Risk Management for Procurement
NOTE: Ministry staff should be aware that there may be ministry-specific policy, procedures, templates and guidance for this subject area. Consult the link on the right for the applicable ministry for more information.
Risk is an important element to consider in any contractual arrangement. Insurance requirements are often included in contracts to manage risk. There are many resources that can help to determine the risks associated with a procurement opportunity, and the appropriate mitigation measures to include in a contract that addresses them.
Ministry and other BC public sector staff can contact Risk Management Branch & Government Security Office (RMB) for advice and assistance when conducting a risk assessment related to government programs or procurement initiatives.
RMB supports the province’s Enterprise Risk Management (ERM) framework which consists of the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects. The Province is a leader in adopting the internationally recognized ISO 31000 ‘Risk Management’ standard, and integrating the risk process into managerial practice.
RMB provides support, facilitation, tools and resources for ministries and government corporations undertaking risk assessments or implementing an Enterprise Risk Management framework.
Ministry and government corporation staff can access the ISO 31000 Risk Management Standard including the Risk Management Guideline for the BC Public Sector (PDF, 1477KB) on the topic of Enterprise Risk Management (access restricted to ministry staff only).
Vendors and the public can find more ERM-related information and supporting documents here.