CPFO-Risk Management Exam Questions with Verified Answers Latest Update 2024 Already Passed
What is Risk? - Answers The chance of loss.
What is Operational Risk? - Answers Risks encountered in the course of delivering government services.
What is Speculative Risk? - Answers Risks associated wit...
What is Operational Risk? - Answers Risks encountered in the course of delivering government services.
What is Speculative Risk? - Answers Risks associated with investments.
What is the goal of risk management? - Answers 1 to create a safe workplace; 2 to prevent catastrophic
financial loss; 3 to provide budgetary stability
What are the benefits of a risk management program? - Answers 1 allows for more effective use of govt
funds (than to buy insurance, property replacement, paying liability claims); 2 increases worker
productivity; 3 reduces uncertainties associated with future projects.
What are the fundamental activities in a risk management program? - Answers 1 risk identification; 2
risk evaluation; 3 risk treatment; 4 implementation
What is risk identification? - Answers Determining where there is potential exposure to loss.
What is risk evaluation? - Answers Viewing the potential for loss on the basis of frequency and severity
of an event.
What is risk treatment? - Answers Planning and developing a risk management program using
appropriate tools and techniques, such as risk control and risk financing.
What is implementation of a risk program? - Answers Taking steps to finance, begin and monitor the
program.
What risks are unique to public sector? - Answers 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 are the duties of the Risk Manager? - Answers 1 purchase insurance; 2 loss control; 3
administering claims; 4 monitoring litigation
What are some of the newer risks that concerns govt? - Answers 1 law enforcement (racial profiling,
video cameras); 2 employee-related (harassment, wrongful termination); 3 technology (email, privacy,
e-commerce)
What is the Alternative Market? - Answers It is risk pools or self-insurance, methods govts had to go to
when insurance became unaffordable or unavailable.
What is Enterprise Risk Management? - Answers It combines operational and financial risk.
What are the 7 sources of risk? - Answers 1 physical environment; 2 legal ; 3 operational; 4 political; 5
social; 6 economic; 7 cognitive
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.99. You're not tied to anything after your purchase.
