企业风险管理与公司绩效外文文献翻译中英文2020
企业风险管理的英文作文
企业风险管理的英文作文英文：Enterprise risk management (ERM) is a crucial aspect of any business, as it allows companies to identify and mitigate potential risks that could negatively impact their operations. As someone who has worked in risk managementfor several years, I can attest to the importance of having a comprehensive ERM strategy in place.One of the key benefits of ERM is that it enables companies to take a proactive approach to risk management. By identifying potential risks before they occur, businesses can take steps to prevent or mitigate them, rather than simply reacting to them after the fact. This can help to minimize the impact of risks on the company's operations, reputation, and bottom line.Another benefit of ERM is that it can help companies to make more informed decisions. By having a clearunderstanding of the risks associated with differentcourses of action, businesses can make more strategic decisions that are based on a thorough analysis ofpotential risks and rewards.Of course, implementing an effective ERM strategy requires a significant amount of time and resources. However, the benefits of doing so far outweigh the costs.By investing in ERM, companies can protect themselves against potential risks, make more informed decisions, and ultimately improve their overall performance and profitability.中文：企业风险管理（ERM）是任何企业的重要组成部分，因为它可以帮助企业识别和减轻可能对其运营造成负面影响的潜在风险。
绩效考核外文文献及翻译
绩效考核外文文献及翻译外文文献 1.Performance appraisals - purpose and how to make it easier Performance appraisals are essential for the effective management and evaluation of staff. Appraisals help develop individuals, improve organizational performance, and feed into business planning. Formal performance appraisals are generally conducted annually for all staff in the organization. His orher line manager appraises each staff member. Directors are appraised by the CEO, who is appraised by the chairman or company owners, depending on the size and structure of the organization. Annual performance appraisals enable management and monitoring of standards, agreeing expectations and objectives, and delegation of responsibilities and tasks. Staff performance appraisals also establish individual training needs and enable organizational training needs analysis and planning. Performance appraisals also typically feed into organizational annual pay and grading reviews, which commonly also coincide with the business planning for the next trading year. Performance appraisals generally review each individual's performance against objectives and standards for the trading year, agreed at the previous appraisal meeting. Performance appraisals are also essential for career and succession planning - for individuals, crucial jobs, and for the organization as a whole. Performance appraisals are important for staff motivation, attitude and behavior development, communicating and aligning individual and organizational aims, and fostering positive relationships between management and staff. Performance appraisals provide a formal, recorded, regular review of an individual's performance, and a plan for future development. Job performance appraisals - in whatever form they take - are therefore vital for managing the performance of people and organizations. Managers and appraises commonly dislike appraisals and try to avoid them. To these people the appraisal is daunting and time-consuming. The process is seen as a difficult administrative chore and emotionally challenging. The annual appraisal is maybe the only time since last year that the two people have sat down together for a meaningful one-to-one discussion. No wonder then that appraisals are stressful - which then defeats the whole purpose. Appraisals are much easier, and especially more relaxed, if the boss meets each of the team members individually and regularly for one-to-one discussion throughout the year. Meaningful regular discussion about work, career, aims, progress, development, hopes and dreams, life, the universe, the TV, common interests, etc., whatever, makes appraisals so much easier because people then know and trust each other - which reduces all the stress and the uncertainty. Put off discussions and of course they loom very large. So don't wait for the annual appraisal to sit down and talk. The boss or the appraises can instigate this. Ifyou are an employee with a shy boss, then take the lead. If you are a boss who rarely sits downand talks with people - or whose people are not used to talking with their boss - then set about relaxing the atmosphere and improving relationships. Appraisals (and work) all tend to be easier when people communicate well and know each other. So sit down together and talk as often asyou can, and then when the actual formal appraisals are due everyone will find the whole processto be far more natural, quick, and easy - and a lot more productive too. 2.Appraisals, social responsibility and whole-person development There is increasingly a need for performance appraisals of staff and especially managers, directors and CEO's, to include accountabilities relating to corporate responsibility, represented by various converging corporate responsibility concepts including: the “Triple Bottom Line”; c orporate social responsibility (CSR); Sustainability; corporate integrity and ethics; Fair Trade, etc. The organization must decide the extent to which these accountabilities are reflected in job responsibilities, which would then。
绩效评估中英文资料外文翻译文献
绩效评估中英文资料外文翻译文献绩效评估在组织管理中起着重要的作用，它帮助机构确定员工的工作绩效，以便提供具体的反馈和制定相应的奖励和激励措施。
为了进一步深入了解绩效评估的相关内容，本文提供了一些中英文资料的外文翻译文献。
1. 文献标题：《绩效评估：理论与实践》英文标题："Performance Evaluation: Theory and Practice"摘要：该文献探讨了绩效评估的理论基础和实际应用，介绍了不同的绩效评估方法和工具，并探讨了评估结果对员工激励和组织发展的影响。
2. 文献标题：《绩效评估的关键成功因素》英文标题："Key Success Factors in Performance Evaluation"摘要：该文献分析了绩效评估的关键成功因素，包括目标设定、反馈机制、评估标准和评估者的素质等。
研究结果可以帮助机构提高绩效评估的有效性和准确性。
3. 文献标题：《绩效评估的最佳实践》英文标题："Best Practices in Performance Evaluation"摘要：该文献介绍了绩效评估的最佳实践，包括定期评估、360度评估、绩效目标的设定和沟通等方面。
这些实践可以帮助机构建立有效的绩效评估制度，以实现组织发展的目标。
4. 文献标题：《绩效评估的技术支持》英文标题："Technological Support for Performance Evaluation"摘要：该文献介绍了利用技术手段支持绩效评估的方法和工具，包括绩效管理软件、在线评估平台和数据分析工具等。
这些技术支持可以提高绩效评估的效率和准确性。
这些外文文献提供了关于绩效评估的理论基础、实践经验和最佳实践，可以为机构设计和实施绩效评估方案提供有益的参考。
绩效考核中英文对照外文翻译文献
绩效考核中英文对照外文翻译文献(文档含英文原文和中文翻译)绩效考核与员工满意摘要：绩效考核通常也称为业绩考评或“考绩”，是针对企业中每个职工所承担的工作，应用各种科学的定性定量的方法，对职工行为的实际效果及其对企业的贡献或价值进行考评。
绩效考核作为一种有效的企业管理手段，在企业管理中发挥着非常重要的作用，是企业人力资源管理的核心。
本文对当前我国绩效考核中存在的问题做了详细的分析。
针对问题，文章提出从绩效考核的各个角度进行控制，从而确保绩效考核高效到位，最终发挥人力资源管理的作用。
关键词：绩效考核问题分析建议21世纪是知识经济时代，随着经济竞争的加剧，人们越来越认识到人力资源是当今时代经济发展的第一资源。
随着人力资源管理在中国企业的发展的日趋成熟,绩效管理作为人力资源管理的重要组成部分在企业内部的地位也越发重要。
绩效考核是人力资源管理的核心问题之一，是保障并促进企业内部管理机制有序运转，实现企业各项经营管理目标所必须进行的一种管理行为。
美国组织行为学家约翰·伊凡斯维其认为，绩效考核可以达到以下八个方面的目的：为员工的晋升、降职、调职和离职进行评估；组织对员工的绩效考评的反馈；对员工和团队对组织的贡献进行评估；为员工的薪酬决策提供依据；对招聘选择和工作分配的决策进行评估；了解员工和团队的培训和教育的需要；了解员工和团队的培训和教育的需要；对工作计划、预算评估和人力资源规划提供信息。
绩效考核是企业管理员工的有效手段,也是主要途径,在企业管理中具有不可替代的核心地位。
但是,现在有很多企业的绩效考核与企业的发展策略相脱节,企业绩效考核体系也只是一个空壳而已,根本达不到对员工进行考核的目的,甚至还适得其反,导致人才流失。
因此，对企业的绩效考核工作进行分析，找出存在的问题，并解决这些问题成为企业势在必行的工作。
1当前绩效考核中存在问题及原因分析1.1对绩效考核的认识不充分（1）认为绩效考核只是人力资源部的事。
企业绩效评估英文文献
