Such concepts as risk appetite and risk tolerance are commonly used in the international practice of financial management and risk management. But international standards do not formalize the approaches to risk appetite assessment; therefore, for many managers these concepts remain to be a theoretical construction only, which is difficult to measure in figures and apply in practice. This article offers an approach to risk appetite assessment based on a formalized assessment of a company’s financial condition, i. e. internal credit rating. The results of such assessment can be used in constructing a risk tolerance curve and ranging risks on a risk map. Due to such a transparent approach to the assessment, risk appetite can become a practical tool of a board of directors allowing to establish priorities and distribute levels of responsibility for a company’s risk management.