City Continues to Implement Risk-Based Management Program

Saskatoon, like all municipal governments, faces many types of risk, including strategic, operational, financial and compliance risks that, if not effectively managed, can impact the successful delivery of civic services and achievement of corporate goals and objectives.

The City’s Risk-Based Management (RBM) Program has been adopted to assist Administration with enhancing intelligent risk performance in all areas of operations. “Identifying all types and levels of risk for the City ensures continuous improvement in the way the City is managed, and also supports our goal to grow public confidence in the City’s performance,” says Kerry Tarasoff, CFO/General Manager, Asset & Financial Management Department.

In 2015, the City of Saskatoon’s internal auditors, PricewaterhouseCoopers (PwC), assisted the Administration in conducting a strategic risk assessment in order to identify and prioritize the key strategic risks being faced by the City.  The Corporate Risk Committee, with input from City Council, then evaluated each strategic risk that was identified and prioritized them based on the likelihood of the risk event occurring on a scale of 1 (rare) to 4 (very likely), and the impact if the risk event were to occur on a scale of 1 (negligible) to 4 (critical).

“We continue to create a positive and proactive risk management culture for Administration. Our goal is to identify any risks at the very onset. Through our ongoing risk reviews we can make any necessary adjustments to our programs and practices so that risk is lowered,” Tarasoff says. “We strive to minimize risk – and importantly, maximize the likelihood of reaching our corporate goals.”

To date, each high and medium ranked risk has now been examined, the nature of each risk evaluated, and current and planned mitigation activities have been identified. Over the coming months, the Corporate Risk Committee will continue to enhance its understanding of the City’s risk environment.  Updated information will be submitted to the Standing Policy Committee on Finance for approval in late 2016 and will be incorporated into the 2017 internal audit plan update.

The City of Saskatoon is committed to the long-term strategy of creating and encouraging a workplace culture of continuous improvement – one that encourages innovation and forward-thinking under the Strategic Goal of Continuous Improvement.

To find detailed information on the City’s Risk-Based Management Program, visit saskatoon.ca/corporaterisk