Audit of Risk Management

3 Conclusion

Risk Management is part of the Government of Canada’s vision for responsible stewardship. The audit confirmed that the Department is still in the early implementation stages, of using an integrated risk management approach.

There is a governance structure in place at the corporate level and senior management is engaged in the process. A draft IRM framework has been developed including roles and responsibilities, but has not yet been approved. The CRP has been developed and routinely updated, but still lacks some of the key elements, such as completing an external assessment, identifying and communicating “risk tolerance”, active monitoring and identifying (and/or incorporating significant) program risks.

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