Submitted by MKeegan on Wed, 07/21/2021 - 11:47
On July 16, 2016, the U.S. Office of Management and Budget (OMB) issued a revision to Circular A-123 setting forth expectations for federal agencies to implement and practice Enterprise Risk Management (ERM). The requirements were intentionally flexible, providing substantial leeway in how agencies chose to go about setting up their ERM program. That approach by design was to help get ERM off the ground in a manner that could be tailored to the structure, culture, and needs of each agency, and to avoid the enactment of ERM purely as a compliance exercise.