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Managing Risk and Performance

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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.
Product Details

Table of Contents

Foreword xv Preface xvii PART One Introduction and Overview CHAPTER 1 Managing Risk of Federal Agencies and Their Programs through Enterprise Risk Management 3 Thomas H. Stanton Risk Management as an Essential Part of Federal Management 3 Risk Management as an Integral Part of Good Decision Making 5 The Unique Challenges of Managing a Government Agency 6 Establishing Effective Risk Management 8 Managing Risk in Government Agencies: Overview of the Book 11 References 16 CHAPTER 2 The Need for Effective Risk Management 17 Douglas W. Webster Defining Risk 18 The Source of Uncertainty: Change 20 Risk and Reward 22 The Risk Management Process 23 The Essence of Organizational Success: Stakeholder Value 29 The Role of Information Technology in Risk Management 31 The Importance of Organizational Change Management 31 Putting It All Together 32 Conclusion 33 References 34 CHAPTER 3 Introduction to Risk Management for Government Managers 35 Thomas H. Stanton Fitting Risk Management into an Organization 36 Promising Practices in Risk Management 45 Observations about Risk Management in Government: What Works and What Doesn?t 54 Conclusion 60 References 60 CHAPTER 4 Risk Management and Challenges of Managing in the Public Sector 63 Paul L. Posner,Thomas H. Stanton Unique Risk Management Challenges of Public Programs 65 Third-Party Governance: The Challenge of Managing Risk across Organizational Boundaries 68 Goal Setting, Accountability, and Prioritization of Risks 77 Concluding Observations 81 References 83 CHAPTER 5 Creating and Keeping Your Options Open?It?s Fundamental 87 Brian Barnier The Real World Is Rarely Simple and Stable 87 Systems Set the Stage 88 Managing More Easily?Options in Time 89 Examples of Options in Time in Practice 95 Conclusion 110 Key Points 111 References 111 PART Two Moving toward Enterprise Risk Management CHAPTER 6 Introduction to Enterprise Risk Management for Government Managers 115 Douglas W. Webster Shortcomings of Traditional Risk Management 116 The Impact of Managing Risk within Silos?a Case Study 119 The Maturation of Traditional Risk Management into Enterprise Risk Management 121 Key Principles of Enterprise Risk Management 126 What Enterprise Risk Management Is Not 129 The Payoff 133 Summary 134 References 136 CHAPTER 7 Implementation of Enterprise Risk Management at the Office of Federal Student Aid of the U.S. Department of Education 137 Fred Anderson, Cynthia Jaspers Vitters Overview of FSA 138 Initial Implementation of ERM at FSA 140 Initial Activities and Challenges in Implementing Enterprise Risk Management at FSA 142 Expanding the ERM Program?a Change in FSA?s Business Model 144 Key Considerations and Challenges When Implementing the Expanded ERM Program at FSA 148 Conclusion 158 References 159 Acknowledgments 160 CHAPTER 8 Integrating Enterprise Risk Management with Strategic Planning and Resource Management 161 Jeffrey Stagnitti Context 161 Enterprise Risk Management and Strategy 167 Enterprise Risk Management and Resource Management 170 Conclusion 172 CHAPTER 9 Building Enterprise Risk Management into Agency Processes and Culture 175 John Fraser Building a Shared Understanding of Risks through Conversations 177 The Key Enterprise Risk Management Techniques 184 Improved Decision Making and Prioritization 188 Conclusion 191 References 192 For Further Reading 192 Appendix: Hydro One Inc. Enterprise Risk Management Policy 193 PART Three Special Topics in Risk Management and Response CHAPTER 10 Risk Management and the Dynamics of Budget Cuts 199 Thomas H. Stanton The Dynamics of Protracted Budget Controversy and the Risk and Uncertainty They Create 200 Long-Term Budget Cuts and the Risks They Create 203 The Role of Risk Management in Reducing Chances of a Major Mishap 207 Strengthening Agencies? Ability to Deal Effectively with Budget Pressures 215 Conclusion 217 References 217 CHAPTER 11 Managing Reputational Risk 219 Gary L. Glickman What Is Reputational Risk and What Does It Mean to Government? 221 What Determines Reputation and How Can Government Address These Factors? 223 External Influences on Reputation 229 Consequences of Reputational Loss for Government Organizations 231 Reputational Risk Mitigation 235 Conclusion 239 References 240 CHAPTER 12 Risk Management and Decision Making: Lessons from the Financial Crisis for Federal Managers 243 Thomas H. Stanton The Financial Crisis: How It Emerged, What Happened, and the Costs 245 Decision Making at Firms That Failed: Common Shortcomings 248 Decision Making at Firms That Succeeded: The Importance of Culture 252 Lessons in Governance, Risk Management, and Decision Making 258 Conclusion 264 References 265 PART Four Conclusion CHAPTER 13 Effective Enterprise Risk Management: Mapping the Path Forward 269 Douglas Webster Recommendations 270 Conclusion 290 References 291 For Further Information 292 For Further Reading 292 About the Editors 293 About the Contributors 295 Index 299

About the Author

Thomas H. Stanton teaches at Johns Hopkins University. He is President-Elect of the Association of Federal Enterprise Risk Management (AFERM) and a Fellow of the National Academy of Public Administration. Mr. Stanton is a former member of the Federal Senior Executive Service. He holds a Bachelor of Arts degree from the University of CaliforniaDavis, a Master of Arts from Yale University, and a Juris Doctor from Harvard Law School and has written extensively on governance and risk management in the financial crisis. Douglas W. Webster is the Founder and President of the Cambio Consulting Group, LLC, and co-founder and past President of the Association of Federal Enterprise Risk Management (AFERM). He served as Chief Financial Officer of the U.S. Department of Labor in 20082009 and has 20 years of experience consulting to over two dozen federal and state agencies. Dr. Webster received a Bachelor of Science in Engineering from the University of CaliforniaLos Angeles, a Master of Science in Systems Management from the University of Southern California, and a Doctorate in business administration from United States International University.

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