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Audits and Evaluations

Risk Management

Audit Report
November 2009

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Figure 2 : MAF-Based Risk Management Framework

Governance & Strategic Directions

  • There is senior management direction on the Vision for IRM (principles, framework, and processes) that is tailored and responsive to the organization's external and internal context , and that supports government-wide management of risk

  • Risk is managed horizontally (across all Programs), vertically (across all levels of the organization), and functionally ensuring appropriate integration into all key planning, policy-making, delivery, and decision-making processes.

  • There is ongoing senior-level oversight of: the management of risks at all levels, effectiveness of risk management arrangements, and adherence toirisk management Policy

  • Guidance is provided on Risk Tolerance and risk mitigation strategies

Public Service Values

  • Departmental culture recognizes the presence of risk in all activities and the need to explicitly manage risk through mitigation, or avoidance, transfer, or sharing

  • Departmental culture values good risk management as a key component of managerial excellence

Results & Performance

  • Relevant information on risk is gathered and used to make decisions

  • Performance of the risk management arrangements toward Maturity is reported annually to senior management

  • Reporting and Disclosure to Senior Management, Central Agencies, Parliament, and the Public is balanced, transparent and easy to understand.

Learning, Innovation and Change management

  • Ongoing risk management learning is developed and implemented

  • Change management principles and practices are applied, including planning for appropriate resources (i.e. people, systems, finances, etc.)

Policy & Programs

  • Risk Management Policy defining principles, roles & responsibilities, processes, and terms is a key feature the department's risk management arrangements

  • Annual risk management planning (including environmental scanning) is conducted to refine key risks, their management approaches, and to refine the departments risk management arrangements covering tolerance, stakeholders, competencies, etc

People

  • Risk management competency needs are determined and developed covering risk assessment, risk management , and risk communications

  • Information on risk is communicated timely

Citizen-focused Service

  • External risk Communications and stakeholder engagement is carried out on an ongoing basis to ensure needs, issues and concerns, risk perceptions and mis-perceptions (GoC or stakeholders) are included in risk analysis and decision-making

Risk Management

  • An effective balance is established between informal (intuitive) and formal (systematic, structured) risk management is established and maintained based on context, urgency and significance of risk exposure

  • Risk is not mitigated to absolute minimum as a general rule which can stifle creativity and innovation. Rather, it is reduced to a tolerable or acceptable level.

Stewardship

  • Risk-related requirements of relevant control-related authorities are incorporated: FAA, Fed AA, TBS Policies

  • Indicators for results, risk and accountability managed in an integrated manner

Accountability

  • Risk management roles and responsibilities are integrated into the departmental accountability mechanisms (job descriptions, performance reviews, Terms of Reference, etc)

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