IRS, HUD, and other agencies look to Enterprise Risk Management to manage operational risk

“Federal agencies are taking a cue from the corporate world, appointing chief risk officers and putting in place more processes to identify and manage operational risks.”

“A big reason, according to government risk managers: Many agencies haven’t had strong controls in place to guard against reputational and other nonfinancial risks, and there is increasing sensitivity to how those risks can affect public confidence in the government.”

“It’s just the nature of government; we are subject to more scrutiny,” said Tom Brandt, chief risk officer at the Internal Revenue Service and president of the Association for Federal Enterprise Risk Management. “When something goes off track in the…” Read the full article here.

Source: Enterprise Risk Management, Long Used by Companies, Takes Hold in Government – By Kristin Broughton, July 29, 2019. Wall Street Journal.

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