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1、Chapter5AligningRiskAppetitewithBusinessGoalsffirmation.AformalconfirmationorratificationofoperationalriskmanagementprinciplesisfundamentaltothesuccessofaAcompany’soperationalriskmanagement(ORM)program.SimplysettingupanORMstructureandchecklistinanorganizati
2、onisnotenough.ThekeyingredientistheendorsementofORMfromtopmanagement.Whilethetonefromthetopisextremelyimportant,thetoneneedstobemorethanapronouncement—itneedstobeacalltoactionforallpartsoftheorganization.Settinganexampleisoneway—andperhapsthebestway—fora
3、company’sboardorexecutivecommitteetovalidateitssupportoftheORMframework.Onewayforaboardorexecutivecommitteetosetanexampleistoadditsownriskappetiteandriskobjectivestoitslistofbusinessgoalsandobjectives.Bylinkingriskobjectivestobusi-nessobjectives,acompany
4、’stopmanagementclearlydemonstratestoallcompanyemployeestheseriousnessofmanagingoperationalrisk.Furthermore,itiseasyforacompanytowritewordsandcallthemprinciples.Itisdifficultandmoresignificantforacompanytoact81c05.indd8110/24/083:29:15PM82wherewewanttobeacc
5、ordingtothoseprinciples.Actingaccordingtoprinciplesbytopmanagementisoftencalled“providingthetonefromthetop.”FamousfortheWrongReasonFoundedinOmaha,Nebraska,in1931,NorthernNaturalGasCompanyreorganizeditselfin1979andthen,afterpurchasingHoustonNaturalGas,cha
6、ngeditsnametoEnronin1985.Thecompanywasconsideredanenergypowerhouse,distributingelectricityandgasplusdeveloping,constructing,andoperatingelectricpowerplantsandgaspipelines.ItsrevenuesandprofitsgrewandEnronwasconsideredawell-managedcompanythatwasgreattowork
7、for.Fortunemaga-zineaddedEnrontoits“Fortune100BestCompaniestoWorkFor”listin2000.Moreover,FortunenamedEnron“America’sMostInnovativeCompany”forsixconsecutiveyears,uptoandincluding2001.1LikemostU.S.corporations,Enronhadcorporatepolicies.InJuly2000,Enronpres
8、enteda60-pagecodeofethicstoitsemployeeswithasignedintroductionbytheEnronchairman,KenLay.Page12ofthecodediscussed“businessethics”andspecificallystatedthateveryemployeemustconductbusiness“inaccordancewiththehighestethi-calsta
