1. FINANCIAL Risk resulting in a negative impact (waste or loss) to OCFO funds or assets. a. Example: Processed tax refunds are inaccurate resulting in improper payments distributed by the OCFO. 2. OPERATIONAL Risk of direct or indirect loss or other negative effects due to weak or failed internal processes arising from people or systems or external events that impact internal processes, people or systems. a. Example: Employees do not attend required training resulting in poor customer service, and non-compliance with OCFO policies and procedures. 3. REPUTATIONAL Risk that a failure to fulfill the OCFO's role (whether such failure is actual or perceived) could diminish the stature, credibility or effectiveness of the OCFO. a. Example: Disability or tax refund checks are not distributed timely resulting in improper customer service (customers complain to the Mayor, Council members and the media). CONTINUE READING OCFO RISK TYPES $ FINANCIAL OPERATIONAL 1 REPUTATIONAL TECHNOLOGICAL STRATEGIC POLITICAL/ LEGISLATIVE COMPLIANCE SPRING 2018 | 17