保险公司风险管理外文文献翻译2014年译文5500字

企业风险管理的英文作文英文：Enterprise risk management (ERM) is a crucial aspect of any business, as it allows companies to identify and mitigate potential risks that could negatively impact their operations. As someone who has worked in risk managementfor several years, I can attest to the importance of having a comprehensive ERM strategy in place.One of the key benefits of ERM is that it enables companies to take a proactive approach to risk management. By identifying potential risks before they occur, businesses can take steps to prevent or mitigate them, rather than simply reacting to them after the fact. This can help to minimize the impact of risks on the company's operations, reputation, and bottom line.Another benefit of ERM is that it can help companies to make more informed decisions. By having a clearunderstanding of the risks associated with differentcourses of action, businesses can make more strategic decisions that are based on a thorough analysis ofpotential risks and rewards.Of course, implementing an effective ERM strategy requires a significant amount of time and resources. However, the benefits of doing so far outweigh the costs.By investing in ERM, companies can protect themselves against potential risks, make more informed decisions, and ultimately improve their overall performance and profitability.中文：企业风险管理（ERM）是任何企业的重要组成部分，因为它可以帮助企业识别和减轻可能对其运营造成负面影响的潜在风险。

保险学中英文介绍范文Insurance is a crucial aspect of modern life, providing individuals and businesses with financial protection against various risks and uncertainties. The field of insurance encompasses a wide range of products and services designed to safeguard against potential losses and ensure financial stability. In this essay, we will explore the fundamental concepts of insurance and provide an introduction to the subject in both English and Chinese.Insurance is a contractual agreement between an individual or entity (the policyholder) and an insurance company (the insurer). The policyholder pays a premium, which is a predetermined amount, to the insurer in exchange for the insurer's promise to cover the financial consequences of a specified event or risk. This event could be anything from a car accident to a natural disaster, a medical emergency, or the loss of a valuable asset.The primary purpose of insurance is to mitigate the financial impact of unexpected events. By spreading the risk among a large pool of policyholders, insurance companies are able to provide coverage and compensation to those who experience a covered loss or incident. This concept of risk pooling is the foundation of the insuranceindustry and allows individuals and businesses to manage their financial risks more effectively.There are various types of insurance products available, each designed to address specific needs and risks. Some common examples include auto insurance, homeowner's insurance, life insurance, health insurance, and business insurance. Each type of insurance policy has its own set of coverage options, exclusions, and terms that policyholders must carefully consider when making their choices.The insurance industry is highly regulated to ensure the protection of policyholders and the stability of the financial system. Insurance companies are subject to strict guidelines and oversight, which include requirements for financial solvency, fair pricing, and ethical business practices. Regulators play a crucial role in ensuring that insurance companies operate in a transparent and responsible manner, providing consumers with the necessary information to make informed decisions.In recent years, the insurance industry has undergone significant technological advancements, with the integration of digital technologies and data analytics. These innovations have transformed the way insurance products are designed, marketed, and delivered to customers. From online policy management to personalized riskassessments, technology has made the insurance industry more efficient, accessible, and tailored to the needs of modern consumers.保险是现代生活中至关重要的一个方面,为个人和企业提供了针对各种风险和不确定性的财务保护。

