Lecture 8.docx - Lecture 8 \u2013 Strategic Risk and Operational Risk Learning objectives \u25aa Define strategic risk and strategic risk management

Lecture 8.docx - Lecture 8 u2013 Strategic Risk and...

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Lecture 8 – Strategic Risk and Operational Risk Learning objectives Define strategic risk and strategic risk management. 定义战略风险和战略风险管理 Explain why strategic risk is important. 说明为什么战略风险很重要 Discuss sources of strategic risk and the types of cognitive biases. 讨论战略风险的来源和认知偏见的类型 Discuss how strategic risk can be managed within ISO and COSO frameworks. 讨论如何在 ISO COSO 框架内管理 战略风险 Explain the concept of operational risk. 解释操作风险的概念 Describe the four primary sources of operational risk and the factors that can give rise to operational risk exposures. 描述 操作风险的四个主要来源以及可能引起操作风险的因素 Explain the framework that can be used to assess and manage operational risk. 解释可用于评估和管理操作风险的框架 Discuss the use of operational risk modelling and measurement. 讨论操作风险建模和度量的使用 Strategic Risk The motivation to manage strategic risk 管理战略风险的动机 One of the greatest sources of risk for today’s companies arises from the context of its strategic plan. 当今公司最大的风 险来源之一是其战略计划 While a company’s strategy drives its value creation, it also entails risk-taking because when strategies change or new initiatives are implemented, new risks may be introduced or existing risks could change. 公司的战略在推动其价值创造 的同时,也需要承担风险,因为当战略改变或实施新计划时,可能会引入新风险或现有风险可能会改变 The greater the degree of integration between strategy and risk management, the more likely it is that a company will be able to successfully implement its strategy. 战略与风险管理之间的集成程度越高,公司成功实施其战略的可能性就 越大 Strategic risk defined Strategic risk is defined as both the risk involved in the setting of an organisation’s strategy and the risk inherent in the implementation of it’s strategy. 战略风险被定义为制定组织战略所涉及的风险以及实施该战略所固有的风险 Two aspects of the definition: 定义的两个方面: The risk of choosing a bad strategy, and/or 选择错误策略的风险,和 / The risk of badly executing the strategy. 错误执行策略的风险 Examples of strategic decisions are – deciding to outsource or offshore processes, acquiring an organisation, developing a new product line, changing financial structuring etc. 战略决策的例子包括–决定外包或离岸流程,收购组织,开发 新产品线,改变财务结构等 Strategic risk management is the process of identifying, quantifying, and treating risks that are inherent in a company’s strategy setting and/or strategy execution. 战略风险管理是识别,量化和处理公司战略制定和 / 或战略执行中固有的 风险的过程 Importance of strategic risk In 2012, management consultants Booz and Company applied event analysis to find the root cause of the worst corporate losses of shareholder value over the prior 10-year period.* 2012 年,管理顾问 Booz and Company 应用了事件分析, 以找出在过去 10 年中,企业股东价值损失最严重的根本原因。 * Using press articles, news and brokerage reports, the root cause was classified into one of four categories. 使用新闻文章, 新闻和经纪报告,将根本原因分为四类之一 1. Strategic failures (e.g. New product and new market failures, failed M&A, failure to adapt to major industry shift). 战略失灵(例如新产品和新市场失灵,并购失败,无法适应主要行业转移) 2. Operational problems (e.g. supply chain disruption and operational accidents). 运营问题(例如供应链中断 和运营事故) 3. Compliance failures (e.g. legal penalties, internal fraud, ethics and accounting problems). 合规性失败(例如 法律处罚,内部欺诈,道德操守和会计问题) 4. External shocks (natural, political and regulatory outside of management control).
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