Practical guide to implementing Enterprise Risk Management processes and procedures in government organizations
Enterprise Risk Management: A Guide for Government Professionals is a practical guide to all aspects of risk management in government organizations at the federal, state, and local levels. Written by Dr. Karen Hardy, one of the leading ERM practitioners in the Federal government, the book features a no-nonsense approach to establishing and sustaining a formalized risk management approach, aligned with the ISO 31000 risk management framework. International Organization for Standardization guidelines are explored and clarified, and case studies illustrate their real-world application and implementation in US government agencies. Tools, including a sample 90-day action plan, sample risk management policy, and a comprehensive implementation checklist allow readers to immediately begin applying the information presented.
The book also includes results of Hardy's ERM Core Competency Survey for the Public Sector; which offers an original in-depth analysis of the Core Competency Skills recommended by federal, state and local government risk professionals. It also provides a side-by-side comparison of how federal government risk professionals view ERM versus their state and local government counterparts.
Enterprise Risk Management provides actionable guidance toward creating a solid risk management plan for agencies at any risk level. The book begins with a basic overview of risk management, and then delves into government-specific topics including:
U.S. Federal Government Policy on Risk Management
Federal Manager's Financial Integrity Act
GAO Standards for internal control
Government Performance Results Modernization Act
The book also provides a comparative analysis of ERM frameworks and standards, and applies rank-specific advice to employees including Budget Analysts, Program Analysts, Management Analysts, and more. The demand for effective risk management specialists is growing as quickly as the risk potential. Government employees looking to implement a formalized risk management approach or in need of increasing their general understanding of this subject matter will find Enterprise Risk Management a strategically advantageous starting point.
Table of Contents
- Figures, Tables, and Exhibits
- Preface: Managing Risk in the Current Federal Environment
Chapter One: Why Enterprise Risk Management?
- Status of ERM in the Government
- Limitations to ERM
- Risk Management: What It Is and Why It Matters
- What Is Risk?
- Evolution of Risk Management
- Traditional Risk Management versus Enterprise Risk Management
- U.S. Federal Government Policy on Risk Management
- Establishing an Agency Risk Management Policy
- ERM Policy and Practice in Canada
- Linking ERM and Internal Control
- What Are the Standards for Internal Control?
- Assessing Internal Control Structures
- Overall Internal Control Summaries
- Chapter Two: Examples of Risk Management in the Federal Government
- Chapter Three: Managing and Communicating Risk
- Chapter Four: Risk Management Frameworks and Standards
- Chapter Five: Risk and Performance Management
- Chapter Six: Building a Risk Culture
- Chapter Seven: ERM Maturity and Assessment
- Chapter Eight: ERM Core Competencies
- Chapter Nine: ERM Best Practices of Federal Agencies
- Chapter Ten: Conclusion
- Appendix: Index of Survey Questions and Responses
- About the Author
- End User License Agreement
- Title: Enterprise Risk Management: A Guide for Government Professionals
- Release date: November 2014
- Publisher(s): Jossey-Bass
- ISBN: 9781118911020