diff --git a/tests/risk/answer_key.py b/tests/risk/answer_key.py
index 5c300d72..7f3931ba 100644
--- a/tests/risk/answer_key.py
+++ b/tests/risk/answer_key.py
@@ -13,10 +13,12 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
+import hashlib
 import os
 
 import numpy as np
 import xlrd
+import requests
 
 
 def col_letter_to_index(col_letter):
@@ -26,8 +28,81 @@ def col_letter_to_index(col_letter):
 
 DIR = os.path.dirname(os.path.realpath(__file__))
 
+ANSWER_KEY_CHECKSUMS_PATH = os.path.join(DIR, 'risk-answer-key-checksums')
+ANSWER_KEY_CHECKSUMS = open(ANSWER_KEY_CHECKSUMS_PATH, 'r').read().splitlines()
+
 ANSWER_KEY_PATH = os.path.join(DIR, 'risk-answer-key.xls')
 
+ANSWER_KEY_EXISTS = os.path.exists(ANSWER_KEY_PATH)
+
+ANSWER_KEY_DL_TEMPLATE = """
+https://s3.amazonaws.com/zipline-test-data/risk/{md5}+/risk-answer-key.xls
+""".strip()
+
+
+def ensure_latest_answer_key():
+    """
+    Get the latest answer key from a publically available location.
+
+    Logic for determining what and when to download is as such:
+
+    - If there is no local xls file, then get the lastest answer key,
+    as defined by the last row in the checksum file.
+    - If there is a local xls file:
+    -- If the xls's checksum is in the checksum file:
+    --- If the xls's checksum does not match the latest, then grab the
+    the latest checksum and replace the local checksum file.
+    --- If the xls's checksum matches the latest, then skip download, and
+    use the local xls as a cached copy.
+    -- If the xls's checksum is not in the checksum file, then leave the
+    local file alone, assuming that the local xls's md5 is not in the list due
+    to local modifications during development.
+
+    It is possible that md5's could collide, if that is ever case, we should
+    then find an alternative naming scheme.
+
+    The xls answer sheet is not kept in SCM, because its size is on the order
+    of 20MB, and every edit would increase the repo size.
+
+    xlsl and ods have smaller outputs and could be more friendly to SCM, but:
+    - not using xlsl, because currently the xlsl that is generated by
+    LibreOffice is not readable by the xldr module.
+    - not using ods, because of the lack of a module as facile as xldr for
+    extracting the data from the ods format.
+    """
+
+    answer_key_dl_checksum = None
+
+    local_answer_key_exists = os.path.exists(ANSWER_KEY_PATH)
+    if local_answer_key_exists:
+        with open(ANSWER_KEY_PATH, 'r') as f:
+            md5 = hashlib.md5()
+            while True:
+                buf = f.read(1024)
+                if not buf:
+                    break
+                md5.update(buf)
+        local_hash = md5.hexdigest()
+
+        if local_hash in ANSWER_KEY_CHECKSUMS:
+            # Assume previously downloaded version.
+            # Check for latest.
+            if local_hash != ANSWER_KEY_CHECKSUMS[-1]:
+                # More recent checksum, download
+                answer_key_dl_checksum = ANSWER_KEY_CHECKSUMS[-1]
+            else:
+                # Assume local copy that is being developed on
+                answer_key_dl_checksum = None
+
+    if answer_key_dl_checksum:
+        res = requests.get(
+            ANSWER_KEY_DL_TEMPLATE.format(md5=answer_key_dl_checksum))
+        with open(ANSWER_KEY_PATH, 'w') as f:
+            f.write(res.content)
+
+# Get latest answer key on load.
+ensure_latest_answer_key()
+
 
 class DataIndex(object):
     """
diff --git a/tests/risk/risk-answer-key-checksums b/tests/risk/risk-answer-key-checksums
new file mode 100644
index 00000000..f1ec4cc6
--- /dev/null
+++ b/tests/risk/risk-answer-key-checksums
@@ -0,0 +1 @@
+3ac0773c4be4e9e5bacd9c6fa0e03e15