Public Administration Commons^™

Strategic Management Of Three Critical Levels Of Risk, Christine G. Springer

Public Policy and Leadership Faculty Publications

The financial crisis that erupted in 2007 revealed a major gap in the management systems of government and business. For the most part, governments focused on revenue growth, productivity, cost control and quality. There were many interrelated factors involved with the failures but two in particular stand out in my mind: a failure to explicitly account for risk when formulating organizational strategies and a failure to monitor and manage the risks that they had identified and assumed. Organizations face many different types of risk but often they can be categorized into three types based upon their predictability, controllability and management. …