The General Services Administration has introduced a document designed to help federal agencies create an enterprise risk management program in an effort to comply with the requirements of the Office of Management and Budget’s revised Circular A-123.
OMB’s updated circular seeks to outline federal managers’ responsibilities in the management of risks and internal controls within an agency, GSA said Friday.
GSA unveiled the Playbook: Enterprise Risk Management in collaboration with the Partnership for Public Service.
The Office of Executive Councils asked risk practitioners and representatives from at least 20 federal agencies to collaborate on an interagency effort to develop the playbook that seeks to show and define practices on how to implement an ERM program within an agency.
The document outlines seven steps on how to create an ERM model, such as consideration of the context, risk identification, prioritization of risks, evaluation and analysis of risks, risk response, development of alternatives, and continuous risk assessment and identification.
