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注会综合阶段英语水平提升班——第二单元

t-admin154 网校老师 发表于 2017-10-29 16:03:57 | 评论:0  查看:513次 [注会英语]
Unit 2   Risk management
一、Key terms
Political risk                         政治风险
Country risk                         国家风险
Project risk                         项目风险
Legal/compliance risk         法律/合规风险
Operational risk                 操作风险
Commodity risk                     产品风险
Foreign exchange risk        外汇风险
Floating rate                         浮动利率
Fixed rate                                 固定利率
Liquidity risk                         流动性风险
Credit risk                     信用风险
Strategic risk                         战略风险
Reputation risk                 声誉风险
Risk appetite                         风险偏好
Risk acceptance                 风险接受
Risk avoidance                     风险规避
Risk mitigation                 风险缓释
Risk transfer                         风险转移
Risk attitude                         风险态度
Financial instrument         金融工具
Derivatives                         衍生品
Hedging                                 对冲/套期
Forward contract                 远期合约
Swap                                         掉期/互换
Options                                 期权
Call options                         看涨期权
Put options                         看跌期权
Futures                                 期货
Exercise price                         行权价格
Spot rate                                 即期汇率
Forward rate                         远期汇率
Premium/discount                升水/贴水
二、Key points
1. Risk is a condition in which there exists a quantifiable dispersion in the possible results of any activity. The level of risk that an organization bears relates to the level of return it desires.
风险是指任何活动可能出现结果的一种可以量化的分布状态。一个组织承受的风险水平与它期望的回报相关。
2. Risks can be classified in various ways, including financial, legal, IT, operational, fraud and reputation.
风险可以有多种分类,包括财务风险,法律风险,信息技术风险,经营风险,舞弊风险和名誉风险。
3. Risk analysis involves identifying, assessing, profiling and prioritization, and consolidation risks.
风险分析包括:风险识别,风险评估,风险评级和风险合并。
4. Management responses to risk are not automatic, but will be determined by their own attitudes to risk, which in turn may be influenced by shareholder attitudes and cultural factors.
管理层对风险的应对不是自动的,取决于他们对待风险的态度,而他们的态度又要受到股东的态度和文化因素的影响。
5. Methods for dealing with risk include risk avoidance, risk reduction, risk acceptance, and risk transference.
风险应对策略包括风险规避、风险降低、风险接受和风险转移。
三、Reading materials
1. Project risk
1)Project-specific risk
The project-specific risk for an individual investment project occurs because the cash flows from the project might be higher or lower than expected. The cash flows might have been estimated incorrectly, such as an under-estimate (低估) of operating costs or an over-estimate (高估)of market demand. Other risk factors specific to a project could be the location of the project, the quality of personnel, or the reliability of the equipment to be used.
(2)Competitive risk
This is the possibility of unexpected effects on the project cash flows due to the actions of competitors.
(3)Industry-specific risk
This is the risk of unexpected changes to a project’s cash flows from events or changing circumstances in the industry in which the investment is made. Unexpected changes can arise, for example, due to new technology, or a change in the law or a rise or fall in the price of a key commodity.
(4)Market risk
This refers to changes that could occur in market conditions,that will affect the cash flows from the project. These could be unexpected changes in interest rates (利率), or in the rate of inflation (通货膨胀率), or in the state of the economy.
2. Trading risks
Both domestic and international traders will face trading risks:
1)Physical risk: the risk of goods being lost or stolen in transit (运输途中), or the documents (单据) accompanying the goods going astray.
(2)Credit risk: the possibility of payment default (违约)by the customer.
(3)Trade risk:the risk of the customer refusing to accept the goods on delivery or the cancellation of the order in transit.
(4)Liquidity risk (流动性风险): the inability to finance the credit.
3. Cultural, country and political risks
Where a business trades with or invests in a foreign country, cultural risk is introduced by the existence of different customs, laws and language.
Country risk is the risk associated with undertaking (从事) transactions with or holding assets in a particular country. Sources of risk might be political, economic or regulatory instability affecting overseas taxation, repatriation of profits (利润汇回), nationalization (国有化), currency instability etc.
Political risk is the risk that political action will affect the position and value of a company.
4. Currency risk
Currency risk is the possibility of loss or gain due to future changes in exchange rates (汇率).
5. Interest rate risk
As with foreign exchange rates, future interest rates cannot be easily predict. If a firm has a significant amount of variable floating rate (浮动利率) debt, interest rate movements will give rise to uncertainty about the cost of servicing this debt. Conversely, if a company uses a lot of fixed-rate (固定利率)debt, it will lose out if interest rates begin to fall.
6. Technological risk
All businesses depend to some extent on technology. As technology evolves and develops, firms can find themselves using out of date equipment and marketing methods which may leave them at a competitive disadvantage (竞争劣势). Products in a high-tech industry have very short life-cycles, and a firm must recognize and plan for continual replacement and upgrading of products if it is not to lose market share.
四、Practice question
How the codes of corporate governance can assist in managing the risks?
1. Management should identify (识别)and evaluate (评价) the risks to which they will be exposed in the achievement of their corporate objectives. These will include both the traditional areas of risk discussed above, but also those increasingly arising from intangible assets, such as reputation and branding.
2. Risk control should be embedded in (根植于)the culture and processes of the business, rather than being the subject of a completely separate management system. Each person in the organization should be aware of, and manage the significant risks related to the tasks they perform.
3. Directors should continually review and monitor risk control issues. They should regularly review reports on internal control from line managers (直属经理)and, where appropriate, from internal auditors and other specialists. Regular discussion of risk and control issues at board meetings should be encouraged.
4. Risk analysis and assessment should form part of the evaluation of every major capital investment or proposed acquisition.
5. Financial risk analysis will very much depend upon commercial judgment, but should include assessment of effect on cash flow, profitability, liquidity and gearing.
6. The relative likelihood of the events giving rise to the risks also needs to be assessed.
7. Once risks have been prioritized (排序), management needs to decide what to do about them, and how they can be managed and monitored in the future. Strategies for management of given risk include acceptance, transfer, elimination and control (接受风险,转移风险,消除风险和控制风险).

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