保險公司風險管理外文翻譯文獻保險公司風險管理外文翻譯文獻(文檔含英文原文和中文翻譯)原文：EnterpriseRiskManagementinInsuranceEnterpriseRiskManagement(hereinafterreferredas“ERM”)interestsawiderangeofprofessions(e.g.,actuaries,corporatefinancialmanagers,underwriters,accountants,andinternalauditors),however,currentERMsolutionsoftendonotcoverallrisksbecausetheyaremotivatedbythecoreprofessionalethicsandprinciplesoftheseprofessionswhodesignandadministerthem.Inatypicalinsurancecompanyallsuchprofessionsworkasagrouptoachievetheoverridingcorporateobjectives.Riskcanbedefinedasfactorswhichpreventanorganizationinachievingitsobjectivesandrisksaffectorganizationsholistically.Themanagementofriskinisolationoftenmissesitsbigpicture.Itisarguedherethataholisticmanagementofriskislogicalandistheultimatedestinationofallgeneralmanagementactivities.Moreover,riskmanagementshouldnotbeaseparatefunctionofthebusinessprocess;rather,managingdownsideriskandtakingtheopportunitiesfromupsideriskshouldbethekeymanagementgoals.Consequently,ERMisbelievedasanapproachtoriskmanagement,whichprovidesacommonunderstandingacrossthemultidisciplinarygroupsofpeopleoftheorganization.ERMshouldbeproactiveanditsfocusshouldbeontheorganizationsfuture.Organizationsoftenstruggletoseeandunderstandthefullriskspectrumtowhichtheyareexposedandasaresulttheymayfailtoidentifythemostvulnerableareasofthebusiness.Theeffectivemanagementofriskistrulyaninterdisciplinaryexercisegroundedonaholisticframework.Whatevernamethisnewtypeofriskmanagementisgiven(theliteraturereferstoitbydiversenames,suchasEnterpriseRiskManagement,StrategicRiskManagement,andHolisticRiskManagement)theultimatefocusismanagementofallsignificantrisksfacedbytheorganization.Riskisanintegralpartofeachandeveryactionoftheorganizationinthesensethatanorganizationisabasketofcontractsassociatedwithrisk(intermsoflossesandopportunities).TheideaofERMissimpleandlogical,butimplementationisdifficult.Thisisbecauseitsinvolvementwithawidestakeholdercommunity,whichinturninvolvesgroupsfromdifferentdisciplineswithdifferentbeliefsandunderstandings.Indeed,ERMneedstheories(whicharetheinterestofacademics)butagrandtheoryofERM(whichinvariablyinvolvesaninterdisciplinaryconcept)isfarfromhavingbeenachieved.Consequently,forpracticalproposes,whatisneededisthedevelopmentofaframework(asetofcompetenttheories)andoneofthekeychallengesofthisthesisistoestablishthekeyfeaturesofsuchaframeworktopromotethepracticeofERM.MultidisciplinaryViewsofRiskTheobjectiveoftheresearchistostudytheERMofinsurancecompanies.InlinewiththisitisdesignedtoinvestigatewhatishappeningpracticallyintheinsuranceindustryatthecurrenttimeinthenameofERM.Theintentionistominimizethegapbetweenthetwocommunities(i.e.,academicsandpractitioners)inordertocontributetotheliteratureofriskmanagement.InrecentyearsERMhasemergedasatopicfordiscussioninthefinancialcommunity,inparticular,thebanksandinsurancesectors.ProfessionalorganizationshavepublishedresearchreportsonERM.Consultingfirmsconductedextensivestudiesandsurveysonthetopictosupporttheirclients.RatingagenciesincludedtheERMconceptintheirratingcriteria.Regulatorsfocusedmoreontheriskmanagementcapabilityofthefinancialorganizations.Academicsareslowlyrespondingonthemanagementofriskinaholisticframeworkfollowingtheinitiativesofpractitioners.Thecentralideaistobringtheorganizationclosetothemarketeconomy.Nevertheless,everybodyispushingERMwithinthescopeoftheircoreprofessionalunderstanding.ThefocusofERMistomanageallrisksinaholisticframeworkwhateverthesourceandnature.Thereremainsastronggroundofknowledgeinmanagingriskonanisolatedbasisinseveralacademicdisciplines(e.g.,economics,finance,psychology,sociology,etc.).Butlittlehasbeendonetotakeaholisticapproachofriskbeyonddisciplinarysilos.Moreover,thetheoreticalunderstandingoftheholistic(i.e.,multidisciplinary)propertiesofriskisstillunknown.Consequently,thereremainsalackofunderstandingintermsofacommonandinterdisciplinarylanguageforERM.RiskinFinanceInfinance,riskyoptionsinvolvemonetaryoutcomeswithexplicitprobabilitiesandtheyareevaluatedintermsoftheirexpectedvalueandtheirriskiness.Thetraditionalapproachtoriskinfinanceliteratureisbasedonamean-varianceframeworkofportfoliotheory,i.e.,selectionanddiversification.Theideaofriskinfinanceisunderstoodwithinthescopeofsystematic(non-diversifiable)riskandunsystematic(diversifiable)risk.Itisrecognizedinfinancethatsystematicriskispositivelycorrelatedwiththerateofreturn.Inaddition,systematicriskisanon-increasingfunctionofafirm’sgrowthintermsofearnings.Anotherestablishedconcerninfinanceisdefaultriskanditisarguedthattheperformanceofthefirmislinkedtothefirm’sdefaultrisk.Alargepartoffinanceliteraturedealswithseveraltechniquesofmeasuringrisksoffirms’investmentportfolios(e.g.,standarddeviation,beta,VaR,etc.).Inadditiontotheportfoliotheory,CapitalAssetPricingModel(CAPM)wasdiscoveredinfinancetopriceriskyassetsontheperfectcapitalmarkets.Finally,derivativemarketsgrewtremendouslywiththerecognitionofoptionpricingtheory.RiskinEconomicsRiskineconomicsisunderstoodwithintwoseparate(independent)categories,i.e.,endogenous(controllable)riskandbackground(uncontrollable)risk.Itisrecognizedthateconomicdecisionsaremadeunderuncertaintyinthepresenceofmultiplerisks.ExpectedUtilityTheoryarguesthatpeoples’riskattitudeonthesizeofrisk(small,medium,large)isderivedfromtheutility-of-wealthfunction,wheretheutilitiesofoutcomesareweightedbytheirprobabilities.Economistsarguethatpeopleareriskaverse(neutral)whenthesizeoftherisksislarge(small).Prospecttheoryprovidesadescriptiveanalysisofchoiceunderrisk.Ineconomics,theconceptofrisk-bearingpreferencesofagentsforindependentriskswasdescribedunderthenotionof“standardriskaversion.”Mostoftheeconomicresearchonriskisoriginatedonthestudyofdecisionmakingbehavioronlotteriesandothergambles.RiskinPsychologyWhileeconomicsassumesanindividual’sriskpreferenceisafunctionofprobabilisticbeliefs,psychologyexploreshowhumanjudgmentandbehaviorsystematicallyformssuchbeliefs.Psychologytalksabouttherisktakingbehavior(riskpreferences).Itlooksforthepatternsofhumanreactionstothecontext,referencepoint,mentalcategoriesandassociationsthatinfluencehowpeoplemakedecisions.Thepsychologicalapproachtoriskdrawsuponthenotionoflossaversionthatmanifestsitselfintherelatednotionof“regret.”AccordingtoWillett;“riskaffectseconomicactivitythroughthepsychologicalinfluenceofuncertainty.”Managers’attitudeofrisktakingisoftendescribedfromthepsychologicalpointofviewintermsoffeelings.Psychologistsarguethatrisk,asamultidisciplinaryconcept,cannotbereducedmeaningfullybyasinglequantitativetreatment.Consequently,managerstendtoutilizeanarrayofriskmeasurerstoassisttheminthedecisionmakingprocessunderuncertainty.Riskperceptionplaysacentralroleinthepsychologicalresearchonrisk,wherethekeyconcernishowpeopleperceiveriskandhowitdifferstotheactualoutcome.Nevertheless,thepsychologicalresearchonriskprovidesfundamentalknowledgeofhowemotionsarelinkedtodecisionmaking.RiskinSociologyInsociologyriskisasociallyconstructedphenomenon(i.e.,asocialproblem)anddefinedasastrategyreferringtoinstrumentalrationality.Thesociologicalliteratureonriskwasoriginatedfromanthropologyandpsychologyisdominatedbytwocentralconcepts.First,riskandcultureandsecond,risksociety.Thenegativeconsequencesofunwantedevents(i.e.,natural/chemicaldisasters,foodsafety)arethekeyfocusofsociologicalresearchesonrisk.Fromasociologicalperspectiveentrepreneursremainliablefortheriskofthesocietyandresponsibletoshareitinproportiontotheirrespectivecontributions.Practically,theresponsibilitiesareimposedandactionsaremonitoredbystateregulatorsandsupervisors.Nevertheless,identificationofasociallyacceptablethresholdofriskisakeychallengeofmanysociologicalresearchesonrisk.ConvergenceofMultidisciplinaryViewsofRiskDifferentdisciplinaryviewsofriskareobvious.Whereas,economicsandfinancestudyriskbyexaminingthedistributionofcorporatereturns,psychologyandsociologyinterpretriskintermsofitsbehavioralcomponents.Moreover,economistsfocusontheeconomic(i.e.,commercial)valueofinvestmentsinariskysituation.Incontrast,sociologistsargueonthemoralvalue(i.e.,sacrifice)ontheriskrelatedactivitiesofthefirm.Inaddition,sociologists’criticismofeconomists’concernofriskisthatalthoughtheyrelyonrisk,time,andpreferenceswhiledescribingtheissuesrelatedtorisktaking,theyoftenmissouttheirinterrelationships(i.e.,narrowperspective).Interestingly,thereappearssomeconvergenceofeconomicsandpsychologyintheliteratureofeconomicpsychology.Theintentionistoincludethetraditionaleconomicmodelofindividuals’formalrationalactionintheunderstandingofthewaytheyactuallythinkandbehave(i.e.,irrationality).Inaddition,behavioralfinanceisseenasagrowingdisciplinewiththeoriginofeconomicsandpsychology.Incontrasttoefficientmarkethypothesisbehaviourfinanceprovidesdescriptivemodelsinmakingjudgmentunderuncertainty.TheoriginofthisconvergencewasduetothediscoveryoftheprospecttheoryinthefulfillmentoftheshortcomingsofvonNeumann-Morgenstern’sutilitytheoryforprovidingreasonsofhuman(irrational)behaviorunderuncertainty(e.g.,arbitrage).Although,theoverridingenquiryofdisciplinesistheestimationofrisk,theycomparingandreducingintoacommonmetricofmanytypesofrisksarethereultimatedifficulty.Thekeyconclusionoftheaboveanalysissuggeststhatthereexistoverlapsonthedisciplinaryviewsofriskandtheirinterrelationsareemergingwiththeprogressofriskresearch.Inparticular,thecentralideaofERMistoobscurethehiddendependenciesofriskbeyonddisciplinarysilos.InsuranceIndustryPracticeThepracticeofERMintheinsuranceindustryhasbeendrawnfromtheauthor’sPhDresearchcompletedin2006.TheinitiativesoffourmajorglobalEuropeaninsurers(hereinafterreferredas“CASES”)werestudiedforthispurpose.Outofthesefourinsurersoneisareinsurerandtheremainingthreeareprimaryinsurers.TheywereatvariousstagesofdesigningandimplementingERM.Atotaloffifty-