The Black-Scholes-Merton (BSM) model is a cornerstone of option pricing, yet its core assumption of constant volatility often doesn't hold true in real markets. How do you interpret and address the observed Volatility Smile or Volatility Skew, and what practical implications does this have for using the BSM model for option pricing and risk management?

Black-Scholes-Merton (BSM)模型是期权定价的基石，但其核心假设之一，即波动率恒定，在实际市场中往往不成立。作为一名资本市场专业人士，您如何理解和处理实际市场中观察到的“波动率微笑”（Volatility Smile）或“波动率偏斜”（Volatility Skew）现象，以及这对您利用BSM模型进行期权定价和风险管理有何实际影响？