Unit 11 wanted:less bang for your buck

1. Pronounce the following words and word combinations. Use a dictionary if necessary.

To escalate, nightmare, vulnerabilities, derivatives markets, scope, hedging, to gallop, tougher, thorough communication, to exacerbate, hierarchies, enormous aggregate, hacker, equation, to avert, dedicated, traceability, procurement, tally, to prioritise, remedial, the holy grail, untenable risks.

2. Give Russian equivalents to the following words and word combinations.

To deliver results, risk management, to be extra cost for, to transfer risk to others, an ear to the ground, to expose the firm to added risk, top-heavy hierarchies, to spot the warning signs, manifestation of an ill-managed risk, to act as a permanent sinker, to push to cost-benefit equation of risk management, to avert crises, IT systems, traceability tests, data procurement, a host of risk assessment tools, to produce the final tally, remedial actions, to prioritise costs, remote risks, to dot the i’s and cross the t’s, untenable risks, to bear witness, to embrace new risks.

3. Read the text again and answer the following questions.

1. What is risk management for large companies?

2. What did the first and oldest cost of risk management lie with?

3. What has increased the scope of transferring risk to others?

4. How are small companies already minimising risks?

5. What exposes the firm to added risk?

6. How much does the manifestation of ill-managed risk cost the country every year?

7. What do such costs make the companies do?

8. What are risk management staff supported by in a major bank?

9. What is the most important issue for Danisco company today?

10. What does Danisco’s IT global network do?

11. What emphasis is important in risk management?

12. What are risk management costs attached to?

13. What kind of analysis is used in risk assessment?

14. What risks are identified and removed from any action plan that may involve cost?

15. What is done when a risk becomes too expensive to guard against?

16. What is becoming the holy grail now? What does it help to?

17. Do back-ups always help? Why?

4. Complete the sentences with the information taken from the text.

1. Spending on self-protection tends to … .

2. With the confidence in a …, the entire business model can be revised to embrace what would have been … risks.

3. A host of risk … … will identify the risks.

4. For individual companies, such costs can act as a … … .

5. Many crises are simply worth …, and thus the spending begins.

6. … … is one of the most issues for Danisco company today.

7. Danisco’s global IT network keeps … … between employees day and night.

8. Small companies are minimising risk through … … .

5. Explain the following English words and word combinations in your own words.

To escalate, an ear to the ground, ill-managed risks, remote risks, untenable risk, to avert crises, data procurement, traceability tests, back-up, remedial actions, to prioritise, the holy grail.