计划风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Schedule Risk Management INTRODUCTIONSchedule risks are both threats and opportunities to the success of a project. Threats tend to reduce the success of meeting the project goals and opportunities tend to increase the success. Risk management is the process of identifying, analyzing, qualifying and quantifying the risks, and developing a plan to deal with them. This is routinely done during baseline schedule development as well as during schedule updates. Implementation of riskmanagement starts with early planning in both budgetary cost estimating and preliminary master scheduling in order to determine budgets and schedules with a comfortable level of confidence in the completion date and final cost. While there are entire volumes addressing risk in construction projects, it is important to note that the issue of time-related risk has not been universally incorporated into planning. Assessing cost risk is more intuitive, and very often addressed through the use of heuristics, so it has become more of a standard of the industry than time-related risk management. Most estimators will automatically add a contingency toa cost estimate to cover the risk of performance based on the type of project and circumstances pertaining to the undertaking of the project. Estimators estimate this contingency using their own rules of thumb developed over years of estimating as well as estimate ingmanuals，such as Means’ Cost Data or Cost Works. However, when it comes todeveloping the critical path method (CPM) schedules, risk management is often overlooked or underestimated.The purpose of this chapter is to provide an overview of risk management and the assessment process as well as best practices for incorporation of risk management into CPM schedule development and maintenance. For more detailed information about schedule risk, the reader should refer to risk management books, particularly those that focus on project management. One of the best resources available is David Hulett’s new book, Practical ScheduleRisk Analysis.Any risk management program starts with a good and accurate CPM schedule, created through the use of best practices and checked for quality, reasonableness, and appropriateness of the network model. Without a well-designed and developed CPM baseline schedule, a risk management process will not be effective. The risk analysis depends upon accurate and consistent calculations of the network logic, the appropriateness of the sequencing and phasing, and a reasonable approach to estimating activity durations.Most CPM schedules are not adjusted for risk but rather are developed as if there were one right answer for the schedule’s numerical data. Generally, activity durations are established by calculation of the quantity of work represented by an activity divided by the production rate, or by sheer ‘‘gut feeling’’ of the project manager or crew leader. This production rate is normally established by the contractor’s historical records or an estimating system, such as Means’, that provides an accurate data base of average production rates. Once those durations are calculated, they are often used as deterministic values, which assumes that the durations are accurate and unlikely to change. This assumption ignores the fact that the schedule is attempting to predict how long it will take to complete an activity at some unknown time in the future,using an unknown crew composition, with variable experience, and workingin unknown conditions. Risk management recognizes the uncertainty in duration estimating and provides a system to brain storm other risks that may occur during the project. Probability distributions are the best way to model planned activity durations, as noted by Hulett ‘‘The best way to understand the activity durations that are included in the schedule is as probabilistic statements of possible durations rather than a deterministic statement about how long the future activity will take.’’DEFINITION OF RISK TERMSThe Project Management Institute (PMI) defines project risk in its Project Management Body of Knowledge (PMBOK) as ‘‘an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality. A risk may have one or m ore causes and, if it occurs, one or more impacts.’’ PMBOK adds ‘‘Risk conditions could include aspects of the project’s or organization’s environment that may contribute to project risk, such as poor project management practices, or dependency on external participants who cannot be controlled.’’Risk Management: A process designed to examine uncertainties occurring during project delivery and to implement actions dealing with those uncertainties in order to achieve project objectives The definition of risk management in PMBOK, 4th Edition, is: ‘‘systematic process of identifying, analyzing, and responding to project risk.’’Risk definition by AACEi Cost Engineering Terminology7 is: ‘‘the degree of dispersion or variability around the expected or ‘best’ val ue, which is estimated to exist for the economic variable in question, e.g., a quantitative measure of the upper and lower limits which are considered reasonable for the factor being estimated.’’Time Contingency: An amount of time added to the base estimated duration to allow for unknown impacts to the project schedule, or to achieve a certain level of confidence in the estimated duration.Probability: A measure of the likelihood of occurrence of an event.Risk register: A checklist of potential risks developed during the risk identification phase of risk management.Risk allocation: A determination of how to respond to risks, which can include shifting risk, avoiding risks, preventing or eliminating risks, and incorporating risks into the schedule.Deterministic: A calculated approach to estimating single activity duration using work quantity divided by estimated production rate.Probabilistic: The determination of risk likelihood and consequences to establish duration ranges or risk-adjusted durations that can be used in a schedule in recognition that there are no certainties in estimating future durations.Monte Carlo analysis: A probabilistic approach to determining confidence levels of completion dates for a project schedule by calculating durations asprobability distributions.Probability distribution: The spread of durations in a statistically significant population that is used for the range of durations in probabilistic scheduling approaches.Confidence level: A measure of the statistical reliability of the prediction of project completion.What-if scenario: A modeling of a risk for use in a CPM schedule in order to predict the ramifications of an identified risk.Qualitative analysis: Occurring on the project, as well as assessing the severity of that risk should it occur and prioritizing the resultant list of risks. Quantitative analysis: The assigning of a probability to the qualitative description of the risk, ranking the risks, and calculating the potential impact from both individual risks as well as the cumulative effect of all risks identified.Exculpatory clauses: Disclaimer verbiage that is designed to shift risk. TYPES OF RISK IN CONSTRUCTION PROJECTSEverything that has ever gone wrong on a construction project is a potential risk on the next project. Many project managers instinctively develop a lessons-learned list of historical risks and take steps to minimize their exposure to those risks in the future.Risks vary by industry and even by construction project type as well as by personnel involved with the project. A roadway or bridge project has adifferent group of risks than a facility or building, and the selected contractors may have different degrees of influence on the level of risks to performance. If an owner attempts to save money in preconstruction services by limiting the extent of field investigation or development of as-built data, there will be a higher risk of discovery of unknown problems. The experience and competence of the architects and engineers handling the design of the project, as well as their quality control indevelopment of working drawings, directly affect the construction effort and, consequently, the risk associated with the plans and specifications.Even if the owner has been proactive in preconstruction investigation, there is always a risk of unforeseen conditions. This can be a function of the type of soils encountered, the local municipality, and its culture and history of keeping good records of obsolete utilities. If the city in which the project is to be built has a history of requiring contractors to remove all abandoned underground lines, there is a much lower risk of underground conflicts.The selection of the project team can impact positively or negatively the probability of successful project completion. Design-bid-build projects that use procurement philosophies allowing all financially capable contractors to participate will likely experience a much higher level of risk to on-time performance than a procurement philosophy that requires qualification of proposed contractors to ensure that they have the appropriate experience and resources to construct the project. A single weak subcontractor on a projectwill increase risk of performance and require more management than may be anticipated. If this is not considered, everyone will be surprised when that subcontractor fails and has to have their work augmented or corrected. Problems related to the management and possible termination of a failing subcontractor usually has serious negative impacts on the project.The reputation of the construction manager (CM) as well as the corporate culture will affect project performance. If the CM defines success with minimum time extensions as the only benchmark, there will likely be more conflict and a higher need for dispute resolution efforts. In addition, the management abilities of the CM directly affect many project tasks, such as review of shop drawings and response to requests for information in order to resolve questions about the construction.Work by outside or third parties can carry significant risks of influence on the project’s success. For example, a light rail station to be built on top of a parking garage under construction by a different contractor will run an increased risk of completion on time. The project has no control over—and little ability to influence—the completion of the parking garage, which quickly becomes vital to completion of the light rail project.Most projects are affected by local weather conditions, which, when adverse, can significantly impede progress. Most specifications require the contractor to take into account the normal local weather conditions in his schedule planning, which includes normal adverse weather, but also allow fortime extensions when unusually adverse weather occurs. Best practices would require the contractor to research the local historical weather records in order to plan for three to five year average weather conditions. Different parts of the country and the world have a wide variance in weather conditions, so planning or failure to plan for the risk of local weather can significantly affect project success.Local political situations, especially in volatile political climates, may hamper all efforts to construct a project efficiently. Countries with unstable political or economical systems will have higher risks in successful project completion than those with more stable systems. Countries or regions subject to wars, terrorism, turmoil, or other typesof violence also run greater risks to successful project completion than others. If the locality has a policy of requiring deep investigation into environmental issues or stringent or complicated bureaucracy, projects built in that locality will have a higher risk of late permits and conflict during construction. Another large risk on any project is the experience and reputation of the project team for safe construction practices. Safety violations and accidents can shut down a job completely. Even minor safety failures can distract the project team and impede timely performance. If a contractor has a poor safety record, the risk of delays because of safety violations is increased and should be taken into account during schedule development.A large volume of change orders on a project will affect employee morale;there is nothing worse than asking a craftsman to rip out recently installed high-quality woodwork for a requested change. If the CM has a good change management program in place, including most importantly good planning, the risks of negative pressure from changes are lowered. Without the program, the risks may be significant enough to derail project completion. Most conversations about risk are related to negative risks that impair successful performance, but often there are opportunities that would be overlooked without good risk assessment. A renovation project that calls for a three-story masonry wall to be demolished to the foundation in order to install a beam and column system might be redesigned with a pin beam temporary support structure, allowing the upper two stories to remain in place, saving time and money, as well as removing some risk. The brainstorming about risks needs to include looking for opportunities that could positively impact the project time for completion.It seems obvious that failure to plan for the myriad of risks that often affect project performance will render the planning less accurate. Without risk management, every item that might appear on a risk register (a checklist of potential risks) is a surprise to the project team should it happen, diverting attention and emphasis from the project management and consuming valuable resources. Most disputes arise from risks that likely were not considered at the inception of the project and might have been eliminated or mitigated with good risk planning.Once a company develops a regular risk management culture, the risk register generates many of the same risks on project after project. However, a company’s ‘‘risk register’’ should not be a fixed template, used as is on all its projects. The list must be updated and customized for each project taking into consideration its own risks. These lessons learned, when incorporated into the project schedule through the risk managementprogram, are invaluable in helping to minimize threats that carry negative impacts and take advantage of opportunities that bring positive impacts to project comp.IMPORTANCE OF GOOD PLANNING FOR RISK MANAGEMENT The quality of the risk management plan will control the usefulness of the risk analysis. This quality is achieved through developing a good and encompassing master risk register in a brainstorming workshop with experienced attendees, and following that process with analysis and risk allocation. This is combined with a process of continuing risk monitoring during updates as well as continuous cycles of risk management. Participants in the workshop will often comment that they cannot take certain risks into account because they do not have control of the risks or they have no idea if that risk will actually happen. One of the typical issues is repeated cycles of shop drawings, where experience tells us that a complicated design may cause structural steel shop drawings to be rejected, requiring revision and resubmission. Some stakeholders feel that this isbeyond their ability to plan for and therefore, the schedule should ignore it and assume the risk will not happen. Accepting this assumption minimizes the risk identification and analysis process. This type of risk should be identified, and then during the qualitative analysis, it will be weeded out as a low priority or incorporated as a high priority. However, if the risk is just not included on the risk register, the opportunity to analyze it is lost.With a thorough and organized risk workshop, based on a good master risk register, and participation by the major stakeholders as well as the project management team, the output of the risk analysis will be very useful. The most likely risks will be identified and analyzed, and with the rest of the risk management steps, the schedule will evolve into a risk-adjusted schedule, capable of reasonable analysis and realistic completion predictions.RISK SHIFTING IN CONTRACTSContract language may have a significant impact on how much of the risk each party carries. Sometimes called exculpatory clauses, this language attempts to shift or apportion undetermined risk. Contracts are often used to control or assign risk to various parties, or just to assign it to a party other than the owner. Many owners, developers, and contractors prefer using standard contract forms, such as those specially developed by organizations such as the American Institute of Architecture (AIA), the Construction Management Association of America (CMAA), and theAssociated General Contractors (AGC) in the United States and FIDIC orNEC in Europe and the Middle East, because such contract forms were written and updated by professionals and are widely known and used. However, many others insist on writing their own contracts or making amendments to the standard forms so that they can change certain conditions, which may—and usually does—affect the risk ofthe contracting parties.One example of this risk shifting is the use of clauses stating that geotechnical reports and information are provided to bidders for information only, and the owner is not responsible for any usage or interpretation of the geotechnical information. This is an attempt to limit the owner’s exposure to delays because of differing site conditions.Another example is that of the typical ‘‘no damages for delay’’ language that sometimes shows up in contracts, which does not typically shift the time performance risk, but only the costs for the delay. This language attempts to move the risk of the costs of delays from the responsibility of the owner to the contractor, so that the sole remedy is a time extension.Construction manager and contractor insurances are means to handle the shifted risk of contracts and limit the liability of those parties. These types of insurance can provide some level of protection against the adverse consequences of unknown problems that might affect the completion of the project. Builder’s risk policies provide insurance that will replace materials and provide for damage repair that can be invoked fairly quickly in the eventof vandalism or property losses, allowing the project to resume production and minimize delayed completion risks.An astute owner realizes that the more that risk is shifted to the contractor, the higher the cost and, sometimes, the longer the performance time of the project will be. A fair risk allocation is essential for a successful, economical, and timely completed project. Unfair risk allocation results in risks being distributed among the construction team, creating disharmony and adversarial relationships among the very team members that are needed to resolve the problems at hand.The risk management plan is the place to identify all risks and determine how to deal with these risks. This provides much better protection through a fair and objective allocation of risk, producing a clear understanding of the risk objectives by the entire project team. In some contracts, owners may try to shift some risks to the contractor as part of what they perceive as negotiation. Contractor’s prof it is usually proportional to the risk taken by the contractor. It is important for any owner to understand that there is always a price for shifting the risk, whether declared or hidden. Perhaps in some instances if the owner knew the real cost of shifting certain risks, he would have preferred not to shift them.An example of the above is when buying a new car or home. A standard warranty comes usually with every new vehicle and covers manufacturer’s defects up to a certain time period (e.g.36 months) or mileage (e.g.36,000miles), whichever comes first. Of course, the salesperson will try to sell the buyer (owner) an ‘‘extended warranty’’policy that extends most of the original warranty terms in time and mileage and perhaps adds a few attractive items. A buyer who considers himself a good negotiator may manage to obtain this extended warranty policy at ‘‘no extra cost.’’ This is a myth! In most cases, the buyer would have received a price discount on the vehicle, roughly equivalent to the dealer’s cost on the extended warranty policy, in lieu of the policy itself.中文：计划风险管理介绍进度风险对于一个项目的成功既是威胁又是机遇。

