1.2證券商業務之經營面臨許多不確定性，凡某一事件之發生可能產生負面衝擊，而影響經營策略目標之達成者，謂之風險。
1.2.
Securities firms often encounter uncertainties in the course of their business operations.
In general, an uncertain event may be called a risk if it can produce an adverse impact that affects the achievement of the firm′s strategic business objectives.
1.3證券商應塑造重視風險管理之經營策略與組織文化，並掌握質化與量化管理之成果，作為經營策略制定之參考依據。
1.3.
Risk Management should have the priority within a securities firm when it establishes its business strategy and organizational culture.
In addition, qualitative and quantitative management shall serve as a guide in the formation of business strategies.
1.4證券商為了管理風險，宜建立整體風險管理制度，由公司之董事會、各階層管理人員及員工共同參與推動執行。
它是一種上下共守的程序，從公司整體的角度，透過對潛在風險之辨識、衡量、監控、回應及報告等一連串活動，以質化及量化之管理方法，將營運活動中可能面臨之各種風險，維持在所能承受之範圍內，以期能合理確保公司策略目標之達成，並有助它的規劃制訂。
1.4.
To manage its risks effectively, a securities firm shall establish an integrated risk management system, and everyone from top management to entry-level staff shall all participate in the promotion and enforcement of such system.
With a firm-wide perspective, a series of activities are to be undertaken, including risk identification, measurement, monitoring, reporting and responding, together with qualitative and quantitative management methods, so that all risks that can arise from business operations may be controlled to within tolerable levels.
This helps the firm achieve its strategic goals and plan properly.
1.5證券商建立風險管理制度，除應遵守相關法規外，其執行風險管理之組織架構與權責、風險之辨識、衡量、監控、回應、報告、風險管理資訊系統及資訊揭露宜盡可能參酌引用本守則辦理，俾積極擴大風險管理的深度、廣度與效能。
1.5.
When establishing its risk management system, a securities firm shall comply with all applicable laws and regulations.
In order to significantly improve the depth, extent, and efficiency of risk management, securities firms are also urged to comply with these Principles wherever possible in designing their risk management system and its division of authority and functions, (including mechanisms for identifying, measuring, monitoring, responding to and reporting risk); and their system for risk management information and information disclosure.
1.6證券商應重視風險管理單位與人員，授權其獨立行使職權，以確保該風險管理制度得以持續有效實施，並協助董事會及管理階層確實履行其責任，進而落實證券商之風險管理。
1.6.
A securities firm shall pay special attention to its risk management department and authorize its personnel to perform their duties independently.
This is to ensure that such risk management system may be effectively implemented on a sustainable basis, that assistance will be provided to the board of directors and management for faithful performance of their duties, and that risk management will be effectively realized.
1.風險管理組織架構之設計，並無放諸四海皆準的體系，宜考量個別組織型態、企業文化及所承擔風險主要內涵之差異等因素；
1.
There is no universal system for the design of a risk management organization structure ("RMOS").
The main factors to be considered when establishing an RMOS include the type of each organization, the corporate culture, and the composition of risks.
但執行風險管理之單位或個人應保持獨立性，則為影響風險管理成效的重要共同原則。
However, the independence of the unit or the personnel implementing risk management is always important for successful risk management.
2.風險管理非僅風險管理單位之職責，公司內其他相關單位，諸如人力、法務、資訊、內控、稽核、規劃等亦有其相應需配合之事項，否則難以落實整體業務之風險管理。
2.
Responsibility for risk management does not lie exclusively with the risk management unit.
Effective risk management requires the cooperation of all related departments within a company, including human resources, legal affairs, information technology, internal control, auditing, and planning.
3.風險管理之成功有賴全公司上下之共同推動執行，因此董事會與風險管理執行單位以及相關單位間之溝通、協調與聯繫便極為重要。
3.
The success of risk management depends on a joint promotion and implementation effort from every part of the company.
