This session explored how risk management contributes to the ultimate goal of any organization: the delivery of maximum stakeholder value. Capturing the true value of ERM requires integration of results sought, resources allocated, and risks accepted and managed through a portfolio management process across the entire organization. Panelists shared their experiences, including challenges and end results.
Speakers: Tom Brandt, Chief Risk Officer, IRS; Ken Fletcher, President, AFERM
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As agencies mature their ERM programs, greater value can be driven by leveraging ERM to support and strengthen other agency-wide management activities. These management activities (“petals”) are critical to mission success, and include Strategy, Budget, Performance, Cyber, Fraud, and Internal Control. This session will explore the various petals of ERM integration along with emerging “petals” including evidence-based decision making and program/portfolio management, how and when to coordinate your agency’s ERM program with these management activities, and provide tangible examples and lessons learned as takeaways for attendees.
Provided participants with information about best practices that the OIG community is employing to implement ERM activities and to facilitate the adoption of ERM for audit planning purposes. This session 1) shared best practices that the OIG community is employing as it relates to implementing ERM, 2) provide d information on ERM-related touch points between OIG and agencies, and 3) the use of ERM for audit planning.
Risks come in many forms and flavors, and agencies collect lots of data in various formats, both structured and unstructured. All of this data represents valuable pieces of information or context about risks. The Health Resources and Services Administration has implemented a data-driven approach to make faster and better informed risk-based decisions.
For many years, organizations have recognized that diversity and inclusion leads to better decision-making, increased productivity, and greater effectiveness. This session will explore how diversity in demographics, perspectives, and experiences and a culture of inclusion (employees feel valued, respected, and treated equitably) can enhance an organization’s ERM capabilities, resulting in better risk identification and decision-making, increased accountability, and agency-wide risk awareness.