金融英语考试之金融阅读辅导:风险的管理

  • 时间:2012-03-07 来源:http://edu.chinawuliu.com.cn 责任编辑:外语考试论坛

金融英语考试之金融阅读教育:风险的打点

Over the past few decades we have seen a steady movement towards a more managerial response to these forms of risk. What has emerged is the discipline of risk management. We could define risk management as “the identification, analysis and economic control of those risks which can threaten the assets or earning capacity of an enterprise.”

This definition is valuable because it highlights the structured approach which is called for if risks to the business environment are to be managed.

The three-fold nature of risk management is highlighted in the definition. Risks must be identified before they can be measured, and only after their impact has been evaluated can we decide on the most effective method of control.

However we decide to control risk, it must be “economic.” There is no point in spending ten pounds to control a risk which can only ever cost five pounds. There will always be a point where spending on risk control has stop.

The definition mentions the assets and earning capacity of an organization. These assets can be physical or human; they are both important and risk management must be seen to have a part to play in both. However, risks do not only strike at assets directly and for this reason the definition also mentions the earning capacity of an enterprise.

Note that the definition uses the word “enterprise” rather than a more restrictive word such as “company” or “manufacturer”。 The principles of risk management are just as applicable in the service sectors as they are in the manufacturing sectors, and are of equal importance in the public and private sectors of the economy.

When considering risk identification we must remember to take the broad view. We are not solely concerned with what can be insured, or even with what can be controlled. We start from the very basic question, “How can the assets or earning capacity of the enterprise be threatened?” Starting from this position does not place any constraint on us as to what kind of risks we are looking for. We must begin the task in an unblinking manner and identify the whole host of ways in which an organization may be impeded from achieving its objectives.

We could say that there are at least two essentials if risk identification is to be effective.

Firstly, risk identification must be importantly recognized within an enterprise. When this is case, it is often marked down as a task within the job descriptions of a particular manager.

Secondly, the person responsible for risk identification must be armed with the relevant “tools of the trade” and must make use of them.

Once it has been identified that there is a risk, steps have to be taken to measure the potential impact of that risk on the organization. In a practical sense the measurement of risk starts with the gathering of information, followed by tile analysis of past experience, and then moves on to see what the data tells us about the level of frequency and severity of the risk

to which an organization is exposed.

We can split the whole area of risk control into physical and financial control. Physical risk control

We are concerned here with physical steps which can be taken in order to control risk. The first step must be to reduce the level of the risk as far as possible. This means both the chance that something will happen and the severity of the incident, should it occur. There are at least two ways in which we could understand risk reduction. Pre-loss risk reduction

It is possible to take steps before any event has occurred to minimize risk. The essence of pre-loss reduction of risk is that the effects of the loss are anticipated and steps are taken to ensure that they are kept to a minimum.

Wearing a car seatbelt is a good, personal example. There has been no loss, but the possible effect of a loss has been anticipated and the pre-loss risk reduction step of wearing a belt has been taken.

The use of safety guards on machinery, is an industrial equivalent. There has been no injury, but steps have been taken to reduce the risk of injury. Post-loss risk control

This form of risk control imagines that the risk has occurred and takes steps to minimize the effect of the loss. The use of automatic fire sprinkler systems fits into this category. Once the fire has started, the sprinklers operate to reduce the impact of the fire.

Financial risk control

We now turn our attention to financial mechanisms which can be used to control risk. These can be divided into two categories.

Risk retention

Once the risk has been identified and controlled in some physical way, it will be necessary to consider how the effects are to be financed, should the worst happen.

In certain situations, it may be wise to retain the risk rather than to seek another form of protection, such as insurance. We have already mentioned the problems associated with insuring high frequency, low severity events and they certainly fall into the self-retention category. The cost of these events could be paid for out of current income and passed on to the customer via the price of the product (or service) , which is offered by the organization. Alternatively a fund could be established, out of which the losses are to be paid.

Risk transfer

Insurance is a risk transfer mechanism by which an organization can exchange its uncertainty for certainty. The uncertainty experienced would include whether a loss will occur, when it will take place, how severe it will be and how frequent there might be in a year. This uncertainty makes it very difficult to budget and so the organization seeks ways of controlling the financial effect of the risk. Insurance offers the opportunity to exchange this uncertain loss for a certain loss: the insurance premium. The organization agrees to pay a fixed premium, inreturn, the insurance company agrees to meet any losses which fall within the terms of the policy. This is a risk transfer mechanism which is of immense value not only to industry, but also to individuals.

