財(cái)務(wù)的風(fēng)險(xiǎn)和管理：廣大企業(yè)內(nèi)部控制程序最好的價(jià)格指導(dǎo)方針

1、ri sk and ma n a g e me n t account i ng: best practice gui del i nesf or ent er pr i se-wi de i nt er nal cont r ol pr ocedur espaul m collier, anthony j berry, gary t burke aston business schoolintroductionthis executive summary presents the findings from two research projects on risk management w

2、hich were funded by grants provided by cima the first grant was for a pilot study comprising four mini-case studies our major focus in that study was on how risk impacted upon budgeting. the second grant was for a comprehensive survey and analysis of risk management in organizations and in particula

3、r how risk management impacted on both internal controls and on the role of the management accounta nt. following the statistical an alysis of the survey, in terviews were con ducted with survey respondents and risk management professionals in order to help us explain our findings this summary there

4、fore provides the results of these three phases of our research. a review of the practitioner and academic literature as it affects governanee, risk management and management accounti ng. the four exploratory case studies a comprehensive description of the survey design and results excerpts from the

5、 interview data in relation to the survey results a summary of the research findings. implications for best practice.risk and risk managementrisk has traditi on ally bee n defi ned in terms of the possibility of dan ger, loss, injury or other adverse conseque nces in accounting and finanee risk is c

6、onsidered in terms of decision trees, probability distributions, cost-volume-profit analysis, disco unted cash flow, capital assets prici ng models and hedgi ng techniques, etc.risk management is the process by which organizations methodically address the risks attaching to their activities in pursu

7、it of organizational objectives and across the portfolio of all their activities. effective risk management involves: risk assessment; risk evaluation; risk treatment; and risk reporting. the focus of good risk management is the identification and treatment of those risks in accordanee with the orga

8、nization's risk appetite the enterprise risk management approach is intended to align risk management with business strategy and embed a risk management culture into business operationsa well known and respected risk management approach has been developed by coso. the coso (2004) model of intern

9、al control comprises eight comp on ents:1 the internal environment sets the basis for how risk is viewed and the organizational appetite for risk.2. organizational objectives must be consistent with risk appetite3. events affecting achievement of objectives must be identified, distinguish!ng between

10、 risks and opportunities.4. risk assessment involves the analysis of risks into their likelihood and impact in order to determine how they should be man aged 5. management then selects risk responses in terms of how risks may be mitigated, transferred or held6. control activities in the form of poli

11、cies and procedures ensure that risk responses are carried out effectively.7. information needs to be captured and communicated as the basis for risk management.8. the enterprise risk management system should be regularly monitored and evaluated.case study findings: process and content of budgeting

12、the purpose of the exploratory case studies was to understand the relationship between risk and budgeting. this involved con sideration of how risk was en acted in budgeting and how man agerial perceptions of risk influe need the process and content of budgets the fin dings from the four case studie

13、s (collier & berry, 2002) reveal differences based on the con texts of unique circumstances, histories and tech no logies of the organizations the four cases illustrated how the different social con structions of participants in the budgeting process influe need the domai ns - or alternative len

14、ses 一 through which the process of budgeti ng took place and how the con tent of the budget was determi ned. the purpose and use of budgets was constructed in social settings such that different functional groups (accountants, sales, operations, etc.) saw budgets in different ways (e.g as a rational

15、 planning device, as a political tool to dominate others, or as a method of enforced cost reduction, etc.)four domains of risk were observed, reflecting the different social constructions of participants, financial, operational, political and personal. the process of budgeting in all four cases was

16、characterized as risk considered, in which a top down budgeting process reflected negotiated targets by contrast, the content of budget documents was risk excluded, being based on a set of single point estimates, in which all of the significant risks were excluded from the budget itself the separati

17、on of budgeting and risk management has significant consequences for the management of risk as the process of budgeti ng needs to be con sidered separately from the con tent of budget docume nts.objective and subjective riskdespite the traditional accounting and finance emphasis, many risks are not

18、objectively identifiable and measurable but are subjective and qualitative. for example, the risks of litigation, economic downturns, loss of key employees, natural disasters, and loss of reputation are all subjective judgments risk is therefore to a considerable extent socially constructed and resp

