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What is governance
什么治理

Any agency relationship involves two parties:
任何代理关系都涉及方:

The agent is accountable to the principal.
代理委托人负责.

The relationship arises from the separation of management and ownership.
这种关系产生经营和所有权的分离

An agency relationship is one of trust between an agent and a principal which obliges the agent to meet the objectives placed upon it by the principal.
代理关系代理人委托人之间的信任关系,委托人要求代理人实现委托人赋予的目标。

The primary purpose of agency is to discharge its
代理主要目的履行

to the principal. Fiduciary duty is a duty of care and trust which one person or entity owes to another. It can be a legal or ethical obligation.
给校长信托义务是一个人或实体对另一个人或实体负有的注意和信任义务。它可以是一种法律的或道德的义务。

ntentional action, omission, neglect or
故意行为、不作为、疏忽

incompetence.
无能

This breach may arise because the directors are pursuing their own interests rather than the shareholders' or because they have different attitudes to risk-taking to the shareholders.
这种违反可能是因为董事追求的是他们自己的利益不是股东的利益,或者是因为他们对股东承担风险的态度不同

The agency problem - solution
代理问题-解决方案

One power that shareholders possess is the right to
股东拥有一项权力

remove the directors from office.
罢免董事职务

Introducethe activities of the agent.
介绍代理商活动

2 What is corporate governance?
2、什么公司治理?

Corporate governance is a
between a company's directors, its shareholders and other stakeholders. It also provides thethrough which the objectives of the company are set, and the means of achieving those objectives and monitoring performance, are determined.
公司治理是公司董事、股东和其他利益相关者之间的一种关系.它还提供了公司目标的设定,以及实现这些目标和监控绩效的方法

Transparency
透明度

open and clear disclosure / not concealing information asymmetry
公开和明确的披露/不隐瞒信息不对称

Accountability
问责

board

the shareholders be called upon to explain
要求股东解释

Responsibility
责任

There must be a system in place that allows for corrective action. Responsible management should do, when necessary, whatever it takes to set the company on the right path.
必须有一个允许采取纠正行动的系统负责任的管理层应该在必要时一切努力使公司走上正确的道路。

Reputation
声誉

how others view
别人如何看待

full access to resource and product markets
充分进入资源产品市场

Independence
独立

unduly influenced by vested interests
既得利益的影响

Fairness
公平

taking into account everyone who has a legitimate interest
考虑每个人合法利益

minority shareholders.
少数股东

Scepticism
怀疑

non-executive directors (NEDs) to adopt an air of scepticism so that they can effectively challenge management decisions in their role of scrutiny.
非执行董事采取怀疑态度以便他们能够有效地挑战管理层的决定,发挥监督作用。

4 Rules-based or Principles-based approach - definition
4基于规则或基于原则的方法-定义

In a rules-based approach to corporate governance, provisions are made in law and a breach of any applicable provision is therefore a legal offence. This means that companies become legally accountable for compliance and are
在以规则为基础的公司治理办法中,法律作出规定,因此违反任何适用的规定都是法律的罪行这意味着公司在法律上对合规负责

for failing to comply with the detail of a corporate governance code
没有遵守公司治理准则的细节

or other provision. Examples USA– Sarbanes-Oxley Act 2002(SOx)
其他规定。例如美国-2002年萨班斯-奥克斯利法案(SOX)

When, for whatever reason, a company isin detail with every provision of a code, the listing rules state that the company must, usually in its annual report, exactly where it fails to comply and the reason why it is unable to comply. The shareholders, and not the law, then judge for themselves the seriousness of the breach. Examples UK-combined code 2006 (CC06)
无论出于何种原因,当一家公司详细遵守守则的一项规定时上市规则规定公司必须(通常在其年度报告中)确切说明其未能遵守的地方以及未能遵守的原因股东,而不是法律,自己判断违约严重性示例英国组合代码2006(CC06)

Against

Principles
原则

rules
规则

Less costly
成本更低

cheaper
便宜

Flexible
柔性

the demands of their own industry or shareholder preferences.
他们自己行业的需求股东的偏好

Transitional
过渡

unexpected change
意外变化

such as a death in service
例如因公死亡

Consistency and full compliance
一致性完全合规

A ‘box ticking’ approach offers the advantage of gaining full compliance at all times
“框勾选”方法的优势在于始终获得完全合规

greater overall confidence
更大的总体信心

Stakeholder Theory
利益相关者理论

Stakeholder & Stakeholder claims
利益攸关方索赔

Stakeholders are any entity (person, group or possibly non-human entity) that can affect or be affected by the achievements of an organisation's objectives. It is a
利益相关者是指能够影响组织目标实现或受其影响的任何实体(个人、团体或可能的非人类实体)。这是一个

bi-directional relationship. Each stakeholder group has
双向关系每个利益相关者群体都有

different expectations about
不同期望

upon the organisation.
组织上。

Stakeholder claims mean the demands that stakeholder interests make upon organisations. Management has to decide on theand relativeof different stakeholder claims.
利益相关者主张是指利益相关者的利益组织提出的要求。管理层必须对不同利益相关者的主张做出决定.

Employees
员工

Pay, working conditions and career path
薪酬、工作条件职业道路

Employees also have information requirements - immediate work environment and which is future orientated.
员工信息需求-即时的工作环境和未来导向。

Trade unions
T拉德工会

Trade unions exist to protect employee interests
工会存在是为了保护雇员的利益

- lax control and risk environment: jeopardise health and safety
-管制松懈风险环境:危害健康安全

-discrimination
-歧视

Their influence will depend on the percentage of employees that are members.
他们的影响力取决成员员工比例

Suppliers
供应商

Major suppliers will often be key stakeholders, particularly in businesses where material costs and quality are significant.
主要供应商通常关键利益相关者,特别是材料成本和质量很重要的企业中。

poor supplier relationship: withdraw credit /switch to supplying competitors
供应商关系不佳撤回信贷/转向供应竞争对手

Customers
客户

low costs, quality and service support deeper moral needs
成本、高质量高服务支持着更深层次的道德需求

Regulators
监管机构

Actively promoting competition
积极促进竞争

shareholder-stakeholder confidence in the information
利益相关者信息信心

Classifications of stakeholders
利益攸关方分类

Narrow & wide
&宽

most affected by the organisation’s policies - employees, suppliers
组织政策影响最大的群体--员工、供应商

less affected - wider community (as opposed to local communities)
受影响较小-更广泛的社区相对当地社区)

Voluntary& Involuntary
V自愿&

Voluntary stakeholders are those that engage with an organisation of their own choice and free will. They are ultimately able to detach and discontinue their stakeholding if they choose.
自愿的利益相关者那些参与他们自己选择和自由意志的组织的人。如果他们愿意,他们最终能够脱离和停止他们的控制。

Involuntary stakeholders have their stakeholding imposed and are unable to detach of their own volition.
非自愿的利益攸关方被强加了他们的非自愿持有并且无法自行脱离。

Active& passive
主&被动

Those who seek to participate in the organisation's activities -managers, employees and regulators or pressure groups
那些寻求参与组织活动-经理、员工和监管者或压力集团

Those who do not seek to participate - institutional shareholders
那些寻求参与-机构股东

Importance of recognition of all of stakeholder claims
承认所有利益相关者主张重要性

Stakeholder recognition is necessary to gain an understanding of the sources of potential risk
利益相关者的认可对于了解潜在风险的来源必要

Stakeholder recognition is important in terms of assessing the sources of influence. Stakeholder influence is assessed in terms of each stakeholder’s, with higher power and higher interest combining to generate the highest influence.
利益攸关方的认可对于评估影响来源十分重要利益相关者的影响力是根据每个利益相关者的影响力来评估的的权力和更高的利益相结合,产生最大的影响力。

Stakeholder recognition is necessary in order to identify potential areas of conflict between stakeholders.
利益攸关方的承认必要的,确定利益攸关方之间的潜在冲突领域

Instrumental view
仪器视图

mainly economic responsibilities / no moral standpoint of its own.
主要是经济责任/没有自己的道德立场

It merely reflects whatever the concerns are of the stakeholders it cannot afford to upset, such as customers looking for green companies or talented employees looking for pleasant working environments.
只不过反映它无法承担利益相关者的担忧,例如寻找绿色公司的客户或寻找舒适工作环境的有才华的员工。

Normative view
规范

moral duties towards stakeholders
利益相关者的道德义务

ethical and philanthropic responsibilities as well as economic and legal
道德慈善责任以及经济法律的责任

Not to do so will result in breakdown of social cohesion leading to everyone being morally worse off, and possibly economically worse off as well.
不这样做将导致社会凝聚力的崩溃导致每个人道德状况更糟,经济状况也可能

Assessing the relative importance of stakeholder interests
评估利益相关者利益的相对重要

Theis a way of mapping
映射

stakeholders with regard to the two variables of interest and power. The combination of these is a measure of any given stakeholder’s likely
利益相关者的利益和权力这两个变量。这些因素的结合是衡量任何特定利益相关者可能

over an entity.
一个实体。

The framework is dynamic in that stakeholders move around the map as their power and interest rise and fall with events.
框架动态的,因为利益攸关方的权力和利益随着事件的发生而起伏。

Key players. The organisation's strategy must be acceptable to them, eg major customer
关键人物组织战略必须为他们所接受,如大客户

Kept satisfied must be treated with care. They are capable of moving to segment D. eg Large institutional shareholders
保持满意必须小心对待。它们能够移动到D大型机构股东

Kept informed do not have great ability to influence strategy, but their views can be important in influencing more powerful stakeholders, perhaps by lobbying. eg pressure group
知情者并没有很大的能力来影响战略,他们的观点影响更强大的利益相关者方面可能很重要也许是通过游说。例如压力集团

Minimal effort
最小的努力

Structure of Board of director
董事结构

BOD Structure
BOD结构

BOD

Chairman
主席

CEO

Audit
审计

committee
委员会

Remuneration committee
薪酬委员会

Nomination committee
提名委员会

Finance Director
财务总监

Sale Director
销售总监

HR

Director
主任

Those Charged with Governance
治理

Non-executive directors
非执行董事

Board membership and roles
董事会成员作用

Key issues for consideration for board membership are:
董事会成员需要考虑关键问题是:

Size the balance needs to be struck between the benefits of having varied views and opinions, alongside the need for coherence of decision-making.
规模-需要不同观点和意见的好处决策的一致性之间取得平衡。

Inside/outside mix the split between executive decision-making directors and non-executive directors. Independent non-executive directors have a key role in governance. Their number and status should mean that their views carry significant weight.
内部/外部混合-执行决策董事和非执行董事之间的分裂。独立非执行董事在治理方面发挥着关键作用。他们的人数地位应该意味着他们的观点具有重要的影响力。

Diversity mix in terms of gender, ethnicity, backgrounds, experience, etc.
性别、种族、背景经验等方面的多元化组合。

Nominations committees have five general roles, all of which are concerned with the recommendation of appointments to the board of directors.
提名委员会有五个一般作用,所有这些涉及向董事会推荐任命

The first role is to establish the appropriate
第一作用建立适当

between executive and non-executive directors (NEDs). In some countries, this is influenced by regulation. In the UK, the UK corporate governance code specifies that a half of the whole board should be NEDs.
执行董事和非执行董事(NED)之间的关系一些国家,这受到监管的影响。在英国,英国的公司治理守则规定,整个董事会的一半应该是非执行董事。

The second role is to ensure that the board contains the requisite
第二个作用是确保董事会包含必要

to effectively
有效

lead the company and provide leadership. Any identified gaps
领导公司发挥领导作用。任何已确定的差距

in these requirements should be filled by new appointments.
这些需求中,应该通过的任命来填补。

Third, the nominations committee is concerned with the continuity of required skills, the retention of directors and succession planning.
第三,提名委员会关注所需技能连续性、董事留任继任规划。

Fourth, it is responsible for determining the most desirable board size given the skill needs, cost constraints and strategies of the company.
第四,负责根据公司的技能需求、成本限制战略,确定最理想的董事会规模。

Finally, the committee is likely to be concerned with issues of
最后,委员会可能关注以下问题

and to ensure that the company’s board is adequately representative of the society in which it operates.
并确保公司的董事会充分代表公司经营所在社会

2 How to approach the task at HWL
2如何和黄完成任务

industries, there is a network of people with similar interests and who are known to each other.
在这些行业中,一个具有相似兴趣的人组成的网络他们彼此认识。

It could use search companies and consultancies to find people likely to be willing to serve on the board. These may have databases of people serving on other charity boards or people
可以利用搜索公司咨询公司寻找可能愿意在董事会任职的人。这些可能有数据库的服务于其他慈善委员会或人民

for a period of time in seeking to serve the wider
时间以来为了广泛服务

public interest
公共利益

Third, the nominations committee could
三,提名委员会可以

. This is likely to be the most
. 可能

common way of recruiting executives who may be required to have specific technical skills such as accounting or marketing.
招聘高管的常见方式,这些高管可能需要具备特定的技术技能,如会计或营销。

often recruited in this way.
经常这种方式招聘。

Diversity policy aims to achieve a board which is demographically representative of the community in which it operates, such that no single demographic segment is over or under-represented.
多元化政策旨在实现董事会人口统计上代表其经营所在社区,因此没有单一人口统计部分的代表性过高过低。

First, it would make the board more representative of the community it is serving, including its donors and supporters. In doing so, HWL would increase its social legitimacy and enjoy a stronger social contract with its community and also with the service users.
首先,它将使董事会更能代表它所服务的社区,包括其捐助者和支持者这样和黄将增加社会认受性,并与社区服务使用者建立更稳固的社会契约。

Second, diversity on the board will enable HWL to meet the local government requirements for diversity and thus to continue receiving that portion of its funding from the local government.
第二,董事局成员多元化使和黄能够符合当地政府对成员多元化的要求,从而继续从当地政府获得该部分资金

With a large proportion of HWL’s funding coming from the local government (40%), HWL is effectively required to comply with the diversity requirements as it would be difficult to replace such funding in the short term.
由于和黄的大部分资金(40%)来自当地政府,和黄实际上遵守多元化规定,因为短期难以取代该等资金。

Third, diversity on a board allows the organisation to benefit from a wider pool of talent than would be the case with a less diverse board. Having a wide range of demographic segments represented should mean that a wider range of skills, abilities and competences are available.
第三,董事会的多元化使组织能够广泛人才库中受益,而不是董事会多元化程度较低的情况下。代表广泛人口阶层应意味着可以获得广泛的技能、能力和才干

A demographically narrow board would exclude the talents possessed by those outside of the narrow representation and this would be against the board’s best interests in seeking to be effective in its duties.
一个人口结构狭窄的委员会排除那些在狭窄代表之外的人所拥有的才能这将违背委员会在寻求有效履行职责方面的最佳利益

