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1、Managing Risk:An Enterprise-wide ApproachBartonThomasL1、ShenkirWilliamG2、WalkerPaulL3Twenty-first century businesses worldwide operate in an environment where forces such as globalization,technology,the internet,deregulation,restructurings and changing consummer expectationsare creating much uncerta
2、inty and prodigious risks. Consider, for example, that no force is having as great an impact on business today as the Internet. And as the internet evolves, companies in all industries are rethinking the basics: business models, core strategies and target customer bases.These new developments create
3、 new issues related to risk and risk management. Managing risk on an integrated and enterprise-wide basis is a vital issue confronting executives, with the CFO a key decisionmaker in crafting the company strategy, I think the point to risk management is not to try and operate your business in a risk
4、-free environment, its to tip the scale to your advantage. So it becomes strategic rather than just defensive, observed Peter Cox, chief financial officer of United Grain Growers Ltd. (of Canada). To some extent, no matter what its products or services, every organization is in the business of risk
5、management.Most executives would likely agree that risk management is part of their job, and there is probably agreement that risks are increasing rather than decreasing. But ask executives to elaborate on risk management and youll no doubt get a variety of answers: Its about preventing disasters, o
6、r, Its something the insurance or finance people handle.Is it just business management?What does risk management mean to management in todays companies? Financial Executives Research Foundation recently published a book summarizing research on the subject gleaned from five companies in diverse indus
7、tries. The book Making Enterprise Risk ManagementPay Off, reports on how the five are implementing enterprise-wide risk management. The companies studied were: Chase Manhattan Corp (now j . P. Morgan Chase & Co.), E.Ldu Pont de Nemours and Co.Microsoft Corp., United Grain Growers, Ltd. and Unocal Co
8、rp.One key finding is that risk management is not just about finance insurance or disasters. Its about running the business effectively and understanding, at the core, the fun damental risks facing the business .Tim Ling, president and chief operating officer of Unocal (and the companys former CFO),
9、 emphasized, think you will see almost all companies over the next few years moving in the same direction as we are,really trying to integrate the notion of risk management with the notion of just business management. To me,running a business is all about managing risk. Successful companies, almost
10、by definition, have managed risks well,but practicing “risk management” has typically been informal and implicit. Some companies may have survived without ever knowing their real portfolios of risks. Taking an implicit approach to risk management can be risky itself, as its caused some major surpris
11、es to companies unaware of the explicit risks.Examples include major debacles such as product recalls or fraudulent securities trading, major shifts in markets that management missed or saw too late, and increasingly complex environmental or business changes not recognized by management. Successful
12、risk management today is not just alxsut debacles and the downside its as much about opportunities and the upside. As UGGs Peter Cox .said, its a strategic initiative, not a defensive one.A paradigm shiftBy way of definition, enterprisewide risk management, or integrated risk management, is a paradi
13、gm shift for many companies. Its goal is to create, protect and enhance shareholder value by managing the uncertainties that could either negatively or positively influence achievementof the organizations objectives. Historically, managing risk was done in silos rather than enter-prise-wide, That is
14、, companies knew how to manage certain obvious risks individually but never thought about examining every risk and involving management in managing all of those risks. Typically, companies would have people who managed process risk, safety risk, insurance, financial and assorted other risks. A resul
15、t of this fragmented approach was that companies would often take huge risks in some areas of the business while over-managing substantially smaller risks in other areas.Enterprise-wide risk management is a coordinated and focused approach for managing all risks together.Whats driving companies to a
16、dopt enterprise-wide approaches to risk management? The study found three major reasons. For starters, risk management has gained recognition as companies have seen major debacles occur internally or at other companies. The size of these disasters can be devastating, and executives frequently lose t
