bpdulog

First, it seems like the language around risk is that you're either talking about ABILITY or WILLINGNESS. The risk objective section should specify both, then determine the overall risk as the more conservative of the two.

I think either WILLINGNESS or ABILITY could reasonably come out plain old average.

If a client said, "some downside risk is ok, but I don't want to lose 30% of value in one year"
I would call that average WILLINGNESS.

If a client had a required return of 7 % nominal, and 15 years to retirement, I'd call that average ABILITY.