Gest？o de risco nas atividades de investimento dos Regimes Próprios de Previdência Social (RPPS) dos municípios do Estado do Rio Grande do Sul

the objective of this work is to identify the mechanisms of risk management currently adopted in investment activities of municipal retirement plans (rpps) of the state of rio grande do sul, brazil. the methodology applied in the research is descriptive (using survey techniques) and quantitative (using probabilistic research). the research was accomplished in the period of december 2007 to february 2008 in the 303 municipal districts of the state of rio grande do sul that maintain constituted rpps. the survey received 84 municipal districts responses, allowing the research to reach a 9% error level in the probabilistic approach. the results of the research demonstrate 58% of the managers of rpps declare not to possess a formalized investment policy; 70% declared not to maintain specific investment management sound practices and 74% informed they not to have investment management specific support systems. the cluster analysis provided the characterization of districts grouped by risk management practices combined with other socio-economic indicators. three distinct clusters were identified, showing, as expected, the best practices among the rpps are adopted by larger districts with larger investment volumes. finally, in spite of brazilian regulation recent advances, the results of the research demonstrate that mechanisms of risk control are not adopted in risk management of the investment activities of municipal retirement plans.