risikovillighet

Risikovillighet, or risk willingness, is the degree to which a person or organization is prepared to undertake actions with uncertain outcomes in pursuit of objectives. It is a central element of risk attitude and reflects preference for risk rather than the ability to bear losses. In Swedish and Norwegian contexts, the term is commonly used to denote this concept; in English discussions it is often referred to as risk appetite or risk propensity.

Risikovillighet is distinct from risk capacity (the resources that can be used to absorb adverse outcomes) and from formal risk tolerance (the predefined boundaries of acceptable risk within a system). In psychology, it relates to an individual’s propensity for taking risks and is shaped by personality, experiences, mood, and culture. In business and finance, risikovillighet influences strategic choices, investment style, and the design of risk management frameworks. A high level of risikovillighet may drive aggressive growth strategies and innovative ventures, while a low level tends toward conservatism and stronger safeguards.

Measurement and governance commonly involve questionnaires to estimate a target’s risk appetite, often expressed through qualitative statements and, in organizations, quantitative thresholds. A risk appetite framework sets acceptable levels of risk across categories such as strategic, financial, and operational risk, and aligns with risk tolerances and controls.

Several factors modulate risikovillighet, including time horizon, expected utility, incentives, framing, and perceived consequences. Cultural norms and regulatory environments also play a role. Understanding risikovillighet helps balance opportunity with protection and guides sound decision-making.