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风险偏好:你渴望风险吗? (Risk Appetite: Are You Hungry for Risk?)

François Masquelier——RTL集团企业融资及财务部主管暨EACT名誉主席

风险偏好在危机时期是一种似是而非的概念。一般来说,没有人喜欢风险,我们都努力尽量限制它。然而,这一概念背后所隐藏的是确定一家公司状况的观念。没有对公司状况的准确说明,我们如何能采取会获得公司股东批准的适当策略?说明公司状况是企业风险管理的前提。本文将揭开这个有点混淆的概念的面纱。

“风险偏好”,还是“风险状况”?

“风险偏好”这个敏感话题总是引起激烈争论。这个词本身起源于英语世界,但其处理方式并未被普遍接受。许多首席财务官偏好“风险状况”的观念,听起来不太刺耳,在企业内部也较容易“推销”。“风险偏好”是一个奇怪的概念,不是吗?一般来说,没有人渴望风险。然而每个人都同意,虽然这一概念有点复杂,甚至有点神秘,却是实际企业风险管理(企业全面风险管理)流程的基石。 企业风险管理政策必须或应该在其确定的一套规则中包含“风险偏好”的基本原理。在此概念中,有衡量公司愿意保留的风险类型和那些准备出售,通过各种手段以消除或减轻的风险类型的观念,并将此观念纳入本集团的风险管理策略(见2008年10月出版的英国标准协会《BS 31100风险管理实务守则》,www.bsigroup.com)。

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Risk Appetite: Are You Hungry for Risk?

by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT

Risk appetite… this notion is something of a paradox in times of crisis. Generally speaking, no one likes risk; we all strive to limit it as much as possible. However, behind this notion is hidden the idea of determining a company’s profile. Without a precise definition of its profile, how can one adopt the appropriate strategy that would be approved by the company’s shareholders? Defining this profile is a prerequisite for ERM (Enterprise Risk Management). In this article, we will demystify this somewhat confusing concept. 

‘Risk appetite’ or ‘risk profile’?

The touchy subject of ‘risk appetite’ always sparks heated debates. The term itself originated in the English-speaking world, and the approach is not universally embraced. Many CFOs prefer the idea of a ‘risk profile’, which is less harsh and more ‘sellable’ internally. Having an appetite for risk is a strange concept, isn’t it? Generally speaking, no one is hungry for risk. Yet this notion, which everyone agrees is complex and even a bit mysterious, is nevertheless the cornerstone of an actual ERM (Enterprise-wide Risk Management) process. The ERM policy must or should contain the foundations of ‘risk appetite’ in its set of defined rules. Within this concept, there is the idea of measuring the types of risk that the company is willing to keep and those that it is prepared to sell, to eliminate or to mitigate by various means, and to incorporate this into the group’s risk management strategy (see British Standard Institute’s Code of Practice on Risk Management BS 31100 published in October 2008 – www.bsigroup.com).