英语翻译The past two decades have seen a dramatic change in the

英语翻译
The past two decades have seen a dramatic change in the role of risk management in corporations.
Twenty years ago,the job of the corporate risk manager—typically,a low-level position in the corporate treasury—involved mainly the purchase of insurance.At the same time,treasurers were responsible for the hedging of interest rate and foreign exchange exposures.However,over the last ten years,corporate risk management has expanded well beyond insurance and the hedging of financial exposures to include a variety of other kinds of risk—notably operational risk,reputational risk,and,most recently,strategic risk.What’s more,at a large and growing number of companies,the risk management function is directed by a senior executive with the title of chief risk officer (CRO) and overseen by a board of directors charged with monitoring risk measures and setting limits for these measures.
还有：In this article,we have discussed how enterprise risk management creates value for shareholders and examined the practical issues that arise in the implementation of enterprise risk management.Although the key principles that underlie the theory of ERM are well-established,it should be clear from this article that additional research is needed to help with the implementation of ERM.In particular,while much attention has been paid to measures of tail risk like VaR,it has become clear from attempts to implement ERM that a more complete understanding of the distribution of firm value is required.Though correlations between different types of risks are essential in measuring firm-wide risk,existing research provides little help in how to estimate these correlations.Companies also find that some of their most troubling risks—notably,reputational and strategic risks—are the most difficult to quantify.At this point,there is little research that helps practitioners in assessing these risks,but much to gain from having a better understanding of these risks even if they cannot be quantified reliably.
In sum,there has been considerable progress in the implementation of ERM,with the promise of major benefits for corporate shareholders.And,as this implementation improves with the help of academic research,these benefits can only be expected to grow

第一段：在过去的20年当中,风险管理在公司的作用要素中发生了巨大变化.
20年前,公司风险管理者一个很典型的特点就是其在公司财务部的地位很低－－主要负责保险购买业务.而财务负责着利率对冲和外汇管理.
但在过去的10年里,公司风险管理内容已经远远超出保险和财务风险保值范围继而包含量其它各种风险管理－－尤其所营运风险,信誉风险以及近来的策略风险.
不仅如此,随着公司和企业数量的大量增加,风险管理的功能由具有首席风险官头衔（CRO）的高级执行人员指导,（同时）被董事会的理事监管,这些理事负责监管风险策略的执行和措施限制的制定.
第二段：本文讨论了企业风险管理（ERM）如何为股东创造价值以及如何对企业风险管理的实施过程中产生的问题进行检测.虽然ERM在理论上已经建立起了重要原则,但本文着力阐释了更多的课外研究对于ERM的实施大有裨益.特别值得一提的是,人们已经将关注的焦点放在了VaR之类的尾部风险,同时也愈加明白实施ERM的目的就是更加全面并深入理解公司价值的分配.虽然不同种类的风险之间的内在联系对公司风险的衡量作用巨大,但现有的研究在如何建立此类内在联系方面爱莫能助.很多公司也发现让他们头疼的风险当中,尤其是信誉风险和策略风险是最难规避的.在这点,迄今为之几乎没有任何研究可以帮助企业管理参与者评估这些风险,而只能尽量去理解这些无法有效消除的风险.
就总体而言,在ERM的实施取得了大量成果,为公司股东创造了利润.借助学术研究的一臂之力,公司风险管理水平得以提高,公司利润增加指日可待.