Thank you, Mr. Lefebvre. That's a great question.
In 2015, IDRC had an external assessment of its entire risk management system done.
We reviewed our risk management system. Under our previous system, risks were relatively buried in a countless number of risks that we would add up year after year. Now we have a much more robust method based on a handful of risks. Five were identified and approved by the board of directors.
This is a model that requires constant consideration by the centre's management. The vice-president of corporate strategy and communications is in charge of that, and an executive committee addresses risk management on an ongoing basis.
Twice a year, we conduct a risk assessment, and we evaluate our risk tolerance as well as related mitigation measures.
Although the responsibility falls on the executive committee, all centre employees have to contribute, given the activities we carry out in developing countries.
Our basic approach to projects has always incorporated risk management, but now, we do a much better job of addressing it. That is true for project risk management right through to corporate risk management. It's a continuum that is rooted in a whole. It requires training and involves technical knowledge, such as how to build risk registers and track risks.
It may seem like a lengthy process, but the finance and audit committee considered it to be a robust plan. The committee accepted the plan, which is currently being put in place.
Thank you.