企业风险管理中英文.pptxVIP

企业风险管理中英文第1页/共28页第2页/共28页What is ERM?ERM is the application of basic risk management principles to all risks facing an organizationERM 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 全球风险管理第3页/共28页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 监控结果第4页/共28页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第5页/共28页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第6页/共28页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第7页/共28页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 Commodity price risk 商品价格风险 Use derivatives to hedge financial risk 利用金融衍生物对冲金融风险第8页/共28页Financial Risk Management Toolbox 金融风险管理工具Forwards 远期Futures 期货Swaps 掉期交易Options 期权第9页/共28页Forward Contracts 远期合约A forward contract obligates one party to sell and another party to buy an ass