CDFM Module 1: Resource Management Environment 1.3 Accurate 100%

Enterprise Risk Management (ERM) - ANSWER -agency wide approach to addressing interrelated risk & how to more effectively prioritize & manage risk OMB Circular 136 Financial Reporting Requirements - ANSWER -Requires each agency to develop a risk profile & suggest putting in place an oversight counsel Internal Controls - ANSWER -is a process effected by an entity's oversight body, management, and other personnel that provides reasonable assurance that the objectives of an entity will be achieved. ERM and IC responsibilities: - ANSWER Federal leaders & managers are responsible for: (1) establishing & achieving goals & objectives, (2) seizing opportunities to improve effectiveness and efficiency of operations, (3) provide reliable reporting, and (4) maintaining compliance with relevant laws & regulations