风险管理英文作文Risk management is a crucial aspect of any business or project. It involves identifying potential risks, assessing their likelihood and impact, and developing strategies to mitigate or avoid them. Effective risk management can help organizations avoid costly mistakes, protect their reputation, and ensure the success of their endeavors.One common approach to risk management is to conduct a risk assessment. This involves analyzing the potentialrisks associated with a particular activity or project and determining their likelihood and impact. By identifying the most significant risks, organizations can focus their resources on mitigating or avoiding those risks, rather than trying to address every possible risk.Another important aspect of risk management is contingency planning. This involves developing a plan of action in the event that a risk does materialize. By having a contingency plan in place, organizations can respondquickly and effectively to mitigate the impact of the risk and minimize any damage or losses.Communication is also a key component of effective risk management. It is important to communicate with stakeholders, team members, and other relevant parties about the potential risks associated with a project or activity. This can help ensure that everyone is aware of the risks and can take appropriate steps to mitigate them.Monitoring and evaluation are also critical elements of risk management. It is important to regularly monitor the progress of a project or activity and evaluate whether the risk management strategies in place are effective. If necessary, adjustments can be made to ensure that the project or activity stays on track and any risks are mitigated.Overall, effective risk management requires a proactive approach, careful planning, and ongoing monitoring and evaluation. By taking these steps, organizations canminimize the impact of potential risks and ensure the success of their endeavors.。

本科毕业论文外文翻译译文标题：企业风险管理资料来源:风险管理杂志作者：斯蒂芬．P．达西从20世纪70年代开始，财务风险开始成为公司一项重要的不确定的资源，此后不久，处理财务风险的工具被开发出来。

这些新的工具允许财务风险被一种相似的方式管理，而这种不参杂风险的管理方式已经维持了数十年。

1972年，世界上主要的发达国家结束了一直让汇率保持稳定数十年的布雷顿森林体系协定。

布雷顿森林体系的解体引起了汇率的不稳定。

由于外汇汇率的变化，从事国际贸易的公司的资产负债表和经营业绩开始波动。

这种不稳定性影响了许多公司的表现。

同时在20世纪70年代，石油输出国组织（欧佩克）组织开发的协议要求降低生产提高产品价格，使得石油价格开始上涨。

后来，在这十年中，美联储将重点放在打击通货膨胀上（石油价格上涨的结果），而不是稳定利率，结果导致其迅速上涨，并加剧了美国的利率波动。

因此，外汇汇率、价格和利率的变动引起的财务风险成为一个主要的关注重心。

虽然财务风险主要关心的问题已经在20世纪80年代形成一个机构体系，但是并没有在这一方面开始运用标准的风险管理工具和技术，导致失败的原因是人为的将风险分类为纯粹风险和投机风险。

由于固定资产的收益，外币计价的投资和经营成果都会受到通货膨胀或者外汇汇率的影响，使得风险增加，这就是所谓的投机风险。

风险管理者在他们所经营的领域，形成一个其专业特有的风险领域，称之为纯粹风险。

当出现一个新的风险领域，并没有将其扩大吸收进他们的领域。

这样做，需要将学习财务工具知识和远离风险的费用由保险公司负责并支付。

这已经是个大胆的行动，但一个创新的思想家会支持发展风险管理。

这次失败对于风险管理领域组织来说是昂贵的。

随着企业风险管理的出现，传统的风险管理人员将被推到一个更为广泛的结合了财务风险管理和其他形式的风险分析的舞台。

因此，拒绝扩大财务风险并不能阻止风险管理者了解财务风险管理，它只是推迟了几十年。

以后，期货及其基于非财务资产交易之前的很长一段时间适应处理他们的财务风险。

Life insuranceFrom Kenneth BlakeTypes of life insurance may be divided into two basic classes –temporary and permanent or following subclasses –term, universal, whole life and endowment life insurance.Term Insurance Term assurance provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.There are three key factors to be considered in term insurance:Face amount (protection or death benefit),Premium to be paid (cost to the insured), andLength of coverage (term).Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. Common types of term insurance include Level, Annual Renewable and Mortgage insurance."Level Term policy has the premium fixed for a period of time longer than a year. These terms are commonly 5, 10, 15, 20, 25, 30 and even 35 years. Level term is often used for long term planning and asset management because premiums remain consistent year to year and can be budgeted long term. At the end of the term, some policies contain a renewal or conversion option. Guaranteed Renewal, the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time. Some companies however do not guarantee renewal, and require proof of insurability to mitigate their risk and decline renewing higher risk clients (for instance those that may be terminal). Renewal that requires proof of insurability often includes a conversion options that allows the insured to convert the term program to a permanent one that the insurance company makes available. This can force clients into a more expensive permanent program because of anti selection if they need to continue coverage. Renewal and conversion options can be veryimportant when selecting a program.Annual renewable term is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time.Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s residence so the mortgage will be paid if the insured dies.A policy holder insures his life for a specified term. If he dies before that specified term is up (with the exception of suicide see below), his estate or named beneficiary receives a payout. If he does not die before the term is up, he receives nothing. However, in some European countries (notably Serbia), insurance policy is such that the policy holder receives the amount he has insured himself to, or the amount he has paid to the insurance company in the past years. Suicide used to be excluded from ALL insurance policies[when?], however, after a number of court judgments against the industry, payouts do occur on death by suicide (presumably except for in the unlikely case that it can be shown that the suicide was just to benefit from the policy). Generally, if an insured person commits suicide within the first two policy years, the insurer will return the premiums paid. However, a death benefit will usually be paid if the suicide occurs after the two year period.Permanent Life InsurancePermanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time. This means that a policy with a million dollar face value can be relatively expensive to a 70 year old. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.The four basic types of permanent insurance are whole life, universal life, limited payand endowment.Whole life coverage whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy. The primary disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Also, the cash values are generally kept by the insurance company at the time of death, the death benefit only to the beneficiaries. Riders are available that can allow one to increase the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.Cash value can be accessed at any time through policy "loans" and are received "income-tax free". Since these loans decrease the death benefit if not paid back, payback is optional. Cash values support the death benefit so only the death benefit is paid out.Dividends can be utilized in many ways. First, if Paid up additions is elected, dividend cash values will purchase additional death benefit which will increase the death benefit of the policy to the named beneficiary. Another alternative is to opt in for 'reduced premiums' on some policies. This reduces the owed premiums by the unguaranteed dividends amount. A third option allows the owner to take the dividends as they are paid out. (Although some policies provide other/different/less options than these - it depends on the company for some cases)Universal life coverage universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for greater growth of cash values. There are several types of universal life insurance policies which include "interest sensitive" (also known as "traditional fixed universal life insurance"), variable universal life (VUL), guaranteed death benefit, and equity indexed universal life insurance.A universal life insurance policy includes a cash value. Premiums increase the cashvalues, but the cost of insurance (along with any other charges assessed by the insurance company) reduces cash values. However, with the exception of VUL, interest is credited on cash values at a rate specified by the company and may also increase cash values. With VUL, cash values will ebb and flow relative to the performance of the investment subaccounts the policy owner has chosen. The surrender value of the policy is the amount payable to the policyowner after applicable surrender charges, if any.Universal life insurance addresses the perceived disadvantages of whole life – namely that premiums and death benefit are fixed. With universal life, both the premiums and death benefit are flexible. Except with regards to guaranteed death benefit universal life, this flexibility comes at a price: reduced guarantees.Depending on how interest is credited, the internal rate of return can be higher because it moves with prevailing interest rates (interest-sensitive) or the financial markets (Equity Indexed Universal Life and Variable Universal Life). Mortality costs and administrative charges are known. And cash value may be considered more easily attainable because the owner can discontinue premiums if the cash value allows it.Flexible death benefit means the policy owner can choose to decrease the death benefit. The death benefit could also be increased by the policy owner but that would (typically) require that the insured go through new underwriting. Another example of flexible death benefit is the ability to choose option A or option B death benefits - and to be able to change those options during the life of the insured.Option A is often referred to as a level death benefit. Generally speaking, the death benefit will remain level for the life of the insured and premiums are expected to be lower than policies with an Option B death benefit.Option B pays the face amount plus the cash value. If cash values grow over time, so would the death benefit which is payable to the insured's beneficiaries. If cash values decline, the death benefit would also decline. Presumably option B death benefit policies require greater premium than option a policies.人寿保险人寿保险的险种可分为两个基本类别，即定期保险和永久性终身保险。

