Veterans Affairs Canada Review of the Adequacy of Corporate Risk Management - April 2011

Veterans Affairs Canada (VAC) is in the process of implementing risk management with the goal of it becoming a natural part of Departmental culture. Ensuring effective learning from experience by undertaking regular reviews of the risk management process is significant to the advancement of the maturity of this process at VAC. Thus, this review of the adequacy of corporate risk management at VAC has been undertaken.

The results of the review are one year after the development of a Risk Management Framework within VAC. The maturity of the implementation and functioning of VAC’s risk management policies and practices remains a work-in-progress. The Department must plan for the long-term; recognizing that effective implementation of risk management will take time. Critical to the success of full implementation is development of risk management capacity gaps, effective communication, training and development of internal expertise, identification, definition and clarity of roles.