The Risk of NOT meeting project quality objectives:A.can be minimized through continuous m

A.Counterparty risk

B.Operational risk

C.Market risk

D.Notional risk

A.The bank should have an independent risk control unit that is responsible for the design and implementation of the bank’s risk management system; the unit should conduct a regular backtesting program.

B.The board of directors and senior management should be actively involved in the risk control process; the bank’s internal risk measurement model must be closely integrated into the dayto day risk management process of the bank; and independent review of the risk management system should be carried out regularly; the risk measurement system should be used in conjunction with internal trading and exposure limits.

C.a) and b) together.

D.a) and b), except that the risk measurement system does not have to be used in conjunction with exposure limits.

risk committee recently

met to discuss how the company might respond to a number of problems that have arisen with Product 2. After a

number of incidents in which Product 2 had failed whilst being used by customers, Chen Products had been presented

with compensation claims from customers injured and inconvenienced by the product failure. It was decided that the

risk committee should meet to discuss the options.

When the discussion of Product 2 began, committee chairman Anne Ricardo reminded her colleagues that, apart from

the compensation claims, Product 2 was a highly profitable product.

Chen’s risk management committee comprised four non-executive directors who each had different backgrounds and

areas of expertise. None of them had direct experience of Chen’s industry or products. It was noted that it was

common for them to disagree among themselves as to how risks should be managed and that in some situations,

each member proposed a quite different strategy to manage a given risk. This was the case when they discussed

which risk management strategy to adopt with regard to Product 2.

Required:

(a) Describe the typical roles of a risk management committee. (6 marks)

kyline. Today the cold war is over. The risk of the global nuclear conflict has been greatly reduced and the free flow of goods and ideas is bringing to life the concept of a global village. But just as all nations can benefit from the promise of this new world, no nation is immune to its perils. We all have a stake in building peace and prosperity, and in confronting threats that respects no borders-terrorism and drug trafficking, disease and environmental destruction. To meet these challenges most effectively, China and the United States must act in concert. Some argue that with the Cold War's end, the strategic importance of the US-China relationship has diminished. I believe they have it exactly backwards. As a new century begins, the importance of strengthening the ties between the United States and China will grow even greater.

请根据以下内容回答下列各题 Insurance (保险)is the sharing of risks. Nearly everyone isexposed to risk of some sort. The house owner, for example, knows that hisproperty can be damaged by fire; the ship-owner knows that his vessel may belost at sea; the breadwinner knows that he may die at any early age and leavehis family poorer. On the other hand, not every house is damaged by fire norevery vessel lost at sea. If these persons, each put a small sum into a pool,there will be enough to meet the needs of the few who do suffer loss. In otherwords, the losses of the few are met from the contributions of the many. Thisis the basis of insurance. Those who pay the contribution are known as insuredand those who administer(管理)the pool of contributionsas insurers. The legal basis of all insurance is thepolicy. This is a printed form. of contract on stout paper of the best quality.It states that in return for the regular payment by the insured of a named sumof money, called the pre- mium(保险费), which is usually paid every year, the insurer will pay a sum ofmoney or compensation for loss, if the risk or event insured against actuallyhappens. The premium for an insurance naturally depends upon how likely therisk is to happen, as suggested by past experience, ff companies fix theirpremiums too high, there will be more to make the premium too low, they willlose money and may even have to drop out of busi- ness. So the ordinary forcesof supply and demand keep premiums at a level satisfactory to both the insurerand the insured. According to the writer, insurance is possible because__________

A.only a small proportion of the insured sufferloss

B.only insured people suffer loss

C.nearly everyone suffers loss

D.everyone at some time suffers loss

. Upon closer examination, however, we start to understand the connections between the two. The “good health” of natural systems is a precondition for the “good health” of our social and economic systems. Can one say that a society is thriving when it is exposed to air and water pollution and endures related health problems？ Equally, can a society “function” if a large proportion of people are unemployed or cannot make ends meet？

Despite gaps and uncertainties in our understanding, we can see that our world is changing. After 10,000 years of relative stability, the average global temperature is increasing. Although the European Union’s (EU’s) greenhouse gas emissions are declining, fossil fuels release more greenhouse gases into the atmosphere than our land and oceans can absorb. Some regions are more vulnerable to the potential impacts of climate change – and t

1Though different understandings exist, one thing people all recognize is that __________.