Performance evaluation usually also known as performance appraisal or "performance" is the enterprise borne by each worker in the work of the application of science and qualitative and quantitative methods, workers and the actual results of the enterprise value of the contribution or assessment and evaluation. It is an important corporate personnel management, strong corporate governance is one of the means. The purpose of performance evaluations by each individual assessment improve the efficiency, and eventually realize the goal of enterprise.In the enterprise for performance evaluation work, we need to do a lot of related work. First, the need for performance evaluation of the meaning of scientific explanation, the entire organization of a unified understanding. Performance appraisal is an integral part of modern organizational management tool. It is a periodic review and evaluation of staff performance management system, is in charge of or related personnel to staff the work of the evaluation system. Effective performance appraisal, can not only identify each employee's contribution to the organization or inadequate, but also on the whole of the management of human resources to provide decisive assessment information, so that we can improve organizational feedback function, improve staff performance, but also Motivation, could also serve as a fair and reasonable reward staff basis.Performance appraisal is the sum of a series of related concepts, which include: to the work, performance standards, evaluation, assessment interviews, in-service counselling. Performance Assessment and Application PerformanceTrue performance management system is not just a simple set at the beginning of appraisal standards, and then evaluate the end of the year, but by the beginning of a performance plan for post-job himself clearly in the direction of the efforts in the performance of the ongoing efforts of the year, senior officers provide ongoing guidance and feedback, to help complete the various layers of the target level.Therefore, a performance management system is not just the performance objectives of the completion of the final evaluation, and performance goals should be a whole process of comprehensive management, including performance objectives determined in the implementation of the day-to-day or stage inspection and guidance, feedback, the amendment, the HKEAA , incentives, it is a cyclical cycle process. This cyclical process of the last cycle is a key step is: formulate scientific and rational evaluation methods, performance assessment and appraisal, and the right incentives. Performance Assessment examination usually led by the Human Resources Department is responsible for organizing, coordinating, the relevant departments to coordinate.A performance evaluation(1) PurposeThe actual performance of the past performance and plan for the difference between a formal evaluation to identify ways to improve and enhance the performance of the future.(2) evaluation and assessment content1. Actual performance over the past year review and assessment, including the collection of key performance indicators or targets implementation of the results, and actual results will have set standards for the control and decide the scores level.2. Performance for the next year to develop or adapt key performance indicators, objectives and capacity development plans.3. Determine remuneration adjustments and incentive programme.(3) The results of the implementation of collection1. Human Resources is responsible for organizing from the relevant departments or units to meet.2. The objective of the examination, during examination should be done prior to the meeting and some of the preparatory work, the performance of the officers concerned to collect specific implementation of the various aspects related to listen to the feedback: that the subordinate staff of the internal and external customer feedback. Relevant text files, data information, you recall peacetime observation. And the actual performance of individual employees and conduct performance and capacity than the clear understanding, and preliminary assessment of the performance of staff, Score-level performance and capacity situation. Arrangements for a performance discussion with the staff and meeting time, subordinate to the message: You attach great importance to this meeting.3. For the staff: staff must be assessed prior to the meeting that the agenda for the meeting. Notice two weeks ago and the best in him to get to know the purpose of the meeting, some of the staff had completed its preparations for the performance of prior information and self-assessment.(4) Calculation of individual performance scoresTo enable employees work performance among comparable to the effective implementation of incentive, the commonly used performance percentile calculation method to assess the performance of individual employees completion. Individual performance score is calculated as follows: Individual performance scores = ∑ (KPIi performance percentile × KPIi weight) × KPI total weight + ∑ (target completion percentile × weight) × objective of the total weight(5) individual performance feedbackAfter the annual evaluation, the results should be the timely performance feedback to be evaluated, in the assessment of people have no objection to the circumstances, with the incentive for individuals linked. Who has been assessed objections, the companies can appeal the appeals process.The same as the mid-term review, performance assessment can be conducted to discuss the performance feedback.(6) Performance Evaluation discussion1. Stressed that the purpose of performance evaluation and the meeting will discuss the agendaSet a relaxed atmosphere for the discussion on Performance Evaluation main purpose is to explore how to improve future performance. Reaffirming the importance of participation by staff. Itemized on the completion of targets or goals. In both preparations, the plans and performance evaluation form included in the targets or goals for the article-by-article discussions on the situation, subordinate to each indicator or target for a summary. Share your observation of their performance. No need to be discussed specific details but rather on the results of a highlight goal to reach or exceed the situation.2. Itemized assessment scores levelOn the list of all key performance indicators or targets itemized effect of the completion of discussions, the first to subordinate their key performance indicators or targets in accordance with the completion of standards for measuring scores level, do you think that those more suitable Score - to discuss those differences do you think there are scores level, and review of performance to find the facts, focus on performance rather than the facts themselves, access to the scores of consensus. If the preliminary goals and measurable indicators of a clear, in their daily work and ongoing guidance and tracking of medium-term, comprehensive performance assessment meeting acknowledged the difficulty can be reduced significantly, because they are not the results are particularly surprised.3. Performance for diagnosisIn the assessment of those who completed better performance indicators and targets as well as those who have not completed the targets and goals of the reasons for analysis, in what some staff shown consistent patterns of behaviour to obtain certain strengths or weaknesses led to a certain? What if we adopt a different approach may achieve our goals or standards?4. Discuss improvement planTold the staff and the total score after the personal performance evaluation scores. Asked to maintain good performance, can be taken to resolve issues related to the programme of action. Records of these action programmes for the development of annual performance plans standby. Formulatecorresponding area of capacity development, concrete actions and the desired results.5. Higher-level managers reviewedManagers at all levels will be the performance of its staff assessment results reported to the higher authorities, managers reviewed, the higher their managers for performance evaluation and assessment of the views of the two sides that the final assessment resultsSecond, the results of performancePerformance management and reward must be linked to incentive mechanisms can reflect its value. According to the staff performance appraisal results determine a reasonable pay incentives, performance appraisal is to ensure that the principal means of incentives and the core problem. In the design of the performance management system at the same time, we are also in accordance with their own characteristics for the synchronous design staff at all levels of the performance-related pay system.Performance results will be used normally as follows:1. Promotion wage (because of the specific situation in the promotion case may be)2. Performance bonuses determined (specifically identified because of the way the case may be)3. Career developmentPerformance Management is the ultimate goal of improving productivity and efficiency, through the success of each employee contributed to the success of enterprises. When