19、onses to risk reflect that social construction.there is an important distinotion between objective, measurable risk and subjective, perceived risk. risk can be thought about by reference to: the existence of internal or external events; information about those events (i.e their visibility); manageri

20、al perception about events and information (i.e. how they are perceived); and how organizations establish tacit/informal or explicit/formal ways of dealing with risk.adams (1995) has shown that every one has a prope nsity to take risks (from being risk averse to risk seeki ng), but the prope nsity t

21、o take risks varies from person to person, being influe need by the potential rewards of risk taki ng and percepti ons of risk which are in flue need by experie nee of decide nts： hence individual risk taki ng represents a bala nee between perceptions of risk and the propensity to take risks.prior r

22、esearch shows that we know little about how managers consider risks but managers do take risks, based on risk preferences at individual and orga nizati on al levels. some of these risk preferences vary with national cultures while others are individual traits .individual traits may emphasize risk av

23、erse or risk seeking behavior while some national cultures may also emphasize one or other of these traits. risk perception is a cultural process, with each culture, each set of shared values and supporting social institutions being biased toward highlighting certain risks and downplaying others. we

24、 found that this socially constructed view of risk was a better reflection of organizational risk management than rational modeling approaches typified by text books and professional training as it reflected the subjectivity of risk perceptions and preferences, cultural constraints and individual tr

25、aits the four ideal types' developed by adams (1995) and adapted in the full report as risk stance: risk skeptical (or fatalists), hierarchies, individualists, and risk aware (or egalitarians), was helpfui in our research in understa nding in dividual and orga nizational risk manageme nt practic

26、es. the risk skeptical are resigned to their fate and see no point in trying to change it, so managing risks is irrelevant. hierarchies are always evident in large organizations with strong structures, procedures and systems and are most comfortable with a bureaucratic risk management style using va

27、rious risk management techniques. individualists are enterprising, self-made people, relatively free from control by others, to whom risk management is typically intuitive rather than systematicrisk aware is most comfortable in situations of risk sharing through insurance, hedging or transfer to oth

28、er organizations. our survey found that the propensity of managers to take risk and the risk stance (the attitude to risk management in terms of the four ideal types) did influence the risk management practices in userisk management surveyexternal regulati onfollowing the case studies, it was decide

29、d to undertake a survey of organizations in the uk to examine risk management practices and the role of management accountants in risk management. the relationships we conjectured during our research design were:perceived environ mental un certai ntyrisk stanceriskimprovedman ageme ntperforma neevpr

30、acticessupporting proceduressubsequently, we conducted a survey of cima members, finance directors of ftse listed companies and chief executives of smes and an alyzed 333 usable responses, a resp onse rate of 11%.we subsequently in terviewed a number of respondents to aid our interpretation of the s

31、urvey analysis.risk management practiceswe found that risk management systems appeared to improve the organizational capacity to process information, both through vertical information systems but also through the role of risk managers. their role was a cross-functional one, supporting the distinctio

32、n made between eventuncertainty, commonly viewed as risk, and informatiorruncertainty (galbraith, 1977: p.4).我們發(fā)現(xiàn)的風(fēng)險(xiǎn)管理體系似乎有助丁改善組織能力來處理資訊，同時(shí)通過垂直佶息系統(tǒng)還可以通過風(fēng)險(xiǎn)管理人的角色。他 們的角色是一個(gè)跨部門.event-uncertainty支持之間的區(qū)別,通常視為風(fēng)險(xiǎn),information-uncertainty(加爾布雷斯,1977:頁)。the survey found that the methods for risk management th

33、at were in highest use were the more subjective ones (particularly experience), with quantitative methods used least of all. these results suggested a heuristic method of risk management is at work in contrast to the systems-based approach that is associated with risk management in much professional

34、 training and in the professi on al literature the survey responses implied that traditi onal methods of man aging risk through tran sfer (insuranee, hedging, etc.) were still seen as more effective than more proactive risk management processes 調(diào)查發(fā)現(xiàn)丿凡險(xiǎn) 管理方法,在最高使用更主觀的(特別是經(jīng)驗(yàn))，用定最的方法尤其不應(yīng)該。這些結(jié)果提出了一個(gè)啟發(fā)式的