A、more greenhouse gases are emitted than our land can absorb

B、the world we are living in is different from what it was before

C、some countries are too vulnerable to adapt to climate change

D、EU countries are producing less greenhouse gas emissions now

2Additional pressure on our natural systems can result from ___________.

A、the change of lifestyles of people in the developed countries

B、the accelerated extinction rates of plant and animal species

C、the improvement of living standards in developing countries

D、the risk of turning our home into an unlivable place for us

3What is a main cause of global biodiversity loss？

A、The disappearance of natural habitats caused by human activities.

B、The increase of the average temperature in the world.

C、The release of excessive greenhouse gases into the atmosphere.

D、The consumption and production patterns we follow today.

4Why are large areas of forests cut down every year according to the passage？

A、To provide wood for urban development.

B、To turn the land into other uses.

C、To grow grass for cattle to eat.

D、To grow crops to meet human demand.

5What point does the writer try to illustrate through the passage？

A、Our quality of life is declining due to environment change.

B、Damage to natural environment should be prevented.

C、Human beings should rethink their activities on earth.

D、Economy and natural systems are closely connected.

the Starbucks revolution and you'll know where the trend goes. Now, spurred on by recent studied suggesting that it can cut the risk of cancer and heart disease and retard the aging process, tea is enjoying a similar jolt. Enough chic tea salons are springing up to make even diehard coffee drinkers consider switching beverages.

Tea is available in more places than ever. "Tea was one of the most prolific beverage categories in 1999," with 24 percent more products offered over the previous year, reports Tom Vierhile of Marketing Intelligence Service, which tracks food and beverage trends. And the Tea Association of the United States reports that from 1990 to 1999, annual sales of the drink grew to $ 4.6 billion from $1.8 billion. "Green tea is seen by consumers as a 'functional food' delivering health benefits beyond sustenance," says Vierhile.

Recently published studies point out that not all brews are created equal. Only teas that come from the leaves of the plant Camellia sinensis — which, in their raw state are brewed to make green tea, and, with curing, can be turned into oolong and black tea leaves — have been shown to contain health benefits. Other herbal teas and infusions may taste good, yet they do little more than warm up the drinker. But for Camellia sinensis, the evidence is powerful. In a 1998 study, Harvard University researchers found that drinking one cup of black tea a day lowered the risk of heart attack by as much as 44 percent compared with non-tea drinkers, and other studies have suggested that the antioxidants in these so-called real teas can also prevent cancer.

One such antioxidant in green tea is ECGC, a compound 20 times as powerful as vitamin E and 200 times as powerful as vitamin C. "When people ask me for something good and cheep they can do to reduce their cancer risk, I tell them drink real tea." Says Mitchell Gaynor, director of medical oncology at New York City's Strang-Cornell Cancer Prevention Centre.

Among those inspired to become a green-tea drinker is Tess Ghilaga. A new York Writer who took it up after consulting a nutritionist six years ago. "I've never been a coffee drinker." says Ghilaga, 33, "she told me to start drinking green tea for the antioxidant properties." Now Ghilaga and her husband routinely brew tea they order theirs from Inpursuitoftea.com, an internet tea company, which sells a variety of ready-made and raw teas. http://www. alitea.com/ — along with green, black, and oolong tea, this company sells a wide variety of herbal teas and offers a "Tea of the Month" club. http://www. Teasofgreen.com/ — this site sells higher-end green, black and oolong teas and has good tips on proper storage and preparation of tea. http://www. tea.com/ — tea drinkers can find links to sites offering tea lore, such as articles about tea ceremonies in foreign lands. An exhaustive "frequently asked question" file found out the site.

