Creating a Comprehensive Risk Management Program

Type: 
Best Practice
Approved by GFOA's Executive Board: 
January 2010
Recommendation: 

The Government Finance Officers Association (GFOA) recommends that governments develop a comprehensive risk management program that identifies, reduces, or minimizes risk to its property, interests, and employees. Costs and consequences of harmful or damaging incidents arising from those risks should be contained. Adequate and timely compensation for restoration and recovery is another consideration.