Thank you, Mr. Chairman. As the Minister has indicated, the Auditor General’s recommendations were reviewed. The deputy minister of Finance and I, along with some other senior deputies, did meet with the Auditor General’s staff and had good discussions about what they were intending by their recommendations. What emerged from that is the need for all departments to have an approach to risk management that’s clearly articulated. Through the Deputy Ministers Audit Committee we have been working through the Audit Bureau staff to develop principles and templates for risk management that are being shared with departments. The idea is that all departments will have a formalized risk
management framework that will articulate what the risks are inherent in the business of the department and what steps the department is taking to monitor and manage those risks.