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Expertise and Resources for the Government Contracting Community

Enterprise Risk Management Toolkits

(Launching Q2 2024)

  • This Toolkit describes the 5-step methodology for Enterprise Risk Assessments as established by the COSO Framework and top scholars and practitioners in ERM.

  • This Toolkit explains and walks through the best practices to satisfy the expectations of Boards of Directors for Enterprise Risk Management programs.

  • ·The Toolkit explains how to develop risk appetite and risk tolerance scales to ensure all stakeholders in the organization use a common definition of low, medium and high risk.

  • The Toolkit explains how to conduct each of the 5 steps and provides sample tools to use for each step:

Identification:

  • Explains the objectives of identifying enterprise risk and describes the cross-section of leaders who should be involved in the identification.
  • Provides sample surveys and interview questions for such identification.

Assessment:

  • Describes how to assess the “likelihood” and “impact” of each identified risk and create a “heat map” to determine the relative placement of each risk as low, medium or high.
  • Provides sample heat maps to use for such assessments.

Prioritization:

  • Explains the process in which risks are prioritized and the executives who should be involved in the prioritization.
  • Provides sample templates to use for discussions with executives on prioritization.

Mitigation:

  • Describes the steps necessary to develop robust and reliable mitigation plans.
  • Provides sample templates for mitigation plans.

Monitoring:

  • Explains the process for monitoring risk mitigation until completion.
  • Provides sample templates for monitoring risk mitigation.
  • The Toolkit explains how enterprise risk assessments should fit into the annual business cycle to maximize the value for budgeting, building annual performance objectives and other purposes.

  • ·The Toolkit advises different types of organizations, such as small businesses and non-profits, how they can streamline the 5-step methodology and adapt it to their particular needs.