文献出处：Bedard J C, Hoitash R, et al. The development of the enterprise risk management theory [J]. Contemporary Accounting Research, 2014, 30(4): 64-95.原文The development of the enterprise risk management theoryBedard J C, Hoitash RAbstractEnterprise risk management as an important field of risk management disciplines, in more than 50 years of development process of the implementation of dispersing from multiple areas of research to the integration of comprehensive risk management framework evolution, the theory of risk management and internal audit and control theory are two major theoretical sources of risk management theory has experienced from the traditional risk management, financial volatility to the development of the enterprise risk management, risk management and internal audit and control theory went through the internal accounting control and internal control integrated framework to the evolution of enterprise risk management, the development of the theory of the above two points to the direction of the enterprise risk management, finally realizes the integration development, enterprise risk management theory to become an important part of enterprise management is indispensable.Keywords: enterprise risk management, internal audit the internal control1 The first theory source, evolution of the theory of risk management"Risk management" as a kind of operation and management idea, has a long history: thousands of years ago in the west have "don't put all eggs in one basket" the proverb, the ancient Chinese famous "product valley hunger" allusions and "yicang (" system," boat was "organization have a prototype of the modern risk managementthought, and points under escort ship transportation, yuen, is effective way to spread risk, transfer risk .In the modern sense of risk management thought appeared in the first half of the 20th century, such as fayol's safe production ideas, Marshall's "risk sharing management" point of view, etc.;But risk management as a discipline system development is started in the middle of the 20th century: in 1950, gallagher in the risk management: a new stage of cost control in the paper, puts forward the concept of risk management; Johnso (1952) mentioned the problems how to deal with risks and uncertainties in farm management, which involves early enterprise (farms) of risk management problem.The emergence of risk management as a discipline real Mehr and Hedges of the enterprise risk management (1963) and C.A.Williams and Richard m. Heins "risk management and insurance" (1964) published marked. Williams and Heins thinks, "risk management is based on the risk identification, measurement and control to the smallest cost risk caused by the loss to the lowest level of management methods", risk management is not just a technology, a method, a kind of management process, and is a new and scientific management.The development of the theory of risk management.1.1The first stage: the 70 s and 1950 sTheoretical tendency mainly is the pure risk prevention and management of enterprise (adverse risk);Take the main strategy of enterprise risk management is risk avoidance and risk transfer, insurance becomes the main risk management tools. Fire events of general motors and the United States steel industry the workers went on strike to enterprise's normal operation caused serious impact and losses, become an important opportunity to promote the development of enterprise risk management theory. This phase the first important area of risk management theory, is the risk management object definition and research. Since the 20th century, scholars have been the object of risk management divided into two major categories of pure risk and speculative risk, and the pure risks as the object of risk management and the target (Denenberg, 1966; Gahin, 1967).In fact, the risk can be divided into pure risk and speculative risk is a kind of method based on the responsibility, is targeted at loss, isnot aimed at risk, so it can be divided into pure risk and speculative risk, but not as good as it can be divided into pure loss and speculative loss, because it can reflect the true respect of the risk manager more loss problem.Is the second important areas, to the enterprise decision-making and of behavior, and insurance in response to the important role of enterprise risk and universality of the study. Greene (1955) orientation is insurance buyers of risk management. A paper published in 1955, the management review "to the risk of a kind of management method", think of insurance as the most important means of enterprise risk management should be attention by the enterprise management and the shareholders, think insurance is a business spending the most valuable part of all kinds of costs. Denenberg etc. (1966) also emphasizes the insurance at this stage the important role of risk management, points out the important responsibility of the risk manager is to determine the appropriate insurance policy for the enterprise and insurance products, that will be the risk manager's name changed to "insurance and risk managers". Snider (1956), McCahill, Jr. (1971) stressed that risk management in the enterprise organization structure not only has a certain status, report to top management work, and want to maintain good communication and coordination with the finance department.A third important area is, the risk management theory into the analysis framework of mainstream economics and management.On the one hand, by the wind management theory combined with the traditional enterprise theory, the risk management of the decision-making process and the integration of enterprise's overall ing the capital asset pricing model, the decision rule of enterprise in the optimal retention ratio, cumulative franchise policy selection and choice of reserves, etc., makes the risk management theory into the financial market;And the use of marginal analysis tool to determine the optimal strategy of risk management, then further forming marks in risk management theory, and become an important area of finance (Cummins, 1976)., on the other hand, William g. Scott complex type combined with risk management organization system, through to the enterprise basic system and branch offices neat, will be the overall goal and the risk of the enterprisemanager daily target organic unification, then to the appraisal of the branch to contribution to the enterprise overall risk identification and measurement, and consider the relationship between them and the relationship between the dynamic characteristics, so as to provide theoretical sources for the development of risk management (Close,1974).1.2The second stage, the late 1970 s to the end of the 20th centuryRisk management object is mainly the business and financial results of volatility, risk management tools on the basis of insurance also achieved great development, new derivatives and alternative risk transfer (ART) play an important role.In the 1970 s, the collapse of the bretton woods system of exchange rate volatility significantly increased, oil price rising sharply, the production cost of enterprise is difficult to control;After entering the 80 s, high inflation and interest rate volatility and number of money and credit crisis makes the enterprise the management face greater uncertainty.Tool of a large number of applications in convenient enterprise risk management at the same time, also because of its characteristics of leveraged to amplify the damage due to improper use strategy of so the use of derivatives and the management strategy becomes very important.Therefore, the enterprise risk management and derivatives trading, hedge strategy should pay close attention to the competitor (Froot etc., 1994).And (2001) study found that such as Cummins, although the measurement of the risk and the liquidity as well as the decision-making has a positive connection of the underwriter, but for those who use derivatives to hedge risk, the risk index was has negative relationship with the width and depth of the hedge.1.3The third stage, since the 21st centuryAfter entering the 21st century, with the speeding up of the global economic integration, companies, increasing the risk for the influence of various risks and potential consequences will magnify, together with the complexity of the financial derivatives trading and frequency are increased rapidly, to the continuous operation of the enterprise put forward the serious challenge, the enterprise must break through thetraditional pattern of risk management, from a more comprehensive, integrated view of risk analysis and management, as a result, the comprehensive risk management stage of the development of risk management.The emergence of comprehensive risk management and application of risk management for the enterprise provides new methods and tools, its application field is very broad, from enterprises, non-profit organizations to the government are gradually introduced the analysis framework.2 Second theory sourceInternal audit and the development of control theory in the process of the evolution of enterprise risk management theory, theory of the second source is the evolution and development of internal audit and control theory.From the literature in internal audit and control of the internal accounting control, internal control integrated framework, enterprise risk management process of the overall framework, including the COSO has played a leading role, in particular, it issued two symbolic file "enterprise internal control, the overall framework" and "enterprise risk management - integrated framework".The separation of corporate ownership and control is the ultimate cause of internal audit and the emergence of a control theory, and the expansion of enterprise scale and the structure of the branch in shortage problem caused by the lack of management and control is to encourage enterprises to strengthen internal audit and control of direct motivation.2.1Internal accounting controlInternal accounting control is the first stage in the development of internal control theory.Grady (1957) pointed out that the internal accounting control is a comprehensive coordination of the organization plan and business process system, used to prevent unexpected or wrong operation to bring the asset losses, examination management decision used in accuracy and objectivity of accounting data, promote operational efficiency and encourage compliance with established policies, etc.In practice, accounting and audit personnel played a dominant role in the internalaccounting control, audit became the earliest forms of internal control, therefore, the internal control is in deepening and audit activities based on the theory of audit.But with the increase of the enterprise management activity, pure audit already cannot satisfy the needs of the enterprises, the internal control arises at the historic moment, the audit has become a part of the internal control (Haun, 1955).The internal audit activity is one of the important conditions, implement control and management of enterprises is a key component part of the internal control, is the eye of the "supervision" top management.For the internal control evaluation, the audit is the most important tools and stakeholders;At the same time, the audit data for the evaluation of internal control provides conditions, through a review of the audit data, can be a preliminary judgment of enterprise internal control system and in need of improvement, which provide ideas for the perfection of the internal control (Garbade, 1944; Mautz etc., 1966; Smith, 1972).2.2 The internal control framework as a wholeIn 1992, the COSO issued "enterprise internal control, the overall framework, system construction of the enterprise internal control system for the first time. The COSO framework of internal control, is more based on the perspective of independent accountants and auditors, puts forward the concept of enterprise internal control, think the overall internal control framework is mainly composed of control environment, risk assessment, control activities, information and communication, supervision, the five elements, thus the concept of internal control to completely break through the limitation of the audit, the category of management control comprehensive development to the enterprise.COCO, Canada in 1995, the report put forward higher request to the external auditor for the enterprise internal control to join the external factors. International institute of internal auditors in 1996 published "concept and responsibility:" report, think that should be pay more attention to the contribution and role of internal audit in the organization. The risk management of card of German report, ham pell, as well as comprehensive criteria guide turn bull report is the most famous and arguably Britainthree milestones in the internal control research, especially in 1992, DE Burleigh report on internal control, the relationship between the quality of financial reporting and corporate governance as the prerequisite, attaches great importance to the significance of independent audit committee on the internal control.2.3 The enterprise risk management framework as a wholeIn 2004, the COSO committee report in 2004, on the basis of combining the requirements of the sarbanes - oakes act, formally issued "enterprise risk management - integrated framework". The analysis framework will be within the scope of the internal control in enterprise risk management, formed a broader meaning of the internal risk management framework. Therefore, the development of the theory of internal audit and control the final point to the enterprise comprehensive risk management. Reviews the development of internal audit and control, it can be seen that the theory of evolution has experienced the process of "plane, three-dimensional, three-dimensional" : in the stage of internal accounting control, control environment, control activities, and accounting system in the plane of the three elements constitute a control system;In the overall framework of internal control, the control environment, risk assessment, control activities, information and communication, monitoring, five elements, evolved into a three-dimensional control system;In the overall enterprise risk management framework stage, the internal environment, goal setting, item identification, risk assessment, risk response, control activities, information and communication, monitoring, eight elements, makes the enterprise risk management, a solid control system3The development of the enterprise risk management theoryAfter entering the 21st century, the academic study of enterprise risk management, mainly focus on the following: the connotation of enterprise risk management and the target, achieve the goal of enterprise risk management mechanism, the implementation of enterprise risk management motivation as well asthe factors of the enterprise risk management.3.1 the connotation of enterprise risk managementKent d. Miller (1992) the source of the uncertainty problem of enterprise internationalization operation and performance are analyzed, and puts forward the thinking of integrated risk management, for the first time in academia the concept of integrated risk management is studied in detail. Later, scholars gradually with the definition of enterprise risk management refers to those using the method of comprehensive, integrated processing enterprise faces the risk of problems. Skipper (1994), Lisa Meulbroek (2002), enterprise risk management involves not only the profit loss without possibility, also focus on the possibility of benefits and risks. The COSO committee (2004) published an authoritative definition of enterprise risk management.3.2 Enterprise risk management goalsFor the goal of enterprise risk management, the academia mainly has a single teleology and multiple teleology two factions. The single core view of skopos theory is that the goal of enterprise risk management is to maximize the value of the shareholders of a company. Neal Enriquez (2001) pointed out that the main purpose of the enterprise risk management is in order to save a lot of trivial claims costs, facilitate enterprise of risk control, raise the value of the company. Multiple teleology of argument is that the purpose of the enterprise risk management is to achieve multiple goals in the development of enterprises. James Lam (2003), detailing the purpose of overall corporate risk management, including lower earnings volatility, to maximize the value of the shareholders of a company, and to promote professional and financial security, etc.; The COSO committee (2004) proposed the strategic target and business objectives, reporting, and compliance goals four goals.3.3The mechanism of the enterprise risk management, improve enterprise valueThe mechanism of enterprise risk management, improve enterprise value ismainly done through three ways: (1) the optimization of enterprise capital allocation. Enterprise risk management framework of capital structure management, can improve the return on equity and improve the corporate governance structure, which affects the value of the enterprise (Peter Tufano, 1996).(2) improve enterprise strategic decision level. Enterprise risk management will be integrated into the overall strategy of the enterprise risk management, covering the entire process and the development of the enterprise business, can make enterprises seize the opportunity and enhance competition ability, thus improve the performance of the company. Enterprise risk management can reduce the cost of enterprise was in financial trouble, reduce the probability of bankruptcy, reduce the influence of traditional liabilities to the company value (NeilDoherty, 2005).(3) to strengthen the management of incentive, in turn, improve the level of performance. If it can be through effective risk management measures to control the fluctuation of stock price, makes the sensitivity of management compensation to company performance is positive, so that it can solve the agency problem in corporate governance, so as to make the management efficiency and to enhance the value of the company (Aggarwal, 1999).3.4 The enterprise risk management: an empirical study of relationship between the value of the companyEnterprise risk management on earth has much impact on the promotion of enterprise value, simple qualitative analysis is difficult to get the exact conclusion. To do this through a variety of academic empirical method to research: (1) the overall level of study from the enterprise, the enterprise risk management of the company, its universality of the increase of the value of the company has a large (Cyree etc., 2004; Hoyt, etc., 2008);(2) from the specific business level, using tobin Q as substitution variables of enterprise value, found that use derivatives to hedge risk, the enterprise value of a positive growth trend (Allayannis etc., 2001; Bartram, etc., 2004; Nain, 2004; Kim, 2004);Karen berger (2007), ABB company as an example to analyze the risk communication to establish credibility and maintain the significance of the value of the company.4Summary and outlookCan clearly see through the above analysis, the theory of risk management and internal audit and control theory of the cross and integrated, makes the enterprise risk management in a more integrated and comprehensive perspective and method to deal with the risks of enterprise developing, to ensure the healthy and sustainable development of the enterprise. But in 2007 the outbreak of the subprime crisis, to the enterprise risk management to improve and perfect puts forward a new proposition: how to implement effective risk management to respondA new challenge? Have the following questions need to be further studied and discussed:4.1. The COSO - application problems of enterprise risk management framework.At present the framework is the core of enterprise risk management standards, but more from the perspective of process management is the framework to deal with the risk of enterprise, to real-time risk management is not enough attention, especially not fully consider the enterprise's solvency problems, in fact, enterprise bankruptcy is often insufficient solvency direct consequences. Therefore, the enterprise is the lack of risk management: in the analysis of enterprise risk management framework, how to pay attention to the solvency of enterprises and set up effective feasible evaluation index.4.2. The use of financial derivatives and structured finance instruments.Subprime mortgage crisis, the AIG, citigroup and other large financial institutions are far as companies used as risk reserve capital will not be able to meet the needs of the huge amount of structured products trading, high leverage multiples bring unexpected losses. Therefore, how to correctly treat and deal with problem of structured finance instruments, is the enterprise risk management cannot be ignored.4.3. The problem of corporate social responsibility and reputation.As from the simple to the requirement of enterprise profit extends to socialresponsibility and reputation, brand, and other fields, enterprise risk management must also be followed by development and extension, to include external stakeholders requirements in enterprise risk management framework, in a more broad perspective to the comprehensive risk management. Therefore, how an enterprise bear the social responsibility through sustainable risk management, realize the harmony of economic interests and social interests, is the future of enterprise risk management an important problem to be reckoned with.译文企业风险管理理论的发展贝达德；霍塔什摘要企业风险管理作为风险管理学科的一个重要领域，在50 多年的发展过程中实现了从多个领域的分散研究向全面风险管理一体化框架的演进，其中风险管理理论和内部审计与控制理论是两大理论来源，风险管理理论经历了从传统风险管理、财务波动性风险管理向企业风险管理的发展，而内部审计与控制理论也经历了内部会计控制、内部控制整体框架向企业风险管理的演进，上述两大理论的发展都指向了企业风险管理的方向，企业风险管理理论最终实现了集成发展，成为企业管理不可或缺的重要组成部分。

