DoD Reemphasizes the Importance of Risk Management

For several years, the Office of Management and Budget (OMB) has recognized a growing need for Federal agencies to broaden their risk management perspective beyond financial risks and related internal controls addressed in OMB Circular A-123 – Management’s Responsibility for Internal Control. Since the issuance of Circular A-123 in 1981, OMB has focused primarily on financial reporting risks at the program level, with little regard for non-financial/ operational risk associated with agency missions.

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