During the more austere days of the post-financial crisis, the appetite for risk diminished. Instead of looking to acquire and grow the business, boards focused on building up their cash reserves ensuring liquidity and a buffer for future uncertain times.

Business, by its nature, cannot be shorn of risk and neither would business leaders, least of all CFOs -- despite their inherent caution -- want risk-free business, where's the fun in that?

"Most experienced CFOs recognise you have to take risk to get returns," says Eddie Best, business risk partner at Grant Thornton.

Risk appetite may have lessened but of course it'll never disappear because although some industry sectors have suffered during their prolonged economic crisis, others have blossomed.

This hunger is most apparent in the commodities market, with the mooted merger of Glencore and Xstrata the highest profile of a series of mergers and acquisitions taking place. In the oil and gas industry, Shell's potential £1 billion acquisition of Mozambique-based Cove Energy demonstrates an awakening of this hunger. The big question on CFO's lips is when, not if, the resurgence in activity will come.