abstract: Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities. This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2018

Claritromicina era considerada um antibiótico de escolha para infecções causadas pelo complexo Mycobacterium abscessus, entretando, recentemente falhas no tratamento com este antibiótico têm sido reportadas. A resistência adquirida a claritromicina está relacionada à mutações pontuais que acarretam substituição da adenina na posição 2058 ou na posição 2059 na região do gene rrl que codifica o domínio peptidil transferase do rRNA 23S. Um mecanismo secundário de resistência à claritromicina tem sido descrito como resistência induzida, que é conferida pelo polimorfismo T/C no nucleotídeo 28 do gene erm(41). A resistência adquirida pode ser detectada em até 3 dias de incubação do M. abscessus com a claritromicina enquanto que a resistência induzida requer mais do que 5 dias de incubação. Por outro lado, o uso de marcadores moleculares para detecção de resistência adquirida e induzida no complexo M. abscessus têm sido propostos. O objetivo desse estudo foi avaliar o perfil de suscetibilidade e os marcadores moleculares de resistência à claritromicina no complexo M. abscessus. Um total de 42 isolados de um estudo prévio de vigilância, entre os anos 2007 e 2013 foram utilizados. O perfil de suscetibilidade para a claritromicina foi determinado por microdiluição em caldo com leituras em 3, 5, 7 e 14 dias. Mutações nos genes rrl e erm(41) foram avaliados por PCR com primers específicos e posterior sequenciamento. Resistência à claritromicina, em até 3 dias de incubação, foi observada em 31 dos 42 (73,8%) isolados. Resistência induzida à claritromicina foi observada em 6 de 11 (54,5%) isolados que apresentaram resistência após 5 ou 7 dias de incubação. Todos os isolados com resistência induzida foram M. abscessus subsp. massiliense. Além disso, todos os 28 isolados de M. abscessus subsp. massiliense apresentaram deleção em erm(41). Apenas cinco isolados foram sensíveis à claritromicina após 14 dias de incubação. Nenhum dos 42 isolados apresentaram mutação pontual na região de peptidil transferase do rRNA 23S e todos os isolados apresentaram o polimorfismo T/C no nucleotídeo 28 do gene erm(41). Os dados deste estudo indicam a falta de correlação dos marcadores moleculares com a expressão de resistência à claritromicina. / Infections due to Mycobacterium abscessus complex used to respond to clarithromycin treatment but more recently treatment failure with this antibiotic has been reported. Acquired resistance to clarithromycin is related to substitutions at the adenine either at position 2058 or at position 2059 in a region of the rrl gene encoding to the peptidyltransferase domain of the 23S rRNA. A secondary mechanism related to clarithromycin resistance has been described as an inducible resistance, conferred by T/C polymorphism at the 28th nucleotide in erm(41) gene. Acquired resistance can be detected up to 3 days of incubation of the M. abscessus with the clarithromycin while inducible resistance requires more than 5 days of incubation. Molecular markers to detect acquired and inducible resistance in M. abscessus complex isolates were proposed. This study evaluated the profile of susceptibility and the molecular markers of clarithromycin resistance in M. abscessus complex. A total of 42 isolates from a previous surveillance study (2007 to 2013) were used in this study. The susceptibility profile for clarithromycin was determined by broth microdilution with reads at 3, 5, 7 and 14 days. Mutations in rrl and erm(41) genes were evaluated by PCR with specific primers followed by sequencing. Clarithromycin resistance, up to 3 days of incubation, was observed in 31 of 42 (73.8%) isolates. Inducible clarithromycin resistance was observed in 6 of 11 (54.5%) isolates which presented resistance only after 5 or 7 days of incubation. All isolates with inducible resistance were identified as M. abscessus subsp. massiliense. Moreover, all 28 M. abscessus subsp. massiliense had a deletion in erm(41). Only five isolates proved to be susceptible to clarithromycin after 14 days of incubation. None of the 42 isolates presented a point mutation in the peptidyltransferase region of the 23S rRNA (rrl) and all isolates presented the T/C polymorphism at the 28th nucleotide of the erm(41) gene. The data of this study indicates a lack of correlation of molecular markers of clarithromycin resistance for both acquired and inducible resistance to clarithromycin.

Práce se zabývá zhodnocením odlišností a podobností finančních (měnových, bankovních) krizí 20. let 20. století v ČSR a 90. let 20. století v ČR a na základě těchto dvou krizových období je cílem vysledovat typické příčiny finančních (měnových, bankovních) krizí v českých zemích ve 20. století, dále potom posoudit, s jakou pravděpodobností mohou tyto vysledované ?typické příčiny? nastat v ČR v souvislosti se vstupem ČR do kurzového režimu ERM II a později po splnění překlenovacího období i do eurozóny.

Faktory, jako například rostoucí globalizace, technologický vývoj, Internet a zvyšující se nároky vlastníků na vedení organizací v oblasti řízení rizik, vedly organizace ke změně jejich přístupu k řízení rizik. Nový přístup se označuje jako ?Enterprise Risk Management? (ERM). Podstatou ERM je efektivně řídit všechna rizika, kterým organizace čelí, a to na všech úrovních organizace jednotným a integrovaným způsobem. Práce charakterizuje ERM včetně důvodů vzniku, vývoje, definice obecného ERM procesu, současné situace a trendů. Podrobně jsou popsány vybrané čtyři nejvýznamnější standardy a rámcové publikace v oblasti ERM včetně jejich srovnání.

Práce se zaměřuje na kursový mechanismus ERM II jako systém pevných měnových kursů z pohledu vnější a vnitřní rovnováhy. Vymezuje teoretické předpoklady pro tento režim a zaměřuje se na jeho praktické fungování na příkladu Dánska. V závěru se zabývá aplikací poznatků na reálnou situaci v ČR s ohledem na budoucí účast v tomto kursovém uspořádání.

