statements (2)

How do you Explain Risk Appetite?

I have had some very interesting conversations lately with Boards, Senior Managers and Risk Managers about risk appetite. Here are some insights:

Describing what we mean by risk appetite: Risk appetite is risk speak, however, it can be easily explained. With private sector firms I tend to describe using dollars as the example - "How much capital are you are willing to risk to try and make your forecast profit?" For not-for-profits I tend to bring it back to values - "What are you willing to do to

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How to Prepare a Risk Statement

Here are a few tips about risk statements and a link to one of my presentations where I outline how to complete a risk statement.
 

First and foremost a risk statement is a conversation between the risk owner and any stakeholders that have or should have an interest in the risk. It is also a record of your analysis, a baseline for initial and ongoing risk reporting and a to-do-list for the risk owner to monitor.

If your risk statement fulfils its role as a conversation between the risk owner and st

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