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.
Speakers: Rachel Holloway, Centers for Disease Control and Prevention (CDC); Yashika Rahaman, Food and Drug Administration (FDA); Erica Navarro, Department of Agriculture
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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.
Speakers: Jessica Southwell, Department of Labor, Office of Inspector General; Jonelle Pianta, HUD OIG; Dr. Temika Edwards, Department of Homeland Security, Office of Inspector General
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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.
Speakers: Joseph Roach, Health Resources and Services Administration; Rick Amrhein, Health Resources and Services Administration
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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.
Speakers: Marianne Roth, Consumer Financial Protection Bureau (CFPB); Lori Giblin, U.S. Corporation for National and Community Service (CNCS); Montrice Yakimov, Federal Deposit Insurance Corporation (FDIC)
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What are benefits of pursuing enterprise risk management? How can risk management enhance agency decision-making? What is the mission of the Association for Federal Enterprise Risk Management (AFERM)? Join host Michael Keegan as he explores these questions and more with our very special guest, Tom Brandt, Chief Risk Officer, at the US Internal Revenue Service (IRS).
Risk is everywhere.
It is a condition of existence and government agencies aren’t immune from the slings and arrows of uncertainty. Risk takes many forms and continue to morph and transform with the pace of technology and the reality interconnectedness. It is a leadership imperative for government executives to mitigate the potency of uncertainty by managing the realities of risk and the IBM Center can help them…mitigate risk and make better decisions. Tackling risks requires the right tools and recognized best practices. Dr. Karen Hardy’s report outlines the fundamentals of enterprise risk management ERM in government…answering the how to and the why not? The first step in tackling risk is defining it and it isn’t always negative. Risk can present opportunities. Government Leaders can redefine risk as “uncertainty that matters” and Dr. Doug Webster and Tom Stanton can show you how… outlining practical steps to improving decision making using ERM. Many federal programs are at risk unable or incapable to achieving missions mitigating program risk is key to making government work better. Prof Donald Kettl report, provides a guide of steps risky federal programs can take to manage risk, improve results. Whether you face …. Integrity Risk Financial Risk Cyber Risks Or, risks associated with technological breakthroughs and disruptions…
This video provides an overview of many IBM Center for The Business of Government resources on risk.
Artificial Intelligence (AI) has moved into the mainstream of businesses and government.
Business leaders are rushing to take advantages of the benefits that can be brought to a wide array of industries to help increase productivity. Government leaders are also moving forward, but with appropriate caution. When considering the use and application of AI related technologies, government leaders weigh different factors than their private sector counterparts. Whether it is deploying self-driving electric trolleys in a city or retrofitting city streetlights with sensors to make them “smarter,” these leaders must address issues of accountability, transparency, ethics, equity, common good, effectiveness, efficiency, managerial capacity, and political legitimacy.
The report authors put forth a threefold strategy to assist government leaders and public managers with how best to approach using AI, which includes:
The authors close with a list of practical guidelines for government action in using AI tools to improve the overall quality of governance, while incorporating similar tools into their overall risk management strategy.
The purpose of this form is to provide a consistent framework for the Service that can be leveraged within a unit’s existing governance or management approval processes to clearly document business decisions in the context of risk appetite and/or acceptance. This document can be used in various ways, including the following:
1) a framework to assess various options in making decisions for achievement of objectives,
2) a guide to articulate rationale behind those decisions within the context of risk appetite, and
3) a documentation trail to support these business decisions. Refer to the end of this document for instructions and additional guidance regarding use of the tool.
For this tool, right-click and save the document to your computer for full use.
The Enterprise Risk Channel provides a mechanism for employees to send potential risks to the Office of the Chief Risk Officer on a confidential basis. This sample form has been provided by the IRS.