The aim of this thesis was to analyze, if the Czech Republic is ready to adopt the Euro and to evaluate benefits and risks of this step. The analysis is comlemented by evaluation of Maastricht criteria, and there is a short view of their fulfilling in the future. The problem of real convergence is discussed in the following chapter. I paid attention to business cycle synchronization in selected countries, to the situation on the Czech labour market and the fiscal policy. Both of them could play the important role after transition to commom monetary policy as other adjustable mechanisms. These mechanisms would help to absorb asymetric shocks our economy after joining eurozone. Finally I explain the dilemma of exchange rate mechanism ERM II and I mention the impact of global crisis on decision on adopting Euro in the Czech Republic.

The diploma thesis deals with detailed description of adoption the european currency in Slovakia. The opening focus is dedicated to the transformation of Czechoslovakian economy, upon which the current monetary policy has been built. Next section depicts Slovak pro-european policy that culminates in entering the European monetary union. The center point of the thesis closely anatomizes changes that the new course of monetary policy has brought and defines benefits and costs of introducing Euro. By means of the analyze, established findings are applied on specifications of Czech republic.

The purpose of this single case study was to explore enterprise risk management strategies that nonprofit business leaders used to maintain and improve organizational sustainability. The study population included 3 executive leaders from a rehabilitation and social services nonprofit agency located in the northeastern United States. The Committee of Sponsoring Organizations integrated enterprise risk management framework was the conceptual lens used in this study. Data were collected through semistructured interviews with the 3 executive leaders of the client organization and review of internal, external, and publicly available documents. Data and information from documents and interviews were manually coded. Findings were validated through data triangulation and member checking to help ensure accuracy, consistency, and credibility. Several overarching themes emerged from data analysis related to managing risk for sustainability: a commitment to culture and the mission, vision and values; operational efficiencies to build a financially strong organization; engagement of executive staff and board members; and addressing staffing needs for ongoing operations to meet client needs. Findings from this study might contribute to positive social change by providing nonprofit leaders with enterprise risk management strategies and processes to maintain and improve organizational performance, thereby helping to ensure leaders’ ability to serve and improve their communities.

No description available.

壽險業作為經營風險的特許行業，承擔著穩定社會、資金的聚集和供給，以及促進經濟成長等重要功能。近年來由於低利率、匯率變動及國內外經濟環境日益惡化，保險業的本業利潤逐年降低，壽險業的經營面臨重大的挑戰。 保險公司倒閉在國外並不是新鮮事，根據統計，1978～1994年，不到20年間，全球共有648家保險公司破產。導致保險公司破產的原因很多，其中美國在2000～2001年破產的公司大部份是準備金不足；日本保險公司的破產原因則多為投資損失。此外，一些無法意料的天災及人禍之理賠，例如美國911恐怖事件以及卡翠那風災，使得各國保險公司對於企業風險管理更加重視。標準普爾信用評等公司於2006年起，正式將企業風險管理（ERM）制度列入保險業的信用評等項目，更加速保險公司執行企業風險管理的速度。目前國內保險業風險管理制度之實施，則仍屬於起步階段。 保險業屬於高度競爭及高度監理之行業，因此，如何在保持領先的競爭地位及提供優質的客戶服務的同時，亦能恪遵法令、落實內部控制制度及企業風險管理制度，進而創造出屬於自身的藍海策略，以期追求穩定持續成長的獲利，實為壽險業者必須重視的議題。 本研究探討目前保險業所面臨的風險及挑戰，分析金管會對保險公司重大裁罰之種類，並描述及探討個案公司實施內部控制、沙賓法案及企業風險管理制度之狀況與歷程，以及其可能遇到的瓶頸與障礙。本研究結果對於國內保險業實施內部控制、沙賓法案及企業風險管理的過程，可提供助益。 / Life insurance industry conducts business that requires approval from its regulatory authority. The industry provides an array of functions, such as managing risks, maintaining social stability, pooling and supplying funds, etc. In recent years, life insurance industry has faced with serious challenges due to its decreasing operating profit margin caused by low interest rates, volatility of foreign exchange rates, and deteriorating economic environment around the globe. The bankruptcy among insurance companies is nothing new over the world. There were as many as 648 companies going bankrupt during 1978 to 1994. The causes of the aforementioned bankruptcy were many. For example, Japan companies became insolvent mostly due to investment losses; those in the U.S. were caused by insufficient reserves. Huge insurance claims for unpredictable natural or man-made disasters, such as 9/11 terrorist attack, hurricane Katrina, and the subprime mortgage crisis in the U.S., have attracted most companies’ attention worldwide to “enterprise risk management (ERM)”. Hence, Standard & Poor’s started in 2006 to apply the ERM analysis to its credit rating for the insurance industry, and this measure propels insurance companies into the implementation of ERM. Nonetheless, Taiwanese insurance companies are just at the inception of ERM. Insurance industry must comply with stringent regulations while confronting keen competition. An insurance company must take a lead in competition, provide quality services to its customers, abide by regulations, and implement internal controls and ERM in an integrated fashion. In doing so, an insurance company can develop its own blue ocean strategy and maintain sustainable growth and profit. This research probes into the risks and challenges faced by Taiwan insurance industry in dealing with various risks and challenges, including the serious sanctions by the Financial Supervisory Commission. We present a case study of local life insurance company with respect to its process of integrating internal control systems, compliance to Sarbanes-Oxley Act and implementation of ERM. A number of deficiencies, bottlenecks and obstacles were identified and analyzed, followed by related suggestions. Our results provide insights and helpful suggestions to the integration of internal controls, Sarbanes-Oxley compliance, and ERM for Taiwan insurance industry.