Therefore, it is extremely important to have effective communication and coordination between the board of directors, the risk management implementation unit, and related departments.
除此之外，公司的營運亦攸關各種內、外部人之利益，由於立場不同，自然對風險的觀察與接受度各異
Moreover, the business operations of a company affect the interests of various parties within and outside the company.
Given different points of view, risk perception and risk tolerance will naturally differ.
因此為能得到正面支持，與內、外部人之溝通亦需重視。
To obtain broad positive support, then, it is important to emphasize both internal and external communication.
4.風險管理之執行有賴明確之權責架構設計、及監督呈報流程之規劃，否則相關風險管理資訊難以作有效之彙總、傳遞與研判，公司的營運策略及風險管理政策也無法因應主客觀環境之變化，進行適當之調整。
4.
Successful implementation of risk management relies upon a clear authority structure and well-planned reporting process.
Without them, risk management information cannot be effectively aggregated, analyzed and communicated.
The corporation′s business strategies and risk management policies cannot be appropriately adjusted in response to changes in its subjective and objective environments without them.
2.2.1董事會的角色
2.2.1.
The Role of the Board of Directors
董事會應認知證券商營運所面臨之風險(如市場風險、信用風險、流動性風險、作業風險、法律風險、聲譽風險及其他與證券商營運有關之風險等)，確保風險管理之有效性，並負風險管理最終責任。
To ensure effective risk management, the board of directors, as the unit ultimately responsible for risk management, shall recognize the risks confronted by a securities firm in the course of its business operation (such as market risk, credit risk, liquidity risk, operational risk, legal risk, reputation risk, and other risks in connection with its business operation).
1.董事會應對證券商財務損失或股東權益價值之減少負有最終之責任，因此董事會必須建立適當的風險管理體系，作業流程及全公司的風險管理文化，並配置必要之資源以利執行運作。
1.
The board of directors shall be held ultimately responsible for financial loss or decrease of shareholders′ equity value, thus it shall establish an appropriate risk management system, operating procedures, and a risk management culture, as well as allocate the resources necessary to implement its risk management system.
2.董事會對於風險之管理，並非僅止於注意個別單位所承擔之風險，更應從公司整體角度考量各種風險彙總後所產生之效果。
2.
The board of directors shall pay attention not only to the risks borne by each department, but also to the aggregate risks to the company as a whole.
同時亦應考量主管機關所定法定資本適足之需求，以及各種影響資本配置之財務、業務相關規定。
At the same time, the statutory capital adequacy requirements prescribed by the supervisory authority, as well as other regulations that may affect the allocation of capital, shall all be taken into consideration.
2.2.2風險管理委員會的功能
2.2.2.
Role of the Risk Management Committee
為協助董事會規劃與監督相關風險管理事務，證券商得在董事會成員中組成風險管理委員會，如未組成風險管理委員會，則由董事會直接負責相關事務。
A securities firm may organize a risk management committee within the board of directors to assist the board of directors with its planning and supervising; if no risk management committee is organized, the board of directors shall take charge of these functions.
1.鑒於風險管理之專業性、常態性及時效性，得於董事會成員中組成專責之風險管理委員會，方能有效進行日常風險管理事務之監督。
但該委員會仍應定期向董事會提出報告。
1.
A Risk Management Committee may be organized within the board of directors to ensure effective monitoring of daily risk management when it considers the professionalism, regularity, and timeliness required in risk management and the committee should report to the Board of Directors on a regular basis.
2.為利日常風險管理事務之監督，該委員會應擬定風險管理政策，並建立質化與量化之管理標準，同時應適時的向董事會反應風險管理執行之情形，提出必要之改善建議。
2.
The Committee should propose risk management policies and establish qualitative and quantitative management standards when facilitate the monitoring of daily risk management.
It should also make timely reports on the implementation of risk management to the board, along with recommendations for improvement.
2.2.3風險管理執行單位的功能
2.2.3.
Role of the Risk Management Implementation Unit (RMIU)