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"Risk Management is a systematic approach to setting
the best course of action under uncertainty by identifying,
assessing, understanding, acting on and comunicating risk
issues." TBS, 2001
Integrated Risk Management (IRM) is a continuous, proactive
and systematic process that is used to understand, manage
and communicate risks from an organization-wide perspective.
IRM enables strategic decisions (through a risk-lens) that
contribute to the achievement of an organization’s overall
corporate objectives.
The introduction of risk management as one of the four pillars
of Modern Comptrollership placed a renewed emphasis on the
improvement of government management practices and acted as
a springboard for federal departments and agencies to seek
guidance in developing more corporate and systematic management
of risk. Building on our experience in helping prepare the
Treasury Board Secretariat (TBS) government-wide Integrated
Risk Management Framework (April 2001), we responded to our
clients' priorities and needs by offering a range of infrastructure
and implementation strategies such as risk management policies,
frameworks, action plans, training and tools.
Our collaborative work has resulted in the following enhanced
risk management capacities for creating and sustaining mature
risk environments:
- systematic risk analysis to shift resources from low to
high risk activities;
- corporate risk profiles depicting the "Key Risk Areas"
that guide strategic planning, decision-making and priority-setting;
- corporate integrated risk management frameworks and manager's
handbooks;
- risk management action plans and monitoring strategies;
- quality results-risk information in formal submissions
for program funding approval or renewal; and
- supportive and positive learning environments which foster
enhanced employee participation, teamwork, risk-taking,
acceptance of failure and accountability in day-to-day operations.
Over the last ten years, we have worked with numerous executives
in enhancing risk management practices and we have trained
hundreds of public service managers and officers in systematic
risk assessment methods and integration of risk analysis into
various management practices. Click
here to view the description of our risk management training
courses.
The escalating demand for our services and training sessions
clearly points to a widespread commitment to adopting an integrated
results-oriented approach to risk management that will help
employees better understand, manage and communicate risk and
the related options.
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