商业银行风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in number and volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolio and reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important risk to manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen very little study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyond and over riding the specifics of risk modeling issues, the challenge is moving towards improved credit risk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value of net NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000 crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percent and having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measure of credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under the RBI stipulation4. With a view to moving towards International best practices and to ensure greater transparency, it has been decided to adopt the ’ 90 days’ ‘ over due’ norm for identification of NPAs from the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulator of the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were not being repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basis of present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International Settlement’ (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement and risk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。

文献出处：Said R M, The Study of Commercial Banks Operating Risk Control [J]. International Review of Business Research Papers, 2014, 7(2): 157-169.（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文The Study of Commercial Banks Operating Risk ControlAbstractThe production of commercial bank operation risk of bank management can influence the efficiency and profitability, under the impetus of the Basel ii, Banks are looking for a way to control the operation risk. This paper briefly introduces the will maintain a high level of efficiency in the field of production process control method, six sigma, applied to the commercial Banks operational risk control, and this paper expounds the method of use and the use of this method was discussed.Key words: commercial Banks; Operation risk; The six sigma;1 the introductionOperation risk is due to the imperfect internal procedures, staff's mistake, system failure or was caused by external events, it widely exists in every field of bank operation and management, is the foundation of bank business management to face one of the risk. It is a result of the failure of internal control mechanism and the failure of corporate governance mechanism. This situation is not in time to correct will make Banks suffer, produce low efficiency. In June 1999, the Basel committee issued the "new Basel capital accord", first proposed the operating risk should be covered within the regulatory capital, has been clear about the capital requirements for operational risk, the bank of strength are encouraged to create a suitable for their own operational risk measurement. The country's banking industry to operate risk management has become increasingly attention. But in Basel, description of operation risk control and measure is not very desirable, does not provide a sensitive tool foroperational risk identification and risk management.Some literature has indicated from the Angle of process operation risk problem, for example, Leippold et al. (2003) application of risk management of the value chain concept model of operational risk, the value chain is essentially a workflow;Again, for example, Ebn not ther, et al. Think of operation risk management platform "subtle" is based on a well defined process.This paper argues that based on the operational risk management of the process, not only simple and intuitive, the maneuverability is strong.Is the key point to solve the problem, find a suitable way, if you want to organize a large number of personnel that Banks research and development, in time and cost on the cost is quite large, so consider, can borrow a method in the field of production, make appropriate changes for the operation of the commercial bank risk control in public.Because production itself is also a kind of process, will be a kind of increase production profit ability, strict application of statistical tools to solve problem using the method of commercial bank operation risk control is feasible.2 Six sigma related informationThe six sigma MOTOROLA first appeared in the 1980 s. In 1983, the product reliability test engineer Bill Suith, product testing and testing cannot detect all the defects, the production process of the failure rate is much higher than the final product testing report, the best way to solve the defects is to improve the production process, from the source to reduce or eliminate the possibility of defects .So he made six sigma standards: 99.9997% of the nearly perfect, life of the "six sigma" many international well-known enterprise applying six sigma to its production process, and achieved fruitful results, such as: MOTOROLA was the CEO of the cause and influence on the bank's survival and development. Starting from the staff, for them, which factors are key factors affecting the work of defects; Measure key indicators, the indicators must be consistent with the overall strategy of the bank, and the control results correlation is high. Measurement is to determine the purpose of the defect, improve operational risk control work needed.3 use sigma measure of control of the actual operation process and standard processUsing six sigma, looking for is a control process, the process of input variables all fall within the limits prescribed, even if in the process of the control index of average deviation, slightly less than 6 sigma, as long as the control result will not change. That is to say, when operating the specific business of commercial Banks, not the whole process does not allow staff error, and there is no blemish, as long as a side effect of the result of the Banks want to eventually in the range of acceptable, can say its in a more accurate control process.4 accurate measurement, planning control projectIn the process of the business operations of commercial Banks, there are a large number of indicators can be measure of operational risk, some indexes of indirect or direct influence on the other. Standards of measurement repeatability and reproducibility studies is under different conditions, repeated measurement to control whether the system of operational risk is accuracy, repeatability, the same staff working many times for the same or different staff working for the same) and reproducibility (or other staff to do the job the same workers for other job), stability (the above three characteristics will change over time).5 control operation risk, focus on resultsA framework is as follows: control process will do a lot of preparation work results into practice at the same time, one thing is crucial: participation and communication. Advocate using six sigma management of operational risk in commercial bank senior manager, not only should act as the leader and the role of advisor, but also for the specific work of the project team to provide support, allocation of resources, to remove obstacles of implementing six sigma. At the same time to cultivate a black belt in director in charge of training operation risk control team of staff, with six sigma method combined review, case study, using the strategy, to instill the idea of six sigma, in need of providing guidance; Black belt head with the support of the whole team members, go all out to control project of improvement.Flexibility, select the appropriate managing partner or a bank can help to achieve business results of experts, using his expertise and experience as much as possible. And at the outset defines what each person are the role of, let staff in the specific work clear know their responsibilities and how to coordinate the efforts of all people, to work in an orderly way.6 the future research directionClearly in the Basel ii requirements: Banks should develop operational risk management framework. This requirement has inspired academia and practice circle research and development the enthusiasm of the operational risk management framework. Operation risk of the basic definitions show that operational risk is the main carrier of business process, and produce on the production line of six sigma management mode and operation risk control method of similarity is very high, although there are still some problems need to be solved, but has certain effectiveness and operability. Commercial Banks according to their own characteristics, the use of six sigma to improve at the same time, make it more suitable for itself characteristic, become by the characteristics of the bank operation risk control methods, and to control the spread of the concept in the scope of the staff, to form part of the culture of Banks and control the incidence of operation risk and damage, improve the level of sales and service of bank management, bring profits and achieve their goals.译文商业银行操作风险控制的研究摘要商业银行操作风险的产生对银行经营效率和盈利水平都会产生影响, 在新巴塞尔协议的推动下, 各大银行都在寻找控制操作风险的方法。

