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Enterprise Risk Management: A Guide for Government Professionals by Allen Runnels, Karen Hardy

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Chapter TwoExamples of Risk Management in the Federal Government

Despite a lack of fundamental definitions, the discipline of risk management is not a new concept in the U.S. federal sector. It has been used in private and public sectors for decades. It is a well-established practice dating back to the late eighteenth century, when the government began to develop policies to deal with risks thought to undermine trade and investment.1 “Government has always been involved in managing risks, even as risk management has not generally been recognized as being a fundamental function of government,” says David Moss, a professor of business administration at the Harvard Business School. As government agencies face increased scrutiny regarding accountability, ...

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