staff performance evaluation scores of lower-level, we should discuss how to improve the performance required for the completion of the ability to improve performance and develop a plan of action. According to the results of performance assessment, in conjunction with other assessment, identifying outstanding performance, good quality, excellent innovation capability of managers and staff through job rotation, special training, etc., from the quality and the ability to conduct a comprehensive training, adjustments in the team added officers, to give priority to be promoted. At the same time, through the comparison of the results of performance assessment, analysis, evaluation was to identify the quality of representation and the gap between positions, in accordance with company management policy andlong-term development strategy for the management requirements, design and implementation of targeted training and timely improving management capacity and level.For those who can not meet the required performance, capacity is not significantly improve the staff to consider whether there are other suitable positions better than the original position to play its role. Through the careerdevelopment of employees, performance, the ability to work or personal behaviour and the career prospects of staff link to each other, thereby strengthening the ability to improve performance and the awareness of all the staff to improve the ability to complete performance targets. Also the human cost to the performance of transformation, the transformation of human capital to be specific implementation.In order to better the performance of the different performance management, talent can refer to the following matrix model.Table 7: talent Matrix ModelAnd the potential for high capacityInLowMedium outstanding qualified failurePerformance4. Other incentivesImplementation of pay linked to performance, although the performance of the staff to upgrade the level of better incentives, and is also a major incentive. But it is undeniable their own, there are also some limitations, but because of organizational factors, environmental factors and personal factors also caused a fixed wage increases and incentive bonuses specific operational difficulty and complexity of these problems are properly resolved, will be detrimental to performance incentives incentives.In actual operation should be actively avoid these negative factors can be considered in a larger scope reward and incentive approach. The realization of growth in wages and performance bonuses for major awards and incentives, with other incentives, and to reward with a continuous policy framework, and give full play to the potential role of other incentives, can be used to make up for the performance of wages restrictive role. Below other incentives for a brief description:To master the different forms of incentives, as well as the effect of different incentives, is the first step in the implementation of effective incentives. In the broad perspective, the incentives can be divided into two categories:One is external incentives. Including wage increases, performance bonuses and other rewards the nature of incentives, such as job promotion, training opportunities, study tour, tourist resort, from the high-level recognition and commendation.The second category is intrinsic reward. Including its own staff of the incentives (such as a sense of achievement), welfare, conferred the honorarytitle given challenging responsibilities, important and meaningful work, set goals and make decisions, such as the influence.These stresses in the form of incentives, according to different types, different locations, as well as staff time needs of different incentives for different incentives, real incentives to achieve this purpose it is necessary to make things right incentives, rewards employees have liked things that we should follow the implementation of incentive when one of the principles. Another incentive should also be in the grasp of achievement should not be confined to the understanding of the best employees; incentives to specific, and timely.Third, performance plans to amendThe company's strategic direction or will be the focus of the company each year with the different stages of development of the company or outside competition to the changing situation to be adjusted accordingly, the level of departments or work of staff of the target will be adjusted accordingly. Upon completion of performance appraisal, in a wide range of listening to the views of various parties on the basis of performance management should be on the practice of concluding a comprehensive analysis of concrete from the following considerations:1. Performance Performance Assessment Scheme content (including key performance indicators, setting objectives)Identify the most successful part of what? What is the most difficult operation? What is not meaningful? Targets adjustment will be reflected in the major work activities or key regional results. In addition, even if the work is the same or similar activities as the key to regional results, but also because of the completion of the outcome of the capacity of regional or external factors and other factors to be adjusted accordingly, and this adjustment will be reflected in the measurement standards.2. Performance Plan target (including key performance indicators and challenges of the goal indicators indicators, as well as the completion of targets set standards)According to actual performance compared with the objectives to determine whether the targets set reasonable value, and the next year the value of performance indicators defined plan will provide experience and guidance. 3. Performance guidance and enhanced methods and performance evaluation and reporting methods.On guidance and assessment methods to conduct a comprehensive analysis of the test, remove unreasonable factors, and the amendment. In a comprehensive summation of the basis of the analysis, according to the company's new business development plan and the annual operating budget objectives, and revised performance plan to the next round of the operating performance plan.。
绩效管理 外文翻译 外文文献 中英翻译
Performance management-how to appraise employee performance AbstractPerformance appraisal is an important content of human resource management in modern enterprises. According to the problems existing at the present stage Chinese enterprise performance evaluation, put forward the improvement measures to improve the performance appraisal. Performance management is the responsibility between managers and employees and improve the communication performance of the ongoing. The partners should understand why they become partners, thereby supporting the work. Performance evaluation is a part of performance management, do not confuse the twoIntroductionChallenges of performance managementReasons to avoid performance management: Manager: reports and program has no meaning; no time; afraid of conflict; feedback and observation. (performance management, prevent problems in investment in time, ensure the managers have the time to do the thing you should do staff: bad experience; what was about to happen no bottom; do not understand the significance of performance management; don't like received criticism. Criterion two, performance management, organizational success: 1 Factors: coordination among units means, towards a common goal; problem, find the problems, find problems or prevent problems; obey the law, be protected by the law; make major decisions, a way of getting information; improve the quality of staff, to make the organization more competitive., performance management of organization,must be useful to managers, the only reason of performance management is to help employees to success. to understand better how to design and what made him act. , the performance management challenge is how to find practical,meaningful ways to finish it, which need thought and wisdom.Performance management is a systemThe performance plan -- starting point of performance management:employees and managers to work together, as