Fourth, a more diverse board would enable a wider range of views and opinions to be expressed. The dominant opinion of the majority and the phenomenon of ‘group think’ can lead to the adoption of positions and policies which can often be shown to be inappropriate in the longer term.
第四,一个更加多样化的董事会将使更广泛观点和意见得以表达。多数人的主导意见“群体思维”现象可能导致采取从长远来看往往证明是不适当的立场和政策。

So some contrary and challenging voices, especially from those speaking from the perspective of a demographic minority, can be important contributions in policy discussions.
因此,一些相反具有挑战性的声音,特别是那些从人口少数群体的角度发言的声音,可以在政策讨论中做出重要贡献

Director’s induction programme
主任上岗培训方案

The overall purpose of induction is to minimise the amount of time taken for the new director to become effective in his or her new job. There are four major aspects of a director’s induction.
职培训的总体目的是最大限度地减少董事在新工作中发挥作用所需的时间。董事入职培训有四个主要方面

To convey to the new starter, the organisation’s norms, values and culture. This is especially important when the new employee is from a different type of culture. Because Sam moved from a different country to join Ding Company, he had to adjust to a new national culture as well as a new corporate culture.
向新员工传达公司的规范、价值观文化员工来自不同类型的文化时,这一点尤其重要由于Sam从不同国家加入了Ding公司,他必须适应新的国家文化以及新的企业文化。

There is evidence from the case that he misunderstood some of the cultural norms in that it was alleged that he made what he considered normal but what was perceived as an inappropriate remark to a young female employee. An induction programme including content on culture and norms may have prevented this situation from occurring.
案件中证据表明,误解了一些文化规范,因为据称他对一名年轻女雇员说认为正常但被认为是不恰当的话。包括文化和规范内容的入门课程可能可以防止这种情况的发生。

To communicate practical procedural duties to the new director including company policies relevant to a new employee. In Sam’s case this would involve his orientation with his place in the structure, his reporting lines (up and down), the way in which work is organised in the department and practical matters.
向新董事传达实际的程序职责,包括与新员工相关的公司政策萨姆的情况下,涉及他的方向他在结构中的位置,他的报告线(向上和向下),在该部门的工作是如何组织和实际问题

In the case scenario, Sam made a simple error in the positioning of his office furniture. Again, this is an entirely avoidable situation had the induction programme provided him with appropriate content on company policy in this area.
在这个案例中,Sam在放置办公家具时犯了一个简单的错误同样,如果入职培训方案向他提供了有关这方面公司政策的适当内容,这种情况是完全可以避免的。

To convey an understanding of the nature of the company, its operations, strategy, key stakeholders and external relationships. For a new director, an early understanding of strategy is essential and a sound knowledge of how the company ‘works’ will also ensure that he or she adapts more quickly to the new role.
传达对公司性质、运营、战略、主要利益相关者和外部关系的理解。对于一个新的董事来说,尽早了解战略必不可少的对公司如何“运作”的充分了解也将确保他或她更快地适应新的角色。

In the case of a financial controller such as Sam, key external relationships will be with the company’s auditors and banks. If Sam is involved in reporting, the auditor relationship will be important and if he is involved in financing, the banks and other capital providers will be more important.
对于像Sam这样的财务总监来说,关键的外部关系将是与公司的审计师和银行的关系如果山姆参与报告,审计师的关系将重要的如果参与融资,银行其他资本提供者将更加重要。

To establish and develop the new director’s relationships with colleagues, especially those with whom he or she will interact on a regular basis. The importance of building good relationships early on in a director’s job is very important as early misunderstandings can be costly in terms of the time needed to repair the relationship.
建立和发展新总监与同事的关系,特别是与他或她将经常互动的同事董事工作的早期建立良好关系的重要性非常重要,因为早期的误解可能会花费修复关系所需的时间

It is likely that Sam and Annette will need to work together to repair an unfortunate start to their working relationship as it seems that one of her first dealings with him was to point out his early misunderstandings (which were arguably due to her failure to provide him with an appropriate induction programme).
山姆安妮特很可能需要共同努力修复他们工作关系的不幸开端,因为她与他的第一次交往似乎是指出他早期的误解(这可以说是由于未能为他提供适当的入门课程)。

Continuing professional development (CPD)
持续专业发展(CPD)

I.

of the company will largely
by the
set by our board, which permeates throughout the organisation. By investing in board development, we can
公司的经营将在很大程度上取决董事会的决策,董事会的决策贯穿整个公司。通过投资董事会发展,我们可以

.

III.Continuing professional development should help to
三. 持续专业发展有助于

Leaving office - Retirement by rotation
离任-轮流退休

Definition
定义

Retirement by rotation is an arrangement in a director's contract that specifies his or her contract to be limited to a specific period (typically three years) after which he or she must retire from the board or offer himself (being eligible) for re-election. The director must be actively re-elected back onto the board to serve another term. The default is that the director retires unless re-elected.
轮值退任是董事合同中的一项安排规定合同限于特定期限(通常为三年),之后他或她必须从董事会退休或(有资格)重选连任。董事必须积极地重新选举回到董事会,以担任下一个任期。默认情况是董事退休,除非重新当选。

Importance of Retirement by rotation
轮换退休重要性

Retirement by rotationof contract termination for underperforming directors.
表现欠佳的董事轮流退休或终止合约。

It

Resignation with or without notice.
不管没有通知。

Death in service
在职死亡

Failure of the company.
公司的失败

Being removed e.g. by being dismissed for disciplinary offences.
移除,例如因为违反纪律而被开除

Prolonged absence. Directors unable to perform their duties owing to protracted absence, for any reason, may be removed. The length of qualifying absence period varies by jurisdiction.
长期缺席因任何原因长期缺席而无法履行职责的董事免职。资格缺勤的长短因司法管辖区而异。

Being disqualified from being a company director by a court. Directors can be banned from holding directorships by a court for a number of reasons including personal bankruptcy and other legal issues.
法院取消担任公司董事的资格。法院可以出于多种原因禁止董事担任董事职务包括个人破产和其他法律的问题。

An ‘agreed departure’ such as by providing compensation to a director to leave.
协议离职”例如离职董事提供补偿

Chairman and CEO
董事长CEO

Lead theand to protect shareholder interests above all others
领导保护股东利益高于一切

Develop and implementcapable of delivering superior shareholder value
培养并实现为股东创造上级价值的

Manage the financial and physicalof the company, monitor results, and ensure that effective operational and risk controls are in place
管理公司的财务和实物监控结果,并确保有效的运营和风险控制到位

Oversee the, co-ordinate the interface between the board and the other employees in the company
监督、协调董事会公司其他员工之间沟通

The chairman is the leader of the board of directors.
董事是董事会领导者

In this role, he or she is responsible for ensuring the
在这个角色中,他或她负责确保

as a unit, in the service of the shareholders. This means agreeing and, if necessary, setting the board’s agenda and ensuring that board meetings take place on a regular basis.
作为一个整体,为股东服务。意味着同意并在必要时制定董事会议程,并确保董事会会议定期举行。

The chairman represents the company to investors and other outside stakeholders. He or she is often theof the organisation, especially if the organisationin a public manner.
董事长在投资者其他外部利益相关者面前代表公司。他或她通常是组织的负责人,特别是如果组织公开的方式进行。

Linked to this, the chairman’s roles include communication with shareholders. This occurs in a statutory sense in the annual report and at annual and extraordinary general meetings.
此相关,董事长的职责包括股东沟通。这在法定意义上发生年度报告以及年度和特别股东大会上

Importance of the chairman’s statement
主席声明重要性

In general terms, it is intended to convey important messages to shareholders in general, strategic terms.
一般而言,它旨在向股东传达重要的信息一般而言,战略术语。

As a separate section from other narrative reporting sections of an annual report, it offers the chairman the opportunity to inform shareholders about issues that he or she feels it would be beneficial for them to be aware of.
作为独立于年度报告其他叙述性报告章节的一个章节主席提供了一个机会,让股东了解他或她认为对他们有好处的问题。

This independent communication is an important part of the
这种独立的沟通重要组成部分

The separation of roles offers the benefit that it frees up the chief executive to fully concentrate on the management of the organization without the necessity to report to shareholders or otherwise become distracted from his or her executive responsibilities.
角色分离好处是使首席执行官能够完全专注于组织的管理,而不必向股东报告以其他方式分散他或她的行政责任。

Having the two roles separated reduces the risk of a conflict of interest in a single person being responsible for company performance whilst also reporting on that performance to markets.
将这两个角色分开,可以降低由一个人负责公司业绩同时向市场报告业绩的利益冲突风险

Having two people rather than one at the head of a large organisation removes the risks ofbeing concentrated in a single individual and this is an important safeguard for investors concerned with excessive secrecy or
由两个人而不是一个人来领导一个大型机构,消除集中在一个人身上的风险,这对担心过度保密或

Non-executive directors
非执行董事

Non-executive directors have no executive (managerial) responsibilities.
非执行董事并无执行(管理责任

Non-executive directors should provide a balancing influence, and play a key role in reducing
between (including executive directors) and
非执行董事发挥平衡影响力,在减少(包括执行董事)和

.

They should provide
他们应该提供
,

particularly institutional shareholders, that management is acting in the interests of the organisation.
特别是机构股东管理层是在为组织的利益行事。

Role of non-executive directors
非执行董事角色

The

of NEDs are: the strategy role, scrutinising role, risk role and the people role.
执行董事的角色是:战略角色、审查角色、风险角色人员角色。

In the, NEDs may challenge any aspect of strategy they see fit and offer advice or input to help to develop successful strategy.
在中非执行董事可以质疑他们认为合适的战略的任何方面,并提供建议意见,以帮助制定成功的战略。

The

or performance role is where the NEDs’
is perhaps the most important. NEDs are required to hold executive colleagues to account for decisions taken and company performance. In this respect, they are required to represent the shareholders’ interests against any vested interests or executive pressures.
或者说是绩效角色是非执行董事重要的。非执行董事必须高管同事对所做的决定公司业绩负责。在这方面,他们必须代表股东的利益,反对任何既得利益或行政压力。

The

role involves NEDs ensuring the company has an adequate system of internal controls and systems of risk management in place.
执行董事的职责是确保公司拥有适当内部控制系统风险管理系统

Finally, in the
最后

role, NEDs oversee a range of responsibilities with regard to the management of the executive members of the board. This typically involves issues concerning appointments and remuneration, but might also involve contractual or disciplinary issues, and succession planning.
非执行董事的角色,非执行董事监督有关董事会执行成员的管理的一系列责任。这通常涉及任用薪酬问题,但也可能涉及合同或纪律问题以及继任规划。

Number of non–executive directors
非执行董事人数

New York Stock Exchange rules now require listed companies to have a
纽约证券交易所的规定现在要求上市公司一个

of non-executive directors (ie more than half the board).
执行董事(即董事会的一半以上)。

Independence is a quality possessed by individuals and refers to the avoidance of being unduly influenced by a vested interest. This freedom enables a more objective position to be taken on issues compared to those who consider vested interests or other loyalties.
独立性是个人拥有的一种品质指的避免受到既得利益的不当影响。与那些考虑既得利益或其他忠诚的人相比,这种自由使人们能够在问题上采取更客观的立场

Independence can be threatened by over-familiarity with the executive board, which is why many corporate governance codes have measures in place to prevent this. These include restrictions on share option schemes for NEDs and bans on cross-directorships.
对执行董事会过于熟悉可能会威胁到独立性,这就是为什么许多公司治理守则都有防止这种情况的措施。这些措施包括限制非执行董事的购股权计划禁止相互担任董事

Cross-directorships
交叉董事职位

This is where an executive director of Company A is a non-executive director of Company B, and an executive director of Company B is a non-executive director of Company A.
这是指A公司的执行董事是B公司的非执行董事而B公司的执行董事是A公司的非执行董事。

outside the industry?
行业外

those with no previous contact with the other members
那些以前没有其他成员接触

more independent than those who may have some form of vested interest.
那些可能有某种形式既得利益的人更独立。

from other companies within the same sector
来自同一行业其他公司

still provide industry knowledge
仍然提供行业知识

succession to a NED role from an executive position in the same company
同一公司行政职位继任NED职位

bring their experience of that industry and company to bear on committee discussions
把他们在这个行业公司经验带到委员会讨论中来

Benefits of greater independence
更大独立性好处

less likely to have prior vested interests (friendships or past professional relationships)
不太可能先前的既得利益(友谊过去专业关系)

fewer prejudices for or against certain policies or individuals as working relationships will not have been built up over a number of years.
支持反对某些政策个人的偏见减少,因为工作关系不会在数年内建立起来

more likely tothe established beliefs & a more effective way ofthe work of board committees
更有可能以既定的信念有效的方式开展董事会委员会工作&

Disadvantages of greater independence
更大独立性缺点

A key non-executive role, including in board committees, is providing strategic advice. This can often arise from a thorough knowledge of the strategic issues in a company or industry.
一个关键的非执行角色,包括董事会委员会中,提供战略建议。这通常可以从一个公司或行业的战略问题的透彻了解产生

sometimes serve as NEDs in the same company and are thus able to bring their experience of that industry and company to bear on committee discussions
有时同一公司担任非执行董事,因此能够将他们该行业和公司的经验带到与会讨论中

Directors' remuneration
董事酬金

9.1 Different components of directors’ rewards
9.1董事报酬不同组成部分

basic salary
基本工资

not linked to performance
业绩无关

A number of benefits in kind
若干实物福利

company cars, health insurance, use of health or leisure facilities, subsidised or free use of company products
公司汽车、健康保险、使用健康休闲设施、补贴或免费使用公司产品

Pension contributions
养恤金缴款

separate directors’ schemes may be made available at higher contribution rates than other employees.
独立董事计划供款率可能高于其他雇员。

Performance-related annual bonuses
与绩效相关的年度奖金

to medium term incentives
中期激励措施

Share options
股权

incentives
激励

remuneration
薪酬

Clearly adequate remuneration has to be paid to directors in order to attract and
必须董事支付足够薪酬吸引

individuals of sufficient calibre.
有足够能力的人。

Remuneration packages should be structured to ensure that individuals are
薪酬待遇的结构应确保个人

to achieve performance levels that are in the company and shareholders' best interests as well as their own personal interests.
以达到符合公司和股东最佳利益以及他们个人利益的业绩水平

basic salary
基本工资

attract and
吸引

Retention can be helped by the payment of one or more loyalty bonuses for staying more than an agreed time period. Again, these would be regardless of performance and intended solely to reward loyalty. These may not necessarily be monetary rewards. It may be, for example, that a director receives a car upgrade or additional days paid holiday after the agreed time period.
如果停留超过约定的时间,可以通过支付一个或多个忠诚度奖金来帮助留住员工。同样,这些考虑性能和目的只是为了奖励忠诚。这些一定金钱奖励例如董事可能在约定的时间段之后获得汽车升级额外带薪假期

