(a) There is hereby created the office of fiscal risk analysis and management within the office of the Governor. The office shall be administered by the chief risk officer who shall be appointed by the Governor with the advice and consent of the Senate and shall serve at the will and pleasure of the Governor. The chief risk officer shall have knowledge in the area of self-insured risk pools, advanced training in the area of fiscal risk management and an understanding of the special demands upon government with respect to budgetary constraints, the protection of public funds, and federal and state standards of accountability.
(b) The chief risk officer may employ the personnel necessary to carry out the work of the office and may approve reimbursement of costs incurred by employees to obtain education and training.