企业的风险管理-财务和会计方面【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：EnterpriseRiskManagement:FinancialandAccountingPerspectivesERMandFinanceOperations:KeyFinancialRisksRecentfinancialdisastersinfinancialandnon-financialfirmsandingovernmentalagencieshaveledtoincreasedemphasisonvariousformsofriskmanagementsuchasmarketriskmanagement,

2、creditriskmanagement,andoperationalriskmanagement.Financialinstitutionslikebanksarefurthermotivatedbytheneedtomeetvariousregulatoryrequirementsforriskmeasurementandcapital.Thereisanincreasingtendencytowardanintegratedorholisticviewofrisks.Aframeworkforthinkingaboutthecollectiveris

3、kofagroupoffinancialinstrumentsandanindividualsecurity’scontributiontothatcollectiveriskwouldbeuseful.ATillinghast-TowersPerrinsurveyhasreportedthatnearlyhalfoftheinsuranceindustryusedanintegratedriskmanagementprocess(withanother40%planningtodoso),and40%hadachiefriskofficer.Enterp

4、riseRiskManagement(ERM)isanintegratedapproachtoachievingtheenterprise’sstrategic,programmatic,andfinancialobjectiveswithacceptablerisk.ThephilosophyofERMgeneralizestheseconceptsbeyondfinancialriskstoincludeallkindsofrisks.Forexample,aportfolioofequityinvestmentshasbeengeneralizedt

5、otheentirecollectionofrisksfacinganorganization.Anumberofprincipleshaveoftenbeenfoundusefulinpractice:1.Portfolioriskcanneverbethesimplesumofvariousindividualriskelements.2.Onehastounderstandvariousindividualriskelementsandtheirinteractionsinordertounderstandportfoliorisk.3.Thekey

6、risk,i.e.,themostimportantrisk,contributesmosttotheportfolioriskortheriskfacingtheentireorganization.Therefore,decisionmakersshouldbemostconcernedaboutkeyriskdecisions.4.Usingquantitativeapproachestomeasureriskisveryimportant.Forexample,akeyfinancialmarketriskcanbroadlybedefinedas

7、volatilityrelativetothecapitalmarkets.Onemeasureofthisriskisthecostofcapital,whichcanbemeasuredthroughmodelssuchastheWeightedAverageCostofCapital(WACC)andCapitalAssetPricingModel(CAPM).ERMandFinancialOperationsTraditionalfinanceoperationshavefocusedoncostandefficiencyinoperationsa

8、ndprocesses.Afirmisassumedtoseeke