A number of benefits in kind
若干实物福利

Pension contributions
养恤金缴款

Performance-related annual bonuses
与绩效相关的年度奖金

Share options
股权

The Greenbury committee in the UK set out principles which are a good summary of what remuneration policy should involve.
英国的Greenbury委员会制定了一些原则,这些原则很好地概括了薪酬政策应该涉及的内容。

Directors' remuneration should be set by
董事的薪酬

members of the board
董事会成员

Any form of bonus should be related to measurable
任何形式奖金都应该衡量的

performance or enhanced shareholder value
业绩提升股东价值

There should be fullof directors' remuneration, including pension rights, in the annual accounts
年度账目应充分列明董事薪酬,包括养老金权利

Issues connected with
相关问题

may include the following:
包括以下内容

The pay scales applied to each director's package
适用每位董事薪酬级表

The proportion of the different types of reward within each package
种奖励不同类型奖励比例

The period within which performance related elements become payable
与业绩有关要素成为应付款项期间

Balancing of different elements
不同元素平衡

Fixed and variable elements
固定可变要素

Immediate and deferred elements
即期递延要素

Cash and non-cash elements
现金非现金部分

9.4 Roles of a remunerations committee
9.4薪酬委员会作用

Firstly, the committee is charged with determining remunerations policy on behalf of the board and the shareholders.
第一委员会负责代表董事会和股东决定再融资政策。

scales/proportions/periods
规模/比例/时期

ensure each director is fairly but responsibly rewarded
确保每位董事都得到公平而负责任的报酬

market conditions, retention needs, long-term strategy and market rates for a given job
市场条件留用需求长期战略特定工作的市场费率

Secondly, the remunerations committee reports to the shareholders on the outcomes of their decisions, usually in the corporate governance section of the annual report (usually called Report of the Remunerations Committee). This report, which is auditor reviewed, contains a breakdown of each director’s remuneration and a commentary on policies applied to executive and non executive remuneration.
其次薪酬委员会股东报告其决策结果,通常在年度报告的公司治理部分(通常称为薪酬委员会报告)。报告核数师审阅,载有每名董事的薪酬明细对适用于行政及非行政人员薪酬的政策的评论。

Unitary & Two-tier boards
单层双层

10.1 Unitary & Two-tier boards
10.1单一双层

In a unitary board, all directors, including all executive and non-executive directors, are members. All directors are of
单一制董事会中,所有董事,包括所有执行董事和非执行董事,均为成员。所有董事均为

‘rank’ in terms of their ability to influence strategy and they also all share the collective responsibility in terms of legal and regulatory liability.
根据他们影响战略的能力来“排名”,他们也都在法律的和监管责任方面分担集体责任。

There is no distinction in constitution or law between strategic oversight and operational management.
宪法法律战略监督和业务管理没有区别。

Unitary & Two-tier boards
单层双层

Supervisory board: A supervisory board has workers' representatives and stakeholders' management representatives including banks' representatives. The board has no executive function, although it does review the company's direction and strategy and is responsible for safeguarding stakeholders' interests.
监事会:监事会由工人代表利益攸关方管理层代表组成,包括银行代表。董事会没有执行职能,但它确实审查公司的方向和战略,并负责维护利益相关者的利益

Management board: A management or executive board, composed entirely of managers, will be responsible for the day-to-day running of the business.
管理委员会:完全由经理组成的管理委员会或执行委员会负责企业日常运作

The supervisory board
the management board. Membership of the two boards is
监事管理委员会。两个委员会的成员包括

Insider and outsider systems
内部外部系统

A key distinction that has been drawn between the corporate governance systems worldwide in different regimes has been between the insider and outsider models of ownership, although in practice
世界不同制度公司治理制度之间的一个关键区别内部人所有权模式和外部人所有权模式尽管在实践

Insider systems are where most companies listed on the local stock exchange are owned and controlled by a
内幕交易制度是指大多数在当地证券交易所上市公司一个

shareholders. The shareholders may be
股东股东可能

members of the company’s founding families, banks, other companies or the government.
公司创始家族成员、银行、其他公司或政府。

Outsider systems are ones where shareholding is
外部系统那些股权

, and there is the manager-ownership
还有经理-所有权

separation.
分居

Insider systems (family companies)
内部人制度(家族企业)

Family companies are perhaps the best example of insider structures. Agency is not really an issue with families because of their direct involvement in management.
家族企业也许内部结构最好例子代理对家庭来说并不是一个真正的问题因为他们直接参与管理。

Individual behaviour may be influenced not only by corporate ethical codes, but also by the family's ethical beliefs. Family companies may wish to invest for the longterm.
个人行为可能不仅受到公司道德守则的影响,而且还受到家庭道德信念的影响家族企业可能希望进行长期投资

However their longevity depends on the willingness of family members to continue to be actively involved. Family companies also depend on the maintenance of family unity.
然而,这些机构的寿命取决于家庭成员是否愿意继续积极参与家族企业也依赖于家族团结的维系

If this breaks down, governance may become very difficult.
如果这一点打破,治理可能会变得非常困难。

Insider
内幕

Outsider
局外人

Agency problem
代理问题

Robust governance
强有力的治理

Minority
少数

Long-term?
长期?

Hostile takeovers
恶意收购

Public sector & Charities
公共部门

Private sector
私营部门

making a profit
获利

shareholders who provide the capital
提供资本股东

Public sector
公共部门

Provides services for the population either
居民提供服务

of charge or for a cost.
收费成本

health service, libraries.
医疗服务图书馆

funded from local taxation, from central government grants
地方税收中央政府赠款资助

Charities
慈善机构

not for profit purposes,
不是为了盈利

funded from donations.
资金来自捐赠

main differences are in the aims and purposes of the public sector, its sources of funding and accountability.
主要区别在于公共部门目标宗旨、资金来源问责制。

Characteristics of public sector governance
公共部门治理特点

Public sector organisations must have arrangements in place to demonstrate that
公共部门组织必须做出安排,以证明

is being used appropriately and that
are being met in the provision of public services.
在提供公共服务时得到适当利用满足

One way of measuring this is to evaluate performance against the three 'Es':
衡量这一点种方法根据三个“E”来评估绩效

obtaining inputs of the appropriate quality at the lowest price
-最低价格获得适当质量投入

available
可用

delivering the service to the appropriate standard at minimum
-至少提供符合适当标准服务

cost, time and effort
成本、时间精力

achieving the desired objectives as stated in the entity's performance plan
-实现实体业绩计划规定预期目标

Required:
必需的:

Prepare a briefing note for the CFO which:
首席财务官准备一份简报,其中:

Explains:
解释:

The specific nature of the
具体性质

of the BCO as a
organisation;
作为一个组织BCO;

The advantages for the BCO of having a; and
a)拥有一个;

How the BCO’s mission and strategic objectives meet its
BCO的使命战略目标如何实现

(12 marks)
(12分)

Professional skills marks are available for demonstrating commercial acumen skills in demonstrating understanding of organisational issues relevant to the BCO. (2 marks)
专业技能标志可用于展示商业敏锐性技能,以展示与BCO相关的组织问题的理解。(2分)

Answer - (ii) The advantages of a two-tier board structure
答案-(二)董事会双层结构优点

One advantage of this governance arrangement is that there is a
这种治理安排一个优点

between the
function of the board of trustees and
董事职能

those(the management board).Additionally, the supervisory role of
这些管理委员会)。此外

the board of trustees acts as an effective
董事作为有效的

against management inefficiency and against fraud or irregular activities.
针对管理效率低下欺诈或不正常的活动。

, in particular those donating funds to the BCO, who will seek reassurance that their funds are being used appropriately by the BCO.
,特别是那些向BCO捐款的人,他们寻求保证他们的资金BCO适当使用。

A further advantage is that the board of trustees, in its supervisory role, will consider the needs ofs, including staff and the wider community.
另一好处董事监督作用,考虑的需要,包括工作人员和更广泛的社会。

The two-tier system also encourages
双层系统还鼓励

within the charity, between the two board levels and between the board of trustees and the stakeholders they represent. This transparency is particularly important in the charitable sector whereby the charity must be
for the diverse range of funds it receives.
在慈善机构内部,两个董事会级别之间,以及在董事会和他们所代表的利益攸关方之间这种透明度慈善部门尤其重要,因为慈善机构必须为它收到的各种资金提供资金。

The advantages of a two-tier board structure
双层董事会结构优点

Board of trustees monitor activities of the management board
董事-监督管理委员会活动

Clear separation of duties
明确职责分工

Maintain trust of stakeholders
保持利益相关者信任

Encourages transparency
鼓励透明度

Risk management system
风险管理体系

Internal control system
内部控制制度

Internal control is a process effected by an entity's board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
内部控制是一个实体的董事会、管理层和其他人员实施的程序旨在实现下列类别目标提供合理保证

Effectiveness and efficiency of operations
营运有效性效率

Reliability of reporting
报告可靠性

Compliance with laws and regulations'
遵守法律法规

Purposes of control systems
控制系统目的

Facilitate its effective and efficient operation by enabling it to respond appropriately to significant business, operational, financial, compliance and other risks to achieving the company's objectives.
通过使其能够适当地应对重大业务、运营、财务、合规和其他风险,实现公司目标,从而促进其有效和高效的运营

This includes the safeguarding of assets from inappropriate use or from loss and fraud and ensuring that liabilities are identified and managed.
包括保护资产不被不当使用损失欺诈,并确保负债得到确定管理

Help ensure the quality of internal and external reporting. This requires the maintenance of proper records and processes that generate a flow of timely, relevant and reliable information from within and without the organisation.
帮助确保内部和外部报告的质量这就要求保持适当的记录程序,以便从组织内外产生及时、相关和可靠的信息流

Help ensure compliance with applicable laws and regulations, and also with internal policies with respect to the conduct of businesses.
帮助确保遵守适用的法律法规以及与业务行为有关的内部政策

internal control systems
内部监控系统

Be embedded in the operations of the company and form part of its culture
融入公司运营成为公司文化

Be capable of responding quickly to evolving risks
能够快速应对不断变化风险

within the business
业务

Include procedures for reporting immediately to management significant control failings and weaknesses together with control action being taken(whistleblower provision)
包括立即管理层报告重大控制失误弱点以及正在采取的控制行动的程序(举报人规定)

4 Typical reasons - Ineffective internal controls
4典型原因-内部控制不力

Costs outweighing benefits.
成本大于收益。

Failures in human judgement when assessing a control, or fraud in measuring or reporting a control.
评估控制时,人的判断失误,在衡量或报告控制时存在欺诈。

Collusion between employees, perhaps with a vested interest in misapplying or circumventing a control.
员工之间的勾结,也许滥用或规避控制的既得利益有关。

Non-routine or unforeseen events can render controls ineffective if they are intended to monitor a specific process only.
非常规不可预见的事件可能会使控制无效,如果它们的目的只是监测一个特定的过程。

Previous or existing controls can become obsolete because they are not updated to meet changed conditions., for example, need to modified if they are to continue to remain effective
以前的或现有的控制可能会过时,因为它们没有更新以满足变化的条件。例如如果要继续保持有效,

There should ideally be a pyramid of controls in place, ranging from
理想情况下应该个金字塔控制到位

corporate controls at the top of an organisation (for example ethical codes),
组织最高层的公司控制(例如道德守则),

management controls (budgets),
管理控制(预算),

process and transaction controls (authorisation limits / completeness controls).
流程和交易控制(授权限制/完整性控制)。

Risk concept
风险理念

Risk is a condition in which there exists a quantifiable dispersion in the possible results of any activity.
风险一种状态,在这种状态下,任何活动的可能结果都存在量化的离散

Hazard is theif the risk materialises.
危险风险是否成为现实。

Uncertainty means that you do not know the possible outcomes and the chances of each outcome occurring.
不确定性意味知道可能结果每个结果发生的机会。

are risks that vary because of the presence of another risk or where two risks have a. This means when one risk increases, it has an effect on another risk and it is said that the two are related.
是指由于存在另一种风险而变化的风险,或者两种风险同时存在这意味着当一种风险增加时,它会另一种风险产生影响,这两者是相关的。

is a particular example of related risk. Risks are positively correlated if the two risks are positively related in that one will fall with the reduction of the other, and increase with the rise of the other. They would be negatively correlated if one rose as the other fell.
是相关风险的一个特殊例子如果两种风险正相关,即一种风险随着另一种风险的减少而减少,而另一种风险随着另一种风险的增加而增加,则风险正相关。如果一个上升,另下降,它们将呈负相关。

Risk appetite describes the willingness of an entity to become exposed to an unrealised loss (risk). It is usually understood to mean the position taken with regard to two notional preferences: risk aversion and risk seeking.
风险偏好描述了一个实体对未实现损失(风险)的意愿。它通常被理解两种名义偏好所采取的立场:风险厌恶风险寻求

Both preferences are associated with different levels of returns: those that are risk-seeking favour higher risks and higher returns with the converse being true for the risk averse.
这两种偏好不同回报水平有关风险偏好者倾向于高风险和高回报而风险厌恶者则相反。

Risk-averse entities will tend to be cautious about accepting risk, preferring to avoid risk, to share it or to reduce it. In exchange, they are willing to accept a lower level of return. Those with an appetite for risk will tend to accept and seek out risk, recognising risk to be associated with higher net returns.
规避风险的实体往往对接受风险持谨慎态度,宁愿避免风险、分担风险或减少风险。作为交换,他们愿意接受较低的回报水平。那些有风险偏好的人倾向接受寻求风险认识到风险与更高的净回报有关

Impact of risk on stakeholders
风险利益攸关方的影响

Shareholders
股东

Debt providers and creditors
债务提供者债权人

Employees
员工

Customers and suppliers
客户供应商

The wider community
更广泛社区

Internal/control environment
内部/控制环境

The internal or control environment is influenced by
内部控制环境受到以下因素的影响

towards control (tone at the top), the organisational structure and the
走向控制语气顶部),组织结构

Culture is 'the pattern of basic assumptions that a given group has invented, discovered, or developed, in learning to cope with its problems of external adaptation and internal integration, and that have worked well enough to be considered valid and, therefore, to be taught to new members as the correct way to perceive, think and feel in relation to these problems.'
文化是“一个特定群体学习科普外部适应和内部整合问题时发明、发现或发展的基本假设的模式,这些模式已经足够有效,因此可以认为是有效的,因此可以被教导给成员,作为感知、思考和感受这些问题的正确方式。'

Risk awareness is a capability of an organisation to be able to, from whatever
风险意识一个组织的能力,能够任何

source they may come.
来源可能会来。

A culture of risk awareness suggests that this capability (or competence) is presentthe organisation and is woven into the normal routines, ways of thinking and is embedded inof the company and
风险意识文化表明,这种能力(或能力)存在组织,并融入正常日常工作、思维方式,并嵌入公司的内部,

The methods by which risk awareness and management can be embedded in organisations are as follows:
风险意识风险管理可以嵌入组织方法如下

risk awareness and risk management messages to staff and publishing success stories.is essential to ensure risk is embedded throughout the organisation.
向工作人员宣传风险意识风险管理信息,并公布成功事例确保风险嵌入整个组织的关键

that recognise that risks have to be taken (thus
承认必须承担风险(因此

Establishing performance indicators that
制定业绩指标

to management. This would ensure that accurate information is always available to the risk committee and/or board. A ‘suggestion box’ is one way of providing feedback to management.
管理层确保风险委员会和/或董事会始终获得准确的信息。“意见箱”是向管理层提供反馈的一种方式。

Aligning individual goals with those of the organisation and building these in as part of the culture.
使个人目标与组织目标保持一致,并作为文化的一部分

Including risk responsibilities with job descriptions. This means that employees at all levels have their risk responsibilities clearly and unambiguously defined.
包括风险责任工作描述意味所有级别的员工都有明确的风险责任

Event identification
事件识别

Ex - 2019/03 SmartWear
[Ex-2019/03SmartWear]

Assesses the
评估

and suggests appropriate mitigating actions
建议采取适当的缓解措施

Ex - 2020/03 Techthere4U Co
Ex-2020/03Techthere4UCo]

Aanalyse the- awarded new contracts and retaining current contracts.
分析合同保留现有合同的情况.

