The Bottom Line - Summer 2017 - 9

CFO'S JOURNAL
The OCFO, in coordination with the
Council of Governments (COG), provided
the modeling and analysis to determine
the funding gap and solutions to fix the
METRO system so critical to the transportation needs and the long-term economic vitality to the region. In addition,
a long-range capital and financial plan
has been presented to the Mayor and
District Council that outlines the gaps,
challenges and solutions to address our
public infrastructure. This plan is also on
the website at cfo.dc,gov. A commitment
to providing the financial analysis and
support to Metro and the District's longrange infrastructure and financial plan is
outlined as two of the 25 initiatives in the
strategic plan.
Finally, we live in an era where risk from
cyber hacking, identity theft, and the need
to stay constantly vigilant with internal
controls and monitoring to prevent fraud
and theft consume significant resources
for both business and government. To
address this reality, the strategic plan outlines a significant initiative to implement an
Enterprise Risk Management (ERM) program. The planned ERM is similar to that
used by top tier businesses. An ERM program will identify areas of risk, develop
strategies to mitigate the risks, and develop
programs to manage and monitor these
risks. This can range from cyber security
risk to our financial systems to areas where
theft, fraud, waste, and abuse can occur.

Portions of an ERM program are well
underway in the OCFO, especially in areas
where new systems are being implemented. Policies and procedures are being
updated, internal audits are being conducted, and control tests used for monitoring are being analyzed. Organizational
changes will be made to ensure the best
use of the new technology from not only
an efficiency standpoint but from that of a
best practice of managing risk. The Office
of the Chief Risk Officer will develop the
ERM for all offices of the OCFO over the
coming months and years.
As I begin my new five-year term,
I am grateful to have employees committed to public service to take on the
significant challenges associated with
the many initiatives. When you take on
large technology projects, institute a
corporate culture change, review and
update business processes, and take
a hard look at your risks through an
ERM project, you will uncover new challenges that must be addressed. One of
my favorite quotes often attributed to
Theodore Roosevelt and others is "The
only person who never makes a mistake is the person who does not do anything." As we go forward, we will make
mistakes, learn from them, and move on
to work to improve District government
in our areas of responsibility. Our simple
goal is to work toward being a best in
class financial organization.

SUMMER 2017 | 9



Table of Contents for the Digital Edition of The Bottom Line - Summer 2017

IN THIS ISSUE
The Bottom Line - Summer 2017 - 1
The Bottom Line - Summer 2017 - 2
The Bottom Line - Summer 2017 - IN THIS ISSUE
The Bottom Line - Summer 2017 - 4
The Bottom Line - Summer 2017 - 5
The Bottom Line - Summer 2017 - 6
The Bottom Line - Summer 2017 - 7
The Bottom Line - Summer 2017 - 8
The Bottom Line - Summer 2017 - 9
The Bottom Line - Summer 2017 - 10
The Bottom Line - Summer 2017 - 11
The Bottom Line - Summer 2017 - 12
The Bottom Line - Summer 2017 - 13
The Bottom Line - Summer 2017 - 14
The Bottom Line - Summer 2017 - 15
The Bottom Line - Summer 2017 - 16
The Bottom Line - Summer 2017 - 17
The Bottom Line - Summer 2017 - 18
https://www.nxtbook.com/nxtbooks/dcgov/the-bottom-line-fall-2020
https://www.nxtbook.com/nxtbooks/dcgov/thebottomline_winter19
https://www.nxtbook.com/nxtbooks/dcgov/thebottomline_spring18
https://www.nxtbook.com/nxtbooks/dcgov/thebottomline_winter18
https://www.nxtbook.com/nxtbooks/dcgov/thebottomline_summer17
https://www.nxtbookmedia.com