2024年注册会计师考试辅导 公司战略与风险管理英语
专题四 风险与风险管理
专题四 风险与风险管理 Risk & risk management
【考点1】企业面对的风险种类（掌握） 企业面对的主要风险分为两大类： 外部风险和内部风险
一、外部风险External risk 1.政治风险Political risk
政治风险是指完全或部分由政府官员行使权力和政府组织行为而产生的不确定性。 1.政治风险Political risk
Political risk refers to the uncertainty caused by exercising of powers by government officials and government organization’s behavior.
风险的来源 （1）限制投资领域 （2）设置贸易壁垒 （3）外汇管制的规定 （4）进口配额和关税 （6）限制向东道国的银行借款 （7）没收资产 Sources of risk Restriction of investment Setting up Trade Barriers The regulations of foreign exchange control Import quotas and customs duties Limit in local bank loans Confiscation of assets （5）组织结构及要求最低持股比例 Organization and minimum shareholding ratio
2.法律风险与合规风险Legal risk and compliance risk
法律风险是指企业在经营过程中因自身经营行为的不规范或者外部法律环境发生重大变化而造成的不利法律后果的可能性。
Legal risk refers to the possibility of adverse legal consequences undertaken by the enterprise because its business operation is not standard or the external legal environment has major changes. 合规风险是指因违反法律或监管要求而受到制裁、遭受金融损失以及因未能遵守所有适用法律、法规、行为准则或相关标准而给企业信誉带来的损失的可能性。
Compliance risk refers to the possibility that the enterprise is punished because of violation of laws or regulatory requirements,suffered from financial loss and loss of reputation because of failing to comply with all the applicable laws,regulations, rules and relevant standard.
3.社会文化风险Social culture risk
社会文化风险是指文化这一不确定性因素给企业经营活动带来的影响。 Social culture risk risk refers to the impact of uncertainty on the business activities of enterprises.
风险来源 Sources of risk （1）跨国经营活动引发的文Culture risk triggered by international business 化风险 activities （2）企业并购活动引发的文Culture risk triggered by mergers and acquisitions 化风险 （3）组织内部因素引发的文Culture risk triggered by internal factors of the 化风险 organization 第1页
2024年注册会计师考试辅导 公司战略与风险管理英语
4.技术风险Technical risk
（1）广义技术风险是指某一新技术给某一行业或某些企业带来增长机会的同时，可能对另一行业或另一些企业形成巨大的威胁。
General technical risk refers to a new technology that brings growth opportunities to a certain industry or certain enterprises, and may pose a huge threat to the other industry or other enterprises.
（2）狭义的技术风险就是技术在创新过程中，由于技术本身复杂性和其他相关因素变化产生的不确定性而导致技术创新遭遇失败的可能性。
The narrow-defined concept of technical risk refers to the possibility that the technical innovation may fail because the technique itself is complex and other uncertainty caused by changes in other relevant factors. （3）从技术活动过程所处的不同阶段考察，
技术可以划分为技术设计风险、技术研发风险和技术应用风险。
According to different stages of the technical activity process, technical risk can be divided into technique design risk, technique research and development risk and technique application risk.
5.市场风险Market risk
风险来源 Sources of risk （1）产品或服务的价格及供需Risks brought by changes in product or service price 变化带来的风险。 and supply and demand. （2）能源、原材料、配件等物Risks brought by changes in the supply sufficiency, 资供应的充足性、稳定性和价格stability and price of energy, raw material, parts 的变化带来的风险。 and other material. （3）主要客户、主要供应商的Risks brought by major clients、major suppliers 信用风险。 creditability. （4）税收政策和利率、汇率、Risks brought by changes in taxation policy, interest 股票价格指数的变化带来的风rate, exchange rate and stock price index. 险。 （5）潜在进入者、竞争者与替Risk from competitions by potential entrants, 代品的竞争带来的风险。 competitors and substitutes.
