1、原文原文： Effective risk management in financial institutions Abstract：Risk management is more important in the financial sector than in other parts of the economy. But it is difficult. The basis of banking and similar financial institutions is taking risk in conditions of uncertainty. Describes how the
2、 Turnbull report, for which the author was project director, created a new underlying approach to risk. Provides a guide to the way in which the various Turnbull ideas have become the bedrock of risk management and suggests how they can be developed. There can be few, if any, parts of the economy in
3、 which risk management is more important than the financial sector. Financial institutions account for a sizeable number of the worlds leading companies and have a critical role to play in the economics of every country and thus in world economic order as a whole. Their whole business is centred on
4、taking risks in conditions of uncertainty. The Turnbull Report on risk management and internal control, which is applicable to all listed companies in the UK and which has been widely disseminated internationally, fully recognises this fundamental point. Its focus is on effective risk management and
5、 not the elimination of risk. In a modern competitive market economy, business organisations that are risk averse are unlikely to earn satisfactory returns. On the other hand, highly volatile returns are unlikely to find favour with capital markets anxious not to be surprised, particularly by bad ne
6、ws. Moreover, Turnbull is as much about doing the right things and not missing strategic opportunities, as it is about doing things right, essential if a company is to achieve its full potential. Applying Turnbulls approach may lead to some financial institutions realising that they are not taking enough risk; perhaps a new market can be identified and while there may be clear risks in being the first to enter there may equally be significant first-mover advantages to be gained. A framework,