Strategic and operational risks
战略业务风险

arise from the overall strategic positioning of the
总体战略定位

company in its. Some strategic positions give rise to greater risk exposures than others.
公司在其。有些战略头寸比其他头寸面临更大的风险。

Because strategic issues typically affect theof an organisation and not just one or more of its parts, strategic risks can potentially concern very high stakes they can have very high hazards and high returns.
由于战略问题通常会影响一个组织的整体,而不仅仅是一个或多个部分,因此战略风险可能涉及非常高的风险-它们可能具有非常高的风险回报。

refer to potential losses arising from the normal business operations. Accordingly, they affect the day-to-day running of operations and business systems. Examples include those risks that affect one part of the organisation and not the whole, such as machinery breakdown, loss of some types of data, injuries at work
指正常经营活动可能造成的损失因此,它们会影响运营业务系统的日常运行。例子包括影响组织的一部分而非整体风险例如机器故障、某些类型的数据丢失、工伤

The company currently pursues a cost leadership strategy which enables it to competitively price its products in its target markets; which has proved successful to date. However, cost leadership means that SmartWear must be the lowest cost supplier to the market, which is only possible if it can maintain high volume activities to absorb its cost base. However,
该公司目前奉行成本领先战略,使其能够在目标市场上以具有竞争力的价格为其产品定价;迄今为止,这已被证明是成功的。然而,成本领先意味着SmartWear必须是市场上成本最低的供应商,只有在能够保持产量活动吸收成本基础的情况下才有可能然而,在这方面,

, who do not need to employ sales staff or operate costly retail outlets, it
他们需要雇用销售人员经营昂贵零售

threatens the fundamental
威胁基本的

of the current SmartWear business model.
目前SmartWear商业模式。

There is a high dependency on overseas suppliers to continually provide SmartWear with the necessary clothing items to sell in its European retail outlets. These manufacturers are based a considerable distance from the core sales markets, which can make the supply lead time very long and reduces the company’s ability to respond to changing customer demands. This could lead to the added risk that if goods are over-ordered from the manufacturers then any surplus over demand may need to be sold at a discount, thereby reducing profitability.
SmartWear高度依赖海外供应商,以持续向其提供必要服装产品,供其在欧洲零售店销售。这些制造商的基地距离核心销售市场相当远,可能会使供应提前非常,并降低公司应对不断变化的客户需求的能力可能会导致额外风险,即如果从制造商那里订购了过多的货物,那么任何超出需求的剩余货物都可能需要打折出售,从而降低盈利能力。

Co

The fundamental strategic risk is, resulting ultimately in loss of contracts and decline in revenues. Aspects of this risk include lack of awareness of what clients want. There may also be a lack of resources to respond to client demands for new services or better provision of existing services. There is possibly a lack of high-level awareness of recent developments, as there have been no recent appointees from the IT industry to the board.
根本的战略风险是,最终导致合同损失和收入下降。这种风险的方面包括缺乏对客户需求的认识。还可能缺乏资源来满足客户对新服务或更好地提供现有服务的需求。可能是高层最近的事态发展缺乏认识,因为最近没有信息技术行业任命董事会成员。

The risk is also related to, of competitors providing new services first or having a business model which provides better awareness of client demands and standards of client care. TT4U has traditionally not differentiated itself from competitors by offering new services first, but early development of new services may be a critical factor in winning new work. The results of the survey suggest that some clients believe that there is a lack of commitment to innovation.
这种风险还涉及竞争者首先提供新服务,或其商业模式更好地了解客户需求和客户服务标准。TT4U传统上不会通过首先提供新服务来区分自己与竞争对手早期开发服务可能是赢得新工作关键因素。调查结果表明,一些客户认为缺乏对创新的承诺。

Co

In the client survey, responsiveness to clients, internal knowledge, communication and flexibility are all criticised. Methods of communication with clients seem old-fashioned and the website is criticised for being poorly designed. If operations are poor, these may be hygiene factors which influence clients’ contract renewal decisions.
在客户调查中,对客户的反应、内部知识、沟通和灵活性都受到批评与客户沟通的方法似乎过时了网站批评设计糟糕。如果业务不佳,这些可能是影响客户续约决定的卫生因素。

An important selling point of cloud-based services which TT4U plans to offer is flexibility and ease of use. If the cloud is difficult to access in many places or there are frequent interruptions of service, TT4U will not be providing perhaps the most important deliverable.
TT4U计划提供的基于云的服务的一个重要卖点是灵活性和易用性。如果云在许多地方难以访问,或者服务经常中断,TT4U将无法提供最重要的交付成果。

These are the risks which arise from the way a business is financially structured, its management of working capital and its management of short and long-term debt financing.
这些风险来自企业财务结构营运资本管理以及短期和长期债务融资管理。

Cash flow can be strongly influenced by how much debt to equity a business has, its need to service that debt and the rate at which it is borrowed.
现金流可能受到企业的债务与股本之比偿债需求以及借款利率的强烈影响。

Liquidity risk refers to the difficulties that can arise from an inability of the company to meet its short-term financing needs, i.e. its ratio of short-term assets to short-term liabilities.
流动资金风险是指公司无法满足其短期融资需求所产生的困难,即:短期资产短期负债的比率。

Credit risk is the risk to a company from the failure of its debtors to meet their obligations on time.
信贷风险公司债务人未能按时履行其义务而面临的风险。

The most common type of credit risk is when customers fail to pay for goods that they have been supplied on credit.
最常见的信贷风险类型是客户未能支付以信贷形式提供的货物。

Currency risk/ Exchange rate risk
货币风险/汇率风险

Currency risk is the possibility of loss or gain due to future changes in exchange rates.
货币风险是指未来汇率变动而产生损失或收益的可能性。

When a firm trades with an overseas supplier or customer, and the invoice is in the overseas currency, it will expose itself to exchange rate or currency risk.
一家公司海外供应商客户进行贸易并且发票是以海外货币开具时,它将使自己面临汇率或货币风险

SmartWear currently operates in Noria and two other European countries, with their own currency. Also, the manufacturers of all SmartWear products are based in Asia and will expect payment in their functional currencies. Therefore, the current business model exposes the company to volatility in the relative movement of exchange rates which could potentially result in higher costs, consume excess cash and reduce corporate profitability.
SmartWear目前在Noria和其他两个欧洲国家运营,使用自己的货币。此外,所有SmartWear产品的制造商都位于亚洲,并期望功能货币付款。因此,目前业务模式使公司面临汇率相对波动的风险,这可能导致成本上升,消耗多余的现金并降低公司盈利能力。

As
作为

is rising in comparison with the countries in which it obtains its supplies, there will be an
获得供应国家相比

As a listed company in Noria, SmartWear will have to prepare its financial statements in the Norian currency. This requires the value of assets and liabilities held in each operating country to be
作为Noria上市公司SmartWear不得不以Norian货币编制财务报表要求每个经营国家持有资产负债价值

to the Norian currency, again possibly negatively impacting on declared profit.
诺利亚货币,再次可能对申报利润产生负面影响。

As with foreign exchange rates, future interest rates cannot be easily predicted. If a firm has a significant amount of variable (floating) rate 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 debt, it will lose out if interest rates begin to fall.
与外汇汇率一样,未来的利率也容易预测。如果一家公司有大量可变(浮动)利率债务,利率变动引起偿还债务成本的不确定性。相反,如果一家公司使用了大量的固定利率债务如果利率开始下降,它将遭受损失

2020/03 Techthere4U Co

TT4U may be less visible than other firms. Competitors may be attracting more business by better use of online tools such as search optimisation or better generation of publicity about the services which they are offering. The comments in the survey suggest that clients find TT4U’s website poor and believe the company is not making enough use of other media.
TT 4U可能比其他公司更不显眼。竞争对手可能会通过更好地使用在线工具(如搜索优化)或更好地宣传他们所提供的服务来吸引更多的业务。调查中的评论表明客户认为TT 4U的网站很,并认为公司没有充分利用其他媒体。

2019/03 SmartWear
2019/03智能穿戴

The SmartWear business model has successfully positioned itself at the low end of its target market, where it has become the market leader. However, during the economic recession in Noria, it is likely that many established competitors will also seek to gain more of the lucrative budget-conscious end of the clothing market. This is directly targeting SmartWear’s dominant position, which has already resulted in an erosion in its market share.
SmartWear的商业模式成功地将自己定位在目标市场的低端,并成为市场领导者。然而,在诺里亚经济衰退期间,许多老牌竞争对手可能也会寻求在服装市场利润丰厚的非营利组织中获得更多利润直接针对SmartWear的主导地位,这已经导致其市场份额受到侵蚀

Product risks will include the risks of financial loss due to producing a. These include the need to compensate dissatisfied customers, possible loss of sales if the product has to be withdrawn from the market or because of loss of reputation
产品风险将包括因生产一种产品而造成财务损失的风险。这些包括需要补偿不满意的客户,如果产品必须从市场上撤回由于声誉损失而可能造成的销售损失

However product risks also include the risks involved in
然而,产品风险包括以下风险

2019/03 SmartWear
2019/03智能穿戴

This relates to the risk of changing conditions in the marketplace, such as the increasing tendency of consumers to shop online. This particular aspect of market risk presents significant challenges to traditional retail businesses like SmartWear, where failure to successfully adapt could make the current business model obsolete over a relatively short period of time.
这与市场条件变化的风险有关,例如消费者越来越倾向网上购物。市场风险的这一特殊方面给SmartWear等传统零售企业带来了重大挑战,如果未能成功适应,可能会使当前商业模式相对较短的时间内过时。

Health and safety risk, and particularly the
健康安全风险尤其

of a given health and safety risk materialising, is generally increased by a number of factors.
特定健康和安全风险的发生通常会因多种因素而增加。

The first is a lack of a health and safety policy.
首先缺乏健康安全政策

The second is a lack of emergency procedures or a failure to deal with hazards that arise.
二种缺乏应急程序未能处理出现的危险。

Third, a poor health and safety culture can undermine an otherwise good policy if management and staff are lax towards health and safety, or believe it to be unimportant.
第三如果管理层和员工健康安全松懈,或者认为健康和安全不重要,那么糟糕的健康和安全文化可能会破坏原本良好的政策。

Ex - 2020/03 Techthere4U Co

Key person risk
关键人物风险

Key person risk particularly applies to the founder executive directors, given their central place in TT4U throughout its history and the contacts they have built up. The departure of any of them could be seen as indicating that TT4U is undergoing a period of instability.
关键人物风险尤其适用创始人执行董事因为他们在TT4U的历史中处于中心地位,并且他们已经建立了联系。他们中任何一个人的离开都可以被视为表明TT4U正在经历一段不稳定时期。

Other staff may have particular close relations with some clients or expertise which may adversely impact TT4U if it was lost, particularly if they joined competitors.
其他工作人员可能与某些客户或专门知识有着特别密切的关系如果失去这些关系或专门知识,特别是如果他们加入竞争对手,可能会对TT4U产生不利影响。

Reputation risk is a loss of reputation caused as a result of the adverse consequences of another risk. Of all the major risks, reputation risk is the risk that is most strongly
声誉风险由于另一种风险造成的声誉损失的不利后果。在所有主要风险中声誉风险是最强烈的风险

, since its level partly depends on the likelihood that other risks materialise.
因为它的水平部分取决其他风险实现的可能性。

The other main determinant of the level of reputation risk is
声誉风险水平主要决定因素

Co

Data risk
数据风险

All the data management services provided by TT4U, not just those on the cloud, generate risks of loss to their clients. These include the risks of loss or corruption of data, whether due to accident or deliberate action by hackers.
TT4U提供的所有数据管理服务,而不仅仅是云上的服务都会客户带来损失风险。这些风险包括数据丢失损坏的风险,无论是由于事故还是黑客的故意行为

There is also the risk of confidential data being accessed by unauthorised users, and publicised or used for illicit advantage.
此外,保密数据亦可能未经授权的使用者取用,并被公布或用于非法目的。

Reputation risk
声誉风险

It may be particularly serious if TT4U is associated with a major problem, for example, a leakage of confidential data.
如果TT4U重大问题有关,例如机密数据泄漏,则可能特别严重。

Reputation risk can also relate to criticisms that TT4U is generally not providing a good service. The article highlights important features of service and the client survey indicates TT4U has problems in some of these areas. If these problems are publicised online by users, this can erode confidence in what TT4U offers.
声誉风险也可能与TT4U通常没有提供良好服务的批评有关。文章强调了服务的重要特征客户调查表明TT4U在其中一些领域存在问题。如果这些问题被用户在网上公布,这可能会削弱人们对TT4U产品的信心。

Legal risks
法律的风险

Political risk
政治风险

Technological risks
技术风险

Environmental risk
环境风险

Ex - 2014/06 Q2 (b) Explain ‘business risk’ and ‘financial risk’ and discuss why risks might vary by sector as the website indicated. (8 marks)
Ex -2014/06 Q2(B)解释“业务风险”和“财务风险”,并讨论为什么风险可能因行业而异,如网站所示。(8分)

Sectors exist inThis means that the external factors which affect businesses and give rise to risks are different.
意味影响企业和产生风险的外部因素是不同的。

Some industries, for example, are mainly located within a certain geographical area whilst others are international, thereby giving rise to such risks as exchange rate risk, etc.
例如,有些行业主要位于地理区域内,而另一些行业则国际性的,因此会产生汇率风险等风险。

