We’ll all be hearing more in the next few years about risk management, compliance and governance. The Government Accountability Office puts out the Green Book, containing standards for financial control in federal accounting.
At the Justice Department, with so many operations, to look at risk on an enterprise level, what does that mean? Risk knowledge starts with line employees and moves all the way up to policy-makers and those establishing the controls.
As the Office of Management and Budget establishes governmentwide risk management guidelines, the Transportation Security Administration has lessons learned, challenges and metrics from their two-year-old program to share with other agencies to help ease implementation.
David Mader, OMB controller, said the administration will target specific agencies with new technology to access more data to combat this long-standing challenge. GAO reported Feb. 26 that the governmentwide improper payment rate was 4.02 percent, meaning agencies misspent almost $125 billion in 2014.
The people-counting agency has learned from some big mistakes. Now, Chief Operating Officer Nancy Potok shares some lessons with Federal News Radio.
Mike Wetklow, an Office of Management and Budget official, said the expected changes to Circular A-123 will ask agencies to view risk management in a different way.
The Office of Management and Budget rescinds CircularA-127 and issues new guidance to simplify financial system requirements. The goal is to improve quality, utility and the reliability of federal financial information.
The Office of Federal Financial Management is updating Circular A-123 to focus on risk management and data-driven decision-making. OFFM also plans on rescinding the financial systems requirements circular, A-127, in the coming weeks.