English for Masters in Economics. Маркушевская Л.П - 85 стр.

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Университет ИТМО | Санкт-Петербург

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128
tion. This is important both in terms of organizational governance, and to
ensure that all the necessary responsibilities are covered by appropriate
individuals.
Support Structure
A support structure is the provision within an organization of standard-
ized guidelines, information, training and funding for individuals managing
risks that may arise in any specic area or project.
This can include a centralized risk management team, a standard risk
management approach and best-practice guidelines for reporting and re-
viewing organizational risks.
Early Warning Indicators
Risk identication is an essential rst step for removing or alleviating risks.
In some cases, however, it is not possible to remove risks in advance. Early
warning indicators are pre-dened and quantied triggers that alert individu-
als responsible for risk management that an identied risk is imminent. This
enables the most thorough and prepared approach to handling the situation.
Review Cycle
Related to the need for early warning indicators is the review cycle. This
establishes the regular review of identied risks and ensures that risk manag-
ers remain sensitive to new risks, and to the effectiveness of current policies.
Overcoming Barriers to M_o_R
Any successful strategy requires thoughtful consideration of possible
barriers to implementation. Common issues include:
– Established roles, responsibilities, accountabilities and ownership.
– An appropriate budget for embedding approach and carrying out activities.
– Adequate and accessible training, tools and techniques.
– Risk management orientation, induction and training processes.
– Regular assessment of M_o_R approach (including all of the above issues.
Supportive Culture
Risk management underpins many different areas and aspects of an
organization’s activity. A supportive culture is essential for ensuring that
85
ket is allowed to prevail in a country, foreign coins will circulate naturally.
Silver and gold coins will tend to be valued in proportion to their respective
weights, and the ratio between silver and gold will be set by the market in
accordance with their relative supply and demand.
* the grain or troy grain (symbol: gr) measure has been dened in terms of units of mass in
the International System of Units as precisely 64.79891 milligrams.
Task 1. Decide whether these sentences from the text are true or false.
Correct the false ones.
1. As an outpost of colonial America, Great Britain of course used
British pounds, pence, and shillings as its money.
2. Britain also coined gold and maintained a bimetallic standard by
xingthegoldguinea,weighing129.4grainsofgold,asequalin
value to a certain weight of silver.
3. Potato was used as money in South Carolina, and the most
widespread use of commodity money was tobacco, which served as
money in Virginia.
4. Thepound-of-tobaccowasthecurrencyunitinVirginia,with
warehouse receipts in tobacco circulating as money backed 100
percent by the tobacco in the warehouse.
5. Americans imported oil and gas to serve as monetary media in urban
centers and in foreign trade.
6. Among the gold coins circulating in America were the Portuguese
«joe», the Spanish doubloon, the Russian ruble and Brazilian coins.
Task 2.Read the text and choose the appropriate word A, B, C or D for each space.
Sometimes in business situations people have to (1) …about money with
clients and customers and (2)… physically handle money or perhaps deal
withguresandmoneyonpaper.Particularlyifyouworkintheaccounts
departmentofalargermyou(3)…havetosendacustomerareminder
becausetheyhavenot(4)…aninvoice.Oryoumayhavetollin(5)…for
customers’ orders. You may even have to decide whether customers can
have further credit and delay paying their outstanding bills: this is called
«credit assessment». If you are working in (6) … trade you may (7)… to be
familiar with the different types of payment that exist.
1 2 3 4 5 6 7
a) talk
b) discuss
c) speak
d) say
a) neither
b) both
c) either
d) whether
a) can
b) may
c) must
d) should
a) received
b) had
c) paid
d) sent
a) bills
b) notes
c) cheques
d) invoices
a) federal
b) state
c) local
d) international
a) need
b) want
c) lack
d) demand

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