An Interpretation of OMB’s Vision to Mature Risk Management in the Federal Government
Integrated Risk Management (IRM) is a direct result of the 2018 changes in the OMB Circular A-123, Appendix A guidance. IRM aligns an organization’s enterprise wide risk management over decision-making processes with its major strategic focus areas and essential operational processes through a designed concept that integrates ICOR and ERM. IRM outlines the foundational structure necessary to provide a streamlined and systematic approach to organizational risk-based decision-making. It also provides steps and timelines for achieving an organization’s objectives and annual requirements, while also transitioning to a more standardized, data-driven, and technology-enabled future state.
To shift from the current state to the envisioned future state, organizations must recognize the need for continued governance, training, communications, potential new and modified policies, tools, and data management to support the maturation of an IRM program.
Authored by: Cetan Tyler, Luke Rininger, Andreia Bodale, Tony Elachkar, Daniella Datskovska & Kate Sylvis