17、heir jobs as a result.Simply stated, one of the main reasons risk management has become necessary is to manage strategically and avoid catastrophes.Secondly, many executives believe risks are greater than ever before. In fact, even being a chief executive is risky. The Economist(Nov. 11, 2000) repor
18、ted that this past October alone, 129 chief executives left their companies and that the Business Council no longer puts an incoming executive on its member list immediately, but instead waits to see if the newcomer will last. Executives know the risks are there, but they are not sure what to do to
19、manage them. Indeed, many executives would welcome a risk management plan and related risk inirastructure.The third reason concerns shareholder value. Companies have learned (as Unocals Tim Lingexpressed) that managing risk is really about managing the business and therefore managing risk can create
20、 shareholder value if done correctly. Susan Stalnecker. DuPont strea.surer. comments on the old view of risk management versus the new,more integrated approach; What we have is a control process now. We dont have a value creation process.That s what we re trying to do. The risk management processStu
21、dy results from ihe five companies clearly indicate there is no cookie-cutter or one-size-fits-all approach to risk management. Each company developed different yet overlapping approaches. Yet, in spite of the differences, each companys management believed that their approach was adding value to the
22、ir organization. The discussion that follows highlights some of the lessons learned about adding value through enterprise-wide risk management.1. Identify risks. Effective risk management initially means knowing your risks. Each of the case study companies had, in one way or another, made a concerte
23、d effort to identify its risks. Risks were identified in a variety of ways: using scenario analysis, brainstorming, performing risk self-assessments and generally by looking across the organization (or enterprise-wide) to make sure they had covered the major business risks. Karl Primm,Unocals genera
24、l auditor, said of the new approach. “Risk management is not new; managers have been doing this since the beginning of time. An integrated approach, however, does shed new light and benefits on the process. Risk identification is not static. As the business, economy and industry change, so do the ri
25、sks and so,too. must the risk identification process.2. Rank risks. Once risks are identified, management can determine what to do with them, depending on the effect of the risk on the business.A good first step in assessing the effect is to rank risks by some scale of impact and likelihood. DuPont
26、implicitly lanks risks, while Microsoftuses risk rankings to generate risk maps. (Risk maps are a graphical approach for viewing and plotting both likelihood and impact of risks.)Either way,can you imagine trying to run a business without knowing the real risks and without knowing the possible impor
27、tance of each risk? Its a recipe for poor performance or even disaster. The goal is to make conscious decisions about risk,including all risks facing the business.3. Try to measure risks. As previously noted, some companies implicitly or explicitly rank risks; others decide to validate the risks per
28、ceived importance. These companies want to have more evidence on importance before they make decisions about how to manage the risk.Gathering this additional evidence helps management allocate capital efficiently and avoid over-managingthose risks that are not as important while under-managing those
29、 that are important.Risk Measurement ApproachesBut some risks seem to defy reliable measurement. The approach we have taken in financial risk and business risk is to try to quantify what we can and not necessarily worry that we are unable to capture everything in our measurement, said George Zinn. d
30、irector of corporate finance for Microsoft, describing how his company views the problem. Still, companies should attempt serious risk measurement because it offers hard data to back up the perceived impact of risks.The most sophisticated measurement of risk occurs in the area of financial risk. Com
31、panies are using value at risk or VAR (effect of unlikely events in normal markets), and stress testing (effect of plausible events in abnormal markets)methodologies to measure the potential impact of the financial risks they face. To Microsoft. VAR provides a way to respond to the question. How muc
32、h risk is Microsoft taking? Microsofts treasurer, Brent Callinicos, said that before the company used VAR. it would have to ask what they really meant. The risk management group, according to Callinicos, decided it would tell anyone who asks what we mean when we say we have risk.The measurement of r
33、isk has been evolving from financial risk to now include non-financial risk which is more problematic. However, the companies studied have developed eclectic approaches to measuring these various risks. For example:UGG took risk measurement to a new level by developing, among other measures, gain/lo
