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.