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CPFO RISK MANAGEMENT EXAM QUESTIONS AND ANSWERS
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CPFO RISK MANAGEMENT EXAM QUESTIONSAND ANSWERS
What is Risk? - ANSWER The chance of loss.
What is Operational Risk? - ANSWER Risks encountered in the course of
delivering government services.
What is Speculative Risk? - ANSWER Risks associated with investments.
What is the goal of risk management? - ANSWER 1 to create a safe
workplace; 2 to prevent catastrophic financial loss; 3 to provide budgetary
stability
What do you see are the advantages of a risk management program? -
ANSWER 1 permits better utilization of govt funds than to buy insurance,
property replacement, and paying liability claims; 2 improves worker
productivity; 3 decreases uncertainties about future projects.
What is the basic activities involved in a risk management program? -
ANSWER 1 risk identification; 2 risk evaluation; 3 risk treatment; 4
implementation
What is risk identification? - ANSWER Locating where one has possible
exposure to loss.
, What is risk evaluation? - ANSWER Looking at the chance of a loss in terms
of frequency and severity of an event.
What is risk treatment? - ANSWER Formulating and developing a risk
management program with appropriate tools and techniques such as risk control
and risk financing.
What is 'implementation of a risk program'? ANSWER Taking the steps
necessary to fund, initiate, and monitor the program.
What risks are unique to public sector? - ANSWER 1 police/fire are dangerous
and have potential for high loss that govt cannot control risk by discontinuing a
service; 2 broad scope of services (largest property owner); 3 lacks total control
over its environment cannot limit access to its property
What does the Risk Manager do? - ANSWER 1 buy insurance; 2 loss control;
3 administer claims; 4 monitor litigation
What are some of the newer risks that concerns govt? - ANSWER 1 law
enforcement (racial profiling, video cameras); 2 employee-related (harassment,
wrongful termination); 3 technology (email, privacy, e-commerce)
What is the Alternative Market? - ANSWER It is risk pools or self-insurance,
methods govts had to go to when insurance became unaffordable or unavailable.
What is Enterprise Risk Management? - ANSWER It combines operational
and financial risk.
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