ABSTRACT
A key challenge to the successful implementation of enterprise risk management in the public sector is reconciling the roles of the risk function with those of the office of inspector general (OIG) and the Government Accountability Office (GAO). This is due to the congressional reporting relationships, public reporting requirements and independent oversight missions of the GAO and OIGs. To create and maintain win-win relationships, this chapter discusses roles and perspectives, basic truths about the nature of the relationship and essential ingredients for success. Both GAO and OIGs may be able to play important roles in risk management as champion, evaluator and risk advisor. Promising practices can be adapted and replicated to fit agencies of all sizes. A win-win relationship, whenever possible, can strengthen an agency’s risk culture and support the common goal of a better-prepared and more resilient government.
