U.S. Department of Treasury Brings GRC Maturity to a New Level
The concept of risk management extends to both government and industry and the key to developing comprehensive governance, risk and compliance (GRC) strategies often means going beyond just meeting compliance requirements.
The U.S. Department of Treasury’s Bureau of the Public Debt, Office of Financing, recently undertook a comprehensive GRC improvement project to ensure compliance with the Government Performance and Result Modernization Act (GPRAMA) of 2010. In building out this process, the Bureau found that it provided much greater value that extended beyond compliance.
The Bureau’s new GRC strategy measured performance through a risk-based assessment methodology, which allowed it to create a modular tool to enable that assessment process. It developed an integrated framework for measuring performance with three core components:
- Alignment of strategic plans and initiatives with performance and risk measures
- Qualitative performance assessment
- Quantitative risk assessment
As a result, this new framework provided a basis for building a level of GRC maturity defined by the Open Compliance & Ethics Group (OCEG) GRC Maturity Model.
The new framework also demonstrated the value of documentation, established measures and continual analysis. This has allowed the Bureau to also identify future needs for continual improvement that will further support its operational, strategic and tactical objectives.
On top of this, the Bureau also proved to be a pivotal player in the GRC arena by being recognized as a 2012 GRC Achievement Award winner by the OCEG. The OCEG has also posted a video presentation of the Bureau’s award submission, which provides more details its new GRC program.
Congratulations to the Bureau of the Public Debt, Office of Financing for pulling off a pivotal play by bringing the concept of GRC maturity to a new level for the Department of Treasury.