34、ss curves for risks. Such curves reveal the dollar effect and likelihood of a risk affecting earnings. In addition, UGG found that a certain subset of its risks contributed to as much as 50 percent of the variance in revenues.Knowing what affects revenue (and earnings) variance is extremely valuable
35、 to any organization, and UGG was even able to negotiate insurance coverage incorporating its most significant risk, grain volume, at no incremental cost because the risks were integrated in the insurance package. Also, UGGs risk measurement included more than traditional financial risks. DuPont adv
36、anced financial risk measurement even further by developing earnings at risk (EAR) measurement tools. To DuPont,VAR was not as helpful because its a concept thats haid for some managers to understand and manage. With EAR,DuPont measures the effect of risk on reported earnings. It can then manage ris
37、k to a specified earnings level based on the companys risk appetite. With this integrated view, it can even now begin to see how risks affect the likelihood of achieving certain earnings targets. At DuPont. this new approach is dramatically altering the way it manages risk.Chase Manhattan developed
38、its own measurement system - share-holder value added (SVA), because management was concerned that decision-makers were not explicitly considering the cost of risk. “Were in the business of taking risk, but were in the business of getting paid for the risks that we take, said vice chairman Marc Shap
39、iro. Asset growth under SVA has slowed from 15 percent to two percent in only three years, while cash income is at a healthy 17 percent growth rate.Microsoft adds an advanced but different version of scenario analysis to assist with non-financial risk identification and measurement.The companys risk
40、 management group has utilized .several scenarios to identify key business risks. As Callinicos emphasized, The scenarios are really what were trying to protect against. Two scenarios are he possibility of an earthquake in lie Seattle region and a major downurn in the stock market.In some cases, aft
41、er a risk was measured, management learned that the real effect of the risk was significantly lower or higher than they had previously believed. This further reflects the value of having good risk measurement. Bottom line:when management knows the real level of the risks they face, they can then man
42、age those risks more effectively and successfully.Author affiliation：1Kathryn and Richard Kip Professor of Accounting, and KPMG Research Fellow of Accounting, University of North Florida 2William Stamps Farish Professor of Free Enterprise, McIntire School of Commerce, University of Virginia 3Associa
43、te professor of accounting, McIntire School of Commerce, University of Virginia危机管理:一个企业全面管理的方法托马斯.巴顿1、威廉2、保罗. 沃克3在21世纪全球商业运作的环境中,如全球化、技术力量、互联网、重组和改变消费者的期望等力量正在引起大量不确定性和巨大的风险。考虑一下，例如没有什么影响力比互联网更能给商业带来这么大的影响。随着因特网的发展,各行各业的公司正在反思这些基本的原理:商业模式,核心策略和目标客户等基本原理。这些新的发展创造与风险和风险管理相关的新的问题。在完整的，企业导向的原则下，管理风险是一个
44、面临高级官员重要的问题,一个精心制定公司战略的主要决定者财务总监也面临着相同的问题。加拿大粮食种植有限公司的财务总监彼得考克斯说“我认为风险管理的关键不是尽量让你的企业在低风险的环境下运转而是增加你的优势,使风险管理成为一种战略而不仅是防御的手段。从某种程度上说,每一个组织无论产品或服务如何,它都处于企业的风险管理之中。多数首席执行官会认为,风险管理是他们工作的一部分,并且有很可能同意风险是不断增加的而不是减少的这个观点。但是让主管人员精心制作危机管理策略时, 毫无疑问你会得到各式各样的回答:“关于防止灾难”,或者“关于保险或者帮助人们控制意外事件发生的一些想法。”“这仅仅是企业管理吗?”对于
45、当今的企业来说危机管理意味着什么？财务主管研究基金会最近出版的一本书概括这个主题，材料来源于不同行业的五家企业。这本书“使企业风险管理取得好的成果”,描述了这五个企业怎样实施全面的企业危机管理。被研究的公司是如下五个：摩根大通银行公司、杜邦公司、微软公司、美国粮食种植公司,尤尼科公司。一个关于危机管理关键的发现是，危机管理不仅仅是金融保险或灾难保险，而是关于高效的运营企业，最主要的是理解企业当前面临的危机。蒂姆主席尤尼科公司的首席运营官（和公司前任的CFO)强调,“在过去的几年里你将看到所有公司朝同一个方向发展我们同样也是这样,在企业管理理念的基础上，进一步完善危机管理的理念。对我来说,做生意
46、就是管理危机。”成功的公司大部分当然将风险管理的很得当,但是实践风险管理的措施是不正式的，含蓄的。在不知道真正风险投资的组合时，一些公司也可能幸存。用隐性风险管理法进行风险管理会危及到企业，因此如果企业不了解精确地危机，会导致企业管理上的措手不及。把一些含蓄的管理方法用在危机管理中是很危险的，因为它会导致公司忽视主要的危机。例如，一些主要的灾害：产品召回，欺诈性的证券交易,市场上管理过失管理迟缓等重大变化,以及一些越来越复杂或是商业变化，没有被管理者发现。当今成功的风险管理不仅仅是关于灾害和不利的趋势，而大多是关于机会和有利的趋势。正如美国粮食种植公司的彼得考克斯所说,危机管理应是一种战术上的
47、创新,而不是“主动防御”。一种模式的转移明确的说，企业范围内的危机管理，或者全方位的危机管理对很多公司来说都是一种模式的转变。危机管理的目标是通过管理消极的或者是积极的影响组织目标的成绩的不确定性因素，去创造，保护，增加股东的价值。历史上，危机管理是单独的行动，而不是全企业范围的，这意味着，公司知道怎样单独的管理确定明显的风险，但是从没想过检查每个风险和涉及到全面的风险。通常,公司会有管理过程风险,安全风险、保险、金融和各种其他各类风险的人。这个不完整的方法的结果是,当在其他领域过度管理企业小的风险时，企业会在一些方面面临大的风险。企业危机全面管理对于管理企业全部危机是一个协调的，集中的方法。
48、是什么驱使公司接受企业全面的风险管理方法呢?这项研究发现有三个主要原因。第一,由于公司已经发觉在内部或者是其他公司有很多主要的灾害，所以风险管理已获得认可。这些灾难的规模是具有破坏性的,主管们经常因此而失去工作,简而言之，风险管理成为必要性的一个主要的原因是注重战略上的管理以及尽量的避开灾害。其次,很多高管认为现在的风险比以往任何时候都大。事实上,甚至作为一个高管本身也是很危险的。2000年11月11日经济学家报道,今年10月,第129个首席执行官们离开了他们的公司,商务理事会不再把接收的高管列入成员名单,而是看这些新来的人是否能干长久再做决定。高管人员知道风险是存在的,但他们都不知道怎么管理
49、风险。事实上,很多高管人员欢迎风险管理计划和相关风险建设。第三个理由是关于股东价值。许多公司认识到（正像尤尼科的提姆表示),管理风险实际上是关于管理业务,因此管理风险如果做的得当可以创造股东价值。杜邦公司的苏珊反对危机管理的旧的观点，支持更加注重综合管理的新的方法。 “我们现在所拥有的是一种控制过程。我们没有的是价值创造过程。这就是我们应当尽力去做的。”风险管理程序这五个公司的研究结果清楚地表明没有相同的或千篇一律的方法来管理风险。每个公司开发不同的方法有时却会有重叠。尽管每个公司有本土化之间的差异,每个公司都相信他们的方法能提高组织的价值。如下的讨论重点强调企业全面风险管理种的附加价值的教训。1、识别风险。有效的风险管理最基本的是要