35、風(fēng)險(xiǎn)管理工作systems-based方 法相比，該方法與風(fēng)險(xiǎn)管理相關(guān)專業(yè)培訓(xùn)和多專業(yè)文學(xué)。這項(xiàng)調(diào)查的反應(yīng)暗示傳統(tǒng)方法管理風(fēng)險(xiǎn)通過轉(zhuǎn)移(保險(xiǎn)、套期保值,等等)仍視為 比更積極更冇效的風(fēng)險(xiǎn)管理過程。risk was seen on an individual level as much about achieving positive consequences as avoiding negative ones. however, organizational risk management was reported to be more about avoiding negative cons

36、equences 風(fēng)險(xiǎn)便出現(xiàn)在盡可能多的個(gè) 人的角度對(duì)實(shí)現(xiàn)正面彩響,如避免消極的一面。然而，組織風(fēng)險(xiǎn)管理被報(bào)道在更多關(guān)于避免的負(fù)面后果。in terms of methods of risk management，our interviewees advised us that keeping things simple was best, although more sophisticated techniques were more likely to be used at lower organizational levels this was largely because busin

37、ess was so complex and supposedly 'objective1 methods may not be as reliable as they are sometimes perceived to be.從丿凡險(xiǎn)管理的 方法,我們建議我們讓受訪者事悄簡(jiǎn)單是最好的，但更復(fù)雜的技術(shù)是更可能被用來在組織水平較低。這主要是因?yàn)闋?zhēng)業(yè)是如此復(fù)雜，想象 中應(yīng)該是“客觀的方法可能不可靠的因?yàn)橛袝r(shí)候他們被認(rèn)為是。the trends in risk management were reported to have shifted from being considered ta

38、citly to being considered more formally and the survey results reflected the respondents, expectation that this trend will shift markedly to a more holistic approach with risk management being used to aid decision making. interviewees provided examples of the beginning of a shift to a more proactive

39、 stance towards risk management where this was seen to deliver business benefits. there was a strong emphasis from our interviewees that this shift was likely to in crease with a move away from the lick box' approach. it was accepted by our interviewees that there was a need to culturally embed

40、risk into organizations as a taken-for-granted practice. 在風(fēng)險(xiǎn)管理趨勢(shì)的報(bào)告,將被視為默許，被認(rèn)為是更正式的調(diào)杳結(jié)果反映了,受訪者的期望，這個(gè)趨勢(shì)將會(huì)轉(zhuǎn)移到一個(gè)更明顯的整體性與 風(fēng)險(xiǎn)管理被用于救援決策。提供的例了被采訪者的開始轉(zhuǎn)向積極的態(tài)度，這是對(duì)風(fēng)險(xiǎn)管理提供了商業(yè)利益。有很強(qiáng)的重點(diǎn)從我們的受訪 者，這種轉(zhuǎn)變是可能增加與離開“滴答響盒”的做法。這是我們的受訪者認(rèn)可，有必要在文化上嵌入風(fēng)險(xiǎn)團(tuán)體視為理所當(dāng)然的實(shí)踐。costs and benefits of risk management風(fēng)險(xiǎn)管理的花費(fèi)和效益risk management m

41、ay be seen largely as a compliance exercise however, half of the respondents reported that the benefits exceeded the costs, with forty percent reporti ng that ben efits and costs were n eutral. although this was a subjective judgment, the vice president of a europea n federatio n of risk man agement

42、 associations summed up the ben efits as: 4an orga nizati on that doesrft issue profit warnings, doesnl have major unjustified exceptional costs on its annual accounts because they thought about things in advance. they have managed acquisitions and mergers proactively to ensure that they have met th

