In Focus: Governance, Risk and Compliance

The future of risk management

The In Focus mini-series examines more closely issues and topics of importance to federal agencies and contractors. Each month, Federal News Radio speaks with key stakeholders to better understand challenges and opportunities. This month focuses on Governance, Risk and Compliance.

We’ll all be hearing more in the next few years about risk management, compliance and governance. The Government Accountability Office puts out the Green Book, containing standards for financial control in federal accounting. This is the federal equivalent of the COSO internal controls applying to the commercial world. The Green Book, as well as the update to Circular A-123, stresses risk assessment. The larger risk issue, enterprise risk management, concerns strategic risk. We believe this will be a challenge for executive agencies – how to implement A-123 and look at risk across the enterprise. We need to develop risk profiles encompassing more than just dollars and cents. For instance, government information technology. Here you find great variability in systems – ranging from old to new, each with various levels of vulnerability.

 

Host

Federal Drive host Tom Temin

Tom Temin, Federal News Radio

Tom Temin has been the host of the Federal Drive since 2006. Tom has been reporting on and providing insight to technology markets for more than 30 years.  Prior to joining Federal News Radio, Tom was a long-serving editor-in-chief of Government Computer News and Washington Technology magazines. Tom also contributes a regular column on government information technology.

 

Guest

2013 FMA James Dalkin 2Jim Dalkin, Director of Financial Management Assurance, Government Accountability Office

James R. Dalkin is a Director in the Financial Management and Assurance Team with the U.S. Government Accountability Office (GAO). He serves as a member of the AICPA’s Auditing Standards Board (ASB) and the International Auditing and Assurance Board (IAASB) Consultative Advisory Group (CAG). He is an observer on the COSO Advisory Board. Mr. Dalkin has responsibility for directing GAO’s work to develop and maintain government auditing standards (the Yellow Book); internal control standards for the federal government (the Green Book); and, GAO’s work with the accounting and auditing profession. He is also responsible for the audits of the Securities Exchange Commission and the Federal Deposit Insurance Corporation (FDIC) Statement. Prior to joining the GAO, Mr. Dalkin served at a global firm and audited a wide range of organizations ranging from commercial health care entities to governmental agencies. Mr. Dalkin is a frequent speaker at national auditing conferences for AICPA and other professional organizations. He has also authored articles for publications including the Journal of Accountancy. He has contributed to the profession through his involvement with the AICPA Task Force on Performance Audits and chairs the International Disclosures Task Force. Mr. Dalkin serves as an adjunct accounting faculty at Georgetown University. Mr. Dalkin has a Master’s Degree in Business Administration from the George Washington University and a Bachelor of Science in Accounting from the University of Virginia.