Versatile Software Tools Underpin Enterprise Risk Management

“Palisade’s decision support software is a well-balanced and flexible instrument that can be applied to a wide variety of situations, making it ideally suited to managing risk across the enterprise,” explains Dmitry Shevchenko, head of risk management at MegaFon. “The technology is reinforced by Palicade’s proactive approach to business: it provides support including articles, books and events, such as its informative and example-led conference programme. Overall the company ensures that customers get the most out of these versatile tools.”

Translation

Translate the sentences focusing on the underlined terms.

Risk

1. Operational risk management plays a key role in the strategic success of organizations, but it presents unique challenges compared to managing market and credit risks.

2. Strategic and tactical risk management functions are necessary if a firm wants to ensure that its risk principles are embedded throughout the organization.

3. Many people view operational risk management only as a back-office function that evaluates processes and systems.

4. In today's global market environment managers of operational risk must prepare for a variety of business vulnerabilities facing organizations and their counterparties.

Insurance

1. The last risk-management technique is the traditional one: purchasing an insurance policy.
2. Insurance costs can add up, managers should: 1. work with an independent insurance broker to find the best coverage for their property, 2. demand service from their broker, 3. make sure that the insurance carrier they select is reputable and in good financial condition.
3. In today's climate of rising insurance costs and uncertainty over the stability of many insurers, managers should work to minimize risks and stabilize insurance costs - without cutting down on vital levels of financial protection.
4. By employing the right amount of control, managers can reduce both the frequency and the severity of loss, thus reducing insurance costs.

Writing

Describe the process of risk management using the notes below. Write at least 100 words.

· Identify Risk

· Identify Vulnerability

· Refine Model

· Risk Portfolio

· Finalize Model

· Develop Initiatives

· Measure Performance

2. Write about the following topic: By understanding the risk management process and the organizational impact and being a supportive team member, the administrator will be able to add overall value to project and the organization. Do you agree or disagree? Why? Give reasons for your opinion and include any relevant examples. Write at least 250 words.

Culture

Home rules^[32]

Read the text and discuss the following questions:

1. What do we usually think of English residential areas?

2. How do these home rules reflect English character?

3. What is the difference between Russian and English home rules?

4. How can you use this information in business communication?

Some of the rules of Englishness do not require years of participant observation research to discover. The privacy rules, for example, are so obvious that you could spot them from a helicopter, without even setting foot in the country. Hover above any English town for a few minutes, and you will see that the residential areas consist almost entirely of rows and rows of small boxes, each with its own tiny patch of green. In some parts of the country, the boxes will be a greyish colour, in others, a sort of reddish-brown. In more affluent areas, the boxes will be spaced further apart, and the patches of green attached to them will be larger. But the principle will be clear: the English all want to live in their own private little box with their own private little green bit.

What you cannot see from your helicopter, you will learn as soon as you try to visit an English home. You may have the address and a map, but you will have great difficulty in finding the house you are looking for. The Hungarian humorist George Mikes claimed that ‘an English town is a vast conspiracy to mislead foreigners’, citing the indisputable facts that our streets are never straight, that every time a street bends it is given a different name (except when the bend is so sharp that it really makes two different streets), that we have at least 60 confusing synonyms for ‘street’ (place, mews, crescent, terrace, rise, lane, gate, etc.), and that street names are in any case always carefully hidden. Even if you manage to find the correct street, the numbering of the houses will be hopelessly inconsistent and idiosyncratic, further complicated by many people choosing to give their houses names rather than numbers.

Apart from reminding me that there is an element of typically English reserve in our reluctance to display our house numbers, as well as a fixation with privacy, my initial taxi-driver interviews were not terribly helpful, but I persisted, and eventually one gave a succinct and astute response. He explained: ‘An Englishman’s home is his castle, right? He can’t actually have the moat and drawbridge, but he can make it bloody difficult to get to’. From then on, I thought of the English practice of concealing our house numbers as ‘the moat-and-drawbridge’.

UNIT 8. Administration

Lead in: administration in business

Vocabulary: key terms

Reading: public and business administration

Speaking: presentation

Grammar: Modals

Case Study: Clinton administration

Translation: key terms

Writing: carriers in public administration; essay

Culture: British meals

Lead in