企业风险管理的分析框架:演进与趋势

Analysis Framework of Enterprise Risk Management: Evolution and Trend

2004年的COSO《企业风险管理—整合框架》报告发布以后,COSO—ERM框架成了企业风险管理的标准框架,但是次贷危机中众多金融机构的破产,使得COSO—ERM框架的有效性受到了怀疑。在后危机时代,发展新的风险管理框架成为必然要求。企业风险管理的目标从追求公司(股东)利益最大化转向追求企业利益相关者利益最大化,企业风险管理的内容也从COSO八要素风险管理发展到以经济资本、风险管理要素、结构性金融工具和可持续风险管理为支柱的全面风险管理。

Since COSO issued ＂Enterprise Risk Management-Integrated Framework＂, COSO-ERM framework has be- come the standard of enterprise risk management, but as some financial institutions broke in the Subprime Crisis, the effec- tiveness of the enterprise risk management was suspected. Today in the post-crisis era, developing new analytical framework of enterprise risk management becomes an inevitable claim. In the new analysis framework, the objective of enterprise risk management is shifted from the company （shareholders） to maximize the interests to maximize the interests of corporate stakeholders, and the contents of enterprise risk management are shifted from the COSO eight elements to the economic capi- tal, risk management elements, structured financial instruments and risk management for the pillars of sustainable compre- hensive risk management.