外文文獻(xiàn)翻譯保險(xiǎn)公司風(fēng)險(xiǎn)管理

1、保險(xiǎn)公司風(fēng)險(xiǎn)管理外文文獻(xiàn)翻譯(含：英文原文及中文譯文) 文獻(xiàn)出處： Beasley M S, Clune R, Hermanson D R. Enterprise risk management in InsuranceJ Journal of Accounting and Public Policy, 2014,24(6):521-531英文原文 Enterprise Risk Management in InsuranceBeasley, Clune, HermansonTrust is a key determinants of any financial transaction. Ex

2、changes in insurance markets are a particular type of financial transaction where a current payment the premium is exchanges for a promise of a future, contingent payment the indemnity due when the casualty occurs. We argue that trust is key in fostering these type of exchanges. Trust enters two way

3、s: because it affects the willingness of the company to supply insurance when the insured can cheat by claiming indemnities that are not due. Because it discourages people from purchasing insurance if they do not trust the company promise of readily paying the indemnity when due. We prove theoretica

4、lly and empirically the relevance of trust in insurance exchanges and discuss policies to foster it.Enterprise Risk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), howev

5、er, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Ris

6、k can be defined as factors which prevent an organization in achieving its objectives and risks affect organizations holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all

7、general management activities.Moreover, risk management should not be a separate function of the business process;rather, managing downside risk and taking the opportunities from upside risk should be the key management goals. Consequently, ERM is believed as an approach to risk management, which pr

8、ovides a common understanding across the multidisciplinary groups of people of the organization. ERM should be proactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may f

9、ail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisciplinary exercise grounded on a holistic framework.Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Managemen

10、t, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in t

11、erms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories

12、 (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges

13、 of this thesis is to establish the key features of such a framework to promote the practice of ERM.Multidisciplinary Views of RiskThe objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance

14、industry at the current time in the name of ERM. The intention is to minimize the gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.In recent years ERM has emerged as a topic for discussion in the financial community,in pa

15、rticular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included the ERM concept in their rating criteria. Regulators focused more on

16、the risk management capability of the financial organizations. Academics are slowly responding on the management of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM

17、 within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holistic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psych

18、ology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silos. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a comm

19、on and interdisciplinary language for ERM.Risk in FinanceIn finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance fra

20、mework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return.

21、In addition, systematic risk is a non-increasing function of a firms growth in terms of earnings. Another established concern in finance is default risk and it is argued that the performance of the firm is linked to the firms default risk. A large part of finance literature deals with several techni

22、ques of measuring risks of firms investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addition to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously wi

23、th the recognition of option pricing theory.Risk in EconomicsRisk in economics is understood within two separate (independent) categories, i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of

24、multiple risks.Expected Utility Theory argues that peoples risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size

25、 of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In economics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated

26、on the study of decision making behavior on lotteries and other gambles. Risk in PsychologyWhile economics assumes an individuals risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior systematically forms such beliefs. Psychology talks about the

27、risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and associations that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manifests itself in the rela

28、ted notion of “regret.” According to Willett; “risk affects economic activity through the psychological influence of uncertainty.” Managers attitude of risktaking is often described from the psychological point of view in terms of feelings.Psychologists argue that risk, as a multidisciplinary concep

29、t, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception plays a central role in the psychological research on risk, where the key concern

30、is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundamental knowledge of how emotions are linked to decision making.Risk in SociologyIn sociology risk is a socially constructed phenomenon (i.e., a social problem) and def

31、ined as a strategy referring to instrumental rationality. The sociological literature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natural/chemical d

32、isasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions

33、are monitored by state regulators and supervisors.Nevertheless, identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk.Convergence of Multidisciplinary Views of RiskDifferent disciplinary views of risk are obvious. Whereas, economics and

34、finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components. Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral v

35、alue (i.e., sacrifice) on the risk related activities of the firm. In addition, sociologists criticism of economistsconcern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(i.e., narrow