oneface-to-faceandtelephoneinterviewswereconductedwithkeypersonneloftheCASESinbetweentheendof2004andthebeginningof2006.Thecomparativeanalysis(compare-and-contrast)techniquewasusedtoanalyzethedataandtheywerediscussedwithseveralindustryandacademicexpertsforthepurposeofvalidation.Thereafter,aconceptualmodelofERMwasdevelopedfromthefindingsofthedata.Findingsbasedonthedataarearrangedunderfivedimensions.Theyareunderstanding;evaluation;structure;challenges,andperformanceofERM.UnderstandingofERMItwasfoundthatthekeydistinctioninvariousperceptionsofERMremainsbetweenriskmeasurementandriskmanagement.Interestingly,toolsandprocessesarefoundcomplimentary.Inessence,meaningthatatoolcannotrunwithoutaprocessandviceversa.Itisfoundthatthepeoplewhoworkwithnumbers(e.g.,actuaries,financepeople,etc.)areinvolvedintheriskmodelingandmanagement(mostlyconcernedwiththefinancialandcoreinsurancerisks)andtendtobelieveERMisatool.Ontheotherhandinternalauditors,companysecretaries,andoperationalmanagers;whosejobisrelatedtothehuman,systemandcompliancerelatedissuesofriskaremorelikelytoseeERMasaprocess.ERM:AProcessWithintheunderstandingofERMasaprocess,fourkeyconceptswerefound.Theyareharmonization,standardization,integrationandcentralization.Infact,theyarelinkedtotheconceptoftop-downandbottom-upapproachesofERM.TheanalysisfoundfourkeyconceptsofERM.Theyareharmonization,standardization,integrationandcentralization(indecreasingorderofimportance).ItwasalsofoundthatauniqueunderstandingofERMdoesnotexistwithintheCASES,ratherERMisseenasacombinationofthefourconceptsandtheyoftenoverlap.ItisrevealedthatanunderstandingofthesefourconceptsincludingtheirlinkagesisessentialfordesigninganoptimalERMsystem.LinkagesAmongsttheFourConceptsAlthoughharmonizationandstandardizationareseenapparentlysimilarrespondentsviewthemdifferently.Whereas,harmonizationallowschoicesbetweenalternatives,standardizationprovidesnoflexibility.Effectively,harmonizationoffersarangeofidenticalalternatives,outofwhichoneormorecanbeadopteddependingonthegivencircumstances.Althoughstandardizationdoesnotoffersuchflexibility,itwasfoundasanessentialtechniqueofERM.Whilstharmonizationacceptsexistingdivergencetobringastateofcomparability,standardizationdoesnotnecessarilyconsiderexistingconventionsanddefinitions.Itfocusesonacommonstandard,(a“top-down”approach).Indeed,integrationofcompetentpoliciesandprocesses,models,anddata(eitherformanagementuse,complianceandreporting)arenotpossibleforglobalinsurerswithoutharmonizingandstandardizingthem.Hence,theresearchestablishesthatasequence(i.e.,harmonization,standardization,integration,andthencentralization)istobemaintainedwhenERMisbeingdevelopedinpractice(fromanoperationalperspective).Aboveall,theprocessisfoundimportanttoachieveadiversifiedriskcultureacrosstheorganizationtoallocateriskmanagementresponsibilitiestoriskownersandrisktakers.ERM:AToolViewedasatool,ERMencompassesproceduresandtechniquestomodelandmeasuretheportfolioof(quantifiable)enterpriseriskfrominsurers’coredisciplinaryperspective.Theobjectiveistomeasurealevelof(riskadjusted)capital(i.e.,economiccapital)andthereafterallocationofcapital.InthisperspectiveERMisthoughtasasophisticatedversionofinsurers’asset-liabilitymanagement.Mostoften,extremeandemergingrisks,whichmaybringtheorganizationdown,aretakenintoconsideration.Ideally,theprocedureofcalculatingeconomiccapitaliscloselylinkedtothemarketvolatility.Moreover,theobjectiveisclear,i.e.,meetingtheexpectationofshareholders.Consequently,thereremainslessscopetocapturethesubjectivityassociatedwithenterpriserisks.ERM:AnApproachIncontrasttoprocessandtool,ERMisalsofoundasanapproachofmanagingtheentirebusinessfromastrategicpointofview.Since,riskissodeeplyrootedintheinsurancebusiness,itisdifficulttoseparateriskfromthefunctionsofinsurancecompanies.ItisarguedthataproperlydesignedERMinfrastructureshouldalignrisktoachievestrategicgoals.Alternatively,applicationofanERMapproachofmanagingbusinessisfoundcentraltothevaluecreationofinsurancecompanies.Inthestudy,ERMisbelievedasanapproachofchangingthecultureoftheorganizationinbothmarketingandstrategicmanagementissuesintermsofinnovatingandpricingproducts,selectingprofitablemarkets,distributingproducts,targetingcustomersandratings,andthusformulatingappropriatecorporatestrategies.Inthisholisticapproachvariousstrategic,financialandoperationalconcernsareseenintegratedtoconsiderallrisksacrosstheorganization.Itisseenthatasaprocess,ERMtakesaninductiveapproachtoexplorethepitfalls(challenges)ofachievingcorporateobjectivesforbroaderaudience(i.e.,stakeholders)emphasizingmoreonmoralandethicalissues.Incontrast,asatool,ittakesadeductiveapproachtomeetspecificcorporateobjectivesforselectedaudience(i.e.,shareholders)byconcentratingmoreonmonitory(financial)outcomes.Clearly,theapproachesarecomplimentaryandhaveoverlappingelements.外文題目：AnEmpiricalStudyonEnterpriseRiskManagementinInsurance出處：NewFrontiersinEnterpriseRiskManagement作者：MAcharyya譯文：保險業對企業風險管理的實證研究企業風險管理涉及各種行業(如保險精算師、公司財政經理、保險商、會計和內部審計員)，當前企業風險管理解決方案往往不能涵蓋所有的風險，因為這些方案取決于決策者和執行則的專業道德和原則。在一家典型的保險公司中，專業工作將以小組的形式完成，風險也可以稱為因素，其阻礙組織目標的實現進而影響整體。而孤立的風險管理往往忽略了全局。本文所研究的全面的風險管理是合理的，也是一般管理活動的最終目標。風險管理不是一個獨立的業務流程的，管理目標的關鍵應該是處理好風險的負面效應，以及從風險的正面效應中獲取機會。企業風險管理是風險管理的一種途徑，它是各個學科的專家達成的共識。企業風險管理要具有前攝性，應立足于企業的未來發展。企業應了解風險涉及的范圍以及可能引起的損失。有效的風險管理是以全面的框架為基礎的一項跨學科的實踐活動。無論以何種名義定義這種新型的風險管理（本文指的是不同的名稱，如企業風險管理，戰略風險管理，整體風險管理），最終都統一于對該企業所有重大風險的管理。風險存在于任何事項中，企業的任何一項決策，無論是虧損還是獲利都與風險密切相關。企業風險管理理論上是簡單合理的，但由于它的主體是社會，有廣泛的利益相關者，而且涉及到不同信仰，不同世界觀的社會群體，在現實中很難實行。企業風險管理需要理論作為依據，但卻始終缺少強有力的理論（它涉及跨學科的概念）。本文認為，現在需要的是一個整體框架的發展，本文的主要任務就是建立一個完整的理論體系，以促進企業風險管理的實際運用。多學科的風險觀：此次討論的目的是研究保險公司的風險管理。為此我們設計了一份調查，調查內容是保險業實際面臨的狀況，調查目的是盡量減少學者和從業人員之間的差距，以促進風險管理的實證研究。近年來，風險管理已成為金融界一個重點討論的話題，尤其是銀行業和保險業。專業組織發表關于企業風險管理的研究報告，咨詢公司為支持他們的客戶進行廣泛的研究課題和調查，評級機構在評級標準中包含了企業風險管理。監管機構更注重金融機構的風險管理能力。學者們也逐漸響應從業人員的號召，提倡對風險管理構建一個全面的框架結構，其中心思想是使該組織貼近市場經濟。然而大家推崇各自核心專業的企業風險管理思想。風險管理的重點是整個管理活動中任何性質的一切風險。在一些學科中，仍有大量風險管理知識是孤立存在的（例如，經濟學，金融學，心理學，社會學等），完整的跨學科風險體系還未建立。此外，整體（即多學科的）風險性質的理論認識仍是盲點，因此，人們對跨學科的企業風險管理的認識仍然難以達成共識。金融學中的風險：在金融學中，風險主要通過期望值和風險程度來表現。傳統規避風險的方法是投資組合理論；金融風險包括系統性風險和非系統性風險；系統性風險與投資回報率密切相關，但與企業自身盈利能力無關；金融風險還包括違約風險，這與公司的業績密切相關；相當一部分金融風險與投資組合風險的衡量標準有關（如標準差，β，風險等）；除了投資組合理論，資本資產定價模型在完美的資本市場也適用于風險資產的定價；衍生市場隨著期權定價理論的推廣而迅速擴張。經濟學中的風險：經濟學中的風險可以分為兩類即內部風險和外部風險。經濟決策往往是在存在多個風險的不確定性下做出的。預期效用理論認為，人們根據自己的風險態度判斷風險大小（小型，中型，大型），而根據財富效用理論，風險態度取決于財富，它通過風險的概率來衡量。經濟學家認為當風險很大時，人們是風險厭惡型的。風險預期理論論述了風險狀態下的選擇分析。標準風險厭惡是指在獨立的風險中偏好于承擔風險的個體。經濟中對風險的研究來自于為彩票和其他賭博行為制定規則。心理學中的風險：雖然經濟學假定個人的風險偏好是信念的表現，心理學家仍在研究系統的判斷和行為