在曩昔的几十年我们已经看到对于这些风险的打点体例越来越趋于不变。呈现了风险打点的原则。我们可以把风险打点界说为“对那些会威胁企业资产和收入能力的风险进行识别、剖析和经济节制”。

这个界说十分有用,因为它强调,如不美观商业情形呈现风险而必需进行打点时,要用系统的体例来打点。

界说中已经强调了风险打点的三方面。风险在估量前必需先识别,只有估量出它们的影响后,我们才能抉择出节制它们的最有用的体例。

不管我们抉择若何节制风险,都必需是“经济”的。破耗10英磅去节制只需破耗5英磅的风险是没有意义的,遏制节制风险才有意义。

界说涉及一个组织机构的资产和收人能力。这些资产可所以蜗质的也可所以人力的,两者都很主要。而且必需看到,风险打点对这两者都起浸染。然而风险不只是直接影响资产,为此界说中也涉及了企业的收人能力。

要注重界说顶用的词是“企业”而不是用其他的像“公司”或“制造商”这样限制性的词。风险打点的原则在处事部门的应用跟在制造部门的应用是一样的,而且在社会公共规模和私人规模中齐截主要。

就风险识别而言,我们必需记得要从宏不美观上来看。我们不仅只是关心什么能被保,或者什么能被节制。我们从最根基的问题起头,“企业的资产和收入能力若何受到威胁?”从这点出发涓滴不会限制我们要寻找什么样的风险。我们必需毫不隐瞒地起头这项使命,积极识别故障一个企业达到其方针的所有方面。

我们可以说,要有用进行风险识别至少有两个要点。

第一,必需熟悉到风险的识别在企业内部是很主要的。这时,这一点经常被纳入某个司理的工作规模。

第二,负责风险识此外人员必需配备有关的“手艺工具”,而且必需操作这些工具。

一旦识别有风险,就要采纳法子估量风险对企业的潜在影响。风险估量的现实做法是首先要收集信息,然后剖析以往经验,再经由过程数据把握一个企业所吐露出来的风险频率和(或)幅度。

我们可以把整个风险规模划分为物质上的风险节制和财政上的风险节制。

物质上的风险节制

这里我们关心的是可以采纳什么样的物质法子节制风险。第一步卒需是尽可能地减轻风险的水平。一旦事务发生,就意味着工作发生的可能性以及工作的严重水平。我们可以看到至少有两种体例可以削减风险。

防损

在事务发生前采纳法子把风险降到最低是可能的。防损就是展望损失踪并采纳法子音保证风险连结在最低。

对此,开车系平安带就是一个很好的小我的例子。这就是进行了风险展望,然后采纳了系平安带的防灾行动。展望了可能发生的损失踪,系上平安带就是采纳了损失踪节制法子。

机械上运用平安防御法子也是一样。没有发生伤亡,但仍是会采纳法子削减伤亡危险。

减损

这种风险节制则是想象风险已经发生,然后要采纳法子把损失踪造成的影响降到最低。火灾自动洒水系统的运用就属于这种风险节制。—旦火灾起头,洒水系统就会启动以削减火灾造成的影响。

财政上的风险节制

我们此快要注重看的是节制风险的财政体例。它可以分为两类。

风险自留

一旦风险被确认而且用某种自然体例进行了节制,就有需要考虑如不美观发生最糟的气象将要若何用金钱计较出其发生的影响。

在某些情形下,保留风险而不去追求另一种呵护,例如保险,是明智的。我们已经提到过一些跟高频率低幅度的事务有关的风险,它们必定归入自我保留一类。这些事务的费用可以从现有收入中扣除,而且以企业供给的产物(或处事)的价钱传递给消费者。或者可以成立一笔基金,从中撑持损失踪。

风险转移

保险是一种风险转移过程。经由过程它,一个企业可以把它的不确定性转换成确定性。常有的不确定性搜罗:损失踪是否会发生,什么时辰会发生,会有多严重,一个时代内会发生若干好多次。这种不确定性使得预算变得很是坚苦,所以企颐魅找寻节制财政撑持的体例以及把不确定损失踪转换成确定损失踪的机缘,即保险保费。企业赞成支出必然数额的保费,反过来,保险公司赞成承担保单条目规模内的任何损失踪。这是一个风险转移过程,不只是对某行业而且对小我都很有利。

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