Cover -- Title Page -- Copyright -- Contents -- Foreword -- Preface -- Part 1 Introduction and Overview -- Chapter 1 Managing Risk of Federal Agencies and Their Programs through Enterprise Risk Management -- Risk Management as an Essential Part of Federal Management -- Risk Management as an Integral Part of Good Decision Making -- The Unique Challenges of Managing a Government Agency -- Establishing Effective Risk Management -- Managing Risk in Government Agencies: Overview of the Book -- References -- Chapter 2 The Need for Effective Risk Management -- Defining Risk -- The Source of Uncertainty: Change -- Risk and Reward -- The Risk Management Process -- The Essence of Organizational Success: Stakeholder Value -- The Role of Information Technology in Risk Management -- The Importance of Organizational Change Management -- Putting It All Together -- Conclusion -- References -- Chapter 3 Introduction to Risk Management for Government Managers -- Fitting Risk Management into an Organization -- Promising Practices in Risk Management -- Observations about Risk Management in Government: What Works and What Doesn't -- Conclusion -- References -- Chapter 4 Risk Management and Challenges of Managing in the Public Sector -- Unique Risk Management Challenges of Public Programs -- Third-Party Governance: The Challenge of Managing Risk across Organizational Boundaries -- Goal Setting, Accountability, and Prioritization of Risks -- Concluding Observations -- References -- Chapter 5 Creating and Keeping Your Options Open-It's Fundamental -- The Real World Is Rarely Simple and Stable -- Systems Set the Stage -- Managing More Easily-Options in Time -- Examples of Options in Time in Practice -- Conclusion -- Key Points -- References -- Part 2 Moving toward Enterprise Risk Management.

Chapter 6 Introduction to Enterprise Risk Management for Government Managers -- Shortcomings of Traditional Risk Management -- The Impact of Managing Risk within Silos-a Case Study -- The Maturation of Traditional Risk Management into Enterprise Risk Management -- Key Principles of Enterprise Risk Management -- What Enterprise Risk Management Is Not -- The Payoff -- Summary -- References -- Chapter 7 Implementation of Enterprise Risk Management at the Office of Federal Student Aid of the U.S. Department of Education -- Overview of FSA -- Initial Implementation of ERM at FSA -- Initial Activities and Challenges in Implementing Enterprise Risk Management at FSA -- Expanding the ERM Program-A Change in FSA's Business Model -- Key Considerations and Challenges When Implementing the Expanded ERM Program at FSA -- Conclusion -- References -- Acknowledgments -- Chapter 8 Integrating Enterprise Risk Management with Strategic Planning and Resource Management -- Context -- Enterprise Risk Management and Strategy -- Enterprise Risk Management and Resource Management -- Conclusion -- Chapter 9 Building Enterprise Risk Management into Agency Processes and Culture -- Building a Shared Understanding of Risks through Conversations -- The Key Enterprise Risk Management Techniques -- Improved Decision Making and Prioritization -- Conclusion -- References -- For Further Reading -- Appendix: Hydro One Inc. Enterprise Risk Management Policy -- Part 3 Special Topics in Risk Management and Response -- Chapter 10 Risk Management and the Dynamics of Budget Cuts -- The Dynamics of Protracted Budget Controversy and the Risk and Uncertainty They Create -- Long-Term Budget Cuts and the Risks They Create -- The Role of Risk Management in Reducing Chances of a Major Mishap.

Strengthening Agencies' Ability to Deal Effectively with Budget Pressures -- Conclusion -- References -- Chapter 11 Managing Reputational Risk -- What Is Reputational Risk and What Does It Mean to Government? -- What Determines Reputation and How Can Government Address These Factors? -- External Influences on Reputation -- Consequences of Reputational Loss for Government Organizations -- Reputational Risk Mitigation -- Conclusion -- References -- Chapter 12 Risk Management and Decision Making: Lessons from the Financial Crisis for Federal Managers -- The Financial Crisis: How It Emerged, What Happened, and the Costs -- Decision Making at Firms That Failed: Common Shortcomings -- Decision Making at Firms That Succeeded: The Importance of Culture -- Lessons in Governance, Risk Management, and Decision Making -- Conclusion -- References -- Part 4 Conclusion -- Chapter 13 Effective Enterprise Risk Management: Mapping the Path Forward -- Recommendations -- Conclusion -- References -- For Further Information -- For Further Reading -- About the Editors -- About the Contributors -- Index.