Library and Archives Canada
Symbol of the Government of Canada

Institutional links


Archived Content

This archived Web page remains online for reference, research or recordkeeping purposes. This page will not be altered or updated. Web pages that are archived on the Internet are not subject to the Government of Canada Web Standards. As per the Communications Policy of the Government of Canada, you can request alternate formats of this page on the Contact Us page.

Response of Library and Archives Canada Management and - Accountability Framework Assessment Round V (2007–2008)

Risk Management

The Government of Canada expectations for stewardship are as follows: "the executive team clearly defines the corporate context and practices for managing organizational and strategic risks proactively."

LAC acknowledges the need to build its risk-management capabilities within the government. For several years now, LAC has kept pace with integrated risk management within its institution so as to improve outcomes by managing risk dynamically and by instituting appropriate mitigation measures. The institution acknowledges the importance of developing an overview of its environment so as to set its priorities in an appropriate and reasonable manner.

In its evaluation, TBS acknowledged LAC's progress in organizational risk management, as the institution had implemented a corporate risk profile. LAC must, however, continue with its ongoing effort by incorporating risk management into its planning cycle.

Indicators TBS evaluation
9. Risk managementAcceptable

TBS recommendations:

  • LAC should take care to implement an integrated risk management (IRM) framework and approach that reflects its size and context so as not to overburden the organization.
  • Situate key risk and risk-related activity in a more coherent IRM approach so that staff and managers can see themselves in an entity-wide context.
  • It would also be useful for the organization to set measures alongside key risks in an effort to track and demonstrate progress made year after year in addressing risks.
  • Use IRM as a tool to help further by ensuring that a neutral definition of risk is used in all corporate risk activity.

Action plan:

  • Senior management is actively involved in the development of its risk profile and regularly reviews it.
  • LAC provides clear links between planned audit/evaluation activities, key corporate risks and strategic outcomes.
  • LAC's corporate risk profile (CRP) is aligned to operational and internal risks.
  • Corporate planning is guided by risk management.
  • LAC will assess the effectiveness of its risk-management practices (Fall 2008 and Winter 2009).
  • Further to this assessment, LAC will:
    • Determine and implement required actions and measures for managing risks in a more integrated organization-wide fashion and to establish an internal audit function based on risk (Winter–Spring 2009).
    • Develop required performance measurement indicators (Summer–Fall 2009).
    • Ensure that a neutral definition of risk is used for all risks associated with organizational operations and activities.
  • LAC will continue to develop its business continuity plan and clearly explain how it aligns with IRM and the CRP.
  • A risk communication strategy will be developed and promoted.
  • LAC will encourage all employees to use the project risk assessment tool the organization has developed.
  • LAC will develop a risk management culture by:
    • Training members of LAC's Management Forum on IRM (Fall 2008).
    • Providing tools and information on risk management on the Intranet to help managers adopt a risk-management approach to their project planning.

Previous | Table of Contents | Next