Risk management (1 - 5 of 5 items) in Past 6 Months
Government Purchase Cards: Little Evidence of Potential Fraud Found in Small Purchases, but Documentation Issues Exist
GAO-17-276: Published: Feb 14, 2017. Publicly Released: Feb 14, 2017.
Since 2008, the General Services Administration (GSA) and the Office of Management and Budget (OMB) have taken several steps, in part to address prior GAO recommendations, to enhance purchase card program controls over micropurchases, which are currently capped at $3,500 for most purchases. These steps include developing training, monitoring tools, and guidance. For example, according to OMB guida...
Grants Management: Selected Agencies Should Clarify Merit-Based Award Criteria and Provide Guidance for Reviewing Potentially Duplicative Awards
GAO-17-113: Published: Jan 12, 2017. Publicly Released: Jan 12, 2017.
GAO found that all 6 selected subagencies in the Departments of the Interior (Interior), Health and Human Services (HHS), and Agriculture (USDA) applied a risk assessment review before making final grant award decisions for the 19 grant programs examined, as required by the Office of Management and Budget's (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Fed...
Terrorism Risk Insurance: Market Challenges May Exist for Current Structure and Alternative Approaches
GAO-17-62: Published: Jan 12, 2017. Publicly Released: Jan 12, 2017.
Under the Terrorism Risk Insurance Act's (TRIA) current structure, insurers manage their terrorism exposure to cover their share of losses and not the federal share of losses, which may be recouped from policyholders after an event. Specifically, insurers do not assume the risk of the federal share of potential losses and, thus, do not consider the potential federal share of losses in how they man...
Enterprise Risk Management: Selected Agencies' Experiences Illustrate Good Practices in Managing Risk
GAO-17-63: Published: Dec 1, 2016. Publicly Released: Dec 1, 2016.
Enterprise Risk Management (ERM) is a forward-looking management approach that allows agencies to assess threats and opportunities that could affect the achievement of its goals. While there are a number of different frameworks for ERM, the figure below lists essential elements for an agency to carry out ERM effectively. GAO reviewed its risk management framework and incorporated changes to better...
Information Technology: Better Management of Interdependencies between Programs Supporting 2020 Census Is Needed
GAO-16-623: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
The three selected Census Enterprise Data Collection and Processing (CEDCAP) projects (of 12 total) in GAO's review partially met best practices for monitoring and controlling. For example, the projects fully met the best practice of establishing a process for taking corrective actions if issues are identified, but they did not fully meet the practice of identifying significant performance deviati...