Enterprise Risk Management:
Introduction

Enterprise Risk Management consists of the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects.

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.

Policy Framework

Core Policy Manual Chapter 14 sets out the responsibility of ministries in establishing a risk management framework.

Capital Asset Management Framework Guidelines, published by Treasury Board, establishes ERM principles in managing capital assets in the provincial public sector.

B.C. government's Enterprise Risk Management Guideline (copyright protected pdf) is based upon the Australia/New Zealand 4360:2004 Enterprise Risk Management Standard.

Additional Resources

Click here for contact information for the Enterprise Risk Management.

Links

Integrated Risk Management Framework - (Government of Canada)

Risk Management Reports - (US)

Risk and Insurance Management Society (RIMS) - (US and Canada)

Public Sector Risk Management Association - (US)

The Institute of Risk Management - (UK)

Public Entity Risk Institute - (US)

Conference Board of Canada: Conferences