Purpose The purpose of this paper is to analyze the identification, evaluation and treatment of risks, as well as the appetite and corporate maturity in relation to enterprise risk management in the urban bus market of the city of São Paulo, Brazil. Design/methodology/approach A qualitative case study was formulated in two stages: the first one includes an interview with a bus market specialist and the second stage comprehends eight interviews with executives from bus chassis and coachwork manufacturers and bus fleet operators of this market. Findings The results show that larger companies tend to manage their risks in a more structured way when compared with smaller ones, although there are some exceptions. The most critical risks evaluated concerns to the political type followed by the economic/financial, strategic, environmental, social, operational, technological, image and ethical types; and the risk appetites are generally consistent with the risks criticality level. Practical implications This case study of an important sector in the economy can be emblematic for the adoption of good practices of risk management by managers. Originality/value Risk appetites are generally consistent with criticality and the main forms of treatment are to reduce, share and follow, linked to participation in representative associations.

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