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Tightening controls in Federal Government
Congress and the White House have presented federal agencies with a significant set of regulatory and financial challenges. Mandates such as Circular A-123 call for improving the accountability and effectiveness of federal programs and operations. Add to that the push to embed better internal controls in the federal government to improve risk management and modeling, and also integrate risk and finance information, processes and systems.
While many agencies have worked for years to implement these requirements, the work is often done in departmental silos with disjointed and sometimes conflicting results. Amid shrinking budgets and intense scrutiny from Congress and taxpayers, federal agencies must get their compliance and risk management houses in order.
Government stands to learn from what the private sector is doing to tighten controls. Forward-thinking agencies will find that the right methodology, supported by the right tools, will greatly benefit the organization by embedding monitoring and reporting into enterprise processes. Not only will agencies gain actionable insight into risk, they will be more aware of opportunities to improve efficiency and effectiveness.
Why is now the time for federal agencies to embark upon a governance, risk and compliance program? A mature GRC program can help move a federal government organization from a reactive stance, where the organization is simply compliant with government regulations, to a proactive position in which the agency is managing risk across the enterprise.
Federal agencies can also achieve benefits and improvement opportunities, including:
Accenture has found that federal organizations that are achieving success in compliance and risk management are focusing on three areas:
Agencies can achieve success and meet strategic objectives at a lower cost when they apply these concepts holistically as part of a governance, risk and compliance (GRC) program. GRC is executed most successfully when multiple functions (e.g., agency management, internal audit, management controls, IT, finance, investigations, legal) collaborate under a common framework to capture an enterprise view of governance, risk and compliance activities throughout the organization.
Every federal agency has a unique mission; therefore the tools to support it must be scalable and customizable. Governance, risk and compliance applications can reduce the cost of compliance, while building a foundation to balance risk management and performance.
Five key factors influence the successful addition of this functionality to the agency’s risk management function:
Read the full point of view to learn more about the five key factors.
August 7, 2012
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