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1、Chapter8ActiveRiskandProcessManagementonfirmation.Dontfixitifitaintbroken.Similarsentimentsareoftenstatedinbusiness,government,andotherinstitutions.CMostdeficienciesneedtobefixed.Anecessarycontroloverasignificantprocessshouldalwayswork.Alternatively,onesinglemistakemadewhilere
2、peatingthesametaskover1,000timesmaynotbecauseforalarm.Therefore,caremustbetakenwhenidentifyingandevaluatingtheprocessimpactofrisks.Thisrequiresverificationofthecontrolprocessandvalidationofthecontroldeficiency.Subsequently,benefitsandcosts,bothfinancialandreputation,needtobed
3、etermined:Whatisthecostoftheriskversusthecostofmitigatingtherisk?Finally,adecisionneedstobemade:Mitigateoraccepttherisk?Trustbutverify.Thisisasentimentvoicedbythosewhoworkintheriskprofession.Tocompletethecycleandvalidatethataprocessfunctionsasitshould,managementneedstofol
4、lowuptoensurethatthecontrolsareindeedasagreed.Ifmanagementagreestoacceptarisk,thenanychangestotheriskmustbedisclosed.Concurrently,ifanymitigationactionsarebeingtaken,thentheymustbecompleted145c08.indd14510/24/083:35:08PM146wherewewanttobeandverifiedassuch.Equallyimportant,
5、afteralloftheactionsaretaken,managementmustverifythattheriskwasdefinitelyandfinallymitigated.Withoutverification,thereisnoconfirmation.Withoutconfirmation,theprocessmaynotbevalid.ComplywiththeLawFoundedin1919,HalliburtonCompanyisoneoftheworldslargestenergyservices,engineering,
6、andconstructioncorporations.Itwasinthenewsagreatdealforthefirstseveralyearsofthetwenty-firstcenturybecauseoneofitsformerchiefexecutiveofficers(CEOs)wasDickCheney,whowasalsoGeorgeW.Bushsvicepresidentduringhistwotermsinoffice,20012008.Moreover,HalliburtonwasacontractorfortheDep
7、artmentofDefense,andsuchstatuswhiletheUnitedStateswagedbattleinIraqalsofueledmediaattentiononitself.Yet,thisstoryisnotaboutHalliburtonsbusinessinterests.Likemostotherlargeglobalconglomerates,Halliburtongrewthroughmergersandacquisitions.In1998,whileCheneywasCEO,itmergedwit
8、hDresserIndustries,anotherglobalenergyservicescompany.Aboutayearlater,thecombinedcompany,calledH
