A rising risk awareness Artificial Intelligence (AI) introduces a complex and multidisciplinary set of risk factors that demand new depth, expertise, and leadership from agency risk functions. Recognizing the urgency of these risks, the Office of Management and Budget (OMB) memorandum on Advancing Governance, Innovation, and Risk Management for Agency Use of Artificial Intelligence (M-24-10) (more…)
By: Joseph Lord, Deloitte & Touche LLP Enterprise Risk Management (ERM) programs commonly rely on an array of spreadsheets, presentations, manual processes, and siloed data to manage their program operations. For many ERM programs, this minimal technology infrastructure has met their start-up needs. However, this approach may not satisfy needs for long. As agencies are (more…)
By Jack Downes & Kevin Schreck Edited by Soumya Chakraverty Introduction In today’s rapidly evolving business environment, the complexity and frequency of risks have increased significantly. Organizations face a wide array of potential threats ranging from cyberattacks and regulatory changes to market volatility and operational disruptions. Traditional risk management approaches often struggle to keep pace (more…)
By Dr. Temika Edwards and Nikki Wood In the world of risk management, “What could go wrong?” is a common question. It serves as a starting point for identifying necessary controls and ensuring organizations meet their objectives. There is no perfect answer to this question, and the approach to obtaining answers may vary. For example, (more…)
by Alyssa Fusisi, Kearney & Company Integration, as it relates to the maturity of agencies’ Enterprise Risk Management (ERM) Programs, has been a hot topic recently. According to the Chief Financial Officer’s (CFO) Council and Performance Improvement Council (PIC), Playbook: Enterprise Risk Management in the U.S. Federal Government (ERM Playbook), “Successful integration of ERM into (more…)
We welcome Mackenzie Kelley as our AFERM Executive Director. Mackenzie brings more than 15 years of association management experience to AFERM. Her focus is working with boards of national and international associations to grow and strengthen their organizations. Mackenzie has been an integral part of the team at Management HQ (MHQ), AFERM’s association management company, (more…)
AFERM Q3 2024 Newsletter President’s Article Greetings to our AFERM members, sponsors, and everyone else who is reading this because you are interested in Enterprise Risk Management or support AFERM’s mission! I hope that this issue finds you and those close to you well, safe, and thriving. I remain committed to working with you all (more…)
By Natalie K. Houghtby-Haddon, Ph.D. When I was growing up, a story my sisters and brother and I heard repeatedly was the story of how Great-Great Uncle Albert blinded himself as a 16-year old. The story went something like this: while whittling, he was scraping the knife along the piece of wood toward himself; it (more…)
By James C. Ansberry, Senior Manager, and Bert G. Nuehring, CPA, CGMA, Partner, Crowe Federal agencies have been required by OMB to implement ERM for several years, but many have struggled to overcome their stakeholders’ skepticism toward the program. This is a reprint of a previous newsletter published in March, 2020 ____________________________________________________________ Stakeholders often tend (more…)
Submitted by: Elena Yearly, CEO of EMY Consulting. Elena has a 20+-year history working with organizations in all aspects of figuring out their risk management strategies and what makes sense for them. She is your current Treasurer on the AFERM Board and has been an AFERM volunteer for over ten years. Her firm is an (more…)