无为的风险

风险与收益天生就是一对孪生的兄弟，有收益就有风险出现的可能；也可以这样推理：大收益大风险，小收益小风险。我们也可以再把这个观点进一步放大，如果不要企业的收益是不是就没有风险，我们暂且不对这一逻辑推理进行评判。但我们必须承认这样一个事实：那就是持有这种观念的经营者的确存在，甚至具有一定的代表性。毫无疑问，不仅这种逻辑推理不存在，而且可以定义这是一种与市场经济完全背离的经营理念。但话又可以说回来，这种现象的产生是有一定的历史根源的。一是计划经济时期遗留下来的文化理念还在发生作用，     

The dispositif of risk management: Reconstructing risk management after the financial crisis

Despite its dubious role during the global financial crisis of 2008, risk management has continued its expansion. This paper addresses the question why risk management, in the face of its evident failure to manage risks during the crisis, has retained its importance even today. We build on the existing critical literature on risk management (Power, 2007) and advance it by introducing a more rigorous consideration of power. We refer to the notion of the “permanent state of exception” as conceptualized by the Italian social theorist Giorgio Agamben, 1998, Agamben, 2005 in order to argue that risk is a powerful social category as it reflects a potential exception, challenging norms as well as normalizing forms of control. We conclude that a dispositif of risk management, an assemblage of institutions, regulations and models, lies at the heart of risk management. This dispositif provides elites engaged in risk management with an argument that allows them – in exceptional situations – to take extraordinary measures which cannot be rescinded after the initial state of exception has ended. The logic of the state of exception can be used as a discursive resource and adds to, but also gradually replaces, other forms of management control. Our study contributes to management control theory by focusing on post-disciplinary forms of control and provides a novel focus on how elites use management control systems for their own interests.     

风险管理应朝哪个方向发展

前不久,在“全球风险协会对外经济贸易大学分会揭牌仪式暨风险管理论坛”上,来自各方面的专家,对风险管理纷纷发表意见.     

Corporate governance and risk management: The role of risk management and compensation committees

This paper examines the role of compensation and risk committees in managing and monitoring the risk behaviour of Australian financial firms in the period leading up to the global financial crisis (2006–2008). This empirical study of 711 observations of financial sector firms demonstrates how the coordination of risk management and compensation committees reduces information asymmetry. The study shows that the composition of the risk and compensation committees is positively associated with risk, which, in turn, is associated with firm performance. More importantly, information asymmetry is reduced when a director is a member of both the risk and compensation committees which moderate the negative association between risk and firm performance for firms with high risk.     

企业风险管理中的风险沟通机制研究

ERM是当今企业风险管理的核心标准,风险沟通是风险管理的重要方法,但企业风险沟通的研究尚不完备。本文将社会公共领域的风险沟通理论与COSO框架下的企业风险管理相结合,提出了一个风险沟通的理论假说,以全面风险感知、相互信任、伙伴关系和双向沟通模式作为该假说的四大支柱,以全面综合的方法,从企业内部(纵向)和企业外部(横向)两个维度构建了企业风险沟通体系,期望能够为企业层面的风险沟通发挥积极的作用。     

The decision to outsource risk management services

We apply transaction cost economics to identify factors influencing companies’ decision to internally generate or outsource risk management services. A unique sample is used which combines publicly available data with private information supplied by 281 Australian listed companies. We find that expenditure on research and development, greater technological uncertainty, more competitive environments, more overseas sales and transaction frequency are associated with less outsourcing of risk management services. Uncertainty due to environmental diversity is associated with more outsourcing of risk management services. Companies that outsource risk management services also have lower staff turnover and provide more specialised training and longer contracts for risk management suppliers.     

Crisis risk and risk management

We assess the state of knowledge about crisis risk and its implications for risk management. Data that became available after the global financial crisis show that some types of crises are predictable when accounting for interactions between risks. However, other types of crises do not seem predictable. There is no evidence that the frequency of economic and financial crises is increasing. While data show that an economic crisis is more likely following a political crisis, there is no comparable evidence for climate events. Strategies that increase firm operational and financial flexibility reduce the adverse impact of crises on firms.     

