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Enterprise Risk Management
A Guide for Government Professionals
Karen Hardy (Author), Allen Runnels (Foreword by)
9781118911020, Wiley
Hardback, published 26 December 2014
336 pages
24.3 x 18.7 x 2.4 cm, 0.694 kg
Winner of the 2017 Most Promising New Textbook Award by Textbook & Academic Authors Association (TAA)! 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: 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.
Practical guide to implementing Enterprise Risk Management processes and procedures in government organizations
Figures, Tables, and Exhibits ix Foreword xi Preface: Managing Risk in the Current Federal Environment xiii Introduction 1 State of Risk Management in Government 5 How This Book Should Be Used 7 Emerging Risks Today 7 Top Government Risks 10 Criteria 11 Profiles of Select High-Risk Areas in Government 13 Chapter One Why Enterprise Risk Management? 27 Status of ERM in the Government 29 Limitations to ERM 30 Risk Management: What It is and Why It Matters 32 What is Risk? 33 Evolution of Risk Management 36 Traditional Risk Management versus Enterprise Risk Management 38 U.S. Federal Government Policy on Risk Management 41 Establishing an Agency Risk Management Policy 46 ERM Policy and Practice in Canada 48 Linking ERM and Internal Control 54 What Are the Standards for Internal Control? 55 Assessing Internal Control Structures 68 Overall Internal Control Summaries 68 Chapter Two Examples of Risk Management in the Federal Government 81 Health Risks 82 Security Risks 82 Financial Risks 85 Transportation Safety Risks 86 External Risks 87 Case Study: Applying Risk Management in Government: National Institutes of Health 89 Case Study: National Archives and Records Administration 95 Chapter Three Managing and Communicating Risk 105 Writing Risk Statements 111 Developing a Risk Statement 112 Inventory of Risk Statements 113 Risk Assessment Techniques 120 Chapter Four Risk Management Frameworks and Standards 125 Why Voluntary Standards? A Look at OMB Circular A-119 126 GAO Risk Management Framework 129 ISO 31000: International Risk Management Standard 135 COSO ERM Integrated Framework 138 OCEG Red Book 2.0: 2009 140 FERMA: 2002 140 BS 31100: 2008 142 An Expanded View of ISO 31000 143 Chapter Five Risk and Performance Management 151 Risk and Performance: Government 153 Managing Risk to Performance 157 An Expanded View of Strategic Risk Management 160 Risk and Performance: Private Sector 167 Standard & Poor’s ERM Analysis 170 Chapter Six Building a Risk Culture 173 Risk Culture Survey 177 Chapter Seven ERM Maturity and Assessment 181 ERM Maturity Models 181 The Role of the Internal Auditor in ERM 194 Case Study: The Public Safety Canada Audit of Integrated Risk Management 196 Chapter Eight ERM Core Competencies 209 ERM Core Competency Survey 209 Summary of Survey Results 211 Federal versus State and Local Government Views of ERM 216 Chapter Nine ERM Best Practices of Federal Agencies 223 Ninety-Day Action Plan 223 Sample Implementation Plan 224 Words of Wisdom 225 Chapter Ten Conclusion 227 Notes 231 Appendix: Index of Survey Questions and Responses 243 About the Author 279 Index 281
Subject Areas: Business & management [KJ]