Some exist in relatively simple and stable environments whilst others are in more turbulent and changeable environments. Thus, in more unstable and complex environments, perhaps with greater levels of regulation, changing consumer patterns and higher technology, companies will be subject to greater risks than those in more stable and simple environments.
有些存在于相对简单和稳定的环境中,而另一些则处于更动荡和多变的环境中。因此,在不稳定和复杂的环境中,也许随着监管水平的提高,不断变化的消费者模式和更高科技公司稳定简单的环境中面临更大的风险。

Companies in different sectors adopt
不同行业公司采用

. This means that the ways in which value is added will
. 意味增值方式

differ substantially among companies in different sectors.
不同行业的公司之间存在很大差异

In a service industry, for example, value is added by the provision of intangible products, often with the direct intervention of a person. In a manufacturing company, there will be risks associated with inventory management which a service industry will not be exposed to.
例如,在服务业中,价值是通过提供无形产品而增加的,往往是在人的直接干预制造企业中,会与库存管理相关的风险服务行业不会面临这些风险。

Conversely, a company in a service industry such as insurance or banking is more likely to be exposed to certain technical skill shortages and fraud risks.
相反,保险或银行等服务行业的公司更有可能面临某些技术技能短缺欺诈风险

Different sectors have
不同部门

So whereas a traditional manufacturing company might have very little debt, a civil engineering business undertaking individual large projects might take on large amounts of medium-term debt to finance the project.
因此传统制造企业的债务可能很少,而承担单个大型项目的土木工程企业可能会承担大量中期债务项目融资。

This means that risks are greater in such a business because of the financial gearing which is lower in the traditional company funded mainly by shareholders’ equity or retained surpluses.
这意味着这种业务的风险更大,因为传统公司的财务杠杆率主要由股东权益或留存盈余提供资金。

Some companies have different cost structures which make them more risky in different economic circumstances. Companies with high operational gearing, such as those having very high fixed costs compared to variable costs, have more volatile returns simply because of the structure of their cost base.
有些公司有不同的成本结构,这使它们在不同的经济环境下风险更大运营杠杆率高的公司,例如固定成本可变成本相比非常高的公司,由于其成本基础的结构,其回报更不稳定。

Risk assessment and response
风险评估应对

Risk assessment is the process of evaluating the
of a risk by making an estimate of two
风险评估是通过估计两个风险评估风险

variables: theof the risk event being
变量:风险事件

realised and thethat the risk would have if it were realised.
如果风险已经实现,它被实现

Probability refers to the
of the risk materialising and is expressed either as a percentage or as a proportion of one (e.g. a 0·5 risk is considered to be 50% likely). The impact refers to the
概率是指风险实现的可能性,并以百分比比例表示(例如:0.5风险认为50%的可能性)。影响是指

The estimated values of these two variables can be plotted on a risk assessment ‘map’, where the two axes are impact and probability. Then, different risk management strategies can be assigned depending upon the area of the map the risk is plotted in.
这两个变量的估计值可以绘制风险评估“地图”上,其中两个是影响和概率。然后,可以根据绘制风险的地图区域分配不同的风险管理策略。

The audit and risk committee is also aware of discussions from a senior leadership team meeting regarding the use of child-labour on cocoa farms supplying the chocolate manufacturing industry. At this meeting, which you also attended, there was a discussion regarding Dulce’s response to the findings of a recent news article.
审计风险委员了解高级领导小组会议关于供应巧克力制造业的可可农场使用童工问题的讨论。这次会议上,你也参加了,有一个讨论关于杜尔塞反应,最近的一篇新闻文章的调查结果。

The

stated that no response is needed, as most customers are unaware of the issue, and the use of child-labour is common amongst most cocoa farmers and is an accepted practice.
该组织指出,不需要答复,因为大多数客户不知道这一问题,而且使用童工大多数可可农中很常见,是一种公认的做法。

However, the

insisted that this risk must be removed at all costs and that Dulce must stop using all cocoa farmers who use child-labour immediately and look for new cocoa farmers.
因此,该组织坚持认为,必须不惜一切代价消除这种风险杜尔塞必须立即停止使用所有使用童工的可可农民,并寻找新的可可农民。

The

suggested that Dulce should continue to use its cocoa farmers but that it must control and monitor them more effectively to maintain ethical standards.
建议杜尔塞继续使用可可种植者,但必须更有效地控制监督他们以保持道德标准。

Required:
必需的:

You have been asked by the chairman of the audit and risk committee to prepare three presentation slides, with accompanying notes, for presentation at the next board meeting, which:
审计和风险委员会主席要求您准备演示幻灯片附有注释以便在下次董事会会议上演示,其中:

Identify how each risk response suggested by the three directors would be
确定董事建议每项风险应对措施如何

categorised using an appropriate risk management framework; (4 marks)
使用适当风险管理框架进行分类;(4分)

Evaluate the appropriateness of the risk responses of the operations director and the human resource director; and (6 marks)
评估运营总监和人力资源总监风险应对适当性

Consider the suggestions of the finance director, including recommendations for TWO control activities which should be implemented to assist in managing this risk. (6 marks)
考虑财务总监的建议,包括应实施的两项控制活动的建议以帮助管理此风险。(6分)

Use of the TARA approach.
使用塔拉方法。

HR director response fits with the
人力资源总监反应符合

approach.

Impact is high, particularly on reputation and lives of those being exploited.
影响特别是对被剥削者的声誉生活的影响。

Likelihood is high. Widespread practice in the industry.
可能性行业内广泛实践。

OD’s recommendation fits withapproach.
OD的建议符合方法。

He believes impact is low as most customers are unaware of child-labour practices.
认为,影响,因为大多数客户不知道童工的做法。

Therefore take no action.
因此-不要采取任何行动。

FD’s approach fits withapproach.
FD的方法符合方法。

Low impact in the context of the industry-wide use of child-labour by cocoa farmers and the lack of awareness of its customers.
可可种植者普遍使用童工消费者缺乏认识的情况下,影响很小。

Likelihood high, given high number of cocoa farmers used in Geeland and Rodia.
可能很高,因为吉兰和罗迪亚可可种植者人数很多

Risk assessment is a dynamic management activity because of
风险评估一项动态管理活动

and because of
而且由于

of the organisation which interact with that
互动组织

environment.
环境

Changes in the environment might include changes in any of the
(political, economic, social, technological) or any
环境变化可能包括任何政治、经济、社会、技术)或任何

change such as a change in theof suppliers, buyers or competitors.
变化,如供应商、买家或竞争对手的变化。

And thus there needs to be a
因此需要一个

not aactivity.
不是一个活动。

4 Objective and subjective risk perception
4客观主观风险认知

In some instances the assessment can be made with a high degree of certainty, maybe even scientific accuracy. An example of a risk, the likelihood of which can be objectively measured, is the next outcome of tossing a coin.
在某些情况下,评估可以有高度的确定性甚至科学的准确性。硬币的下一个结果就是风险的一个例子,它的可能性可以客观衡量

In other instances however quantitative accuracy is not possible and the risks have to beassessed.
然而,在其他情况下,不可能做到定量准确,必须评估风险

5 Importance of accurate risk assessment
5准确风险评估重要性

If the assessment process underestimates the importance of the risks, risk management procedures may be inadequate. The risks may then materialise and the company may not only have to bear the losses arising from the risks crystallising, but also suffer opportunity cost for expenditure on risk management that turns out to be ineffective.
如果评估过程低估了风险的重要性,则风险管理程序可能不充分这些风险可能会变成现实,而公司可能不单要承担因风险出现而引致的损失,更要承担因风险管理开支而最终未能发挥效用的机会成本。

If the importance of risks is exaggerated by the risk assessment process, then excessive measures may be taken to manage these risks. These may involve unnecessary costs and inefficient resource allocation, and mean that the business is unable to take advantage of profitable opportunities.
如果风险评估过程夸大了风险的重要性可能采取过度措施管理这些风险。这可能涉及不必要的成本和低效的资源分配意味企业无法利用有利可图的机会。

Many businesses undertake hazardous activities where there is a risk of injury or loss of life (for example on an oil rig, factory or farm). These risks cannot be avoided completely. However they have to be reduced to an acceptable level by incurring the costs of risk mitigation installing protective shielding, issuing safety equipment like hats or protective glasses.
许多企业伤害或生命损失风险的地方开展危险活动(例如在石油钻井平台、工厂或农场)。这些风险是无法完全避免的。然而,必须通过降低风险的成本将其降低到可接受的水平-安装防护屏蔽,发放安全设备,帽子防护眼镜

The level of risk mitigation is a trade off between cost and the assessment derived from the risk’s likelihood and impact. Judgement will though be involved in deciding what level of risk is as low as reasonably practicable (ALARP).
风险缓解的程度是成本与根据风险的可能性和影响得出的评估之间的权衡然而决定什么样的风险水平是合理可行的最低水平(ALARP)时,将涉及判断。

Control Activity
控制活动

Segregation of duties
职责分离

eg the chairman/CEO roles should be split
董事长/首席执行官角色应该分开

Physical
物理

custody of assets
资产保管

Authorisation
授权

non-executive directors to decide directors’ pay
非执行董事决定董事薪酬

Management
管理

eg tasking internal audit
内部审计

Supervision
监督

budget monitoring through exception or variance reports
通过例外差异报告进行预算监测

Organisation
组织

reporting lines
报告关系

Arithmetical
算术

Personnel
人员

recruitment, training
招聘、培训

The executive summary of an internal audit report on SmartWear's supply chain management has been given to you by the chair of the audit committee. The report identified a number of significant issues in areas such as an appraisal of existing suppliers' performance and internal reporting provisions.
关于SmartWear供应管理的内部审计报告的执行摘要已由审计委员会主席提交给您。该报告指出了一些重要问题,如现有供应商业绩评估内部报告规定。

On behalf of the board of directors, the chair of the audit committee has asked you to provide the buying and merchandising director with an objective appraisal of the supply chain management arrangements at SmartWear to effectively address the various issues raised in the report.
审计委员会主席代表董事会要求采购销售总监提供SmartWear供应管理安排的客观评估,以有效解决报告中提出的各种问题。

Required:
必需的:

Draft a memo to the buying and merchandising director, which evaluates theof internal control systems at the company, particularly on the procurement side, andcontrol improvements to rectify the identified areas of concern. (12 marks)
起草一份备忘录采购销售总监评估公司内部控制系统,特别是采购方面的内部控制系统,并改进控制措施,以纠正确定的关注领域。(12标记)

Cost controls
成本控制

The internal audit report claims that a ‘culture of carelessness’ has developed among SmartWear buyers who do not engage closely with the clothing suppliers. The result is that the cost of individual supply contracts is not periodically reviewed or compared against industry averages, and only renegotiated when they come up for renewal after several years. This means that SmartWear could be incurring avoidable increases in its cost base, and a resultant erosion of gross margins.
内部审计报告SmartWear买家中已经形成了一种“粗心文化,他们服装供应商没有密切联系。结果没有定期审查个别供应合同的费用,也没有将其行业平均数进行比较,而只是在几年后需要续签合同时才重新谈判。 这意味着SmartWear可能导致其成本基础的不可避免的增加,从而导致毛利率的下降

Corporate social responsibility issues
企业社会责任问题

Supply contract terms and conditions stipulate minimum standards for the treatment of a supplier’s workforce. However, recent reports have clearly indicated that some SmartWear suppliers have been in breach of this contract term, but the buying team has not challenged these manufacturers’ practices.
供应合同条款和条件规定了供应商员工待遇的最低标准。然而,最近的报道明确指出一些SmartWear供应商违反这一合同条款,但购买团队并没有对这些制造商的做法提出质疑

This could be because the buying department is under pressure to maintain low costs, so they do not wish to impose additional costs on the suppliers who may attempt to pass these on to SmartWear.
这可能是因为采购部门面临着维持成本的压力,因此他们希望额外成本强加可能试图将这些成本转嫁给SmartWear的供应商。

A stated strategic goal of the company in its mission statement is to function at the highest standards of social responsibility, and to expect the same from its suppliers. It is therefore wholly unacceptable to knowingly permit such unethical practices to continue for financial expediency.
公司在其使命声明中明确的战略目标最高标准的社会责任运作,并期望供应商也能做到这一点。因此为了经济上的权宜之计而故意允许这种不道德的做法继续下去,是完全不能接受的

Poor reporting around supplier relationships
关于供应商关系的报告不足

Key to any control system is regular and accurate
任何控制系统的关键是定期和准确

on performance so that any problems or serious issues can be identified and rectified without unnecessary delay.
以便识别和纠正任何问题严重问题,而不会出现不必要的延误

At SmartWear only those issues which are considered to be of a serious nature are brought to the attention of the board and senior management. However, the basis upon which the term ‘serious’ is defined is open to wide interpretation. The result is that low level staff are deciding which matters need to be escalated, and this in turn could lead to cover ups or business failures going unaddressed.
SmartWear,只有那些认为性质严重的问题才会提请董事高级管理层注意不过,界定“严重”一词的根据可作广泛的解释。结果级别的工作人员决定哪些事项需要升级,这反过来又可能导致掩盖业务失败得不到解决。

Recommended control improvements
建议的控制改进

Cost controls
成本控制

The buyers need to be tasked to be
买家需要承担的任务是

in their management of the supply contracts to ensure that the company is getting best value for money.
在他们的供应合同的管理确保公司获得最佳价值金钱

Contract periods could be shortened to allow for any potential cost savings to be realised more frequently.
合同可以缩短以便更频繁地实现任何潜在的成本节约。

The careful monitoring of the quality of the products manufactured and the efficient delivery of orders placed should ensure that the suppliers aim to continuously meet the terms of their contracts with SmartWear.
对所生产产品的质量进行仔细监控以及有效交付订单应确保供应商能够持续满足与SmartWear签订的合同条款。

The buyers require carefully drafted job descriptions, setting out the expectations and competences needed to fulfil this important role at SmartWear.
买家需要精心起草的职位描述,列出在SmartWear履行这一重要角色所需的期望和能力

Management should then set individual objectives and targets, with performance based rewards, to motivate the buying team to deliver results which will ultimately improve corporate performance.
然后,管理层应设定个人目标和指标并根据业绩奖励,以激励采购团队交付最终将提高公司业绩的成果。

Corporate social responsibility issues
企业社会责任问题

Those suppliers who are in clear breach of their supply contract need to be formally advised that they must immediately bring the working conditions at their factories, or the
必须正式通知那些明显违反供应合同的供应商他们必须立即改善工厂工作条件

.

