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Understanding risk appetite : what is it, what pressures shape it and how is it institutionalized

Baunan, Håvard; Berge, Joel
Master thesis
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URI
http://hdl.handle.net/11250/2407203
Date
2016
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  • Master Thesis [4656]
Abstract
The purpose of this thesis is to understand the concept of risk appetite in terms of what it is,

what institutional pressures influence it, and how it is institutionalized in an organization. We

try to understand what risk appetite is by examining the most influential enterprise risk

management frameworks, reports from practitioners, and scholarly research on the topic.

Through a case study of a large and complex Norwegian organization, we seek to explain what

influences and institutionalizes risk appetite. First, we find that there is a consensus in the

literature that risk appetite is a top-down element of enterprise risk management, but that there

is disagreement as to how quantitatively it is understood and practiced. Second, we find that

one cannot decouple risk appetite from its organizational context, as both external and internal

institutional pressures influence risk appetite in the organization. Third, we find that risk

appetite is not a singular concept in the organization. Risk appetites varies across risk

categories, and the institutionalization of risk appetite relies on cultural elements in the

organization. Our thesis adds to the understanding of the risk appetite concept, and adds to the

scholarly argument that the evolution of risk appetite should go in the direction of addressing

human and social behavior. Further, we contribute with a model to analyze institutionalization

of risk appetite in organizations.

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