Expensing options solves nothing

The use of stock options for executive compensation has become a lightning rod for public anger, and it's easy to see why. Many top executives grew hugely rich on the back of the gains they made on their options, profits they've been able to keep even as the value they were supposed to create disappeared. The supposed scam works like this: Current accounting regulations let companies ignore the cost of option grants on their income statements, so they can award valuable option packages without affecting reported earnings. Not charging the cost of the grants supposedly leads to overstated earnings, which purportedly translate into unrealistically high share prices, permitting top executives to realize big gains when they exercise their options. If an accounting anomaly is the problem, then the solution seems obvious: Write off executive share options against the current year's revenues. The trouble is, Sahlman writes, expensing option grants won't give us a more accurate view of earnings, won't add any information not already included in the financial statements, and won't even lead to equal treatment of different forms of executive pay. Far worse, expensing evades the real issue, which is whether compensation (options and other-wise) does what it's supposed to do--namely, help a company recruit, retain, and provide the right people with appropriate performance incentives. Any performance-based compensation system has the potential to encourage cheating. Only ethical management, sensible governance, adequate internal control systems, and comprehensive disclosure will save the investor from disaster. If, Sahlman warns, we pass laws that require the expensing of options, thinking that's fixed the fundamental flaws in corporate America's accounting, we will have missed a golden opportunity to focus on the much more extensive defects in the present system.     

Dynamic risk management

Both financing and risk management involve promises to pay that need to be collateralized, resulting in a financing versus risk management trade-off. We study this trade-off in a dynamic model of commodity price risk management and show that risk management is limited and that more financially constrained firms hedge less or not at all. We show that these predictions are consistent with the evidence using panel data for fuel price risk management by airlines. More constrained airlines hedge less both in the cross section and within airlines over time. Risk management drops substantially as airlines approach distress and recovers only slowly after airlines enter distress.     

Debate: The need for procurement risk management

Improvement boards offer a new approach to supporting stronger performance by public service organizations, and especially those facing significant issues of change. They involve formalized peer challenge and support by senior politicians and managers from other agencies. The authors document early experiences with improvement boards in local government and draw conclusions for policy and practice. Improvement boards will have the most impact where the organization's leadership already has some understanding of the performance improvement task, and is able to position the board as part of a wider strategy for change.     

香港商业银行的风险监控管理

香港以私有制为基础，产权保护是企业的核心。因此，在高度法制化的社会里，为追逐和保护利润最大化，香港商业银行严格按监管当局的要求开展业务，并根据企业发展战略，实行严密的内部控制制度和程序。[编者按]     

The institutional work of hospital risk managers: democratizing and professionalizing risk management

The growing importance of risk management programs and policies in health care organizations has given rise to a new organizational figure, the risk managers. This paper seeks to better understand their role by looking at their risk work as a form of institutional work. From an inductive study of hospital risk managers in the Quebec health care sector, we provide a situated account of the risk work or ‘the effortful pattern of practices’ accomplished by hospital risk managers at the intra- and extra-organizational levels. The results show that they engage in two broader recursive forms of institutional work. At the intra-organizational level, it is by building bridges, autonomizing teams, legitimizing risk work, and pragmatizing interventions that hospital risk managers contribute to democratizing the risk management practices in their organization. At the extra-organizational level, it is by networking with colleagues, hybridizing knowledge, shaping identity, and debating solutions that they contribute to articulating a professionalization project. We argue that the recursive relationship between these two forms of institutional work, namely democratizing and professionalizing risk management, demonstrates how the risk work done at one level facilitates the risk work accomplished at the other. The paper provides three contributions. First, it opens the black box of the hospital risk managers’ roles by showing the complexity of their risk work, instead of formalizing expectations about their role in a normative way, as is generally the case. Second, this research provides evidence about how actors with limited collective power and resources such as hospital risk managers participate in disseminating risk management programs and policies. Third, the paper offers a multi-level understanding of the ways by which hospital risk managers work to institutionalize risk management program and policies. The paper ends by discussing the importance of gaining a better understanding of the risk managers’ role and their institutional work.     