What do recent studies reveal about tea drinking？

A．Many tea houses have sprung up to meet the market demands.

B．Drinking tea can cut the risk of lung cancer in particular.

C．Tea is rather a magical drinking material to slow down the aging process.

D．Many die-hard coffee brewers have developed strong sentiments towards tea.

. There is a lot of specialization, a great deal of attention to the individual, a vast amount of advanced technical equipment, and intense effort not to make mistakes because of the financial risk which doctors and hospitals must face in the courts if they handle things badly.

But the Americans are in a mess. The problem is the way in which health care is organized and financed. Contrary to public belief, it is not just a free competition system. To the private system has been joined a large public system, because private care was simply not looking after the less fortunate and the elderly.

But even with this huge public part of the system, which this year will eat up 84.5 billion dollars—more than 10 percent of the U.S. budget—large numbers of Americans are left out. These include about half the 11 million unemployed and those who fail to meet the strict limits on income fixed by a government trying to make savings where it can.

The basic problem, however, is that there is no central control over the health system. There is no limit to what doctors and hospitals charge for their services, other than what the public is able to pay. The number of doctors has shot up and prices have climbed. When faced with toothache, a sick child, or a heart attack, all the unfortunate person concerned can do is pay up.

Two-thirds of the population are covered by medical insurance. Doctors charge as much as they want knowing that the insurance company will pay the bill.

The medical profession has as a result become America's new big businessmen. The average income of doctors has now reached $100,000 a year. With such vast incomes the talk in the doctor's surgery is as likely to be about the doctor's latest financial deal, as about whether the minor operation he is recommending at several thousand dollars is entirely necessary.

The rising cost of medicine in the U.S.A. is among the most worrying problem facing the country. In 1981 the country's health cost climbed 15.9 percent—about twice as fast as prices in general.

In the U.S. patients can expect, in medical treatment, ______.

A．occasional mistakes by careless doctors

B．a great deal of personal attention

C．low charge by doctors and hospitals

D．stacking nurses and bad services

Passage One

Questions 21 to 25 are based on the following passage.

When your parents advise you to “get an education” in order to raise your income，they tell you only half the truth. What they really mean is to get just enough education to provide manpower for your society，but not so much that you prove an embarrassment to your society.

Get a high school diploma，at least. Without that，you will be occupationally dead unless your name happens to be George Bernard Shaw or Thomas Alva Edison，and you can successfully dropout in grade school.

Get a college degree，if possible. With a B. A. ，you are on the launching pad. But now you have to start to put on the brakes. If you go for a master's degree，make sure it is an M. B. A. ，and is famous. Law of diminishing returns begins to take effect.

Do you know，for instance，that long-haul truck drivers earn more per year than full professors？ Yes，the average 1977 salary for those truckers was $ 24，000. While the full professors managed to earn just $ 23，030.

A Ph. D. is the highest degree you can get. Except for a few specialized fields such as physics or chemistry where the degree can quickly be turned to industrial or commercial purposes，if you pursue such a degree in any other field，you will face a dim future. There are more Ph. D. s unemployed or underemployed in this country than any other part of the world.

If you become a doctor of philosophy in English or history or anthropology or political science or languages or-worst of all-in philosophy. you run the risk of becoming overeducated for our national demands. Not for our needs，mind you，but for our demands.

Thousands of Ph. D. s are selling shoes，driving cars，waiting on table，and endlessly filling out applications month after month. They may also take a job in some high school or backwater college that pays much less than the janitor earns.

You can equate the level of income with the level of education only so far. Far enough，that is，to make you useful to the gross national product. but not so far that nobody can turn much of a profit on you.

According to the writer，what the society expects of education is to turn out people who______.

A. will not be a disgrace to society

B. will become loyal citizens

C. can take care of themselves

D. can meet the nation's demands as a source of manpower

信用风险(credit risk)