Enterprise Risk Management (ERM) provides an enterprise-wide, strategically aligned portfolio view of organizational challenges that provides improved insight about how to more effectively prioritize and manage risks. The Tennessee Valley Authority (TVA) Board of Directors established a formalized ERM program in 1999 to (1) develop a standard framework and (2) promote risk management awareness and techniques to manage risks throughout the company. Due to the importance of TVA identifying and assessing risks, we evaluated (1) the process used by TVA business units (BU) to identify risks and (2) how BU risks were used to comprise TVA's enterprise risk levels. We determined the processes used by TVA were generally effective for identifying strategic business unit (SBU)/BU risks and assessing those risks to determine enterprise level risks. However, we identified some opportunities for improvement related to documentation of the ERM process and defining and documenting TVA’s risk appetite. Additionally, we could not determine if the risks in the 2022 Enterprise Level Risk Portfolio adequately addressed the rolling blackouts that occurred on December 23 and 24, 2022.
| Report Date | Agency Reviewed / Investigated | Report Title | Type | Location | |
|---|---|---|---|---|---|
| Tennessee Valley Authority | Identification of TVA’s Enterprise Risks | Inspection / Evaluation | Agency-Wide | View Report | |
| Social Security Administration | Fiscal Year 2023 3rd Quarter Audit Work Plan | Other | Agency-Wide | View Report | |
| Department of the Treasury | CORONAVIRUS DISEASE 2019 PANDEMIC RELIEF PROGRAMS: Audit of Air Carrier Worker Support Certifications - Wings Air Helicopters, LLC (Redacted) | Audit | Agency-Wide | View Report | |
| Smithsonian Institution | Information Security: Enhancements Needed to Improve | Audit | Agency-Wide | View Report | |
| Smithsonian Institution | Audit of Federal Awards Performed in Accordance with Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards | Audit | Agency-Wide | View Report | |
| Defense Intelligence Agency | Evaluation of Analytic Tradecraft Standards, Project 2022-2005 | Inspection / Evaluation | Agency-Wide | View Report | |
| Department of Agriculture | Environmental Quality Incentives Program | Other | Agency-Wide | View Report | |
| Peace Corps | Audit Report on Volunteer Payments and Collections at the End of Service | Audit | Agency-Wide | View Report | |
| Peace Corps | System Peer Review - Peace Corps Office of Inspector General Audit | Other | Agency-Wide | View Report | |
| Corporation for Public Broadcasting | Evaluation of KSHI-FM, Zuni Communications Authority, Compliance with Selected Communications Act, Diversity, and Transparency Requirements, Report No. ECR2305-2306 | Inspection / Evaluation |
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View Report | |
