保险公司风险管理外文翻译文献

保险公司风险管理外文翻译文献保险公司风险管理外文翻译文献(文档含英文原文和中文翻译)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.外文题目：AnEmpiricalStudyonEnterpriseRiskManagementinInsurance出处：NewFrontiersinEnterpriseRiskManagement作者：MAcharyya译文：保险业对企业风险管理的实证研究企业风险管理涉及各种行业(如保险精算师、公司财政经理、保险商、会计和内部审计员)，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则。在一家典型的保险公司中，专业工作将以小组的形式完成，风险也可以称为因素，其阻碍组织目标的实现进而影响整体。而孤立的风险管理往往忽略了全局。本文所研究的全面的风险管理是合理的，也是一般管理活动的最终目标。风险管理不是一个独立的业务流程的，管理目标的关键应该是处理好风险的负面效应，以及从风险的正面效应中获取机会。企业风险管理是风险管理的一种途径，它是各个学科的专家达成的共识。企业风险管理要具有前摄性，应立足于企业的未来发展。企业应了解风险涉及的范围以及可能引起的损失。有效的风险管理是以全面的框架为基础的一项跨学科的实践活动。无论以何种名义定义这种新型的风险管理（本文指的是不同的名称，如企业风险管理，战略风险管理，整体风险管理），最终都统一于对该企业所有重大风险的管理。风险存在于任何事项中，企业的任何一项决策，无论是亏损还是获利都与风险密切相关。企业风险管理理论上是简单合理的，但由于它的主体是社会，有广泛的利益相关者，而且涉及到不同信仰，不同世界观的社会群体，在现实中很难实行。企业风险管理需要理论作为依据，但却始终缺少强有力的理论（它涉及跨学科的概念）。本文认为，现在需要的是一个整体框架的发展，本文的主要任务就是建立一个完整的理论体系，以促进企业风险管理的实际运用。多学科的风险观：此次讨论的目的是研究保险公司的风险管理。为此我们设计了一份调查，调查内容是保险业实际面临的状况，调查目的是尽量减少学者和从业人员之间的差距，以促进风险管理的实证研究。近年来，风险管理已成为金融界一个重点讨论的话题，尤其是银行业和保险业。专业组织发表关于企业风险管理的研究报告，咨询公司为支持他们的客户进行广泛的研究课题和调查，评级机构在评级标准中包含了企业风险管理。监管机构更注重金融机构的风险管理能力。学者们也逐渐响应从业人员的号召，提倡对风险管理构建一个全面的框架结构，其中心思想是使该组织贴近市场经济。然而大家推崇各自核心专业的企业风险管理思想。风险管理的重点是整个管理活动中任何性质的一切风险。在一些学科中，仍有大量风险管理知识是孤立存在的（例如，经济学，金融学，心理学，社会学等），完整的跨学科风险体系还未建立。此外，整体（即多学科的）风险性质的理论认识仍是盲点，因此，人们对跨学科的企业风险管理的认识仍然难以达成共识。金融学中的风险：在金融学中，风险主要通过期望值和风险程度来表现。传统规避风险的方法是投资组合理论；金融风险包括系统性风险和非系统性风险；系统性风险与投资回报率密切相关，但与企业自身盈利能力无关；金融风险还包括违约风险，这与公司的业绩密切相关；相当一部分金融风险与投资组合风险的衡量标准有关（如标准差，β，风险等）；除了投资组合理论，资本资产定价模型在完美的资本市场也适用于风险资产的定价；衍生市场随着期权定价理论的推广而迅速扩张。经济学中的风险：经济学中的风险可以分为两类即内部风险和外部风险。经济决策往往是在存在多个风险的不确定性下做出的。预期效用理论认为，人们根据自己的风险态度判断风险大小（小型，中型，大型），而根据财富效用理论，风险态度取决于财富，它通过风险的概率来衡量。经济学家认为当风险很大时，人们是风险厌恶型的。风险预期理论论述了风险状态下的选择分析。标准风险厌恶是指在独立的风险中偏好于承担风险的个体。经济中对风险的研究来自于为彩票和其他赌博行为制定规则。心理学中的风险：虽然经济学假定个人的风险偏好是信念的表现，心理学家仍在研究系统的判断和行为