Finance officers must be able to identify, evaluate, and work to mitigate various financial risks that governments face. The Risk Assessment test for the CPFO program covers skills necessary for risk awareness, assessment, and management. Tests will cover skills and knowledge related to common risks that governments all face related to legal issues, internal controls, technology, property loss, employment issues, and general liability.

GFOA recommends that CPFO candidates review the following materials to prepare for the exam.

• Enterprise Risk Management
• Business Preparedness and Continuity Guidelines
• Disaster Preparedness
• Adopting Financial Policies
• Disaster Recovery Cost Documentation
• Disaster Recovery for Technology
• Evaluating Service Delivery Alternatives
• Internal Controls Deficiencies in Audits
• Website Posting of Financial Documents

• The Why and How of IT Risk Management, GFR, April 2016
• Don’t Go It Alone: Pooling Budgetary Risk to Save Money in Your Budget, GFR, June 2021
• Risk Management Insurance
• Cyber Insurance
• Cyber Risk Savvy
• GFOA Ransomware Risk Quantification Education Model
• Assessing Risk Related to Cyber Crime
• Model Employment Agreement for Finance Officers, GFR, December 2020
• GAAFR Blue Book – Chapters on “Risk Financing and Insurance” and “Internal Controls”

Risk Management and Business Continuity

Fiscal First Aid Video: Assessing Risks Related to Cyber Crime

Please contact Eric Roach or email GFOA with questions.