Risk seems inescapable in today’s complex world. As complexity has increased – new regulations, evolving operations, massive IT systems – so too has transparency. Risks – and the failure to manage them – are more visible than ever. In the Federal government, this visibility has required that agencies evolve compliance programs that once quietly operated in the back office to more front and center program integrity efforts under the watchful eye of Chief Risk Officers (CROs).
The traditional view of risk management, focusing largely on compliance, is insufficient in today’s world. Today, Federal agencies have to be much more than compliant. They must perform and achieve a mission that is meaningful to the American taxpayer. To fail to do so in such a challenging economic environment is to invite debate over whether tax dollars should be spent elsewhere - or not at all.