Does the US Government Need ERM?

As we enter another week in the evolving crisis sweeping our financial markets, it is clear that the central figure in this crisis, the US Government, has been reacting to events as they happen.   From the outside, it appears that the Government is using a trial-and-error approach by launching various imperatives with little knowledge of the expected result.  This is crisis management at its worst.

Once this crisis has passed, our Government should look to our northern neighbors for a lesson in risk management. The Canadian Government has been endorsing a program called "Results for Canadians" since the late 90's.  Part of this program focuses on how the Government can improve their approach in proactively dealing with potential risks.  In 2003, the Canadian Treasury Board developed an Integrated Risk Management Framework for use by all areas within the Canadian Government.  The Treasury Board explains the purpose of the framework as follows:

The Integrated Risk Management Framework provides guidance to adopt a more holistic approach to managing risk. The application of the Framework is expected to enable employees and organizations to better understand the nature of risk, and to manage it more systematically.

Could the US Government and Treasury use a risk framework, eh?  What are your thoughts?