ABSTRACT
In the aftermath of the financial crisis that began in 2008, many existing federal credit programs were expanded and new credit programs implemented, in order to provide financial assistance to individuals and businesses. In late 2011 the Office of Management and Budget (OMB) and US Department of the Treasury began a discussion with several agencies whose credit programs were created or expanded to learn what risk management practices these programs had put in place to help the programs operate through the crisis and manage the increase in credit exposure. From this outreach, Treasury and OMB learned many valuable lessons and found best practices being implemented, and this led to a revision of OMB Circular A-129, Policies for Federal Credit Programs and Non-Tax Receivables. This chapter shows how Treasury built upon its involvement in that effort to establish an enterprise risk management program. Throughout the chapter the authors emphasize their efforts to overcome bureaucratic resistance and develop a risk management culture across the department to integrate ERM into its management practices.
