Risk Management for Government & Provincial Public Sector
Risk is the effect of uncertainty on objectives, which is inherent in all activities of government. Effective risk management reduces uncertainty by identifying, prioritizing and mitigating risk. Risk management is critical to the achievement of the B.C. government's goals and governance responsibilities.
British Columbia is a leader in adopting the internationally recognized ISO 31000 Risk Management standard, and integrating the risk process into managerial practice. The Government Chief Risk Office implemented one of the first multi-faceted Enterprise Risk Management (ERM) programs to address an entire provincial government. Ministries, Crown corporations, agencies, boards, commissions, as well as the health and education sectors, are encouraged to establish their own risk management programs with assistance from the Government Chief Risk Office.
The ERM framework consists of the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects. ERM aims to integrate risk management principles and best practices into the daily work environment of the provincial public sector.
Enterprise Risk Management Resources
The CSA/ISO 31000 Risk Management – Principles and Guidelines has been adopted by the B.C. government as the provincial standard for risk management. Employees of the provincial government and broader public sector may request a copy from the Government Chief Risk Office.
Chapter 14: Risk Management from the B.C. government’s Core Policy and Procedures Manual sets out the responsibility of ministries in establishing a risk management framework. The Capital Asset Management Framework guidelines contain ERM principles for managing capital assets in the provincial public sector.
The Risk Management Guideline for the BC Public Sector, based upon the CSA/ISO 31000 Risk Management – Principles and Guidelines, guides the application of risk management in government. Ministry staff can find this document in the Government Chief Risk Office intranet (B.C. government only).
The Government Chief Risk Office’s standard risk register (XLSX) helps document identified risk events, causes and impacts, and allows for tracking and management of mitigation strategies.