| ERM-24-01 - Recommendation 1 |
No |
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Establish a Risk Management Committee and include key personnel and stakeholders from different CFTC Divisions.
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| ERM-24-01 - Recommendation 2 |
No |
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$0 |
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Create the Governance Charter and hold regular meetings with the Risk Management Committee.
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| ERM-24-01 - Recommendation 3 |
No |
$0 |
$0 |
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Update and finalize an ERM roadmap from 2020 which includes estimated and actual completion dates.
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| ERM-24-01 - Recommendation 4 |
No |
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Develop Annual Risk Analysis Reports and distribute to the various divisions.
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| ERM-24-01 - Recommendation 5 |
No |
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Implement an Enterprise Governance, Risk and Compliance (eGRC) Tool which will help aggregate risks across the enterprise and map them to strategic objectives.
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| ERM-24-01 - Recommendation 6 |
No |
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Enhance ERM communication channels and hold regular meetings between the ERM team and departments.
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| ERM-24-01 - Recommendation 7 |
No |
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Increase CFTC leadership support and conduct regular briefings and workshops, and actively participate in ERM activities.
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| ERM-24-01 - Recommendation 8 |
No |
$0 |
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Foster a collaborative environment by appointing ERM liaisons within each division.
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| ERM-24-01 - Recommendation 9 |
No |
$0 |
$0 |
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Conduct training sessions to educate employees about the ERM program and its benefits.
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| ERM-24-02 - Recommendation 10 |
No |
$0 |
$0 |
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Develop a formal ERM policy that outlines the framework, objectives, and scope of the program. This policy should be approved by senior management and communicated across the organization.
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| ERM-24-02 - Recommendation 11 |
No |
$0 |
$0 |
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Create standardized procedures to conduct ERM assessments including guidelines for risk identification, assessment, mitigation, and monitoring.
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| ERM-24-02 - Recommendation 12 |
No |
$0 |
$0 |
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Define its ERM risk rating methodology to consistently evaluate and prioritize risks and align this methodology with the organization’s risk appetite and tolerance levels.
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| ERM-24-02 - Recommendation 13 |
No |
$0 |
$0 |
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Maintain a centralized risk register to document all identified risks as well as the risk owners, mitigation strategies, and monitoring plans.
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| ERM-24-02 - Recommendation 14 |
No |
$0 |
$0 |
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Establish a timeline and criteria for conducting regular risk assessments and continuously monitoring and managing risk with at least an annual risk assessment.
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| ERM-24-02 - Recommendation 15 |
No |
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Regularly review and update the ERM program to incorporate best practices and lessons learned to strive for continuous improvement.
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| ERM-24-03 - Recommendation 16 |
No |
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$0 |
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Enhance its ERM team capacity and prioritize hiring skilled ERM professionals and provide ongoing training to existing staff.
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| ERM-24-03 - Recommendation 17 |
No |
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$0 |
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Ensure ERM considerations are integrated into the strategic planning process with active involvement from senior executives.
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| ERM-24-03 - Recommendation 18 |
No |
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We suggest CFTC to also Improve its processes by investing in technology that supports ERM activities, such as risk assessment tools and data analytics platforms.
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| ERM-24-03 - Recommendation 19 |
No |
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$0 |
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Address budget constraints by reevaluating the resources dedicated to the ERM program and exploring cost-effective solutions and tools to enhance the ERM program without significant financial investment.
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| ERM-24-03 - Recommendation 20 |
No |
$0 |
$0 |
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Strengthen its organizational resilience by conducting regular risk awareness and training sessions for all employees to build a risk-aware culture and establish a feedback loop to continuously assess and improve the ERM program based on lessons learned and emerging best practices.
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