An Integrated Approach to Risk Management for Corporate

摘要

ENRON had a Chief Risk Officer... What went wrong? Corporations with international operations and investments have a strong need to measure their risks on an integrated basis if they want to improve the way to manage them. Across industries, Corporate Risk Management (CRM) is evolving into a catalyst for companies to increase transparency, safeguard shareholders' interest, leverage opportunities to strengthen their competitive advantage, and comply with governement reporting regulations. In this aim, simpler and more transparent risk analyses and tools are needed. Corporate-Value-at-Risk (Corporate-VaR) is such a tool. Corporate-VaR is intended for strategic management purposes, such as comparing risk/return profiles of business units or risk-adjusted capital allocation. The principal message of this paper is that effective corporate risk management is not about having the best organizational design and performance measurement, or the most advanced risk measurement and management controls, or the latest risk management technologies and systems. It is about all of these things.