Typically, organizations face three kinds of strategic risks: risks to their strategy; risks from their strategy; and misalignment between strategy and culture and/or stakeholder expectations. This session examined risks and opportunities inherent in: setting strategy; aligning strategy with internal organizational culture and external stakeholder expectations; and translating strategy into successful program implementation. Seven selected strategic risk tools and “How-To-Apply Tips” will be highlighted.
Speakers: Zack Poimboeuf, ASFR, Department of Health & Human Services
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This session looked back at how Enterprise Risk Management (ERM) has evolved in the recent years since the 2008 Financial Crisis and will look forward to the next frontier and evolution for ERM.
Partnership between the Communications and ERM teams in Canada Revenue Agency (CRA) and the development of a strategy for managing, mitigating and measuring reputational risk.
In this session, the team from the Internal Revenue Service’s (IRS) Office of the Chief Risk Officer highlighted a variety of practices, tools, and techniques they’ve developed and deployed in implementing ERM, including a Risk Advocate Program, Risk Awareness Week and Risk Spotlight Series, ERM Self-Assessments and Peer Reviews, the Executive Risk Committee (ERC), Risk Working Group (RWG), an Enterprise Risk Channel, and more. Participants will receive a variety of templates and samples they can take back and adapt for use in their own organizations.
This session will focus on how analytics, robotics, and cloud technology are being used in Enterprise Risk Management. Panelists will share CXO perspectives on the benefits and potential utility of emerging technology.
There is a distinct difference between simply meeting a requirement and creating something that adds value. Understanding this difference has been key to the growth of some of the most successful global companies but is often forgotten or ignored in the Federal world where innovation and effort are not driven by revenue motivation. With few resources, a complex organizational structure, and significant competing demands, developing and implementing an effective ERM program in the US Coast Guard is challenging. In this session, we will show how some of the same tools and approaches successful start-up companies and Venture Capitalists use to evaluate opportunity and create value are being used to build and transform the ERM program at the US Coast Guard.
As successful ERM programs mature, the need to account for a broad range of stakeholder perspectives in the areas of program development, C-suite support functions, program assurance, internal and external oversight, and audit transparency grow. At HUD, aligning these different needs to help support honest lines of communication for ERM and actionable reporting has been an undertaking since day 1 of HUD’s ERM program. This panel will explore how risk-based assurance, continuous monitoring, and data analytics provide opportunities for agencies to improve performance and work more constructively with the OIG and other oversight bodies.
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.
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.