Panorama dos processos de gerenciamento de riscos das empresas brasileiras de capital aberto

Abstract

In Brazil only financial institutions and insurance companies are required to have risk management processes, while the other listed companies are obliged to inform only the policy of managing market risks, objectives, strategies and instruments to manage such risks through the reference form (Formulário de Referência) issued annually to CVM. This research sought to draw a scenario of the risk management processes in use by Brazilian publicly traded companies and its regulatory context. The Brazilian scenario was compared with empirical evidence obtained from the use of risk management processes in other countries. In its typology, the research was exploratory in nature, with a qualitative and quantitative approach as to the nature. Bibliographic procedures were adopted in relation to the review of the literature and, in addition, the application of a survey sent by e-mail to 547 companies listed on the BM&FBOVESPA and considered a sample of 51 companies. The survey results showed that 54% of companies have formal processes of risk management, and among these, with regards the methodologies employed, 35% use ERM, 11% use ISO 31,000, 4% utilizes FERMA, 4% use GRCorp, and 27% use methodologies developed internally. For those companies holding informal processes, ERM methodology is used by 29% of companies while 71% use methodologies developed internally. Among the companies with formal processes, and generally with more than 15 employees involved in the process, 23% employ a CRO to coordinate internal policies for risk management. More than 50% of companies have confirmed that the endorsement on the part of executive management is that brings sustainability to the risk management process. Towards the end, it was not possible to infer a predominant theory that justifies the adherence of risk management processes by the Brazilian public companies.