Academic journal article The Journal of Government Financial Management

The Ins & Outs of ERM

Academic journal article The Journal of Government Financial Management

The Ins & Outs of ERM

Article excerpt

In April, AGA hosted a day-long training event on enterprise risk management (ERM) and internal controls in anticipation of the U.S. Office of Management and Budget (OMB's) release of the revised A-123 Circular. The event featured experts behind the revision of the circular as well as those responsible for implementing ERM at the agency level. This event was not strictly for CFOs - indeed, a common theme among speakers was that ERM demands not only collaboration across the C-Suite, but also requires cooperation, understanding and proactive discussion about risk among all employees as culture shifts. Groups can no longer work only with one another, but must reach across disciplines. As forum co-chair Dan Murrin said in closing remarks, "We have reached the limits of what we can do as individual groups of just accountants or just auditors." As you view this list of what's in and what's out under ERM, consider how you can change your short and long-term behavior to reflect a new season of accountability in government.

"This isn't about checking a box - it's about assessing risks, knowing that the process encourages - demands - we look at things differently."

-Mark Reger, CPA, Deputy Controller, OMB

"We're working to tailor policy, agency-by-agency, so it's not a compliance exercise but works with what's in place."

-Dustin Brown, Deputy Asst. Dir. for Management, OMB

"We're offering flexibility in Circular enforcement because we realize we can't mandate things that should be agency-specific. …

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