Using Enterprise Risk Management in federal decision-making
In this special Government Matters segment, A panel of experts from the Association for Federal Enterprise Risk Management discuss the adoption of ERM in the federal government.
The President’s Management Agenda prioritizes data-driven decisions, but according to a Government Accountability Office report, agencies are still struggling with the concept. Some in government and industry believe that a Risk Management Framework could be the key to adopting this kind of decision-making. Government Matters convened a panel of Enterprise Risk Management experts to provide their perspectives on the issue.
Sean Vineyard, Director of Civilian Advisory Services At 11th Hour Service–
“The biggest part of it is collaboration… getting people to have discussions about risk. The discussion part is the most critical part about integrating. Starting to have those discussions about your program [or] what types of risks they’re facing. And how the ERM or risk managers can help support, whether it’s mitigating that risk or take an opportunity and try and gain value from that.”
Tom Brandt, Chief Risk Officer at the Internal Revenue Service–
“We spend a lot of time at AFERM talking about the importance of culture. You’ve got to create an environment where everyone feels comfortable pointing out risk… If folks don’t feel comfortable raising risk, they’re going to hold back, and that might be the person who sees something that [could] prevent that next crisis.”
Peggy Sherry, Deputy Chief Financial Officer, Office of the Comptroller of the Currency–
“If there’s something that’s changed in the regulatory environment, it’s really important for us to be able to continue to have those conversations as a leadership group. What we don’t like to do often is to document and communicate [what our comfort zone is] for this particular type of risk.”