中英文对照外文文献计划风险管理中英文对照外文翻译文献导读：就爱阅读网友为您分享以下“计划风险管理中英文对照外文翻译文献”资讯，希望对您有所帮助，感谢您对的支持!计划风险管理中英文对照外文翻译文献计划风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Schedule Risk ManagementINTRODUCTIONSchedule risks are both threats and opportunities to the success of a project. Threats tend to reduce the success ofmeeting the project goals and opportunities tend to increase the success. Risk management is the process of identifying, analyzing, qualifying and quantifying the risks, and developing a plan to deal with them. This is routinely done during baseline schedule development as well as during schedule updates. Implementation of risk. .1计划风险管理中英文对照外文翻译文献management starts with early planning in both budgetary cost estimating and preliminary master scheduling in order to determine budgets and schedules with a comfortable level of confidence in the completion date and final cost.While there are entire volumes addressing risk in construction projects, it is important to note that the issue of time-related risk has not been universally incorporated into planning. Assessing cost risk is more intuitive, and very often addressed through the use of heuristics, so it has become more of a standard of the industry than time-related risk management. Most estimators will automatically add a contingency toa cost estimate to cover the risk of performance based on the type of project and circumstances pertaining to theundertaking of the project. Estimators estimate this contingency using their own rules of thumb developed over years of estimating as well as estimate ingmanuals，such as Means’Cost Data or Cost Works. However, when it comes todeveloping the critical path method (CPM) schedules, risk management is often overlooked or underestimated.The purpose of this chapter is to provide an overview of risk management and the assessment process as well as best practices for incorporation of risk management into CPM schedule development and maintenance. For more detailed information about schedule risk, the reader should refer to risk management books, particularly those that focus on project management. One of the best resources available is David Hulett’s new book, Practical Schedule. .2计划风险管理中英文对照外文翻译文献Risk Analysis.Any risk management program starts with a good and accurate CPM schedule, created through the use of best practices and checked for quality, reasonableness, and appropriateness of the network model. Without awell-designed and developed CPM baseline schedule, a risk management process will not be effective. The risk analysis depends upon accurate and consistent calculations of the network logic, the appropriateness of the sequencing and phasing, and a reasonable approach to estimating activity durations.Most CPM schedules are not adjusted for risk but rather are developed as if there were one right answer for the schedule’s numerical data. Generally, activity durations are established by calculation of the quantity of work represented by an activity divided by the production rate, or by sheer ‘‘gut feeling’’of the project manager or crew leader. This production rate is normally established by the contractor’s historical records or an estimating system, such as Means’, that provides an accurate data base of average production rates. Once those durations are calculated, they are often used as deterministic values, which assumes that the durations are accurate and unlikely to change. This assumption ignores the fact that the schedule is attempting to predict how long it will take to complete an activity at some unknown time in the future,using an unknown crew composition, with variableexperience, and working. .3计划风险管理中英文对照外文翻译文献in unknown conditions. Risk management recognizes the uncertainty in duration estimating and provides a system to brain storm other risks that may occur during the project. Probability distributions are the best way to model planned activity durations, as noted by Hulett ‘‘The best way to understand the activity durations that are included in the schedule is as probabilistic statements of possible durations rather than a deterministic statement about how long the future activity will take.’’DEFINITION OF RISK TERMSThe Project Management Institute (PMI) defines project risk in its Project Management Body of Knowledge (PMBOK) as ‘‘an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality. A risk may have one or more causes and, if it occurs, one or more impacts.’’PMBOK adds ‘‘Risk conditions could include aspects of the project’s or organization’s environment that may contribute to project risk, such as poor projectmanagement practices, or dependency on external participants who cannot be controlled.’’Risk Management: A process designed to examine uncertainties occurring during project delivery and to implement actions dealing with those uncertainties in order to achieve project objectives The definition of risk management in PMBOK, 4th Edition, is: ‘‘systematic process of identifying, analyzing, and responding to project risk.’’. .4计划风险管理中英文对照外文翻译文献Risk definition by AACEi Cost Engineering Terminology7 is: ‘‘the degree of dispersion or variability around the expected or ‘best’value, which is estimated to exist for the economic variable in question, e.g., a quantitative measure of the upper and lower limits which are considered reasonable for the factor being estimated.’’Time Contingency: An amount of time added to the base estimated duration to allow for unknown impacts to the project schedule, or to achieve a certain level of confidence in the estimated duration.Probability: A measure of the likelihood of occurrence of anevent.Risk register: A checklist of potential risks developed during the risk identification phase of risk management.Risk allocation: A determination of how to respond to risks, which can include shifting risk, avoiding risks, preventing or eliminating risks, and incorporating risks into the schedule. Deterministic: A calculated approach to estimating single activity duration using work quantity divided by estimated production rate.Probabilistic: The determination of risk likelihood and consequences to establish duration ranges or risk-adjusted durations that can be used in a schedule in recognition that there are no certainties in estimating future durations. Monte Carlo analysis: A probabilistic approach to determining confidence levels of completion dates for a project schedule by calculating durations as. .5计划风险管理中英文对照外文翻译文献probability distributions.Probability distribution: The spread of durations in a statistically significant population that is used for the range of durations in probabilistic scheduling approaches.Confidence level: A measure of the statistical reliability of the prediction of project completion.What-if scenario: A modeling of a risk for use in a CPM schedule in order to predict the ramifications of an identified risk.Qualitative analysis: Occurring on the project, as well as assessing the severity of that risk should it occur and prioritizing the resultant list of risks.Quantitative analysis: The assigning of a probability to the qualitative description of the risk, ranking the risks, and calculating the potential impact from both individual risks as well as the cumulative effect of all risks identified. Exculpatory clauses: Disclaimer verbiage that is designed to shift risk. TYPES OF RISK IN CONSTRUCTION PROJECTSEverything that has ever gone wrong on a construction project is a potential risk on the next project. Many project managers instinctively develop a lessons-learned list of historical risks and take steps to minimize their exposure to those risks in the future.Risks vary by industry and even by construction project type as well as by personnel involved with the project. Aroadway or bridge project has a. .6计划风险管理中英文对照外文翻译文献different group of risks than a facility or building, and the selected contractors may have different degrees of influence on the level of risks to performance. If an owner attempts to save money in preconstruction services by limiting the extent of field investigation or development of as-built data, there will be a higher risk of discovery of unknown problems. The experience and competence of the architects and engineers handling the design of the project, as well as their quality control indevelopment of working drawings, directly affect the construction effort and, consequently, the risk associated with the plans and specifications.Even if the owner has been proactive in preconstruction investigation, there is always a risk of unforeseen conditions. This can be a function of the type of soils encountered, the local municipality, and its culture and history of keeping good records of obsolete utilities. If the city in which the project is to be built has a history of requiring contractors to remove all abandoned underground lines, there is a muchlower risk of underground conflicts.The selection of the project team can impact positively or negatively the probability of successful project completion. Design-bid-build projects that use procurement philosophies allowing all financially capable contractors to participate will likely experience a much higher level of risk to on-time performance than a procurement philosophy that requires qualification of proposed contractors to ensure that they have the appropriate experience and resources to construct the project. A single weak subcontractor on a project。