2.4: Integrated Risk Management

Implement Integrated Risk Management (IRM) to support priority setting and decision-making.

Other Information:

Integrated risk management (IRM) is a management practice to enhance performance, by informing decisions rather than directing decision making.  To be of practical value, IRM needs to become an integral part of Departmental planning and review processes. While DFO has managed risk since the Department was first established, the risks being managed or accepted were rarely clearly defined, and managers were not always fully informed of the nature and extent of risks facing the Department at the operational level. The current IRM Implementation Plan builds on this implicit experience and knowledge, and looks for examples of key program risks that are well managed. The tools and strategies which have proven effective will then be shared across the Department in areas where similar risks are found. The IRM Implementation Plan is directed toward consistent, explicit and co-ordinated risk management becoming a part of all business processes in the Department. This will be achieved when IRM has demonstrated that it is cost effective, straightforward and delivers value to managers on an ongoing basis.

Indicator(s):

Indicator:1

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