Risk appetite calculations are making greater penetration in boardrooms across the world. This article overviews how organizations can look at risk appetite across the entire enterprise for assessing their portfolios. In doing so, it reports the results of PMI’s 2013 Pulse of the Profession report, which found that for every US$1 million they spent on projects, organizations put US$135,000 at risk. When projects fail, the study found that an average of one-third of the projects’ budgets are gone for good. It discusses how organizations can get a holistic view of risk across the portfolio, once an organization knows those risks on each project and identifies several factors that affect risk appetite. The article then details the benefits and perils of the four major risk ingredients: (1) The right tools for the task; (2) global appetites; (3) tricky recipes; and (4) the unknown ingredient. It concludes by examining the last ingredient of risk appetite: the fundamental ability to actually mitigate risks.