Open Recommendations

Establish a Risk Management Committee and include key personnel and stakeholders from different CFTC Divisions.

Create the Governance Charter and hold regular meetings with the Risk Management Committee.

Update and finalize an ERM roadmap from 2020 which includes estimated and actual completion dates.

Develop Annual Risk Analysis Reports and distribute to the various divisions.

Implement an Enterprise Governance, Risk and Compliance (eGRC) Tool which will help aggregate risks across the enterprise and map them to strategic objectives.

Enhance ERM communication channels and hold regular meetings between the ERM team and departments.

Increase CFTC leadership support and conduct regular briefings and workshops, and actively participate in ERM activities.

Foster a collaborative environment by appointing ERM liaisons within each division.

Conduct training sessions to educate employees about the ERM program and its benefits.

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.

Create standardized procedures to conduct ERM assessments including guidelines for risk identification, assessment, mitigation, and monitoring.

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.

Maintain a centralized risk register to document all identified risks as well as the risk owners, mitigation strategies, and monitoring plans.

Establish a timeline and criteria for conducting regular risk assessments and continuously monitoring and managing risk with at least an annual risk assessment.

Regularly review and update the ERM program to incorporate best practices and lessons learned to strive for continuous improvement.

Enhance its ERM team capacity and prioritize hiring skilled ERM professionals and provide ongoing training to existing staff.

Ensure ERM considerations are integrated into the strategic planning process with active involvement from senior executives.

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.

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.

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.

We recommend that USAID's Office of Acquisition and Assistance Cost, Audit and Support Division/Contract Audit Management Branch verify that the African Institute for Development Policy corrects the instances of material noncompliance detailed on pages 45 to 57 of the audit report.

We recommend that USAID/Pakistan:

We recommend that USAID/Pakistan:

We recommend that USAID/Pakistan:

We recommend that USAID/Pakistan: