企业风险管理(中英文.ppt

Enterprise Risk Management企业风险管理 Steve D’Arcy 史蒂夫·达尔希 Chairman of the Board of the Casualty Actuarial Society 财险精算协会董事会主席 Professor of Finance at the University of Illinois 伊利诺伊大学金融学教授 Presented at Shanghai University of Finance Economics 上海财经大学 July 3, 2006 What is ERM? ERM is the application of basic risk management principles to all risks facing an organization ERM 是针对企业面临的所有风险进行风险管理 Other names for ERM 又称 Integrated risk management 综合风险管理 Global risk management 全球风险管理 Basic Risk Management Principles基本风险管理原则 Identifying loss exposures 风险损失认定 Measuring loss exposures 损失衡量 Evaluating the different methods for handling risk 对于风险处理不同方法的评估 Risk assumption 风险设定 Risk transfer 风险转移 Risk reduction 风险减少 Selecting a method 选择一种方法 Monitoring results 监控结果 Where Did ERM Come From?ERM 起源 Traditional risk management 传统风险管理 Formally developed as a field in the 1960s 在60 年代正式发展为一个领域 Focused on “pure” risks 集中于“纯”风险 Loss/no loss situation 损失/无损失情况 Often could be insured 经常可以被保险 Developed from insurance purchasing area 发展于保险购买领域 New Elements of Risk – 1970s70年代风险中的新元素 Foreign exchange risk 外汇风险 End of Bretton Woods agreement in 1972 1972年布雷顿森林制度协定的解体 Commodity price risk 商品价格风险 Oil price fluctuations of the 1970s 70年代石油价格的波动 Equity risk 股票风险 Development of option markets - 1973 期权市场的发展 Interest rate risk 利率风险 U. S. Federal Reserve Board policy shift – 1979 美联储委员会政策变动 Failure to Manage Financial Risk 管理金融风险的失败例子 Foreign exchange risk 外汇风险 Laker Airlines – 1970s 湖人航空公司 Borrowing in dollars 以美元借款 Revenue in pounds 以英镑收入 Interest rate risk 利率风险 U. S. Savings and Loans – 1980s 美存储信贷局 Borrowing short 借款短期利率 Lending long 贷款长期利率 Commodity price risk 商品价格风险 Continental Airlines – 1990 大陆航空公司 Fuel costs not hedged 没有做到燃料价格对冲 Oil price doubled with Gulf War 海湾战争石油价格加倍 The “New” Risk Management -1980s“新式”风险管理 Financial risk management 金融风险管理 Dealt with financial risk 面对金融风险 Foreign exchange risk 外汇风险 Interest rate risk 利率风险 Equity risk 股票风险 C