Enterprise Risk Management

Enterprise Risk Management

Introduction

Enterprise Risk Management (ERM) describes the coordinated, ongoing application of risk management across all parts of an organization, and from the strategic through to the operational (service delivery) level.

Risk Management is the structured and disciplined efforts to understand and mitigate risk, reduce uncertainty and better meet or exceed goals and objectives.

It is a management practice that has received top priority for the governance of corporate business generally, in an atmosphere of increased oversight by regulators and stakeholders. Public sector authorities now have a keen interest in taking a formalized approach to managing risk and identifying new opportunities.

The Government of British Columbia has adopted this methodology as the framework for strategic and operational decision-making.

Initiative

Vision: A provincial public sector that integrates risk management principles and best practices into its daily work environment.

Risk Management Branch has implemented one of the first multi-faceted ERM programs to address an entire provincial government, while providing guidance for agencies, boards, commissions, provincial Crown Corporations, as well as the health and education sectors. Apart from having established corporate policy and standards, Risk Management Branch co-operates with other government agencies to build organizational capacity and promote a mature culture of risk management.

ERM Guidelines

Additional Resources

Standard Risk Register Template (MS Excel) - Our standard Risk Register, which guides you through identification of risk events, causes and impacts, and allows for tracking and management of mitigation strategies.

CSA/ISO 31000 Risk Management – Principles and Guidelines, has been adopted by the Government of BC as the provincial standard for risk management. Copies are available free of charge to qualifying employees of the government and the wider provincial public sector by contacting Risk Management Branch.

Please contact your SPP Consultant for information regarding the Enterprise Risk Management.