43、eir targets and objectives and havens impaired the goodwill or asset values these are some of the things you might see 風(fēng)險(xiǎn)管理可能被認(rèn)為是i種符合性的運(yùn)動(dòng)。然而,一半的受訪者，利益超過了成本，百分z四i的人稱自己利益和成本，是中立的。雖然這 是一個(gè)主觀判斷，副總統(tǒng)的歐洲聯(lián)盟的風(fēng)險(xiǎn)管理協(xié)會(huì)總結(jié)了福利:“沒有問題的一個(gè)組織盈利警告，就沒有必耍的特殊費(fèi)用主耍在其年度 賬,因?yàn)樗麄冋J(rèn)為的申悄捉前。他們能積極收購和合并，以確保他們遇到了他們的目標(biāo)和目的，并沒有彩響的商粹或資產(chǎn)價(jià)值。這是

44、一些 你可能看到的東西。a profitable and successful compa ny, excellent reputation, corporate social responsibility 一 you would n't see them being fingered as people who are exploiting the third world, child labor, etc. 一 all those things sort of come out of it. they have got their supply chain issues sorte

45、d out. i guess out in the city analysts are comfortable with what they are hearing and probably their estimates are pretty close to what the organization achieves. good credit rating, because they can see that they are good value and their ratios are all good/ 個(gè)冇利町圖的和成功的公司，良好的信譽(yù)，公司的社會(huì)責(zé)任你不會(huì)看見它們被指認(rèn)的人正

46、在利用第三世界，童工，等等，所冇這些事情類出來了。他們冇他們的供應(yīng)鏈問題弄淸楚。我想在這個(gè)城帀分析師舒適與他們所聽到 的,也許是他們的估計(jì)是非常接近的組織就達(dá)到了。良好的信貸評(píng)級(jí)，因?yàn)樗麄兛梢钥闯鏊麄兪呛玫膬r(jià)值的，而口他們的比例都good. * governance and the drivers of risk management風(fēng)險(xiǎn)管理的控制和驅(qū)動(dòng)the combined code on corporate governance ( financial reporting council, 2003) is an important motivator for risk manageme

47、nt and internal control practices, requiring boards to maintain a sound system of internal control to safeguard shareholders1 investment and the compa ny's assets .in ternal control is the whole system of internal controls, financial and otherwise, established in order to provide re as on able a

48、ssurance of effective and efficient operatio n; internal financial control and complianee with laws and regulations. however as profits are, in part, the reward for successful risk taking in business then the purpose of internal control is to help manage and control risk appropriately rather than to

49、 eliminate it.結(jié)合有關(guān)公司 治理的代碼(財(cái)務(wù)報(bào)告理事會(huì),2003)是-種重要的動(dòng)因及內(nèi)部控制風(fēng)險(xiǎn)管理實(shí)踐，需要板維持良好的內(nèi)部控制制度保障股東投資和公司 的資產(chǎn)。內(nèi)部控制是內(nèi)部控制的整體系統(tǒng)，財(cái)政和其它方面，建立了以提供合理保證冇效和高效的操作、內(nèi)部財(cái)務(wù)控制和遵守法律法規(guī)， 制定木辦法。然而隨著公司的利潤，在某和|程度上，成功的冒險(xiǎn)獎(jiǎng)勵(lì)在那時(shí)商業(yè)內(nèi)部控制的h的是幫助管理和控制風(fēng)險(xiǎn)，而不是適當(dāng)?shù)呐?除。given the significant public visibility of corporate governs nee requirements, our survey f

50、indings suggested that risk management may be seen largely as a complianee exercise management action to decrease the likelihood of risk was given the highest ranking by respondents, rather than action to achieve organizational objectives risk still appears to be dominated by downside concerns and r

51、isk transfer through hedging and insurance remains dominant over proactive risk management practices.給予重大公共可見性企業(yè)的公司治理的耍求，我們的調(diào)查結(jié)果表明，風(fēng)險(xiǎn)管理可能被認(rèn)為是一種符合性的運(yùn) 動(dòng)。管理行動(dòng)的可能性減少風(fēng)險(xiǎn)得到了:®高排名的人，而不是行動(dòng)實(shí)現(xiàn)組織目標(biāo)。風(fēng)險(xiǎn)仍然占主導(dǎo)地位的下滑似乎關(guān)切和風(fēng)險(xiǎn)轉(zhuǎn)移通過 套期保值和保險(xiǎn)仍在積極主導(dǎo)的風(fēng)險(xiǎn)管理方式。contrary to expectations that risk management practices vary bet

