Enterprise Risk Management: Executive Seminar for Resource Managers Course

Module 1: Risk in Government

• Explore the history and evolution of risk management in public sectors.
• Understand different definitions of risk including ISO 31000 and COSO frameworks.
• Discuss the concepts of risk appetite and tolerance in government operations.
• Differentiate between risk, uncertainty, and opportunity.

Module 2: Risk vs. Internal Control vs. ERM

• Examine the relationships among risk management, internal controls, and enterprise risk management (ERM).
• Analyze internal and external risk environments and their implications.
• Learn how internal controls support but do not fully substitute for risk management.

Module 3: The Risk Management Process

• Establish organizational risk context and criteria for analysis.
• Identify and evaluate risks through qualitative and quantitative methods.
• Develop risk profiles, heat maps, and bowtie analyses.
• Explore risk treatment options: accept, avoid, transfer, or mitigate.

Module 4: The Need for ERM

• Understand the strategic advantages of ERM over siloed risk management.
• Review the history and policy mandates for ERM in federal agencies (e.g., OMB A-123).
• Discuss how ERM improves coordination and reduces unmanaged risks.

Module 5: Gaining Value from ERM

• Explore value maximization through balancing results, resources, and risks.
• Implement ERM as part of value-based decision-making and portfolio management.
• Incorporate stakeholder needs, governance, and data into risk-informed strategies.

Module 6: Additional Considerations for Implementing ERM

• Assess ERM maturity models and long-term implementation strategies.
• Define leadership’s role in risk culture and governance structures.
• Understand collaboration with auditors and audit readiness within ERM systems.