employees do what, do what degree of problem identification, understanding.Continuous performance communication: both trackingprogress, find the obstacles that affect performance and process so that the two sides success required information. Communication methods: (1) around were observed;(2)employees; (3) allow employees to work review;Performance diagnosis: to identify individuals, departments and organizational performance by the real reason for the problem of communication and problem solving process.Performance management is a small system in the large system. If you want to get the maximum profit, must complete the performance management process,and not a part of.Performance management and strategic planning, budget, staff ,employee salary incentive system, improve the quality of plans are related. Do the performance management process to do the preparation of 1, there are two key points: with the staff to collect meaningful, to establish the information needed to measurable goals; to do some basic work, so that in the whole process of performance management and employee can fully cooperation. In part, access to information and data of performance management effect is it can help organizations, units and employees towards a direction some "target"information each employee's job description; (2) employee last performance review data and related documents.The performance plan three steps: preparation, meeting, finalize plans. your job, you should do what, how to measure your success, sets threat mosphere and seize the key; to review the relevant information, ask more,talk less; the job duties and specific goal; determine the success criteria; discuss what are the difficulties and need what help; discuss the importance level and authorized to ask problem; 4, note: in the performance management process, should pay attention to communication with staff thought is the action guide, to carry out effective performance communication, we must pay attention to in the thought. All aspects of the performance communication throughout the performance cycle, plays an important role in any one link in the chain, leaving the performance communication, any unilateral decisions managers will affect the enthusiasm of the staff, performance management. No performance communication there is no performance management. In order to make the performance management on the right track, truly play its role,enterprises mustput the supervisor and employee performance communication as a priority among priorities to research and development, through the system specification, performance management become competent habit, the habit of employees, to solve the performance problem employees work for dialogue and exchanges, the performance management into effect.Three methods of performance evaluation: Predicament 1, individual performance evaluation --: the best opera actor and amateur orchestra concert.The opera actors play the extreme, but the effect is very bad. No one is isolated,only focus on the individual, can not solve the problem. We call on an individual basis on employee performance evaluation, but if we emphasize individual performance but not the antecedents and consequences and conditions of performance, we do not progress, because we did not find the real reason -- may be because employees can not control things and punish employees, may also be because of the wrong reason 2, regardless of the what way to assess performance, avoid two traps are important: 1) don't do performance problems or"always the fault of employees" this hypothesis; 2) without any assessment can give the "why" and "what is happening in the picture". Evaluation is just the beginning, is a further discussion as well as the starting point of diagnosis. Three methods of performance evaluation: 3, 1) rating method:: features, to and behavior project; identify each project performance level gauge and other ways. Advantages: easy to finish the work of assessment. Disadvantages:forget why do this work; too vague, in the performance plan, prevention,protection and development staff and so did not what role in improving methods:with employees regularly write brief conversation; evaluation; interpretation and evaluation project meaning; together with the staff rating 2) ranking method:forcing staff to compete with each other, have stimulation can be short term, long term may cause internal malicious competition. 3) target and standard evaluation method: Standard: according to the prior and employees a series of established criteria to measure the performance of employees. Advantages: the personal goals and work together to reduce the possibility of target; both sides disagree;defect: need more time; text work more; more energy.Communication method and communication technologyWay of thinking: the process of performance management is the process of communication.Relationship with the staff is not only reflected in the behavior on performance management, but also should reflect the daily and how successful way of thinking: A, the process of performance management is a complete process together with the staff, not a for staff B, except for some unilateral disciplinary action, performance plan, communication and assessment should adopt a cooperative mode; C, most of the staff, once you understand what they are asked to do things, will try the method can meet the requirements D,performance management is not the purpose of staring past mistakes, clear posibility, but in the problem solving problems and possible e, performance deficit to be clear, the cause of the deficit, whether for personal reasons or the system reason; F, in most cases, if the manager will support staff as their work,so that each employee 2, must set some skills communication skills: Manager here guide employees to participate in the discussion process and understand the process of responsibility. Purpose: don't most probably it did not actually happen. Be prepared to establish a common responsibility and each stage all contribute to the relationship, the target. Clear the common responsibility: to improve the performance is not only the responsibility of the staff. Clear procedures: prevent conflict resolution skills: clear individual responsibility, invites employees to take advice. For the people of the criticism and comments: avoid if you don't listen, you don't know what you talking about,could you be quiet for a while, you read the report in the past did not remarks:avoid such as how many years, you always can't finish the job on time, we have ried that, there is no with the need need making guide guilty intent: to avoid if you really care about the team, you should work harder; I guess you don't care about this project not appropriate advice and sure: avoid as I know the project is late, but I'm sure you'll catch up; you will do well. You will understand the need,need to unsolicited advice and sure: avoid you must do it; this is the only way; to finish this today, and put it on my desk. A provocative question: Why did you say those who avoid. What you think; is the need to need; what is you get this conclusion? Don't trust to avoid language: are you sure you can finish on time?I've heard you need to exaggerate these need: avoid you never finish the work on time; you always try to reject my proposal. The cooling technique of fierce debate.The performance of a, discuss the process of dispute, we should pay attention to two goals: must make suggestions on conflict; avoid damage relations, cause new problems in the future performance. B, give employees a vent frustration and anger for feeling, not very fast counter attack. C, remember the people when they do appear conflict. D, the way of handling conflicts: conflicts through persuasion, won the right to try to understand the means; staff positions, find a solution. E, conflict is the most effective treatment technology is active listening.F, and be confused in mind or angry employees dealing, the basic principle is the first concern of his emotional. G, disputes arise, request the dispute settle ment measures, but never from the subject. H, too excited, communication should be suspended.The performance of communication is the core of performance management, is refers to between the employers and employees performance evaluation reflects the problems and evaluation mechanism itself to conduct substantive interviews,and tries to seek countermeasures, a management method for service in the later stage of enterprise and employee performance, improve and enhance the.A process of performance management is on the lower level on the performance target setting and implementation and ongoing two-way communication.绩效管理——如何考评员工表现摘要绩效考核是现代企业人力资源管理的重要内容。
