理解风险偏好risk appetite vs. 风险容忍度risk tolerance

• COSO ERM Framework

  ERM means Enterprise Risk Management.

  From COSO ERM Framework, it defined risk appetite as ‘the amount of risk, on a broad level, an organization is willing to accept in pursuit of stakeholder value’

  In their Strngthening Enterprise Risk Management for Stratefic Advantage, COSO said :

  “An entity should also consider its risk tolerances, which are levels of variation the entity is willing to accept around specific objectives. Frequently, the terms risk appetite and risk tolerance are used interchangeably, although they represent related, but different concepts. Risk appetite is a broudbased description of the desired level of risk that an entity