However, their remedial actions will need to be independently validated and that this might best be achieved through SmartWear auditors making periodic unannounced spot checks at supplier factories.
然而,他们的补救措施需要独立验证最好通过SmartWear审计员对供应商工厂进行定期突击抽查来实现

A concerted public relations effort will need to be made to reassure the buying public and investors that SmartWear has taken the necessary action to deal with the issue. This will require the drafting of a clearly worded statement communicated on the most appropriate.
需要做出协调一致的公关努力,购买公众投资者放心SmartWear已经采取必要行动处理这个问题。这将需要起草一份措辞明确的声明以最适当的方式传达

It is also important to stress to the buying department that although prudent financial management of the supply chain is key to business success, any unethical behaviour presents a major risk to the company.
同样重要的是要采购部门强调尽管谨慎的供应链财务管理是业务成功的关键,但任何不道德的行为都会给公司带来重大风险。

Poor reporting around supplier relationships
关于供应商关系的报告不足

Standardised procurement reports should be produced and submitted to senior management on a frequent basis. These reports must provide an update on all current supply contracts, and remove any subjectivity by defining the reporting parameters.
应经常编制标准化的采购报告提交给高级管理层这些报告必须提供所有当前供应合同的最新情况并通过定义报告参数消除任何主观性

This control will ensure that the procurement team do not become complacent and manage the supply chain effectively and in the best interests of the company.
这种控制确保采购团队不会自满,并有效地管理供应,以实现公司最佳利益。

Through these reports theof this important aspect of the SmartWear business model, and so can take appropriate action to optimise operational and financial performance.
通过这些报告,我们可以了解SmartWear业务模式的这一重要方面,从而采取适当的行动来优化运营和财务绩效。

3 The chairperson has asked to meet with the chief executive officer (CEO) to discuss the BCO’s current risk management approach. The
that the current risk register does not adequately evaluate the seriousness of the risks identified and that some relevant risks are not covered at all. He is also concerned that the risk mitigating activities are inadequate, in the light of recent changes and events in the external environment.
3主席已要求与首席执行官会面,以讨论建筑事务处目前风险管理方法目前的风险登记册没有充分评估已识别风险的严重性,一些相关风险根本没有被涵盖他还感到关切的是鉴于最近外部环境的变化和事件,减少风险的活动不够。

Theand thinks that the risk register and its risk mitigating activities are, and that the chairperson is overreacting to the BCO’s latest financial results and the industry research report. She has asked for your assistance on this matter.
审计委员会认为,风险登记册及其风险缓解活动是,主席是反应过度的最新财务业绩和行业研究报告。她请求你在这件事上给予帮助。

Required:
必需的:

Prepare a confidential report which evaluates the BCO’s current
and theof each of the risk, clearly highlighting whether the chairperson’s concerns are justified. (15 marks)
准备一份机密报告评估BCO当前的风险每一种风险的风险明确强调主席的担忧是否合理。(15分)

Fund-raising
集资

The risk register identifies that we may not be able to raise the required level of funding to cover our costs. From an analysis of our latest annual report it is clear that the BCO’s income is just managing to cover its expenditure and in fact, had we not sold a property in the year, then the BCO would have been in deficit. Therefore, this is a
风险登记册识别我们可能无法筹集所需资金水平支付我们的成本。我们最新的年度报告的分析可以清楚地看出,BCO的收入只是设法支付支出,事实上,如果我们没有在这一年出售一处房产那么BCO将出现赤字因此,这是一个

for the forthcoming years.
未来的几年里。

As the charity sector has clearly come under scrutiny and much criticism recently, we will face significant challenges in the coming years to increase our income, without undertaking more promotion and awareness programmes, which inevitably will cost money. We will have to balance this drive for increased income with ensuring our activities remain ethical and do not harm our reputation.
由于慈善部门最近显然受到审查和许多批评,我们将在未来几年面临增加收入的重大挑战,而不进行更多的宣传提高认识方案,这不可避免地会花费资金。我们必须增加收入的动力与确保我们的活动保持道德和不损害我们的声誉之间取得平衡。

Implementing appropriate cost budgeting procedures is clearly an important aspect of managing our expenditure, but it
实施适当的成本预算程序显然管理我们支出个重要方面

how to increase income streams. Therefore, this risk management activity has limited scope to improve our fund raising risk. All it does is manage the costs we incur.
如何增加收入流。因此,该风险管理活动对改善我们的集资风险的作用有限它所做的只是管理我们所承担的成本。

Similarly, benchmarking our financial returns is a relatively reactive approach to mitigating our risks and
同样,对我们的财务回报进行基准测试是一种相对被动的方法,可以减轻我们的风险

in achieving increased income streams.
增加收入来源。

Stewardship reporting for stakeholders in our annual report is a key aspect of transparency and communication with our stakeholders, but again, it will
在我们的年度报告中向利益相关者提供管理报告透明度利益相关者沟通一个关键方面,同样

in overcoming the risks of our ability to raise sufficient funds.
克服我们筹集足够资金能力的风险。

Overall, I consider that the chairperson has a valid point in regard to whether our risk mitigating activities relating to fund raising are adequate and that he is not overreacting. Our current risk mitigating activities are only likely to give us increased information on potential reasons of our fund-raising levels and costs and not how to address/ improve them.
总的来说,认为主席关于我们与筹资有关的风险缓解活动是否充分的问题有一个正确的观点他没有反应过度我们目前的风险缓解活动只可能为我们提供更多关于我们筹资水平和费用的潜在原因的信息,而不是如何解决/改善这些问题的信息。

Loss of key staff and employment issues
关键工作人员流失就业问题

This is a significant risk to the BCO, as our staff are a key asset in the delivery of our animal protection activities. We invest significant sums in training staff and it could be a huge financial and potentially reputational loss when staff leave.
这对BCO来说是一个重大风险,因为我们的员工是我们开展动物保护活动的关键资产。我们在培训员工方面投入了大量资金,当员工离开时,这可能是一个巨大的财务和潜在的声誉损失。

If we lose that expertise, which we have to then either buy in or re-train we run the risk of not attaining the high standards of operation we set for ourselves. Therefore, this is aand therefore justifiable risk to
如果我们失去了这方面的专业知识,我们必须然后要么购买或重新培训,我们运行风险不能达到标准运作,我们自己设定的。因此,这是一个合理的风险,

on as an organisation.
作为一个组织。

Adequacy of risk mitigating activities
风险缓解活动准确性

Currently, our risk management activities include succession planning, agreement of notice periods and review of recruitment processes and policies.These would seem to berisk management activities to assist in reducing and eliminating some of the risks associated with the loss of staff.
目前,我们的风险管理活动包括继任规划、通知期协议以及审查招聘流程政策。这些风险管理活动似乎有助于减少消除与员工流失相关的一些风险

Succession planning is a critical aspect of ensuring staff continuity and successful handover of responsibilities when staff leave the organisation. This should ensure that we have a definite plan in place to ensure that remaining staff are ready and prepared to take on new roles and responsibilities when required. Also, this should assist in motivating remaining staff.
继任规划确保工作人员连续性在工作人员离开本组织时成功移交职责的一个重要方面。应确保我们有一个明确的计划,以确保重新安置的工作人员随时准备在需要时承担新的角色职责此外,这应有助于激励剩余的工作人员。

Review of recruitment policies and processes is also a critical aspect in ensuring that we employ staff with the correct skills and attitudes, therefore hopefully resulting in lower staff turnover.
检讨招聘政策程序,亦确保我们聘用具备正确技能及态度的员工的重要一环从而可望减少员工流失。

However, a key aspect of mitigation which is not considered is
然而,没有考虑到的减缓的一个关键方面

programmes, which would be an effective way of motivating staff to remain committed to the organisation and thus reduce the levels of staff turnover. This may be a reason why the chairperson believes that our risk mitigating activities are insufficient. Therefore, it is recommended that our risk register should also include activities to improve retention.
方案,这将是激励工作人员继续致力于本组织的有效方式,从而降低工作人员更替率。这可能是主席认为我们的风险缓解活动不足的原因。因此,建议我们的风险登记册还应包括改进留存的活动

Overall, our risks management activities relating to this risk are reasonably sufficient and the chairperson may be over critical of our risk management activities for this risk category.
整体而言,我们与该风险有关的风险管理活动合理充足,主席可能对我们就该风险类别的风险管理活动过于挑剔。

However, we must also include the implementation of appropriate and regular training programmes and skills updates for staff to enhance motivation and therefore improve retention.
然而,我们还必须包括为工作人员执行适当定期的培训方案和技能更新,以提高积极性,从而更好地留住工作人员。

Competition
竞争

Competition in the charity sector is a key risk for the BCO, as evidenced in the recent sector research report, as a result of several external environmental factors. This competition inevitably means that we face a significant risk of reduced income and subsequently, a potential loss of public awareness and profile, should potential donors and supporters choose to support alternative causes. Therefore, the Risk committee is correct to include this within our risk register.
正如最近的部门研究报告所证明的那样,由于一些外部环境因素,慈善部门的竞争是巴西慈善组织面临的一个主要风险。这种竞争不可避免地意味着,如果潜在的捐助者和支持者选择支持其他事业,我们将面临收入减少的重大风险,随后可能会失去公众意识和形象因此,风险委员会将其纳入我们的风险登记册是正确的。

Adequacy of risk mitigating activities
风险缓解活动准确性

Our current risk register suggests that we should manage this risk using methods such as monitoring of service delivery and monitoring public awareness and profile. I would suggest that the chairperson may be correct in his concerns with risk management of the risk from competition, as these activities areto effectively manage such a serious threat to our position.
我们目前的风险登记册表明,我们应使用监测服务提供情况监测公众意识形象等方法来管理这一风险。认为,主席对竞争风险管理的关切可能是正确的,因为这些活动是为了有效管理对我们地位的严重威胁。

Monitoring of public profile and service delivery are useful starting points to assess our situation in the competitive environment and they may indeed assist us in identifying areas for improvement.
监察市民的形象和所提供的服务,是评估我们竞争环境中的情况的有用出发点协助我们找出可予改善的地方。

However, they are
但他们

to ensure we do stay ahead of our competitor and therefore the chairperson is correct in his concerns relating to the activities we undertake to mitigate this risk. We should be considering activities such as ensuring and managing key stakeholder awareness and customer/donor generation/retention strategies.
以确保我们确实领先于竞争对手因此主席我们为减轻这种风险而采取的活动的担忧是正确的。我们应该考虑的活动,如确保和管理关键利益相关者的意识和客户/捐助者的生成/保留战略。

Therefore, I believe that the chairperson is not over reacting to the consequences of this risk and is correct in his assessment in the adequacy of our risk management activity.
因此,认为主席这一风险的后果并没有反应过度,他对我们风险管理活动是否充分的评估是正确的。

Operating in dangerous locations around the world
世界各地危险地点开展业务

Because we operate our animal protection activities across the world it is inevitable that some activities will take place in dangerous locations and therefore this is a
由于我们在世界各地开展动物保护活动,因此不避免地会危险地点进行一些活动因此这是一个

and must be considered as part of our risk register.
并且必须被视为我们风险登记册的一部分。

One issue that is not considered however, which I believe should be, is the potential litigation which may occur as a result of injury or death to any of our staff or volunteers.
然而,有一个问题没有考虑到,我认为应该考虑到,那就是由于我们的任何工作人员或志愿者受伤或死亡而可能发生的潜在诉讼。

Therefore, the chairperson is correct in his assessment of the adequacy of our assessment of this risk and is not over reacting to the recent challenges in the sector.
因此,主席我们对这一风险的评估是否充分的评估是正确的,并没有该部门最近的挑战作出过度反应。

Adequacy of risk mitigating activities
风险缓解活动准确性

Activities such as monitor and review activities in recognised dangerous locations and procedures to remove staff and volunteers at short notice arerisk management activities but we must also ensure that these are carried out regularly and tested regularly.
公认的危险地点进行的监测和审查活动以及短时间内撤离工作人员和志愿者的程序等活动都风险管理活动,但我们还必须确保定期进行这些活动并定期进行测试。

A close relationship with security and safety services is also a key risk management activity and is evidence of arisk management approach.
安保安全部门的密切关系也一项重要的风险管理活动,是风险管理办法的证明。

Therefore, I would in fact agree with the chief executive in this case and conclude that the BCO appears to have adequate risk management activities in this particular risk category.
因此,我实际同意首席执行官这种情况下的看法,并得出结论,在这一特定风险类别中,BCO似乎有足够的风险管理活动。

Other issues to consider and concluding comments
需要审议的其他问题结论意见

A more general observation to make is that the BCO has a functioning risk committee, chaired by the chairperson and with two other board of trustee members, which meets. In the past this may have been sufficient, at a time when the charity sector was more stable and predictable than the current environment. However, in recent times the environment has changed significantly, and it could be argued that in the light of the current rapidly changing external environment and the increasing threats this causes, the Risk committee should in fact m
一个更普遍的看法是,英联邦审计办公室有一个运作良好的风险委员会,由主席和另外两名受托管理委员会成员担任主席,该委员会举行会议在过去,这可能已经足够了,当时慈善部门比目前的环境更稳定和可预测。 然而,近年来环境发生了重大变化可以鉴于目前迅速变化的外部环境及其造成日益严重的威胁,风险委员会实际上应该

This would reassure key stakeholders of our commitment to managing risks effectively. Therefore, in this respect, the chairperson may have a relevant cause for concern in the overall functioning of the Risk committee.
使主要利益相关者确信我们致力于有效管理风险因此,方面,主席可能对风险委员会的整体运作有相关的关切

Although the risk register contains four key areas of risk facing the BCO, the chairperson is also correct in challenging the adequacy of this register, in terms of whether it covers all of the risks currently facing the BCO.
虽然风险登记册载有边境管制处面临的四个主要风险领域主席质疑登记册是否足以涵盖边境管制处目前面临的所有风险也是正确的。

The recent sector research report makes it quite clear that there are a wide range of threats and challenges currently occurring in the charity sector and many are not addressed in our current risks register.
最近的行业研究报告非常清楚地表明慈善部门目前面临各种各样的威胁和挑战,其中许多威胁和挑战在我们目前的风险登记册中没有得到解决。

For example, there is a significant risk from the
例如,一个重大风险

and how we reach these in order to stay relevant as a charity. Additionally, our lack of use of technology and the potential threats this brings must be considered as a key risk. Risks such as rising operating costs, possible litigation and continued recession should also be considered.
以及我们如何达到这些目标,以保持作为慈善机构的相关性此外,我们缺乏对技术使用以及由此带来潜在威胁必须被视为一个关键风险。还应考虑运营成本上升、可能的诉讼和持续衰退等风险

Therefore, although our risk register has several positive attributes, the risk mitigating activities need to be reviewed and we must also update our risk register to include the current external challenges faced.
因此,尽管我们的风险登记册几个积极的属性,但需要审查风险缓解活动,我们还必须更新我们的风险登记册,以包括当前面临的外部挑战。

Therefore, I wouldin several cases that our risk analysis and our risk mitigation activities are sufficient and the chairperson is justified in his concerns of the adequacy of our risk management activities.
因此,我认为若干情况下我们的风险分析风险缓解活动是充分的主席对我们的风险管理活动是否充分的关切有道理的。

Information &communication
信息&通信

Information requirements of directors
董事信息要求

Directors need information
董事需要信息

Staff should also have channels available
工作人员也应该有可用的渠道

problems
问题

Ex - 2019/03 SmartWear
[Ex-2019/03SmartWear]

Procurement is a core function of the SmartWear business, since it accounts for a significant proportion of direct cost and so influences the company’s profitability.
采购是SmartWear业务的核心职能,因为占直接成本的比例因此影响公司的盈利能力

The board, being accountable to the shareholders, must ensure that it safeguards corporate assets and maximises shareholder returns.
董事股东负责必须确保保护公司资产,并使股东回报最大化。

However, in the absence of reliable and complete information the board is currently unable to discharge its duties effectively; this leaves the company’s investors exposed to avoidable lower returns.
然而,由于缺乏可靠和完整的信息董事会目前无法有效履行其职责;使公司的投资者面临可避免的较回报。

Communication with employees
员工沟通

Communication of control and risk management issues and strong human resource procedures reinforce the control systems
控制风险管理问题沟通以及强有力的人力资源程序加强了控制系统

Ex - 2021/06 NCCP
[Ex-2021/06NCCP]

The board should also
董事会

to

explain the ongoing nature of risk management and encourage dialogue which will allow risks to be identified and managed.
解释风险管理持续性质,并鼓励进行对话,以便识别和管理风险。

Given the tension between the CEO and some staff and volunteers, this may be a challenge to implement.
鉴于首席执行官一些工作人员志愿者之间的紧张关系,这可能是一个实施的挑战。

Monitoring
监测

Monitoring should help
监测应该有所帮助

and that systems
这些系统

It involves the assessment of the design and operation of controls, and involves both ongoing monitoring and. If deficiencies are found, they should be,and their
corrected.
它涉及对控制措施的设计和操作的评估并涉及持续的监测监督如果发现不足之处,应予以纠正.

