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Managing Risk and Performance: A Guide for Government Decision Makers

Book Description

Discover analytical tools and practices to help improve the quality of risk management in government organizations

Federal agencies increasingly recognize the importance of active risk management to help ensure that they can carry out their missions. High impact events, once thought to occur only rarely, now occur with surprising frequency. Managing Risk in Government Agencies and Programs provides insight into the increasingly critical role of effective risk management, while offering analytical tools and promising practices that can help improve the quality of risk management in government organizations.

  • Includes chapters that contribute to the knowledge of government executives and managers who want to establish or implement risk management, and especially Enterprise Risk Management (ERM), in their agencies

  • Features chapters written by federal risk managers, public administration practitioners, and scholars

Showing government officials how to improve their organization's risk management capabilities, Managing Risk in Government Agencies and Programs meets a growing demand from federal departments and agencies that find themselves increasingly embarrassed by risky events that raise questions about their ability to carry out their missions.

Table of Contents

  1. Cover
  2. Praise Page
  3. Series Page
  4. Title Page
  5. Copyright
  6. Dedication
  7. Foreword
  8. Preface
  9. Part One: Introduction and Overview
    1. Chapter 1: Managing Risk of Federal Agencies and Their Programs through Enterprise Risk Management
      1. Risk Management as an Essential Part of Federal Management
      2. Risk Management as an Integral Part of Good Decision Making
      3. The Unique Challenges of Managing a Government Agency
      4. Establishing Effective Risk Management
      5. Managing Risk in Government Agencies: Overview of the Book
      6. References
    2. Chapter 2: The Need for Effective Risk Management
      1. Defining Risk
      2. The Source of Uncertainty: Change
      3. Risk and Reward
      4. The Risk Management Process
      5. The Essence of Organizational Success: Stakeholder Value
      6. The Role of Information Technology in Risk Management
      7. The Importance of Organizational Change Management
      8. Putting It All Together
      9. Conclusion
      10. References
    3. Chapter 3: Introduction to Risk Management for Government Managers
      1. Fitting Risk Management into an Organization
      2. Promising Practices in Risk Management
      3. Observations about Risk Management in Government: What Works and What Doesn't
      4. Conclusion
      5. References
    4. Chapter 4: Risk Management and Challenges of Managing in the Public Sector
      1. Unique Risk Management Challenges of Public Programs
      2. Third-Party Governance: The Challenge of Managing Risk across Organizational Boundaries
      3. Goal Setting, Accountability, and Prioritization of Risks
      4. Concluding Observations
      5. References
    5. Chapter 5: Creating and Keeping Your Options Open—It's Fundamental
      1. The Real World Is Rarely Simple and Stable
      2. Systems Set the Stage
      3. Managing More Easily—Options in Time
      4. Examples of Options in Time in Practice
      5. Conclusion
      6. Key Points
      7. References
  10. Part Two: Moving toward Enterprise Risk Management
    1. Chapter 6: Introduction to Enterprise Risk Management for Government Managers
      1. Shortcomings of Traditional Risk Management
      2. The Impact of Managing Risk within Silos—a Case Study
      3. The Maturation of Traditional Risk Management into Enterprise Risk Management
      4. Key Principles of Enterprise Risk Management
      5. What Enterprise Risk Management Is Not
      6. The Payoff
      7. Summary
      8. References
    2. Chapter 7: Implementation of Enterprise Risk Management at the Office of Federal Student Aid of the U.S. Department of Education
      1. Overview of FSA
      2. Initial Implementation of ERM at FSA
      3. Initial Activities and Challenges in Implementing Enterprise Risk Management at FSA
      4. Expanding the ERM Program—a Change in FSA's Business Model
      5. Key Considerations and Challenges When Implementing the Expanded ERM Program at FSA
      6. Conclusion
      7. References
      8. Acknowledgments
    3. Chapter 8: Integrating Enterprise Risk Management with Strategic Planning and Resource Management
      1. Context
      2. Enterprise Risk Management and Strategy
      3. Enterprise Risk Management and Resource Management
      4. Conclusion
    4. Chapter 9: Building Enterprise Risk Management into Agency Processes and Culture
      1. Building a Shared Understanding of Risks through Conversations
      2. The Key Enterprise Risk Management Techniques
      3. Improved Decision Making and Prioritization
      4. Conclusion
      5. References
      6. For Further Reading
      7. Appendix: Hydro One Inc. Enterprise Risk Management Policy
  11. Part Three: Special Topics in Risk Management and Response
    1. Chapter 10: Risk Management and the Dynamics of Budget Cuts
      1. The Dynamics of Protracted Budget Controversy and the Risk and Uncertainty They Create
      2. Long-Term Budget Cuts and the Risks They Create
      3. The Role of Risk Management in Reducing Chances of a Major Mishap
      4. Strengthening Agencies' Ability to Deal Effectively with Budget Pressures
      5. Conclusion
      6. References
    2. Chapter 11: Managing Reputational Risk
      1. What Is Reputational Risk and What Does It Mean to Government?
      2. What Determines Reputation and How Can Government Address These Factors?
      3. External Influences on Reputation
      4. Consequences of Reputational Loss for Government Organizations
      5. Reputational Risk Mitigation
      6. Conclusion
      7. References
    3. Chapter 12: Risk Management and Decision Making: Lessons from the Financial Crisis for Federal Managers
      1. The Financial Crisis: How It Emerged, What Happened, and the Costs
      2. Decision Making at Firms That Failed: Common Shortcomings
      3. Decision Making at Firms That Succeeded: The Importance of Culture
      4. Lessons in Governance, Risk Management, and Decision Making
      5. Conclusion
      6. References
  12. Part Four: Conclusion
    1. Chapter 13: Effective Enterprise Risk Management: Mapping the Path Forward
      1. Recommendations
      2. Conclusion
      3. References
      4. For Further Information
      5. For Further Reading
  13. About the Editors
  14. About the Contributors
  15. Index