Building a Risk Management Approach for State Government

Tuesday, December 3, 2019
2:00 - 3:00 PM ET

Description: In this session we will review the different strategies state governments take to risk management, as well as best practices to build a comprehensive risk management framework. Our survey of NASCA members revealed four archetypes: risk owners, risk collaborators, risk responders and risk prone.  We will look deeper at the data to understand the pros and cons of different approaches, and common challenges and opportunities across risk archetypes.  We will review the risks commonly faced by state government -- such as health and safety risk, operational risk and compliance risk, as well as highlight some less intuitive categories of risk such as strategic risk and socioeconomic risk.  And we will introduce a risk management framework states can use to identify, evaluate, and manage risk, and share best practices across all pieces of the framework, including both public and private approaches to success.  

What we'll cover. Participants will expect to learn:

  • Understand the risk archetypes and the pros and cons to different approaches
  • Build awareness of the different types of risk facing state government
  • Introduce a framework state government leaders can use to develop a comprehensive risk management strategy 

Speakers:

  • Joseph “Jay” Truesdale, Associate Partner, Boston Office, McKinsey & Company
  • Allan McVey, Secretary of the Department of Administration, West Virginia