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Response of Library and Archives Canada to the Round VI Management Accountability Framework Action Plan 2009-2010

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, move ahead on the issue of senior management accountability for key risks and the associated mitigation strategies.

Indicators TBS evaluation
9. Risk managementAcceptable

TBS recommendations:

  • LAC should continue to promote internal evaluation of risk management practices and draw up an integrated risk management manual at the earliest opportunity.
  • LAC should move ahead on the issue of senior management accountability for key risks and the associated mitigation strategies, which is an important component of effective risk management.

LAC Action Plan:

  • The senior level agreements will include the risk management and the development of the associated mitigation strategies.
  • The 2008–2009 Departmental Performance Report (DPR) will include and will explain the efficiency of the mitigation strategies of the key risks of the organization.
  • LAC will develop a risk management culture by providing tools and information on risk management on its intranet to help managers adopt a risk management approach to their project planning.
  • 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) will be aligned to operational and internal risks.
  • A risk management coordination model of the main functions of the institution will be developed.
  • LAC will assess the effectiveness of its risk management practices (winter 2009).
    • LAC will implement the recommendations of the audit of risk management that was completed in March 2009. A management action plan will be prepared and presented to the LAC External Audit Committee (fall 2009).
  • Further to this assessment, LAC will:
    • 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 its Handbook on Integrated Risk Management for Managers and its Corporate Risk Profile.
    • A risk communications strategy will be developed and promoted.
    • The Communications Office has developed a Crisis and Emergency Communications plan, which will become part of the Risk Communications package (the plan will be presented to Management Board for approval in September 2009).

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