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Extra resources for Advanced Macroeconomics Solutions
The Society of Actuaries. 5 EXAMPLES OF RISK TOLERANCE STATEMENTS Financial strength rating: Maintain an AA (S&P) on a global basis and keep a buffer of more than 50 percent of one year’s net income above minimum capital requirement for AA rating. Earnings at Risk: The probability of negative earnings (measured by IFRS) for one year is less than 5 percent. Examples of Risk Appetite Statements: • The company will not participate in any strategy that bets on the direction and magnitude of the foreign exchange movements.
That is, something one should try to avoid altogether. It is typically conceived as a hazard or exposure to danger that can inﬂict damage on something of human value. Hence, it is often seen as a threat of physical damage, liability, or other negative outcome including the possibility of injury. In short, it reﬂects a possibility that something unpleasant and unwelcome may happen in the future that can cause substantial harm. At times, it is expressed as the probability that hazardous events with certain harmful outcomes will occur.
34 Illing M. and Aaron M. (2005). “A Brief Survey of Risk-Appetite Indexes”, Bank of Canada Financial System Review, June. 35 However, discussions in the board about risk appetite will undoubtedly elevate risk awareness, which is useful in its own right. While there is no consensus, there is a distinct trend to view a ﬁrm’s risk appetite as comparable to the risk objective required by investment advisors for individuals wishing to build an investment portfolio. The potential investor is asked (or their preferences are evaluated by questionnaire) whether she or he is risk-seeking and thus suited to investing aggressively in equity and derivatives, or if they are conservative and wish to buy safer ﬁnancial instruments, such as, Treasury bonds.