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Risk Assessment Toolbox

The statewide Risk Assessment Toolbox includes policies, procedures, tools, templates, and other related resources to support the design, implementation, and maintenance of an efficient and effective risk assessment program within executive branch state agencies. Ultimately, the Risk Assessment Toolbox offers value as a common set of risk assessment resources with five key benefits:

Best Practice in Risk Assessment

The Risk Assessment Toolbox is based on an established framework for internal controls, also known as the "Green Book." Green Book standards are vetted at the federal level though an extensive deliberative process, including public comments and input from the Controller General's Advisory Council on Standards for Internal Control in the Federal Government, a council that consists of about 20 experts in financial and performance management drawn from federal, state, and local government, private sector, and academia.


After the initial investment of implementation, the Risk Assessment Toolbox minimizes time and resources devoted to risk assessment and compliance activities through a standardized set of policies, procedures, tools, templates, and other related resources so agencies can leverage best practices across the executive branch.

Centralized Risk Assessment Practices for Statewide Consistency

The Risk Assessment Toolbox helps ensure agency operations, compliance, reporting, and safeguarding goals, business processes, and corresponding risks are formalized, documented, and understood. A centralized model drives the need to define who the risk owners are and who is responsible for internal control responsibilities.

Efficient Use of Resources

The centralization of risk assessment practices through the Risk Assessment Toolbox makes efficient and effective use of state executive branch agency resources, eliminates unnecessary duplication, and lowers training costs resulting in an improved enterprise internal control system where oversight bodies, senior leaders, management, and subject matter experts all understand and apply consistent terminology, methods, and tools in compliance with a proven internal control framework.

Documentation, Continuity, and Succession

Use of the Risk Assessment Toolbox supports the statewide legal requirement that executive branch agencies design, implement, and maintain an effective system of internal controls and as part of that requirement, document internal control procedures over financial management activities, provide for analysis of risks, and provide for periodic evaluation of control procedures. Following implementation, the Risk Assessment Toolbox also helps generate documents applicable to statewide continuity and succession planning requirements.

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