Enterprise Risk Management Process At The Railroad Retirement Board Was Not Fully Effective

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Date Issued

Monday, July 9, 2018

Submitting OIG

Railroad Retirement Board OIG

Other Participating OIGs

Railroad Retirement Board OIG

Agencies Reviewed/Investigated

Railroad Retirement Board

Report Number

18-07

Report Description

RRB-OIG's audit determined that the RRB’s Enterprise Risk Managemetn process was not fully effective. RRB had not complied with all of the internal control requirements in OMB’s revision of OMB Circular A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, and did not implement the ERM process agencywide.

Report Type

Audit

Agency Wide

Yes

Number of Recommendations

Questioned Costs

Funds for Better Use

Open Recommendations

This report has 5 open recommendations.

Recommendation Number	Significant Recommendation	Recommended Questioned Costs	Recommended Funds for Better Use	Additional Details
18-072	No	$0	$0
The Management Control Review Committee should implement formal internal control activities in the Current Risk Response portion of their risk profile.
18-076	No	$0	$0
Management Control Review Committee should document and maintain current support for Risk Profile determinations.
18-077	No	$0	$0
Management Control Review Committee should include assessable units in risk profile that are critical to the Railroad Retirement Board’s strategic goals.
18-078	No	$0	$0	Management does not concur with this recommendation. This recommendation remains open because the Office of Inspector General for the Railroad Retirement Board continues to see the need for the recommended corrective action.
Management Control Review Committee should acknowledge material weaknesses and revise assessments accordingly in the next risk profile.
18-0710	No	$0	$0
Management Control Review Committee should monitor audit recommendations on a regular basis and take action to ensure they are closed in the required timeframe.