainties it faces
13、as it creates sustainable value for stakeholders. It helps an organization manage its risks to protect and enhance enterprise value in three ways. First, it helps to establish sustainable competitive advantage. Second, it optimizes the cost of managing risk. Third, it helps management improve busine
14、ss performance. These contributions redefine the value proposition of risk management to a business. One way to think about the contribution of ERM to the success of a business is to take a value dynamics approach. Just as potential future events can affect the value of tangible physical and financi
15、al assets, so also can they affect the value of key intangible assets. This is the essence of what ERM contributes to the organization: the elevation of risk management to a strategic level by broadening the application and focus of the risk management process to all sources of value, not just physi
16、cal and financial ones. ERM transitions risk management from “avoiding and hedging bets” to a differentiating skill for protecting and enhancing enterprise value as management seeks to make the best bets in the pursuit of new opportunities for growth and returns. ERM invigorates opportunity-seeking
17、behavior by helping managers develop the confidence that they truly understand the risks and have the capabilities at hand within the organization to manage those risks. Five steps to implementing ERM For organizations choosing to broaden their focus to ERM, there are five practical steps for implem
18、entation. While the following steps provide a simplified view of the task of implementing ERM, the implementation process does not occur overnight and, for certain, is not easy to accomplish. ERM is a journey and these steps are a starting point. STEP 1: Conduct an enterprise risk assessment (ERA) t
19、o assess and prioritize the critical risks. An ERA identifies and prioritizes the organizations risks and provides quality inputs for purposes of formulating effective risk responses, including information about the current state of capabilities around managing the priority risks. If an organization
20、 has not identified and prioritized its risks, ERM becomes a tough sell because the value proposition can only be generic. Using the entitys priority risks to identify gaps provides the basis for improving the specificity of the ERM value proposition. The message: Avoid endless dialogues about ERM. Get started by conducting an ERA to understand your risks. STEP 2: Articulate the risk management vision and support it with a compelling value