The deficiencies need to bein the same terms as risks, the likelihood that a control will fail to detect or prevent a risk's occurrence and the significance of the potential impact of the risk.
该等不足之处须与风险监控未能察觉或防止风险发生的可能性及风险潜在影响重要性相同

Report - Communication structure for monitoring
报告-监测沟通结构

The results of monitoring need to be reported to the
监测结果

right people and corrective action taken.
正确的和采取的纠正措施

Deficiencies in internal controls should be reported to the person responsible for the control's operation and to at least one level higher.
内部控制的缺陷负责控制运作的人员至少一个更高级别的人员报告

Correction of root causes may address why staff have made errors. In this case correction processes may include
纠正根本原因可能会解决员工出现错误的原因。在这种情况下,校正过程可以包括

It may involve implementing better controls when controls have been found to be inadequate.
它可能涉及在发现控制不足时实施更好的控制

Ongoing monitoring &Separate evaluation
单独评价

Ongoing monitoring includes routine review of reconciliations and system action applications. It may be particularly effective in smaller companies, since theirwill have high-level first hand knowledge of the company's activities.
持续监测包括对账和系统行动申请进行例行审查。它可能是特别有效的较小的公司,因为他们高层次的第一手资料,该公司的活动。

Separate evaluation is generally carried out by the
单独评价一般

, and also includes annual reviews
包括s年度检讨

of control procedures.
控制程序。

Audit committees are now
审计委员会现在

the audit committee should consist
审计委员会应包括

of independent non-executive directors, and should include
member with significant and recent financial
独立非执行董事,并应包括具有重大近期财务

experience.
体验.

The
will vary according to the organisation's objectives but is likely to include, risk management, legal compliance and value for money.
根据组织的目标而有所不同,但可能包括风险管理、法律的合规性物有所值。

Factor - The need for internal audit
因素-内部审计必要性

The scale, diversity and complexity of the company's activities. The number of employees.
公司活动的规模多样性复杂性员工人数

Cost-benefit considerations.
成本效益考虑。

Changes in the organisational structures, reporting processes
组织结构报告程序变化

Changes in key risks could be internal or
关键风险变化可能内部的,

in nature.
自然界中。

with existing internal control systems.
现有的内部控制系统。

An increased number of unexpected events.
意想不到的事件越来越

compulsory?
强制性?

not compulsory for all organisations
并非所有组织都必须遵守

in some regulated industries (banking and financial services) is compulsory.
某些受管制的行业(银行金融服务),这强制性的。

The stages
阶段

The first stage in a risk audit is risk identification.
风险审计的第一风险识别。

Once identified, each risk must then be assessed.
一旦确定,就必须对每一种风险进行评估

The review of controls is the third stage of the audit.
审查控制措施审计的第阶段

The final stage is to
最后个阶段

to management
向管理层

Internal and external
内部外部

Internal risk audit is one undertaken by employees
内部风险审计员工进行的审计

- internal audit function.
-内部审计职能。

Externally, consultants provide this service to clients.
在外部顾问向客户提供这项服务

avoid familiarity threats
避免熟悉威胁

neutral and independent
中立独立

Responsibility
责任

Board’s responsibilities for internal control
董事会内部控制责任

The responsibilities include establishing a control environment capable of supporting the internal control arrangements necessary. This includes a suitableand a high level commitment to effective controls.
其职责包括建立一个能够支持必要内部控制安排的控制环境。这包括对有效控制的适当水平的承诺。

It also involves conducting risk assessments to establish which risks need to be controlled by the internal control processes (health risks, perhaps?).
涉及进行风险评估,以确定哪些风险需要通过内部控制程序加以控制(也许是健康风险?)。

The introduction of relevant control activities is especially important when a hazardous material like X32 is being considered. This, of course, applies to all of the company’s employees and not just those based in Emmland.
考虑到像X32这样的危险材料时,引入相关的控制活动尤为重要当然,这适用公司的所有员工,而不仅仅是埃姆兰的员工。

It is also the board’s responsibility to provide information and maintain relevant communications with those affected by the control measures, and to ensure that important measures are fully implemented and understood.
董事会亦有责任向受控制措施影响的人士提供资料及保持相关沟通确保重要措施得到全面实施及了解。

Finally, the COSO guidelines specify that all controls should be
最后,COSO指南规定所有控制措施

This should be a continuous, ongoing process, capable of immediately highlighting any weaknesses or breaches in the implemented controls.
应该一个持续不断过程,能够立即突出所实施控制中的任何弱点或违规行为。

The roles and responsibility of the
in internal control
内部控制作用责任

It is the chief executive of any organisation who must
任何组织的首席执行官都必须

for all internal controls. CEO must assume ‘ownership’ of the systems and this ownership must be a part of the manner in which you lead the company.
所有内部控制。首席执行官必须承担系统的“所有权”这种所有权必须你领导公司的方式的一部分。

CEO mustin both establishing and enforcing the control environment. The control environment is enforced through having internal control compliance embedded within the culture of the company.
首席执行官必须在建立实施控制环境。通过内部控制合规嵌入公司文化中来加强控制环境。

This setting of the tone should express itself in terms of
这种基调设定应该表达以下方面

CEO should pay particular attention to those areas most vulnerable to damaging breaches.
首席执行官特别注意那些容易受到破坏性违规行为影响的领域。

Boards also need to considerthere should be a board committee, with responsibility for
董事会还需要考虑是否应该设立一个董事会委员会,

monitoring and supervising risk identification and management.
监控监督风险识别管理。

If the board doesn't have a separate committee, under the UK Corporate Governance Code the audit committee will be responsible for risk management.
如果董事会没有单独委员会,根据英国公司治理守则,审计委员会将负责风险管理。

committee
委员会

Approving the organisation's risk management strategy and risk management policy
批准组织的风险管理战略风险管理政策

Reviewing reports on key risks prepared by business operating units, management and the board
审阅业务营运单位、管理层及董事会编制主要风险报告

Monitoring overall exposure to risk and ensuring it remains within limits set by the board
监控整体风险敞口,并确保保持董事会设定的限度

Assessing the effectiveness of the organisation's risk management systems
评估组织风险管理系统有效性

Providing early warning to the board on
董事会提供预警

issues and significant changes in the company's exposure to risks
公司面临的风险问题重大变化

In conjunction with the audit committee, reviewing the company's statement on internal control with reference to risk management, prior to endorsement by the board.
董事会批准之前,审计委员会一起审查公司关于风险管理的内部控制声明

Disadvantages of non-executive membership
非执行成员缺点

would be available from executives working directly with the products, systems and procedures being discussed if they were on the committee.
如果直接与正在讨论的产品、系统和程序打交道的高管是委员会成员,

Non-executives are less likely to have
非执行董事可能

being discussed and will therefore be less likely to be able to comment intelligently during meetings. The membership, of four people, none of whom ‘had
因此不太可能在会议期间明智发表评论四个人的成员,没有一个人

direct experience of Chen’s industry or products’ could produce decisions taken without relevant information that an executive member could provide
陈的行业产品直接经验可以产生决策,而无需执行成员可以提供的相关信息

Non-executive directors will need to
非执行董事必须

. This reporting stage slows down the process, thus requiring more time before actions can be implemented, and introducing the possibility of some misunderstanding
. 这个报告阶段减慢流程,因此需要更多时间才能实施行动,可能导致一些误解

Providing the overall leadership, vision and direction for enterprise risk management.
为企业风险管理提供全面领导愿景方向

Establishing an integrated risk management framework for all aspects of risk across the organisation,
组织风险所有方面建立综合风险管理框架

Promoting an enterprise risk management competence throughout the entity
整个实体促进企业风险管理能力

Developing RM policies, including the quantification of management's risk appetite through specific risk limits
制定风险管理政策包括通过具体的风险限额量化管理层的风险偏好

Implementing a set of risk indicators and reports
实施风险指标报告

Dealing with insurance companies:
保险公司打交道

Allocating economic capital to business activities
商业活动分配经济资本

Reporting to the chief executive on progress and recommending action as needed.
首席执行官报告进展情况,并在必要时提出行动建议

2021/06

(a) Evaluation of current risk management process
(a)当前风险管理进程评价

It is encouraging that the executive board undertook a thorough risk identification exercise which lasted for a full day and involved relevant operational staff.
令人鼓舞的是执行理事会进行了一整天的彻底的风险识别工作有关业务工作人员也参加了这项工作。

However, the thoroughness of this exercise is undermined by the fact that it has been treated as a one-off project which is now completed. Instead, risk identification should be a permanent and on-going activity. The suggestion that the exercise will be repeated 'at some point in the future' is too vague.
然而,这项工作彻底性受到损害因为它被视为一个一次性项目现已完成。相反,风险识别应该是一项永久性持续性的活动。关于“在未来某个时候”将重复这一做法的建议过于模糊。

Having
a large number of risks, there has been no attempt tothem. This makes it very difficult to prioritise the most important risks, especially given that the list runs to 150 items requiring investigation. It would be appropriate to estimate the likelihood and impact of each risk and record this on the risk register. These factors (which can be given a numerical ranking if necessary) will allow the executive board to address the most serious risks first.
大量的风险,没有人尝试过。这使得很难重要的风险进行优先排序,特别是考虑清单上150需要调查的项目评估每种风险可能性和影响,并将其记录在风险登记册上,是适当的。 这些因素(必要时可给予数字排序)将使执行理事会能够首先处理最严重的风险。

Without effective risk assessment, the risk planning becomes much harder. The challenge of sharing 150 risks between the four members of the executive board is compounded by the
没有有效的风险评估,风险规划就变得更加困难。执行董事会名成员之间分担150项风险的挑战

to identify and implement an appropriate action. There is a risk that, in an attempt to hit the deadline, the directors do not consider a full range of risk management strategies or that they do not implement them as effectively as they should.
确定并实施适当的行动。存在的一种风险是,为了达到最后期限,董事们没有考虑全面的风险管理战略或者他们没有尽可能有效地执行这些战略。

Finally, even if the controls were sufficient (see above), NCCP’s risks can
最后,即使控制充分(见上文),NCCP的风险也可能

and without warning. Historically, Ceeville Council’s criteria have changed annually and this trend is expected to continue. It is highly unlikely that the board’s actions identified on the current register would be sufficient to deal with this risk without further intervention.
而且毫无预兆从历史上看,Ceeville理事会的标准每年都会发生变化预计这一趋势将持续下去。如果不进一步干预,理事会在现有登记册上确定的行动极不可能足以应对这一风险。

Actions to improve the risk management process
改进风险管理过程行动

Risk assessment should be added to the register in the form of ‘likelihood’ and ‘impact’ columns. A further column should be added to the register to identify when the risk should be reviewed.
登记册中“可能性”“影响”栏的形式增加风险评估。应在登记册中增加一栏,以确定应在何时审查风险。

Constant risks such as fire can be reviewed less regularly in line with health and safety regulation. However, volatile risks such aswill need to be
根据健康安全条例,可以不定期审查火灾等经常性风险。然而,诸如此类的波动性风险需要

In order to ensure that the executive board is meeting its corporate responsibilities, it would be appropriate to review the risk register monthly, with priority given to those risks which are due for review or which have the highest likelihood and impact.
确保执行理事会履行机构责任每月审查风险登记册,优先审查审查的风险或最有可能和影响最大的风险。

The board should also
董事会

to explain the ongoing nature of risk management and encourage dialogue which will allow risks to be identified and managed.
解释风险管理持续性质,并鼓励进行对话,以便识别和管理风险。

Given the tension between the CEO and some staff and volunteers, this may be a challenge to implement.
鉴于首席执行官一些工作人员志愿者之间的紧张关系,这可能一个实施的挑战

Up to 2 marks for each relevant point evaluating the board's approach to risk management. Points could include, but are not restricted to:
评估董事会风险管理方法的每个相关点最多2分。要点可能包括但不限于:

One-off project rather than an ongoing process
一次性项目不是持续过程

Process formally asked for by trustees indicates executive board had not been doing it proactively
受托人正式要求的程序-表明执行没有积极主动这样

Gap between reviews is too long (last year to 'some point in the future')
评论之间的差距去年未来某个时候

Good involvement of
across the organisation
良好-整个组织参与

Weak

no attempt to prioritise key risks
-没有尝试确定主要风险优先次序

Risk planning made more difficult due to lack of prioritisation
由于缺乏优先级风险规划变得更加困难

The two-week deadline for action may result in unnecessary haste
两周行动期限可能导致不必要的匆忙

Concern over delegation of key risks (e.g. loss of council funding)
关键风险(例如:理事会经费损失

No risk monitoring crucial because risks are not static (Up to a maximum of 8 marks)
风险监控-至关重要,因为风险不是静态(最高8分)

Up to 2 marks for each relevant point recommending how the approach to risk management could be improved.
建议如何改进风险管理方法的每个相关点最多2

Points could include, but are not restricted to:
要点可能包括限于

Add columns to risk register which record
风险登记册添加记录

Add column to risk register to identify
风险登记册增加,以确定

Include review of risk register at executive board meetings
执行理事会会议审查风险登记册

risk management policy to staff and volunteers (Up to a maximum of 6 marks)
员工义工风险管理政策(最高6分)

Although the executive board of NCCP is responsible for identifying risk and developing suitable internal controls, other stakeholders will have an interest in these controls and it is often appropriate (and sometimes compulsory) for them to be kept informed.
虽然NCCP的执行委员会负责查明风险制定适当的内部控制措施,但其他利益攸关方对这些控制措施兴趣,因此经常有必要(有时是强制性的)向他们通报情况。

Some of NCCP’s internal controls address fundamental aspects of safety and privacy, and NCCP may have a legal obligation to share information about this with the relevant. For example, government bodies may demand evidence of appropriate controls in the fields of health and safety or data protection. Failure to comply with these demands could have serious legal repercussions.
NCCP的一些内部控制涉及安全隐私的基本方面,NCCP可能有法律的义务与相关人员分享有关信息例如,政府机构可能要求提供在健康和安全或数据保护领域进行适当控制的证据。不遵守这些要求可能会产生严重的法律的后果。

Ceeville Council
Ceeville理事会

NCCP relies on Ceeville Council for approximately 30% of its annual income. The executive board would therefore be wise to comply with any requests from the Council for information about internal controls which may arise as part of its compliance conditions. While NCCP has no legal obligation to share this information, failure to do so is highly likely to
NCCP依靠Ceeville理事会获得大约30%年收入。因此,执行局最好满足理事会提出的关于提供内部控制信息的要求,这可能是其遵守条件的一部分。虽然NCCP没有法律的义务分享这些信息,但如果不这样做,

Donors
捐助者

Corporate and personal donations form another 30% of NCCP’s income. Due to some high profile cases of charities misappropriating funds, there is an increased interest in the way donations are being managed.
公司个人捐款NCCP收入的30%由于一些引人注目的慈善机构挪用资金的案件,人们对管理捐款的方式越来越感兴趣

While such donors are unlikely to demand the level of detail which the Council is seeking, it would be appropriate for NCCP to share general information about how it makes effective use of the assets which it has been entrusted with.
虽然这些捐助者不太可能要求提供理事会所要求的详细情况,但国家清洁生产委员会最好分享关于它如何有效利用受托资产的一般资料。

Participants who attend NCCP’s courses benefit from subsidised education. However, they will also be interested in the controls surrounding the courses. For example, they may be concerned about how their personal information is used whether it is kept confidential and whether it is used for other marketing purposes.
参加NCCP课程的学员可享受教育补贴然而,他们也对课程周围控制感兴趣例如他们可能担心他们的个人信息是如何使用的-是否保密以及是否用于其他营销目的。

Local community
当地社区

NCCP is clearly well-established in the local community. It has a reputation to maintain, even among those who are not current participants or donors. It would therefore be appropriate to reinforce this reputation (brand) by demonstrating good stewardship on the part of the executive board.
显然,NCCP在当地社区中已经建立了良好的基础一个声誉,即使在那些目前不是参与者或捐助者的人中也是如此。因此,应当通过执行局表现出良好的管理能力加强这一声誉(品牌)

In the modern business environment, shareholders would expect to receive an annual risk report from the board of directors as part of corporate governance. Although NCCP does not have shareholders, it would be appropriate for the board to publish an annual risk report as good practice.
现代商业环境中,作为公司治理的一部分,股东希望收到董事会的年度风险报告。虽然NCCP没有股东,但作为良好做法,董事会公布年度风险报告是适当的。

Up to 2 marks for each relevant point identifying relevant external stakeholders and justifying
每个相关最多2识别相关外部利益相关者证明

why information on internal controls should be shared with them. Points could include, but are not restricted to:
为什么他们分享内部控制信息。要点可能包括但不限于:

Government departments: legal requirement (e.g. health & safety, GDPR)
政府部门:法律的要求(例如健康安全,GDPR)

Donor assurance: visibility of how donations are used
捐助方保证:捐款使用情况可见性

Course participants: protection of personal information
课程参与者:保护个人信息

Ceeville Council: funding compliance
Ceeville理事会:供资遵守情况

Local community: CSR benefits
当地社区:CSR益处

Consistent with wider corporate governance (accountability) (Up to a maximum of 12 marks in total)
更广泛的企业管治一致(问责)(总分最高12分)

Reporting to stakeholders
利益攸关方报告

Annual general meetings (AGMs) are a part of the normal financial calendar for all limited companies and take place on the occasion of the year-end results presentation and the publication of the annual report.
年度股东大会(AGM)所有有限公司正常财务日历的一部分年终业绩报告年度报告发布之际举行

Extraordinary general meetings are called to discuss strategic and other issues with shareholders outside the normal financial calendar.
召开股东特别大会是为了在正常财务日程之外与股东讨论战略其他问题

Both types of meetings are formal meetings between company directors and the shareholders of the company. They typically involve presentations by the board (typically the chairman and/or CEO) and a chance for shareholders to question the board.
这两种会议都是公司董事和公司股东之间的正式会议它们通常包括董事会(通常是董事长和/或首席执行官)的陈述,以及股东向董事会提问的机会。

Its purpose is to allow the board to
目的董事

, present

the formal, audited accounts and to have the final dividend and directors’emoluments approved by shareholders.
正式审核账目,并股东批准末期股息董事酬金

Shareholder approval is signalled by the passing of
股东批准的信号是通过

in which shareholders vote in proportion to their holdings. It is usual for the board to make a recommendation and then seek approval of that recommendation by shareholders.
股东根据他们的持股比例投票。通常情况下,董事会提出建议,然后寻求股东批准建议。

Extraordinary meetings are called when issues need to be discussed and approved that
当需要讨论和批准的问题时,

. A full year can be a very long time. In some business environments when events necessitate substantial change or a major threat, an EGM is sometimes called.
. 整年可能的时间。某些业务环境中,当事件需要进行重大变更或重大威胁时,有时召开EGM。

may want a shareholder mandate for a particular strategic move, such as for a merger or acquisition.
可能需要股东授权进行特定的战略行动合并收购。

Other major issues that might threaten shareholder value may also lead to an EGM such as a
其他可能威胁股东价值重大问题也可能导致召开临时股东大会,例如

disclosing information that might undermine shareholders’ confidence in the board of directors.
披露可能损害股东对董事会信心的信息。

Mandatory disclosures are those statements that are compulsory under relevant company laws or stock market listing rules.
强制性披露是指相关公司股票市场上市规则规定的强制性声明。

In most jurisdictions, mandatory items are the main financial statements such as income statement, statement of financial position and statement of cash flows.
大多数司法管辖区,强制性项目是主要财务报表,如损益表、财务状况表和现金流量表。

Listing rules in many jurisdictions, such as in the UK, also mandate some corporate governance disclosures such as
许多司法管辖区(英国)上市规则要求披露一些公司治理信息,如

shareholdings and, and details of directors’.
董事的详细资料

Voluntary disclosures are not required by any mandate but are provided, usually in narrative rather than quantitative form.
自愿披露不是任何授权所要求的,而是通常以叙述而不是数量的形式提供的。

There is a belief that some information of interest or relevance to shareholders or other stakeholders cannot be conveyed numerically and so additional information is needed.
有一种观点认为,一些股东其他利益相关者有关的信息无法数字表达,因此需要额外的信息

The chairman’s statement, chief executive’s review,
主席的声明,首席执行官的评论,

, intellectual capital
智力资本

reporting andare all examples of voluntary disclosure in most jurisdictions.
报告,在大多数司法管辖区都是自愿披露的例子。

Voluntary disclosures - Accountability to equity investors
自愿披露-股权投资者的责任

Voluntary disclosures are an effective way of redressing the information asymmetry that exists between management and investors.
自愿披露纠正管理层和投资者之间存在的信息不对称的有效途径。

More information helps investors decide whether the company matches their risk, strategic and ethical criteria, and expectations.
更多的信息有助于投资者决定公司是否符合他们的风险,战略道德标准以及期望。

Makes the annual report more
使年度报告更加

(predictive) whereas the majority of the numerical content is backward facing on what has been.
(预测而大多数数字内容是向后面对的。

Helps
有助于

in communicating more fully thereby better meeting the agency accountability to investors, particularly shareholders.
更充分地沟通,从而更好地履行机构对投资者,特别是股东的责任。

Compulsory external reporting on internal controls
关于内部控制的强制性外部报告

There are a number of
许多

reporting:
报告:

Improved
of. Shareholders wish to be sure that boards are managing risk responsibly and that risks levels are not excessive. Compulsory reporting also helps to reinforce confidence in the quality of information.
改进股东希望确信董事会正在负责任地管理风险,并且风险水平不会过高。强制性报告有助于加强信息质量的信心。

Stimulus to. Directors will know that they cannot avoid being held to account if controls are poor, as investors will be able to read the report and seek more information on areas where controls are weak.
刺激。董事们将知道,如果控制不力,他们无法避免追究责任因为投资者能够阅读报告,并寻求有关控制薄弱领域的更多信息。

Compulsory reporting can provide valuable information for
强制性报告可以提供有价值的信息

with power to hold directors accountable, particularly market regulators and institutional investors.
有权追究董事的责任特别是市场监管机构和机构投资者。

The major institutional investors in the UK are:
英国主要机构投资者有:

Pension funds
养老基金

Insurance companies
保险公司

Venture capital organisations (investors particularly interested in companies that are seeking to expand)
风险投资机构寻求扩张的公司特别感兴趣的投资者)

This activism can be in the form of:
这种行动主义可以采取以下形式

making positive use of voting rights
积极利用投票

engagement and dialogue with the directors of investee companies
被投资公司董事接触对话

paying attention to board composition/governance of investee companies
关注被投资公司董事会组成/治理

presenting resolutions for voting on at the AGM (rarely used in UK)
年度股东大会上提出决议进行表决英国很少使用

requesting an EGM and presenting resolutions
要求召开股东特别大会提出决议

Intervention by institutional shareholders
机构股东干预

Fundamental concerns about the
《公约》的基本关切

being pursued in terms of products, markets and investments
产品、市场和投资方面

Poor operational performance, particularly if one or more key segments has persistently underperformed
运营业绩不佳尤其个或个关键部门持续表现不佳

Management being dominated by a small group of executive directors, with the non-executive directors failing to hold management to account
管理小群执行董事主导,非执行董事未能管理层承担责任

Major failures in internal controls, particularly in sensitive areas such as health and safety, pollution or quality
内部控制重大失误特别是在健康和安全、污染或质量等敏感领域

Failure to comply with laws and regulations or governance codes
未能遵守法律法规治理准则

Excessive levels of
含量超标

Poor attitudes towards corporate social responsibility
企业社会责任的态度不佳

In relation to the development of the world's resources, sustainability has been defined as ensuring that development meets the needs of the present without compromising the ability of future generations to meet their own needs.
关于世界资源的开发可持续性被定义为确保发展满足当代人的需要,而损害后代满足其自身需要的能力。

Key issues include whether sustainability just implies natural sustainability, or whether social and economic sustainability are important as well.
关键问题包括持续性是否仅仅意味着自然的可持续性,或者社会经济的可持续性是否也很重要。

One approach to sustainability is known as the
持续性一种方法称为

(or 'TBL', '3BL', or 'People, Planet, Profit') approach.
(或'TBL','3BL'或'人,地球,利润')方法。

People means balancing up the interests ofand not automatically prioritising shareholder needs
意味着平衡股东的利益,而不是自动优先考虑股东的需求

Planet means ensuring that the business's activities are
行星意味确保企业的活动

sustainable
可持续

Profit is the accounting measure of the returns of the business
利润企业收益会计计量

Environmental footprint is the impact that a business's activities have upon the environment including its resource environment and pollution emissions. It concerns the environmental consequences of a business’s inputs and outputs.
环境足迹企业活动对环境的影响,包括资源环境和污染排放。它涉及企业投入产出的环境后果。

Ways of assessing the
评估方法

include the measurement of key environmental resources used such as energy, water, inventories or land.
包括计量所使用的关键环境资源,如能源、水库存或土地。

Measurement of the
测量

includes the proportion of product recyclability, tonnes of carbon or other gases produced by company activities, waste or pollution.
包括产品可回收性的比例、公司活动产生的碳或其他气体的吨数废物或污染

Direct and indirect impacts
直接间接影响

Measures of impact can apply directly and narrowly to the organisation, or they can be applied more broadly to the indirect, associated impacts that it has.
影响的度量可以直接狭义地应用组织,也可以更广泛地应用于组织所具有的间接的、相关的影响。

For a manufacturer, indirect measures could report on the forward and backward supply chains which it uses from sourcing its raw materials to bringing its products to market. A bank could include the environmental consequences of the activities it finances through its business loans.
对于制造商来说,间接措施可以报告采购材料产品推向市场的前向和后向供应链。银行可以将其通过商业贷款融资的活动的环境后果包括在内。

A ‘social footprint’ is the impact on people, society and the wellbeing of communities. Impacts can be(such as the provision of jobs and community benefits) or, such as when a plant closure increases unemployment or when people become sick from emissions from a plant or the use of a product.
社会足迹”是对人、社会社区福祉的影响。影响可以是提供就业机会和社区福利)或工厂关闭增加失业率或人们因工厂排放使用产品而生病)。

Required: Describe, from the case, potential social implications of Professor Kroll’s discovery about the health risks of X32.
要求:案例中描述克罗尔教授关于X32健康风险的发现的潜在社会影响。

The discovery by Professor Kroll will lead, whether by a tightening of controls or by a reduction in P&J’s activities - less X32-related disease. There will, in consequence, be fewer people suffering, and, accordingly, less misery for the affected families and friends of sufferers. A lower mortality
克罗尔教授的发现导致,无论是通过加强控制还是减少PJ&的活动-减少X32相关疾病因此受苦的人会减少,受影响家庭和患者的朋友的痛苦也会相应减少。死亡降低

Loss of jobs in the various stages of the P&J supply chain - loss of the 45,000 P&J jobs plus many more among suppliers and in the communities supported by the P&J plants
P J供应各个阶段工作岗位流失--PJ45,000个工作岗位的流失,加上供应商和P J工厂支持的社区的更多工作岗位的流失

Loss of, or serious damage to, communities in which the operations are located - towns are highly dependent on a single employer. It is likely that Aytown, effectively a ‘company town’ with 45% of the jobs at P&J, will be very badly affected and the good causes in Betown, such as the nursery and adult education classes, will no longer be able to be supported. The loss of a major employer from a town can lead to a loss of community cohesion, net outward migration and a loss of, or deterioration in, community facilities.
作业所在社区的损失或严重损害-城镇高度依赖单一雇主。艾镇实际上是一个拥有P J45%工作岗位&的“公司之城”,它很可能受到非常严重的影响,贝敦的良好事业,如托儿所和成人教育班,将不再能够得到支持个城镇失去一个主要雇主,可能导致社区凝聚力的丧失、净向外移徙以及社区设施的丧失或恶化。