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Performance, evaluation, risk and audit framework (PERAF)
Since it was introduced in 2008, the Canada Foundation for Innovation’s (CFI) Performance, Evaluation, Risk and Audit Framework (PERAF) has served as a guide for the activities of the Foundation. Given the completion of the Overall Performance Evaluation and Value-for-Money Audit in 2009-10 and changes to the funding architecture in 2010, the CFI determined that it would be timely to perform a full-scale review of the PERAF.
The PERAF, applies to the CFI as a whole and includes:
- an organizational risk assessment and management plan involving a description of key risk areas that may influence the CFI’s ability to achieve its national objectives, together with related risk management strategies. These strategies include: risk-based contribution audits and internal auditing plans to monitor and assess compliance and overall program management; strategies to enable ongoing operational and financial monitoring of funded projects; and reporting commitments of key stakeholders involved in the delivery of CFI’s funds; and
- a plan for the ongoing collection and reporting of information on CFI’s performance, including the identification of performance measures and indicators, data sources and data collection responsibilities, and expected users, as well as a data collection strategy to 2015.