现代金融风险管理的发展与挑战

风险管理已成为人类文明进步的标志 以前,金融风险在人们眼里是事后的问题,就是处理损失与不良资产,这种对于风险的认识已经持续了很长时间.伴随着这些年风险管理的发展,很多人已开始把风险的概念回归到它正确的位置.但是,西方教科书里比较常见的对于风险的定义,损失的可能性、波动性以及不确定性这三个概念,目前仍然没有一个版本能够统一人们对于金融风险的认识.     

住房抵押贷款提前还贷风险管理研究

从现代金融和风险管理角度看,住房抵押贷款提前还贷对商业银行是一种期权性风险,对其收取违约金并非国际惯例,也并不是有效的风险补偿方式。商业银行应适应市场竞争需要,接受风险转嫁并提供风险管理服务,运用风险定价技术在按揭交易价格中对提前还贷风险进行补偿。对于已承担的风险,商业银行应构建抵押贷款提前还贷的数据库,通过表内对冲和市场对冲,推出多样化的住房抵押贷款方式,积极推进住房抵押贷款证券化,从而最终增强银行的盈利来源和核心竞争力。     

The paradoxes of risk management in the banking sector

This paper uses empirical evidence to examine the operational dynamics and paradoxical nature of risk management systems in the banking sector. It demonstrates how a core paradox of market versus regulatory demands and an accompanying variety of performance, learning and belonging paradoxes underlie evident tensions in the interaction between front and back office staff in banks. Organisational responses to such paradoxes are found to range from passive to proactive, reflecting differing organisational, departmental and individual risk culture(s), and performance management systems. Nonetheless, a common feature of regulatory initiatives designed to secure a more structurally independent risk management function is that they have failed to rectify a critical imbalance of power - with the back office control functions continuing to be dominated by front office trading and investment functions. Ultimately, viewing the 'core' of risk management systems as a series of connected paradoxes rather than a set of assured, robust practices, requires a fundamental switch in emphasis away from a normative, standards-based approach to risk management to one which gives greater recognition to its behavioural dimensions.     

The pernicious effects of contaminated data in risk management

Banks hold capital to guard against unexpected surges in losses and long freezes in financial markets. The minimum level of capital is set by banking regulators as a function of the banks’ own estimates of their risk exposures. As a result, a great challenge for both banks and regulators is to validate internal risk models. We show that a large fraction of US and international banks uses contaminated data when testing their models. In particular, most banks validate their market risk model using profit-and-loss (P/L) data that include fees and commissions and intraday trading revenues. This practice is inconsistent with the definition of the employed market risk measure. Using both bank data and simulations, we find that data contamination has dramatic implications for model validation and can lead to the acceptance of misspecified risk models. Moreover, our estimates suggest that the use of contaminated data can significantly reduce (market-risk induced) regulatory capital.     

重论全面风险管理体系建设

商业银行实施全面风险管理，旨在保护存款人及其他利益关系人的利益，保护股东利益，增加股东价值和维护银行声誉。     

试论构建我国农业巨灾风险管理策略——基于风险转嫁视角

农业巨灾保险发展滞后和长期以来形成的政府财政救济和灾民损失自担的风险自留管理策略,使我国农业巨灾风险无法有效分散,巨灾损失不能及时补偿,农业巨灾已经严重威胁着我国农业及整个国民经济的发展。通过对美、日、法三国农业巨灾风险管理策略的分析,基于中国农业发展的实际,以发展我国农业巨灾保险为实施农业巨灾风险管理的基础平台,构建以风险转嫁为主、风险控制为辅的综合农业巨灾风险管理策略。