Risk management and audit
Innovation and risk go hand-in-hand, no matter where the research takes place. With many of our projects in some of the world's poorest countries, IDRC often encounters an additional level of risk, such as weak research infrastructure, fragile institutions, and unstable political and economic conditions. We recognize these risks and work to manage them effectively with the support of our knowledgeable staff on the ground.
We manage risk:
- strategically, with a sound governance and accountability structure;
- programmatically, with a well defined strategic and program framework and sound management processes; and
- operationally, with a set of systems and internal controls.
How IDRC manages risk
- A Risk Management Committee supports and monitors the Centre’s integrated risk management approach.
- Senior management, the Risk Management Committee, and the Finance and Audit Committee regularly review and discuss the Centre’s Corporate Risk Profile.
- Projects are assessed for risk before approval, and risks are monitored throughout the project life cycle.
- Grantee institutions are assessed for financial and administrative risk and appropriate monitoring and reporting controls are applied.
- Core operations are guided by internal controls, implementation plans, and work plans which identify and manage risk.
Internal audit
IDRC ensures that its systems and practices are effectively and efficiently designed and help to achieve its corporate objectives. Our internal audit staff enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight to support Senior Management and IDRC’s Finance and Audit Committee. The Finance and Audit Committee oversees internal audit and risk management functions.
External audit
The Office of the Auditor General audits IDRC’s financial statements annually, and performs periodic special examinations of our operations.
Special examinations
Federal Crown corporations are required under the Financial Administration Act (FAA) to undergo a special examination at least once every 10 years. IDRC’s last special examination noted our sound funding systems and practices and highlighted the value placed on our highly qualified staff in our management of human resources.