企业绩效管理外文文献翻译译文
外文文献翻译译文一、外文原文CorporatePerformanceManagementAbstractTwo of the most important duties of a chief executive officer are (1) toformulates t rat egy and(2)tomanage h i s c ompany’s p er f orm ance.Inthisa r ticlewe e xaminethe second of these tasks and discuss how corporate performance should be modeledand managed.Webeginbyconsideringtheenvironmentin whichacompanyoperates,which includes, besides outside stakeholders, the industry it belongs and the marketit supplies, and then proceed to explain how the functioning of a company can beu nder s t ood by a nex a m i nationof i ts bus i n ess,o per a ti ona landperform a nce managementmod els.Nextwedescribethestructurerecommendedby theauthorsforacorporateplanning,controlandevaluationsystem,themostimportantpartofa corp orate performance management system. The core component of theplanningsystem is the corporate performance evaluation model, the structure of which ism apped i nt o the pl anning sys t em’s da ta b ase,si m ula t ion modelsandbudgeting t ool s’structures, andalsousedtoshapeinformationcontainedinthe system’s products,besidesbeingthenucleusoft helanguageusedbythe system’s agentstotalkabout corporateperformance.Theontologyofplann ing,theguidingprinciplesofcorporate planningandthehistoryof”M ADE”,thecorporateperform ancemanagementsystem di scus s e d inthisarti c le,arere vi ew e dn e xt,before w ep ro cee d todisc us s i nde t ailt h e structural components of the corporate planning and control system introduced before.We conclude the article by listing the main steps which should be followedwhen implementing aperformance planning, control and evaluation system for a company.1.IntroductionTwo of the most important corporate tasks for which a chief executive officeris primarilyresponsibleare(1)toformulatestrategyand(2)tomanagethecompany’s p erf ormance. In thisarticle we examine the second of these tasks and discuss howcorporateperformance should be modeled andmanaged.T operfo r mistoac c ompli s h,t o a chieve(de s i r ed)r e s u ltsoroutc om es.So,whe n talkingabo utcorporateperformance,wearereferringtothedegreebywhichdesired resultsoroutcomesarea chievedbyacompany.Managingcorporateperformance involves planning, controlling, analyzing and evaluating, not only the resultsachieved bythecompany,butalsothemeansbywhichtheseresultsarereached.Amongthe re sults,orgoals,pursuedbymostcompanieswecanmentiongrowth,marketshare,profitabilityan dvaluecreation;andthemeanstoachievetheseresultsincludep roductivi ty,effect i veness,innova t iona nd c ompetiti ve nes s.T hos e a rethe t y p eofthings we should have in mind when specifying a corporate performancemanagement system.Before discussing how to model corporate performance, it is convenienttoconsider the environment in which a company operates, which includes, besides out s i de sta ke holde rs, the indust r y i t be l ongs and the marke t it suppli e s. Themain aspectsofanindustrytobelookedatwhen consideringitsinfluenceoncorporateperformancearestructureandregulation,themaincompetito rs,entrybarriers,substituteproductsand supplier’s negotiatingpower.Associatedquestionsare :How production is organized, vertically or horizontally? How much competitive isthe i ndustry and who are the m a in competitors, t h ose tha t ca pt ure th e l a rges t part oft hemarketshare?Is itunregulated,self-regulatedorregulatedbyagovernmentagency?Howstrongarebarrierstotheentryofnewcompetito rs?Canproductsfromother industries function as substitutes for the ones produced in the industry? Whataboutthe power industry suppliers have when negotiating prices and tradeconditions?At the opposite side of the industry in the corporate environment we havethe marketwherethecompanytradesitsproducts,itsmainattributesbeingsize,growth rate,segmentation,exitbarriersand consumers’negotiating power.Typicalquest ions thatshouldbeaskedwhenassessingitseffectoncorporateperformanceare:Whatis the marketsize,indollars,foreach of the company’s products?Whatarethe short-term and long-term market growth rates? Is it a wholesaleor a retailmarket?Are the sales cyclical? How can the market be segmented (by geography, purchasingpower,customerage,etc.)?Whichbarriersdoesaclientrunintowhenchangings uppli e rs? D o c l ients ha v e t he power t o impose pric e s and t ra de conditions?Wecallthepeoplewhohaveinterestinorareaffectedbya company’s performanceits“stak eholders”,andgroupthemin thecategoriesof“insiders”and“outsiders”.Theinsidersarethe company’s entrepreneursorcontr ollingshareholders and its managers and employees. The outsiders include customers, suppliers, minority shareholders, debt holders, the government in its roles of public goodssupplier,regulatorandtaxcollector,andalsothecommunitieswherethecompany doesbus i ne s s.It isim port ant t onote t hats t a kehol de rs,bes i desbeinga f fecte db y,al s oinfluencecorporateperformanceanditisoftennec essarytosearchfortheeffectsof this influencewhen appraisingperformance.That is meant to increase the depth of this brief analysis of corporatestructureand external relations.Microeconomictheory considers the company as asocial p roductionunittha t uses a certa i ntechnolo g ytop r oducea s eto f outputsfromas e tof inputs.Thefunctionthatmapsi nputquantitiesintomaximumoutputquantities obtainablefromtheinputsiscalledthe“productio n function”or“productionfrontier”.Knowledge of this function is important for measuring the technical efficiency ofaproduction unit, a very significant performance metric. Several techniques existfort hespe c ifi c at i on of pro duc tion funct i ons or fro nt iers, gr oupe d und e r the nam e so f“Data Envelopment Analysis”and“S tochasticFrontier Analysis”.Companies are created by entrepreneurs, the agents that organize andcoordinate production with the help of professional managers. Entrepreneurs play a crucialrolein shaping corporate performance. On oneside, recognized entrepreneurial capacity─and also large contact networks ─are vital for raising the financial capitalnecessary tobuildstructuralorphysicalcapital. On anotherside,the entrepreneurs’reputation and contacts are essential to attract the intellectual capital that, together withthe structural capital, is the foundation of innovation capacity.A business model is a conceptual representation of the way a companydoes business.Itsmaincomponents,are:the company’s valueproposition;thetargetedmarket segments; the distribution, marketing communications, and customerrelationshipchannels;the core competenciesneeded;operating and managementt echnol og ies;t hepar t ner s’ne tw ork;andtherevenue,costand va lue creat i on m ode ls.Understandingthe business modelis the first step to implement acorporate performancemanagementsystem.The modelshould indicate whether the company has a broad customer base or targets specific market segments, and in the secondcase,identifythesesegments.Thegoodsandservicesprovidedbythecompanyandthe com mercial conditions under which they are sold (including such things asguarantees,technicalassistance, etc.), comprise the valueproposition.The channelused forp roductdistr i buti on ca n bea di re c t-t oc ustomer s a l esc ha nnelthroughthe I nte r net,orbe comprised of bricks and mortar companyownedstores, wholesale agents,retail companies,etc.Thecompanycanuseseveralmarketingchannelstogetmessages thro ughtoitscustomers,suchasTVandprintedmedia,andemployacallcentertogive support and receive complaints and suggestions from them. Core competencies ar e t heon e sthecomp an y ne edstomas t erinorde r toga i nac om pet i