Navigating Risk - a Focus on Cyber Security

We are pleased to present our report for the period March 31, 2012, through October 1, 2012. Once again our theme focuses on navigating risks faced by the Tennessee Valley Authority (TVA)-specifically, cyber security risk. Business leaders and government officials alike recognize the significant risk posed from cyber security threats that are constantly changing. As discussed in the feature article in this semiannual report, given what is at stake, it is imperative that agencies are agile enough to handle not only their identified historical threats, but any future threats as well.All of the work that we do in the Office of the Inspector General (OIG) is aimed at reducing risks for TVA. Our accomplishments for this semiannual period all reflect, in one way or the other, how the OIG has made TVA better by reducing risks. Our audit, evaluation, and investigation activities resulted in almost $28 million in recoveries, fines/penalties, waste, potential savings, questioned costs, or funds which could be put to better use, as well as numerous recommendations to help TVA become better and recognize areas where additional controls may be necessary to adequately manage risks.