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Risk Management

The Risk Management (RM) section of the Department of Finance in the Government of Nunavut (GN) is composed of three positions: a Manager, one Senior Risk Management Analyst and one Risk Management Analyst.

The role of Risk Management:

Risk Management has the responsibility to develop plans and tools to protect the GN against accidental loss that in the aggregate would significantly affect the budget or the ability of the government to continue to fulfill its responsibilities to taxpayers and the public. The GN’s general approach to risk management and insurance is to place more importance on loss prevention, instead of filing insurance claims.

How does Risk Management fill that role?

We have adopted a risk management model based on the Australian/New Zealand standard. Among other things, our RM model is helping us in identifying, analyzing and evaluating risks so that we can treat those risks. The same model is being used by the National Research Council of Canada (NRC) and by the Government of British Columbia. Insurance is an important element of Risk Management, but the name of the game is loss prevention.

Examples of Risk Management

  • Creation of a Facilities Risk Management Committee composed of representatives from several departments (RMC).
  • The RMC together with Education established a policy about the use of firearms by students during school excursions. This policy has been adopted by Cabinet.
  • RM people made a risk assessment of the Wildlife Officers’ duties and responsibilities
  • RM is in charge of claims against or for the GN. For example, RM settled 2,500 “bad gasoline” claims. RM is also in charge of recovery attempts against parties that cause damages to the GN.
  • RM is participating with Justice in the assessment of contractual risks.
  • RM is building a database for a follow-up on loss prevention recommendations.
  • This web page was created to be a guideline for all departments, agencies, boards, corporations, and other stakeholders who are affiliated with the GN.

What are your reporting or insurance needs?

Risk Management
PO Box 2260 – Parnaivik building
Iqaluit, Nunavut X0A 0H0
Department of Finance
Government of Nunavut
Tel: (867) 975-5809
Fax: (867) 975-5845
e-mail : RiskManagementAndInsurance@gov.nu.ca