tivead va nta g ei n relation to other companies in the same marketplace. These competenciesshould restonproperoperationalandmanagementtechnologies,andbe supplemented by a network of partners, if necessary. As a final point, a business model must includea revenue,acostandavaluecreationmodelinordertobeprofitabletothe company’s s hare h old e rs.We can think of the operational model of a companyasencompassinganorganizationalmodel,afunctionalmodelandacorporatedatamodel. The organizationalmodeldepicts,inaninvertedhierarchicaltree,therolesoftheagents involve dinthe company’s operation.Thefunctionalmodelportraysall theactivitiesthattogetherformthewholetowhichwereferbytheexpression“company’s operations”,structuredinlogical,sequentialsteps formingoperationalprocesses.At last, the corporate data model is an entity-relationship diagram that shows themain entitiesaboutwhichthecompanycollectsdatawithitsattributesandtherelationshipsbetw eenthem.Thelastmodelweneedtoexamineinordertounderstandthefunctioningofacorporation is the performance management model it uses, which is, ingeneral,composedoffourbuildingblocks.Thecorporategovernancesystem,thecorporatep e rfo rmanc ep la nnin g,control a nde va lua t ionsyste m,t he individual m anage r sperformance planning, control and evaluation system and the managementvariable compensation system (or bonus system). The corporate governance systemcomprises three well knownactors, the chief executive officer, the directors and theshareholders,andisdesignedtomediatetherelationsbetweenthem.Underthegovernancesyste m,we find two planning and control systems, having as its targets the performance ofthe company(asawholeandofitsdivisions)andtheperformanceofitsindividualm ana g ers,re s p e ct i vely.L i nking t heset w osyste m sw e finda com p ensa t ions y st e mthat assigns fractions of a bonus pool, which is a function of the aggregatecompany performance,toitsmanagersonthebasisoftheirindividualperformances.An e ffective management model should be forward-looking, that is, centered ontheimprovement of future performance, and focused on valuecreation.A thorough understanding o f a ll t he m od e l s des c ribed above is anec e s s ary prerequisiteforone tobeabletoplan,monitor,analyze,evaluateand controlcorporate performance.Inthenextsectionwewillexamineinmoredetailacrucial component of the management model previously described: the corporateperformance planning, control and evaluationsystem.2.The C orporate P erf o rmanc e Planni ng,C ontrolan d Eva l u at io n System.That shows the structure recommended by the authors for acorporateplanning,controlandevaluationsystem,themostimportantpartofacorporateperforma nce management system. The core component of the planning system, as can bededucedfrom its central position in the mentioned figure, is the performance evaluationmodel.Thestructureofthismodelismappedintothe system’s database,simulationm odels and budgeting tools’structures, and also used to shape information contained in the system’s products,besidesbeingthenucleusofthelanguageusedbythe system’s agentstotalkaboutcorporateperformance.Thecorporateplanningand controlprocessisformedbythecoordinatedactionsoftheplanningandcontrolagents,whoseaimist hegenerationofthe system’s outputs,which includeassumptions,goals,forecasts, plans, budgets, investment projects, performance valuations, varianceanalysis,etc.Theseproductstaketheformofpaperandelectronicdocumentsands pread s heets,a nd of PowerPointpresent a t i ons.T he a gents fol lowanagreedupontime schedule and rely on a business intelligence (BI) software to support theiractions.TheBIsoftwareimplementstheperformanceevaluationmodelforthepurposesof rep resenting and simulating corporate performance and provides the necessarytools forthe system’s agentstoproducethe system’soutputs.Datausedbythesystem comes from the accounting and other corporate databases. In the following sectionsof thisarticlewewillexamineindetaileachoftheaforementionedplanningsystemc ompon ents.Before proceeding, however, we will make a pause to discuss the ontologyof planning. One can readily identify in this figure three major structures: the strategic,the motivation and the action frameworks. In the strategic framework, which ischiefly related to the risk versus return dialectics, we can identify theexternal i nf l uence s to corporat e performa n ce, c om pris i ng both opportuni ti es a nd threats, and the internal ones, materialized by strengths and weaknesses. Suppliers and consumersnegotiatingpower,entryandexitbarriers,competitorsandsubstituteproductsarethe ma in determinants of external influences. Technological change has also apervasiveinfluence on corporate performance. Comparing the motivation (ends) andaction(means) fr a meworks, we can as s ociate v a rious levels or l ayers in w hich c or po ra t e aimsaredefinedtothecorrespondingactionclasses,thatis,visiontomission,longtermgo alstostrategy,shorttermgoalstotacticsandactualresultstoactualactions.Policy and business rules are restrictionsunder which strategy and tactics,respectively, must be formulated, and actual action carriedout.It may be convenient, at this point, to give a general definition of theterms“planning”and“control”.Corporateplanningis a processbywhichmanagement define the desired future performance of a corporation, and identify and decide onthe actionsthatneedtobetakeninordertoachievethatperformance.Themainstepscomprisingap lanningcycleareexposed.Corporatecontrol,ontheotherhand,isan operational process which aims to check whether the actual performance isinaccordance with the plannedone, and, eventually, to modify the planned actionsinordertoguaranteethatthefinaldesiredperformancewillbe met. The corporatebudg etisoneo f themostim port antoutputs o fthec orpor atepl a nninga n dcont rol proces s.Itistheprimemanagementtoolusedtoimprovecorporateperformanceand toalignmanageme ntinterests withthoseoftheshareholders.Wecanconcludethis section by stating the nine guiding principles of corporate planning and control:i.Planning is concerned in first place with results and in second placewiththe means to achieve theseresults.ii.Planning is concerned with the present value of costsand benefits to bei ncurred in the f ut u re a s a cons e quence of dec i s i ons undertaken in t he pres e nt.iii.Themainobjectiveofplanningis to createvalueforthe corporation’s shareholders.iv.Fortheabovegoal to bemet,itisnecessarytofulfill customers’expectations concerning quantity, price and quality of marketed products at the least possiblecost,and to m ai nta i n a skilled and full y m otivat ed w or k force.v.Planning and control activities should be organized through a systemwhosecomponents are the planning and control agents, process, time schedule,products,models&tools,anddatabase.vi.Thecorporatebudgetshouldbe the planningandcontrol system’s product t hat consol i dat e s t he r es ul ts w hi ch the company p lans to achi ev e i n the next period and the actions it should undertake in order to meetthem.vii.The corporate budget must contain all the information necessary forthe evaluation of the short term planned performance of the company, itsmarketing,operational, economic, patrimonial and financial aspects being dullyconsidered.viii.The corporate budget should not be viewed exclusively as a means ofcost reductionorcontrol,butmainlyasatooltoenhanceperformanceandincreasethe company’s economicvalue.ix.The planning process in itself is as important as its outputs, andshould contributetoleverage management’s knowledgeabout the company’s i nternal workings, and also to help focus its efforts on the critical areas ofcorporateperformance.S ource: Pedro Góes MonteirodeOliveira STARPLAN ConsultoriaEmpresarial Ltda.,2009.“Corporate Performance Management”.WorkingP aper,vol.41,no.4,pp.1-7..二、翻译文章译文：企业绩效管理摘要行政总裁两个最重要的职责是：制定战略和处理他的公司表现。
企业风险管理【外文翻译】
本科毕业论文外文翻译译文标题：企业风险管理资料来源:风险管理杂志作者：斯蒂芬．P．达西从20世纪70年代开始，财务风险开始成为公司一项重要的不确定的资源，此后不久，处理财务风险的工具被开发出来。
这些新的工具允许财务风险被一种相似的方式管理，而这种不参杂风险的管理方式已经维持了数十年。
1972年，世界上主要的发达国家结束了一直让汇率保持稳定数十年的布雷顿森林体系协定。
布雷顿森林体系的解体引起了汇率的不稳定。
由于外汇汇率的变化，从事国际贸易的公司的资产负债表和经营业绩开始波动。
这种不稳定性影响了许多公司的表现。
