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.