After more than 10 years, the GAO issued a new ERM framework as part of a recent report on "Good ERM Practices in Government Agencies."
GAO reports that "Federal managers often handle complex and risky missions, such as preparing for and responding to natural disasters, and building and managing safe transportation systems. While it is not possible to eliminate all uncertainties in these types of projects, there are strategies that can help plan and manage them." GAO further wrote that "One such strategy is Enterprise Risk Management. It provides ways to better anticipate and manage risk across an agency. Our enterprise risk management framework has 6 essential elements to consider when implementing ERM, as shown below. We also identified good practices, as well as examples from federal agencies that are using ERM."
So what does this mean for agencies? Your comments are welcomed below.