二、内部风险Internal risk
内部风险种类 1.战略风险 2.运营风险 3.操作风险 4.财务风险 Kinds of Internal risk Strategic risk Management risk Operation risk Financial risk 1.战略风险Management risk
战略风险是指企业在战略管理过程中，由于内外环境的复杂性和变动性以及主体对环境的认知能力和适应能力的有限性，而导致企业整体性损失和战略目标无法实现的可能性及其损失。
Strategic risk refers to the possibility and loss of the enterprise's overall loss and the impossible realization of the strategic objective in the process of strategic management because of the complexity and variability of the internal and external environment and the limited cognitive ability and adaptability of the subject to the environment.
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2024年注册会计师考试辅导 公司战略与风险管理英语
2.运营风险Management risk
运营风险是指企业在运营过程中，由于外部环境的复杂性和变动性以及主体对环境的认知能力和适应能力的有限性，而导致的运营失败或使运营活动达不到预期的目标的可能性及其损失。
Management risk refers to the possibility and related loss resulting from operation failure or the operation not reaching the expected goals because of the complexity and variability of external environment and the limitation of the enterprises’ cognitive and adaptive ability to environment. 运营风险至少要考虑以下方面：
内容 Content （1）企业产品结构、新产品研发方面可能Risks related to product structure, new 引发的风险。 product research and development. Risks brought by development of new market, （2）企业新市场开发，市场营销策略（包marketing strategy （including product or 括产品或服务定价与销售渠道，市场营销service pricing and distribution channel, 环境状况等）方面可能引发的风险。 market environment, etc.）. Risks brought by organization effectiveness and efficiency, current management （3）企业组织效能、管理现状、企业文化，situation, enterprise culture, knowledge 高、中层管理人员和重要业务流程中专业structure and professional experience of 人员的知识结构、专业经验等方面可能引senior and middle management and 发的风险。 professional staffs working in key business process. （4）期货等衍生产品业务中发生失误带来Risk brought by fault occurred in futures 的风险。 and other derivative product business. Risk brought by fault occurred in the （5）质量、安全、环保、信息安全等管理management of quality, safety, 中发生失误导致的风险。 environmental protection and information safety. Risk brought by moral risk of internal and （6）因企业内、外部人员的道德风险或业external personnel or business control 务控制系统失灵导致的风险。 system failure. （7）给企业造成损失的自然灾害等风险 Risks of loss resulting from natural disaster. Risk related to the supervision, evaluation （8）企业现有业务流程和信息系统操作运and continuous improvement ability of the 行情况的监管、运行评价及持续改进能力current business process and information 方面引发的风险。 system operation.
【考点2】风险管理的概念（了解） （一）风险偏好与风险承受度
确定企业整体风险偏好要考虑以下因素：
When determine the overall risk appetite of the enterprises, the following factors should be taken into account: 关键因素 Key factors （1）风险个体：对每一个风险Individual risk: it can determine risk appetite and 都可以确定风险偏好和风险承risk tolerance on each individual risk. 受度。 第3页
2024年注册会计师考试辅导 公司战略与风险管理英语
（2）相互关系：既要考虑同一Interrelation: it is necessary to consider not only 个风险在各个业务单位或子公the distribution of the same risk among each business 司之间的分配，又要考虑不同unit or subsidiary,but also the relationship of 风险之间的关系。 different risks. （3）整体形状：一个企业的整Overall risk appetite and risk tolerance: an 体风险偏好和风险承受度是基enterprise’ overall risk appetite and risk tolerance 于针对每一个风险的风险偏好is based on each risk’s risk appetite and risk 和风险承受度。 tolerance. （4）行业因素：同一风险在不Industrial factor: the risk appetite for the same risk 同行业风险偏好不同。 is different in different industries.
【考点3】风险管理策略的工具（掌握）
工具 风险承担 风险规避 风险转移 风险转换 风险对冲 风险补偿 风险控制 tools risk acceptance risk avoidance risk transfer risk transform risk hedging risk compensation risk control 1.风险承担亦称风险保留、风险自留。是指企业对所面临的风险采取接受的态度，从而承担风险带来的后果。
Risk acceptance, also called risk retention, refers to enterprises take the attitude of accepting the risks faced and bear the consequences of the risk. 2.风险规避是指企业回避、停止或退出蕴含某一风险的商业活动或商业环境，避免成为风险的所有人。
Risk avoidance refers to enterprises avoid, stop or exit business activity or business environment that contains certain risk to avoid becoming the risk owner. 3.风险转移是指企业通过合同将风险转移到第三方，企业对转移后的风险不再拥有所有权。 Risk transfer refers to enterprises transfer the risk to third party by contract after which the enterprises do not own the risk any longer.
