President Obama has signed into law S. 1508, the “Improper Payments Elimination and Recovery Act” (IPERA), which is designed to enhance federal agency efforts to reduce and recover improper payments. Among other things, IPERA: requires agencies to conduct annual risk assessments; expands the types of programs that are required to conduct payment recovery audits; authorizes agencies to use recovered funds to improve financial management and inspector general activities; and requires agencies to take certain actions if they do not reduce improper payments.