Archived - Audit of Risk Management

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Executive Summary

As part of the Government of Canada's commitment to strengthening risk management practices in the public service, the Treasury Board of Canada Secretariat (TBS) developed the Integrated Risk Management Framework (IRMF) in 2001. The IRMF defines integrated risk management as a continuous, proactive and systematic process to understand, manage and communicate risk from an organization-wide perspective. It is about making strategic decisions that contribute to the achievement of an organization's overall corporate objectives.

The objective of the Audit of Risk Management is to provide the Department of Finance (the Department) with reasonable assurance that the corporate risk management framework and processes it has in place effectively identify, assess and manage corporate risks.

Our audit concluded that overall, the Department has developed an adequate Corporate Risk Profile (CRP) and has established an Integrated Risk Management (IRM) function, in line with good management practices and the TBS guidelines on IRMF. The Department has implemented the elements of an effective risk management framework; however, some elements of the communication strategy presented in the Corporate Risk Profile (CRP) have not been fully implemented.