题目
According to GARP, "a recent trend among corporations is to use a board-approved risk appetite to guide management and (potentially) to inform investors." Which of the following statements is TRUE about the firm's risk appetite?
选项
A.Risk appetite is the total amount of risk a firm can bear without becoming insolvent.
B.In practice, the risk appetite should be focused on a single thing: one broad, durable philosophical statement that avoids linkages to the firm's day-to-day risk management operations because these are bound to change.
C.Although risk appetite has an upper bound (an upper trigger), it is similar to a one-sided confidence interval: there is no such thing as a lower bound (a lower trigger) for risk appetite given that less risk is better.
D.A risk appetite includes the mechanisms (e.g., detailed policy, business-specific risk statements, and a framework for risk limits) that link a top-level statement to the firm's day-to-day risk management operations.
答案
D
解析
In regard to A, B and C, each is FALSE. Risk capacity is the total amount of risk a firm can bear withoutbecoming insolvent In practice, the risk appetite is two things, a top-level statement andthe sum of the mechanisms linking this statement to the firm's day-to-dayoperations. Riskappetite is bounded on the upside (below risk capacity) but also has a lowerbound: the firm does not aspire to be risk-free. A,B,C均错误。 风险承受能力是企业在不破产的情况下可以承受的全部风险。 在实践中，风险承受能力是包括两方面，一是高层的陈述，另一方面是将该陈述与公司的日常运营联系起来的机制的一个综合考虑结果。 风险偏好的上升空间有限（低于风险承受能力），但也有一个较低的界限：企业并不渴望无风险。