同时在20世纪70年代，石油输出国组织（欧佩克）组织开发的协议要求降低生产提高产品价格，使得石油价格开始上涨。
后来，在这十年中，美联储将重点放在打击通货膨胀上（石油价格上涨的结果），而不是稳定利率，结果导致其迅速上涨，并加剧了美国的利率波动。
因此，外汇汇率、价格和利率的变动引起的财务风险成为一个主要的关注重心。
虽然财务风险主要关心的问题已经在20世纪80年代形成一个机构体系，但是并没有在这一方面开始运用标准的风险管理工具和技术，导致失败的原因是人为的将风险分类为纯粹风险和投机风险。
由于固定资产的收益，外币计价的投资和经营成果都会受到通货膨胀或者外汇汇率的影响，使得风险增加，这就是所谓的投机风险。
风险管理者在他们所经营的领域，形成一个其专业特有的风险领域，称之为纯粹风险。
当出现一个新的风险领域，并没有将其扩大吸收进他们的领域。
这样做，需要将学习财务工具知识和远离风险的费用由保险公司负责并支付。
这已经是个大胆的行动，但一个创新的思想家会支持发展风险管理。
这次失败对于风险管理领域组织来说是昂贵的。
随着企业风险管理的出现，传统的风险管理人员将被推到一个更为广泛的结合了财务风险管理和其他形式的风险分析的舞台。
因此，拒绝扩大财务风险并不能阻止风险管理者了解财务风险管理，它只是推迟了几十年。
以后，期货及其基于非财务资产交易之前的很长一段时间适应处理他们的财务风险。
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企业风险管理与公司绩效外文翻译中英文2020英文Enterprise risk management and firm performance: Role of the riskcommitteeMuhammad Malik, Mahbub Zaman, Sherrena Buckby AbstractIn recent years, there have been increasing efforts in the corporate world to invest in risk management and governance processes. In this paper, we examine the impact of Enterprise Risk Management (ERM) on firm performance by examining whether firm performance is strengthened or weakened by the establishment of a board-level risk committee (BLRC), an important governance mechanism that oversees ERM processes. Based on 260 observations from FTSE350 listed firms in the UK during 2012–2015, we find the effectiveness of ERM significantly and positively affects firm performance. We also find strong BLRC governance complements this relationship and increases the firm performance effects of ERM. Our findings suggest the mere formation of a BLRC is not a panacea for ERM oversight; however, existence of a structurally strong BLRC is crucial for effective ERM governance.Keywords: Enterprise risk management, Risk committee, Risk governance, Firm performanceIntroductionRecent events, including the corporate downfalls of the early 2000s and the Global Financial Crisis (GFC) of 2007–09, have led to increased international regulatory efforts to enhance risk management (RM) practices. In the UK, the Walker Report (2009) and guidelines from the Financial Reporting Council (FRC, 2011, FRC, 2014a, FRC, 2014b) suggest listed firms should adhere to sophisticated RM practices, including the creation of a holistic RM framework and greater involvement from boards of directors in risk governance. An increasing number of UK listed firms now adhere to these recommendations, which focus on the establishment of an Enterprise Risk Management (ERM) process and the establishment of a board-level risk committee (BLRC) to enhance the board’s risk oversight function. This paper contributes to the literature on ERM by examining the impact of ERM on UK firm performance, particularly whether this relationship is strengthened or weakened by the adoption of a BLRC. To date, research investigating the roles and outcomes of a BLRC is scarce. This study focuses on evidence from UK listed firms to provide key insights into this emerging issue.Our study, motivated by key corporate governance guidelines, considers the impact of ERM process adoption (including the structural strength of BLRC) on firm performance in UK FTSE350 firms. We apply Tobin’s Q as our firm performance measure based on prior resea rch(Baxter et al., 2013; Farrell and Gallagher, 2015, Hoyt and Liebenberg, 2011, Lin et al., 2012, McShane et al., 2011) and adopt the Gordon et al. (2009) ERM index as a composite measure of the effectiveness of ERM processes. Previous studies measure the presence of ERM activity using a binary variable (Hoyt and Liebenberg, 2011, Lechner and Gatzert, 2018, Lin et al., 2012, Pagach and Warr, 2010). In contrast, the Gordon et al. (2009) index reflects the presence of an ERM function in a firm and measures the effectiveness of ERM processes regarding business strategy, operations, reporting, and compliance (COSO, 2004). BLRC structural strength is measured using six dimensions related to its structure and composition, drawing on risk governance guidelines and prior research on the effectiveness/efficacy of board-level committees with a similar monitoring role to the BLRC (Goodwin and Seow, 2002, Xie et al., 2003, Zaman et al., 2011).Our empirical findings suggest ERM is positively associated with UK firm performance. The results suggest ERM is an efficient form of “internal” RM and if overseen by the BLRC should maximize shareholders’ wealth. The findings suggest a structurally strong BLRC (a committee with high levels of monitoring and diligence comprised of financial experts exhibiting gender diversity) strengthens ERM impact on firm performance. This implies BLRC adoption by itself is insufficient to achieve ERM oversight. However, BLRC structural strength is identifiedas necessary for effective ERM governance. As BLRC formation is an emerging ERM practice (Brown et al., 2009, Hines et al., 2015), our study addresses a gap in current RM literature by examining whether a BLRC strengthens or weakens the impact of ERM on firm performance providing an important contribution to the field.BackgroundIn the UK, the Walker (2009) report and FRC guidelines (FRC, 2011, FRC, 2014a, FRC, 2014b) recommend UK listed firms should adopt a holistic approach to ERM. The guidelines suggest UK listed firms adopt a multifaceted approach to risk identification and risk assessment, and consider all the principal risks faced by the entity. An effective RM infrastructure adopted and governed by a high-level risk governance structure (a BLRC) promotes a strong risk culture at all levels of the firm, approves enterprise risk strategy and risk appetite, and monitors organisational risk mitigation plans. Taken together, the FRC (2014b) suggests listed firms should adopt a robust and effective RM system to safeguard against major risks that could seriously affect organisational performance, future prospects, or damage firm reputation. As a result of the clear guidance provided for risk committees in the UK, our study focuses on revealing whether BLRCs in listed firms are found to be structurally sufficient to support the ERM oversight functions outlined in the Walker (2009) report. We are motivated to gather evidenceof the relationship between ERM and firm performance using UK data for the following reasons. After the GFC, demand for firm-level risk oversight increased in the UK and internationally. The Walker (2009) report contributed to this demand by encouraging the formation of a BLRC and driving the adoption of an ERM function in listed UK firms.In the US, the Dodd-Frank Act (2010) also mandated similar requirements for US listed firms but did not provide the same level of detailed prescription regarding the role, responsibilities, and processes of a BLRC compared to UK regulations. Prior research has examined this relationship in US settings using various proxies for ERM. ERM research has not reached a consensus to date, with results indicating ERM is both value relevant (Gordon et al., 2009, Grace et al., 2015, McShane et al., 2011) and not value relevant (Beasley et al., 2008, Lin et al., 2012, Pagach and Warr, 2010). In Europe, two recent studies (Florio and Leoni, 2017, Lechner and Gatzert, 2018) find ERM is positively associated with firm performance. Due to this lack of consensus in the literature, we are motivated to examine the impact of ERM on firm performance using UK data to consider whether ERM is value relevant and whether it is associated with improved firm performance, especially when related to the adoption of a BLRC as an ERM governance mechanism.In a US based study, Gordon et al. (2009) propose the impact ofERM-driven firm performance is dependent upon the proper match between monitoring by the board4 and ERM processes. They posit how participation and encouragement from the board is essential for effective ERM adoption, a perspective shared by Kleffner et al., 2003, Sobel and Reding, 2004. Our study contributes by extending the findings of Gordon et al. (2009) across two dimensions. First, we recognise responsibility for ERM oversight is usually delegated to the BLRC, a sub-committee of the full board. Second, we examine how risk committee structural characteristics influence ERM effectiveness