Insight
This white paper, developed in collaboration with the Association for Federal Enterprise Risk Management (AFERM), explores risk culture as a critically important factor for federal agencies to successfully implement enterprise risk management (ERM).
On July 15, 2016, the Office of Management and Budget issued the most significant revision to Circular A-123 in over 30 years, mandating that federal agencies adopt enterprise risk management (ERM). Implementation will require significant operational changes. Success will hinge on agencies' abilities to transform their norms, attitudes, and behaviors relative to risk management, meaning their risk culture.
Culture operates in the absence of formal direction, such as written policies and procedures and influences what actually happens even when there is formal direction.
Related content
This article, originally appearing in AFERM's newsletter, discusses how program integrity can strengthen enterprise risk management as well as the agency's mission.
This report discusses the transformative changes to OMB Circular A-123 and provides 10 critical elements for consideration in successfully implementing enterprise risk management programs.
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