The Bottom Line - Spring 2018 - 16

Risky Business
Marshelle Richardson,
OCFO Chief Risk Officer (CRO)

C

Creating an
effective riskmanagement system starts
with understanding the
types of risks that affect
an organization.

THE BOTTOM LINE

reating an effective risk-management
system starts with understanding the
types of risks that affect an organization.
Let's start by defining risks. Risk is the possibility that something can happen that prevents us from completing our daily operations, which support the Strategic Objectives
of the OCFO.
At the OCFO, our initial focus is to identify
and analyze those risks that could negatively
impact our agency. Internal controls exist to
help reduce or manage risks within an organization. They create a protective barrier
against potential threats facing the OCFO
that might impede our ability to achieve our
organizational goals and objectives.
Hopefully, by the end of this article, you
will have a better understanding of the types
of risk and why managing them is critical to
the success of our organization.
At the OCFO, we have identified seven
risk types or categories, that if not managed properly, may affect our ability to
operate as a BEST IN CLASS government
agency and prevent us from achieving our
strategic objectives. By sorting the risks that
face the OCFO into categories, we are able
to prioritize them (highest to lowest) and
apply resources to develop an appropriate
plan of action to address them.



Table of Contents for the Digital Edition of The Bottom Line - Spring 2018

The Bottom Line
Table of Contents
CFO’s Journal: Why a Value-Based Culture is Important and the Journey Ahead for the OCFO
DC Leads the Way in Long-Term Infrastructure Planning
2018 DC Institutional Investor Conference
Continuous Improvement Office: The First Four Months
Risky Business
OHR Training and Development Highlights
Office of the General Counsel: Working with the Mayor, City Council and the Congress
The Bottom Line - Spring 2018 - The Bottom Line
The Bottom Line - Spring 2018 - 2
The Bottom Line - Spring 2018 - Table of Contents
The Bottom Line - Spring 2018 - CFO’s Journal: Why a Value-Based Culture is Important and the Journey Ahead for the OCFO
The Bottom Line - Spring 2018 - 5
The Bottom Line - Spring 2018 - 6
The Bottom Line - Spring 2018 - 7
The Bottom Line - Spring 2018 - DC Leads the Way in Long-Term Infrastructure Planning
The Bottom Line - Spring 2018 - 9
The Bottom Line - Spring 2018 - 10
The Bottom Line - Spring 2018 - 11
The Bottom Line - Spring 2018 - 2018 DC Institutional Investor Conference
The Bottom Line - Spring 2018 - 13
The Bottom Line - Spring 2018 - Continuous Improvement Office: The First Four Months
The Bottom Line - Spring 2018 - 15
The Bottom Line - Spring 2018 - Risky Business
The Bottom Line - Spring 2018 - 17
The Bottom Line - Spring 2018 - OHR Training and Development Highlights
The Bottom Line - Spring 2018 - 19
The Bottom Line - Spring 2018 - Office of the General Counsel: Working with the Mayor, City Council and the Congress
The Bottom Line - Spring 2018 - 21
The Bottom Line - Spring 2018 - 22
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