Risk statements are an essential component in identifying threats and opportunities and are fundamental in supporting the risk management process. In conjunction with other risk management guides and tools provided by the Treasury Board of Canada Secretariat ( TBS), this guide is meant to help strengthen risk management practices by elaborating on how to develop risk statements (see Figure 1 for a visual mapping of TBS’s guides and tools). It is important to develop risk statements that accurately identify and convey threats and opportunities in a way that is tailored to each organization.
A good risk statement should be concise and readily understood across an organization, as its precision can influence the development of effective risk responses, choices of action plans and the quality of decision making pertaining to the risk. Presenting risk information clearly and meaningfully is a challenging but critical element of an organization’s risk management practice. TBS’ guide to risk statements is meant to help strengthen risk management practices by providing guidance on how to develop risk statements Table of Contents
