A short questionnaire, when permitted by a small or medium-sized company's management or Board of Directors, can define risk appetite. The results reflect the attitude and level of readiness of company leadership to take a big risk when making decisions if there's an opportunity for meaningful gains.

It is recommended for small and medium-sized businesses to fill out questionnaires as they allow management to choose the most suitable approaches to the implementation of elements of risk management within the organization. The definition of risk appetite can take place once a year when finalizing goals and budgets for the following year.