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Enterprise Risk Management in the Public Sector

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Enterprise Risk Management in the Public Sector www.pwc.com/federalERM Enterprise Risk Management in the Public Sector 2015 Survey Results The 2015 survey is our inaugural survey performed in collaboration with the Association for Federal Enterprise Risk Management (AFERM). It is designed to provide Public Sector risk managers and leadership with perspective on ERM trends in the Government. Welcome Welcome to our inaugural survey on and in-person interviews to establish a Enterprise Risk Management (ERM) in deeper understanding of public sector > the Public Sector, a collaborative effort perspectives on risk management. between the Association for Federal While we feel that the participants Enterprise Risk Management (AFERM) provide a representative sample of and PwC. In undertaking this survey, Federal risk leaders, it is important to AFERM and PwC surveyed the public note that this sample may not represent sector risk management community to government risk authorities as a whole. collect information on the current state This report compiles the results of the of ERM in the government, and present survey and interviews to provide you the data and insight within this report. As with keen insight into the current state the recent and pending revisions to Office of risk management practices, and of Management and Budget (OMB) opportunities for future improvement. Circulars A-11, A-123, and other Federal As this effort matures each year, we guidance continue to evolve the Federal intend to expand our scope to include a risk and compliance landscape, an broader list of agencies and participants, expectation exists for agencies to assess and further promote the identification of and manage their risks in new and more emerging trends. rigorous ways. In addition, Government leaders are aligning their organizational Results structures to proactively identify and Federal risk leaders indicate that mitigate risks at the portfolio level. effective risk management is a necessity Several Federal Agencies are modifying and that ERM is widely recognized their internal governance and control as a growing best practice in the environments, and implementing ERM Federal government. Leaders across as a new practice. As ERM continues to the government anticipate that the grow in prominence in the public sector, amount of resources deployed in we recognize the need to understand support of ERM will increase in both current risk management capabilities in the near-term and the foreseeable government and engage Federal leaders future. Importantly, we also identify to identify trends, concerns, benefits, and that the successful implementation strategies to enhance risk management. and maturation of an ERM program in We intend that our survey will be an the Federal space requires the staunch ongoing, annual effort to gather and support and commitment of agency provide information to the public sector leadership. A common practice of risk management community and successful ERM programs is that they are government leaders. championed by executive leadership and often a risk-focused officer within the Scope organization; this enables risk innovators This inaugural survey includes input to break down organizational silos and from government officials working in encourages thoughtful risk analysis in risk and compliance leadership and major decision-making processes. You support roles at nearly 30 Federal will find additional insights and leading Departments, Agencies or Organizations. practices in the pages to follow. The survey consisted of a series of online Tom Stanton Brian Wodarski President Principal Association for Federal Public Sector Risk Consulting Leader Enterprise Risk Management 1 PwC Enterprise Risk Management in the Public Sector Contents 01 Welcome 03 Executive Summary 05 Survey Results 05 Theme 1: ERM is a growing priority in the Government 10 Theme 2: ERM enables Federal Agencies to better define and proactively respond to risks 12 Theme 3: Departments and agencies with ERM capabilities built dedicated programs and processes to effectively manage risk 15 Theme 4: Barriers continue to inhibit the implementation of ERM 17 Theme 5: Evolution of Technology to support ERM 19 About Us 20 Thank You 21 Survey Demographics 22 Contact Information Enterprise Risk Management in the Public Sector PwC 2 Executive Summary Executives across the Federal government resource limitations that will prevent and at quasi-governmental organizations the full implementation of robust ERM > recognize the need for proactive risk programs.Our report focuses on five management, including supporting key themes that represent the most tools, and best practices. AFERM defines significant findings from the survey ERM as a discipline that addresses the results. Each of the five themes is full spectrum of an organization’s risks, supported by a combination of survey including challenges and opportunities, findings and pertinent quotes from and integrates them into an enterprise- leaders across the public sector. wide, strategically-aligned portfolio view. ERM contributes to improved Report Themes decision-making and supports the 1. ERM is a growing priority in the achievement of an organization’s Government mission, goals, and objectives. Leaders The demand for ERM and relevant risk remain vigilant in achieving strategic management capabilities continues goals and implementing processes to to grow in the public sector. Our proactively identify risks that could respondents indicate that many of prevent or distract their organization their organizations are in the process from achieving mission objectives. While of implementing risk management commercial enterprises leverage mature programs, and those without formalized ERM programs resulting from decades processes are planning implementations of experience, the evidence shows that in the near future. Those surveyed risk management is still an emerging also indicate a strong demand for practice across the public sector. Our demonstrated organizational leadership survey respondents indicated (1) they and technology-based tools, as opposed believe that when ERM is properly to less formal functions. Respondents implemented, organizations realize also communicate a wide range of benefits and (2) that they expect the actual and perceived benefits from number of Federal agencies adopting ERM based on experience in their own ERM practices to continue to grow. agencies and interaction with others. Agencies that are not practicing ERM are However, many respondents share that beginning to consider opportunities to additional work is needed to support explore future implementations of ERM, full-scale implementation in order to yet they still communicate concerns take measured steps toward realizing the about organizational barriers and benefits of an effective ERM program. 3 PwC Enterprise Risk Management in the Public Sector 2. ERM enables Federal Agencies to 4. Barriers continue to inhibit the better define and proactively respond implementation of ERM to risks Survey respondents indicate a Our survey shows that agencies that combination of actual and perceived do not currently possess formal risk barriers that restrict their ability to management structures find it difficult to implement ERM functions, mature “We needed 18 months understand, quantify, and communicate their risk practices, and gain executive internally to incubate our the benefits of effective risk management backing within their organizations. Some techniques, as they attempt to articulate respondents state that it is difficult to risk management process. the case for ERM implementation. The build business cases to justify funding We utilized existing Working good news is that respondents with and implementing ERM programs within established risk management programs their organizations. Other respondents Groups, and only needed to indicate that their organizations realize indicate that they lack the executive buy- develop one new group. significant benefits, such as reduced in needed to achieve the benefits from duplicity of risk management and their investment. While these barriers Currently, we are working compliance efforts and existence of risk may exist, working to incorporate towards operationalizing a based indicators to support proactive risk management methodologies into process, not a one-time mitigation planning. decision-making processes and piloting 3. Departments and agencies with ERM ERM programs are both foundational exercise.” capabilities built dedicated programs steps to building a cornerstone of Andy Zino, and processes to effectively manage risk support. Smithsonian Survey respondents report that Federal 5. Evolution of Technology to support organizations with both a formal risk ERM management structure and/or ERM As risk management continues to program improve performance of their evolve, Federal risk leaders can leverage core capabilities and gain a deeper commercial leading practices and understanding of the compliance and advances in technology products in order mission risks facing their organizations. to reduce the financial commitment and With a strong, well-defined structure, ongoing maintenance costs of their ERM leaders are equipped to identify risks and compliance programs. Many of the and adjust organizational priorities survey respondents currently utilize a to enhance decision making efforts. variety of technologies to support their Organizations that possess a formal risk risk management programs, ranging management structure benefit from a from basic spreadsheets to
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