36、perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals formal rational action in the understanding of the way they actually think and behave (i.e., irr

37、ationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under uncertainty.The origin of this convergence was due to the discove

38、ry of the prospect theory in the fulfillment of the shortcomings of von Neumann-Morgensterns utility theory for providing reasons of human (irrational) behavior under uncertainty (e.g., arbitrage).Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing

39、into a common metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there exist overlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is

40、 to obscure the hidden dependencies of risk beyond disciplinary silos.Insurance Industry PracticeThe practice of ERM in the insurance industry has been drawn from the authors PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were

41、studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key personnel of the CASES in between th

42、e end of 2004 and the beginning of 2006. The comparative analysis (compare-and-contrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of th

43、e data.Findings based on the data are arranged under five dimensions. They are understanding;evaluation; structure; challenges, and performance of ERM. Understanding of ERMIt was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Intere

44、stingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the fina

45、ncial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, company secretaries, and operational managers; whose job is related to the human, system and compliance related issues of risk are more likely to see ERM as a process.ERM: A ProcessWithin the unde

46、rstanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches of ERM.The analysis found four key concepts of ERM. They are harmonization, standardizati

47、on,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not exist within the CASES, rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts in

48、cluding their linkages is essential for designing an optimal ERM system.Linkages Amongst the Four ConceptsAlthough harmonization and standardization are seen apparently similar respondents view them differently. Whereas, harmonization allows choices between alternatives,standardization provides no f

49、lexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted depending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing

50、 divergence to bring a state of comparability, standardization does not necessarily consider existing conventions and definitions. It focuses on a common standard, (a “top -down” approach). Inde ed, integration of competent policies and processes,models, and data (either for management use, complian

51、ce and reporting) are not possible for global insurers without harmonizing and standardizing them. Hence, the research establishes that a sequence (i.e., harmonization, standardization, integration,and then centralization) is to be maintained when ERM is being developed in practice (from an operatio

52、nal perspective). Above all, the process is found important to achieve a diversified risk culture across the organization to allocate risk management responsibilities to risk owners and risk takers.It has long been recognized that trust is a key ingredient in fostering economic and financial transac

53、tion and achieving business success. Years ago, Nobel prize Kenneth Arrow (1972), after recognizing the pervasiveness of mutual trust in commercial and non-commercial transactions, went so far as to state that “it can be plausibly argued that much of the economic backwardness in the world can be exp

54、lained by the lack of mutual confidence”. Since then plenty of evidence has shown that aggregate trust and aggregate economic performance are linked by a strong positive relationship. In addition, in high trust countries corporations can grow larger (La Porta et. al. (1997) and stock markets and fin

55、ancial markets can prosper (Guiso et. al., 2009). As Arrow noticed, trust, while being an ingredient in most exchanges, it is likely to be particularly important in those transactions that involve an element of time. Financial transaction, being all exchanges of money over time, should be particular

56、ly dependent on trust. In fact any financial transaction, being it a loan, a purchase of a stock of a listed company, the investment in the bond of a corporation or a government or the purchase of an insurance policy, has a fundamental characteristic: its is an exchange of money today against a prom

57、ise of (more) money in the future. But what leads one to believe that promise and make the exchange actually possible? This is trust.Since insurance exchanges are financial exchanges, also these exchanges are trust dependent. In insurance contracts trust is entailed in two ways. First, the insurer w

58、hen entering the contract and paying the insurance premium upfront has to trust that the insurance company will pay the indemnity promptly in the case the casualty actually occurs at some time in the future. Second, the insurance company has to trust that the insurer, once the premium is paid, does

59、not act so as to raise the risk of the casualty by adopting a more risk-taking behavior. This type of risk falls under the name of moral hazard and may be cautioned against by pricing it into the premium. Trust is entailed also because the insurer can cheat the company by pretending that a casualty actually has occurred when it did not, or by shamming a casualty or by aggravating its consequences. The possibility of frauds together with limited legal enforcement implies that the willingness of an i