4.风险转换指企业通过战略调整等手段将企业面临的风险转换成另一个风险。风险转换的手段包括战略调整和衍生产品等。 Risk transform refers to enterprises transform the risk faced into another risk through strategic adjustment and other methods. Methods of risk transform include strategic adjustment and derivatives products, etc. 5.风险对冲是指采取各种手段，引入多个风险因素或承担多个风险，使得这些风险能够互相对冲，也就是，使这些风险的影响互相抵消。
Risk hedging refers to enterprises adopt various methods to introduce multiple risk factors or bear multiple risks so that these risks may hedge against each other. That is to say, offset the impact of these risks. 6.风险补偿是指企业对风险可能造成的损失采取适当的措施进行补偿。 风险补偿表现在企业主动承担风险，并采取措施以补偿可能的损失。
Risk compensation refers to enterprises take appropriate measures to compensate the potential losses resulting from the risk.
Risk compensation behaves in enterprises take initiative to take the risk and take measures to compensate possible losses.
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2024年注册会计师考试辅导 公司战略与风险管理英语
7.风险控制是指控制风险事件发生的动因、环境、条件等，来达到减轻风险事件发生时的损失或降低风险事件发生的概率的目的。
Risk control refers to control the causes, environment and condition of the risk event in order to reduce the losses of the risk or reduce the possibility of the risk occurrence. ABC公司最近完成了来年的年度战略规划会议。会议期间，管理层确定了三个关键风险因素（RF），包括：
1：老化设备可能导致昂贵的维修和生产设备的停机时间，现有设备仍可使用，在运营预算中没有大额资金可用于更新设备，另外公司打算在未来5年同一更新换代所有设备。
2：运输成本大幅增加可能侵蚀利润率。目前，该公司使用自己的卡车运输所有当地和地区的订单。 公司能测算出养一个运输队的固定成本。
3：该公司的关键产品投入（材料）的几个受到商品定价波动。 在评估了这些风险因素后，你作为管理层如何应对这些风险？
对于RF1：管理层应该决定接受与老化设备有关的风险，此时不采取任何行动。 Response to RF No.1: Management has decided to accept the risk associated with the aging equipment and take no action at this time. 因为现有的机器继续运转，在明年的运营预算中没有可用的资金来对机器进行升级，而公司的五年战略计划包括更换所有现有的生产设备。
The rationale used is that the existing machines continue to be functional, there is no money available in next year's operating budget to perform material upgrades on the machines, and the company's five-year strategic plan includes a replacement of all existing production equipment.
对于RF 2：管理层将通过雇用一家运输管理公司（IEC公司）来实现共享（转移）风险战略，这将提供司机培训， 事故管理，卡车修理和更换，以及其他固定年费的服务。
Response to RF No.2: Management will pursue a sharing （transferring） risk strategy by hiring a transportation management company （IEC Inc.）, which will provide driver training, accident management, truck repairs and replacement, and other services for a fixed annual fee.
如果实际费用低于年度固定费用，IEC收益；如果实际费用超过固定年费，则IEC支付超额费用。ABC公司现在每年都有一个完全可预测的固定成本。
If the actual costs are less than the annual fixed fee, IEC benefits; if the actual costs exceed the fixed annual fee, IEC pays the excess.ABC Company now has a completely predictable fixed cost per year. 对于RF3：ABC将试图通过减少风险的方法，使用套期工具如期货和远期合约进一步使用减轻这种商品价格风险。
Response to RF No.3: ABC will attempt to mitigate this commodity price risk by using a risk reduction approach and making further use of hedging vehicles such as futures and forward contracts.
【考点4】风险度量方法（掌握）
①最大可能损失 ②概率值 maximum possible loss probability 风险事件发生的概率或probability of occurrence of a risk event or the probability 造成损失的概率 of loss. ③期望值 expectation 统计期望值，效用期望statistical expectation, utility expectation; volatility; 值， variance and mean square deviation 波动性；方差或均方差 第5页
CPA 注册会计师 公司战略与风险管理 专题四 风险与风险管理
