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Help Your Government Manage Risk

GFOA newsletter August 18, 2016
To ensure that governments will be able to continue offering the services that residents need and want, organizations must have effective risk management measures in place. Risk management is a program designed to identify potential events that may affect a government and to protect and minimize risks to its property, services, and employees. The importance of risk management has been growing steadily over the last several years for a variety of reasons including legal, political, and medical liability, increased use of technology, and higher litigation costs. Risk management is geared to achieving a government’s objectives through strategic decisions that flow through high-level goals, effective use of resources, reliability of reporting, and compliance with applicable laws and regulations. GFOA’s Creating a Comprehensive Risk Management Program best practice offers steps for making sure your government is protected.

GFOA also provides best practices addressing risk management in specific areas, including:

Another resource, Financial Policy Examples – General Fund Reserves, includes GFOA’s risk assessment tool and policy examples.

Managing an investment portfolio in today’s volatile financial markets requires sophisticated financial tools.