4.2 Implement all-hazards risk management approach Strategic objective: Implement an all-hazards approach to risk management. The Strategy promotes the application of risk management and sound business continuity planning. While there are many acceptable approaches to the discipline of risk management, in the context of this Strategy, risk management refers to the continuous, proactive and systematic process to understand, manage and communicate risks, threats, vulnerabilities and interdependencies across the critical infrastructure community. Having a strong situational awareness of the risks and interdependencies that confront critical infrastructure in Canada is the first step towards a comprehensive risk management process. As part of the development of emergency management plans and programs, sector-specific federal departments and agencies are expected to work with provinces and territories and critical infrastructure sectors to acquire a greater understanding of these risks and interdependencies. To move forward with this comprehensive risk management process, federal, provincial and territorial governments will collaborate with their critical infrastructure partners to develop allhazards risk analyses that take into account accidental, intentional and natural hazards. While governments will promote a common approach to strengthening the resiliency of critical infrastructure, and will share tools, lessons learned and best practices, stakeholders are ultimately responsible for implementing a risk management approach appropriate to their situation. As part of the implementation of the Strategy, federal, provincial and territorial governments intend to conduct exercises and assist in the coordination of regional exercise planning across jurisdictions and with critical infrastructure sectors. The goal is to support a common approach to strengthening the resiliency of critical infrastructure. These exercises will assist partners to assess and recommend improvements to their plans, which will help assure Canadians of a swift and effective response and recovery in the face of a critical infrastructure disruption. 8