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Managing Risk in Government: An Introduction to Enterprise Risk Management
Managing Risk in Government: An Introduction to Enterprise Risk Management
This report explores how federal chief financial officers (CFOs) and financial managers can help guide their agencies to take a more holistic approach to risk management by implementing an Enterprise Risk Management (ERM) system. This approach helps reduce...
Summary
Wednesday, October 14th, 2009 - 19:00
This report explores how federal chief financial officers (CFOs) and financial managers can help guide their agencies to take a more holistic approach to risk management by implementing an Enterprise Risk Management (ERM) system. This approach helps reduce the total cost of compliance, while helping agencies achieve greater value from their risk management activities.
364 recommendations
I find it rather strange that ERM would be targeted to the CFO and financial managers, particularly in the government context, since the most important risks are the "expected risk" of neglecting to provide value (not necessarily financial) to the citizen. Certainly, financial risk (of loss, or sub-optimal use of funds) is important; but, its consideration is useless if the funds applied fail to provide what is most needed for the citizen.
I think if the context of ERM in the federal space was understood then directing ERM to CFOs would be better understood. All agency heads are responsible for managing risks but all organizations also need champions of ERM. Agency heads cannot do it alone; alas the next most influential role in the organization would certainly be the CFO because of their visibility and influence.