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US Department of Education Principal Office Functional Statements
Office of Federal Student Aid

Functional Statements > Federal Student Aid

Risk Management

Risk Management in Federal Student Aid is responsible for providing best in business service for all internal review, audit resolution, risk assessment, risk management strategy, portfolio risk management and monitoring Federal Student Aid performance in high-risk issue areas. To accomplish this mission, Risk Management has two principal components:

The Risk Analysis and Reporting Group is responsible for providing enterprise-wide risk management oversight and guidance and has the following functions:

  • Improving risk management efforts, activities and reporting;
  • Coordinating annual high-level risk assessments of Federal Student Aid;
  • Performing targeted risk assessments at the direction of senior management or as deemed appropriate;
  • Implementing data analysis techniques and risk assessment methodologies to improve efforts to quantify, evaluate and report on risk;
  • Assisting in the review, evaluation and approval of key projects, systems and organizational changes;
  • Developing an enterprise risk management strategy; and
  • Establishing and implementing an enterprise risk management framework.

Internal Review Group

The Internal Review Group is responsible for helping to ensure an effective internal control framework is in place across the enterprise and has the following functions:

  • Monitoring Federal Student Aid’s performance in high-risk areas identified by the Government Accountability Office (GAO);
  • Coordinating meetings with GAO on high-risk issues;
  • Serving as Federal Student Aid’s official audit liaison with authority delegated from the Chief Operating Officer;
  • Reporting on audit exception/resolution progress;
  • Reporting on status of Corrective Action Plans execution;
  • Working with Education’s Office of Inspector General and GAO to facilitate their audits and address identified issues;
  • Assisting in the review, evaluation and approval of key projects, systems and organizational changes; and
  • Performing internal reviews at the direction of senior management.

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Last Modified: 04/14/2015