52、ween organizations as a result of their size or industry sector, there was little evidenee of any contingent explanations for risk management based on either size or business sector. similarly, if somewhat surprisi ngly, resp on dents' perceptions of the environme ntal uncertainty and risk faci

53、ng their orga nizati ons did not appear to influe nee basic risk management practices in those orga nizati ons.出乎意料，風(fēng)險(xiǎn)管理實(shí)踐冇不 同的組織由于他們的人小或行業(yè)，兒乎沒冇任何的證據(jù)或風(fēng)險(xiǎn)管理的基礎(chǔ)上解釋要么人小或商業(yè)領(lǐng)域。同樣地，如果多少冇些令人驚訝 的是,受訪者的對(duì)其的感知壞境的不確定性和風(fēng)險(xiǎn)，組織面臨的影響某木沒有出現(xiàn)在這些組織風(fēng)險(xiǎn)管理實(shí)踐。the survey results suggested that risk management was driven by an

54、institutional response to calls for improved corporate governance which may reflect both protection and economic opportunity. the external drivers of risk management practices were observed to be external stakeholders and the demands of regulators and legislation, enacted through boards of directors

55、 which were likely to exert in flue nee over the policies and methods adopted for risk man agement.調(diào)查結(jié)果農(nóng)明，受風(fēng) 險(xiǎn)管理制度回應(yīng)呼叮改善公司治理，既反映了保護(hù)與經(jīng)濟(jì)機(jī)會(huì)。外部風(fēng)險(xiǎn)管理實(shí)踐的司機(jī)被觀察到外部利益相關(guān)者的需求以及對(duì)監(jiān)管機(jī) 構(gòu)和立法,制定通過董事會(huì)所可能產(chǎn)生的影響，采用政策風(fēng)險(xiǎn)管理方法。financial market risk金融市場(chǎng)風(fēng)險(xiǎn)in relation to financial market risk, the implication of our regression

56、analysis is that the risk aware stance, in attending to both protection and to opportunity, does create organizations to which the capital markets award a lower beta, and hence a higher value. this led us to infer that the requirements of corporate governance do not necessarily have to work in oppos

57、ition to economic rationales of risk as opportunity and adventure. however, given the small samples this observation is indicative only and would need to be replicated on a larger scale.仃關(guān)金融市場(chǎng)風(fēng)險(xiǎn)，寓意我們的冋歸分析風(fēng)險(xiǎn)意:識(shí)的姿態(tài)，在保護(hù)和照顧兩 個(gè)機(jī)會(huì)，并創(chuàng)造組織頒發(fā)個(gè)低資木市場(chǎng)測(cè)試，因此一個(gè)更鬲的價(jià)值。這讓我們推斷公司治理的要求無需反對(duì)經(jīng)濟(jì)原理工作的機(jī)會(huì)與風(fēng) 險(xiǎn)的冒險(xiǎn)。然而，考慮到這個(gè)觀察是小樣本的

58、象征，只協(xié)要復(fù)制的規(guī)模。risk and management accountants風(fēng)險(xiǎn)和管理會(huì)計(jì)man agement accounta nts, who's professi onal training included the an alysis of i nfo rmati on and systems, performs nee and strategic management, can have a significant role to play in developing and implementing risk management and internal co

59、ntrol systems within their organizations (chartered institute of management accountants, 2002).管理會(huì)計(jì)，包括分析專業(yè)培 訓(xùn)信息和系統(tǒng)，性能和戰(zhàn)略管理，才能有一個(gè)重要的作用，在發(fā)展中國家和執(zhí)行風(fēng)險(xiǎn)管理和內(nèi)部控制制度在他們的組織(特許會(huì)計(jì)師管理 學(xué)院,2002年)。the research results have some significant implications for the role of accountants. the responses reveal that line managers were mostly concerned with identifying risk, analyzing and reporting on risk. finance directors had a major role in analyzing and assessing, and reporting