and consequently firm performance.Prior literature suggests a newly emerging BLRC generally assists the board in carrying out its ERM responsibilities, such as risk oversight, fostering risk culture, and improving the quality of risk monitoring and reporting (Aebi et al., 2012, Brown et al., 2009, COSO, 2004). RM literature in the UK provides evidence of risk reporting patterns in listed firms (Linsley and Shrives, 2005, Linsley and Shrives, 2006). However, the links between corporate governance and risk reporting (Abraham and Cox, 2007), and the effects of traditional RM on firm value (Panaretou, 2014), demonstrate there is a paucity of UK empirical evidence investigating the impact of ERM practices and the influence of a BLRC oversight on firm performance.Our paper contributes to international RM literature in the followingways. First, UK RM research focused on the incentives of risk reporting (Elshandidy et al., 2018). Our paper extends prior research by focusing on the informativeness of UK ERM practices (Baxter et al., 2013, Gordon et al., 2009, Florio and Leoni, 2017, Hoyt and Liebenberg, 2011, Lechner and Gatzert, 2018, Pagach and Warr, 2010). RM has received considerable attention from both professional and regulatory UK bodies, including improved RM guidelines from the FRC (FRC, 2011, FRC, 2014b). Panaretou (2014) examines the valuation impacts of derivative usage (a practice in financial RM) in UK firms and finds hedging practices are weakly or non-significantly associated with firm performance. We extend the study of Panaretou (2014) by examining the valuation impacts of the effectiveness of ERM processes. Our study contributes to the literature examining the risk-related corporate governance mechanisms that affect firm performance (Aebi et al., 2012, Ames et al., 2018, Brown et al., 2009, Florio and Leoni, 2017, Tao and Hutchinson, 2013). Previous studies suggest the presence of a BLRC represents strong RM (Aebi et al., 2012), indicating greater levels of ERM implementation and integration of RM in corporate governance mechanisms (Florio and Leoni, 2017). We extend these studies by investigating the impact of six key structural characteristics of a BLRC on firm performance effects of ERM.Discussion and conclusionIn recent years, there have been increased efforts in the UK to improve risk governance mechanisms. In this paper, we investigate whether a firm’s RM, particularly ERM processes, is linked to firm performance. We also examine the interaction role of the BLRC, as a risk governance mechanism, in this relationship. We find effective ERM processes improve firm performance measured by Tobin’s Q, thus giving support to the theoretical claims by prior researchers regarding performance implications associated with the implementation of ERM (Baxter et al., 2013, Brown et al., 2009, Florio and Leoni, 2017, Gordon et al., 2009, Liebenberg and Hoyt, 2003, Nocco and Stulz, 2006). This result infers the higher the effectiveness of a firm’s ERM, the greater the ability of the firm to achieve its strategic objectives i.e. strategy, operations, reporting, and compliance (COSO, 2004). We find that a BLRC improves the ERM and firm performance relationship. In particular, the existence of a strong BLRC is essential for ERM processes to be effective enough to increase market performance.Our study contributes to the empirical research on RM and has clear practical implications. First, the results demonstrate ERM is positively related to firm performance, and the adoption of ERM processes is more attractive for UK firms who have not yet implemented ERM. However, adoption is not sufficient – an effective ERM system needs to efficiently achiev e organisational objectives and positively impact shareholders’wealth creation. Unlike traditional silo-based RM, which is isolated, fragmented, and uncoordinated (task-by-task or department-by-department) with a focus solely on financial RM, the holistic approach of ERM incorporates and integrates decision-making at multiple levels and prevents risk aggregation within the organisation. By adopting an effective ERM, a firm can create value through: 1) strategy (by maximizing its market position relative to its competitors); 2) operations (by increasing operational efficiency); 3) reliable financial reporting system; and 4) compliance with applicable laws and regulations. COSO (2004) describes ERM best practice as including (but not be limited to) a holistic method of RM, standardization of risk measures, formalization of risk ownership at all levels of the organisation, engagement of all employees in RM processes, localization of risk culture, and assurance of proper recording, documentation and communication of risks and opportunities. We identify how adopting ERM practices in UK listed firms should more efficiently implement FRC guidelines on RM (FRC, 2011, FRC, 2014a, FRC, 2014b). Second, since ERM is a holistic approach embedded throughout the organisation, it provides a multifaceted platform for corporate governance when focusing on value maximization through RM. We find with regard to risk governance, the BLRC supports the function of ERM. Our results indicate the valuation outcomes of ERM are affected by the structure and composition of theBLRC.One of the key contributions of our study is how a structurally strong BLRC, larger in size, more active, and with higher independent, financial, female, and inter-committee directorships, supports a stronger ERM and firm performance relationship. Conversely, a weak BLRC could adversely affect this relationship and reduce the performance implications of ERM. Our study identifies that UK corporate regulatory bodies should introduce detailed guidelines in relation to BLRC formation and structure to promote better quality risk governance. Walker (2009) encourages firms to establish a BLRC and details their responsibilities, but does not stipulate clear guidelines on the committee’s structure and composition and interactions.Finally, our findings have international implications. Since COSO (2004) provides a globally accepted international level ERM framework (Florio and Leoni, 2017, Lechner and Gatzert, 2018), we suggest that to improve the effectiveness of ERM proces ses to meet a firm’s strategic objectives, it is crucial to improve firm performance implications. We expect the effectiveness of ERM processes supplements the important features of ERM identified by previous researchers, such as CRO appointment (Beasley et al., 2008), ERM ratings from external agencies (McShane et al., 2011), ERM program maturity (Farrell and Gallagher, 2015), and the level of ERM implementation (Florio and Leoni, 2017). Inaddition, as the adoption of BLRCs is increasing globally for the oversight of RM processes (Al-Hadi et al., 2016, Florio and Leoni, 2017, Hines and Peters, 2015, Ng et al., 2013, Tao and Hutchinson, 2013) we suggest structural balance of the BLRC is important for effective risk governance.As with all research, this study is not free from limitations. First, the small sample size limits the power of our analysis and generalizability of findings. As investments in RM and governance are continuing to increase; future researchers will be able to employ larger samples to ext end this study’s analysis and generalizations. Second, this study employs the Gordon et al. (2009) ERM index to measure the ERM effectiveness of a firm. This index focuses on the COSO (2004) framework and measures the strength of an ERM program, however, the index is unable to capture the maturity of the ERM program of a firm. Future studies could assist with developing a more sophisticated ERM index. Third, we ignore the independence of the ERM function. The Walker (2009) report requires an independent CRO to participate in the BLRC and the risk oversight process ultimately be accountable to the full board. A future study could further examine the risk-reporting framework of UK firms in terms of CRO reporting, accountability, and efficiency of the ERM function and BLRC monitoring.中文企业风险管理与公司绩效：风险委员会的作用穆罕默德·马利克马布卜·扎曼谢雷娜·巴克比摘要近年来，企业界在投资风险管理和治理流程方面做出了越来越多的努力。