金融学专业外文翻译---保险业对企业风险管理的实证研究

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1、中文3600字，2470单词，14000英文字符外文题目：  An Empirical Study on Enterprise Risk Management in Insurance           出     处：  New Frontiers in Enterprise Risk Management                            作

2、     者：  M.Acharyya                                                      原    文：  Enterprise Risk Management in Insurance Enterprise Ri

3、sk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics

4、 and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Risk can be defined as factors which prevent an organization in achieving its objectives and risks affect organizati

5、ons holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all general management activities.Moreover, risk management should not be a separate function of the business process

6、；rather, managing downside risk and taking the opportunities from upside risk should be the key management goals. Consequently, ERM is believed as an approach to risk management, which provides a common understanding across the multidisciplinary groups of people of the organization. ERM should be pr

7、oactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may fail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisc

8、iplinary exercise grounded on a holistic framework. Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant

9、risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This

10、is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary

11、 concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges of this thesis is to establish the key features of such a framework to promote the practice of ERM. Multidiscip

12、linary Views of Risk The objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the gap between the two communit

13、ies (i.e., academics and practitioners) in order to contribute to the literature of risk management. In recent years ERM has emerged as a topic for discussion in the financial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM.

14、 Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included the ERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the managem

15、ent of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holis

16、tic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psychology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silo

17、s. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a common and interdisciplinary language for ERM. Risk in Finance In finance, risky options involve monetary outcome

18、s with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood

19、within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return. In addition, systematic risk is a non-increasing function of a firms growth in terms of earnings. Another e

20、stablished concern in finance is default risk and it is argued that the performance of the firm is linked to the firms default risk. A large part of finance literature deals with several techniques of measuring risks of firms investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addi

21、tion to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously with the recognition of option pricing theory. Risk in Economics Risk in economics is understood within two s

22、eparate (independent) categories, i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected Utility Theory argues that peoples risk attitude on the size of risk (small,mediu

23、m, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In e

24、conomics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated on the study of decision making behavior on lotteries and other gambles. Risk in Psychology While economics assumes an individuals risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior