2018-2019 Key risks: things that could affect our ability to achieve our plans and results

While the North presents opportunities for economic development, growth and innovation, factors including its vast and remote geography, lack of infrastructure, connectivity challenges, the cost and access to energy, and shortage of skilled labour all contribute to a challenging operating environment. These factors create additional challenges for businesses and can also prevent Northerners from fully benefiting from economic development opportunities.

CanNor's key risks and response strategies:

Key risks
Risks Risk response strategy Link to the department's Programs Link to mandate letter commitments or to government-wide and departmental priorities
Limited Economic Diversification

A high degree of reliance on the mining and oil/gas sector results in an increased vulnerability to the cyclical changes in commodity prices. 		CanNor will make investments to leverage other regional economic advantages (e.g. tourism, fisheries, arts and culture) in order to help mitigate the boom and bust cycle of the resource sector.
  1. Community Development
  2. Business Development
  3. Policy and Advocacy
 ISED Mandate letter commitments:

  • Develop an Innovation Agenda that includes…working with Regional Development Agencies to make strategic investments that build on competitive regional advantages. For those communities that have relied heavily on one sector in the past for economic opportunities, investments that support transition and diversification may be appropriate;
  • Support the Ministers of Environment and Climate Change and Natural Resources in making strategic investments in our clean technology sector;
  • Support the Ministers of Natural Resources, Environment and Climate Change, Indigenous and Northern Affairs, and Fisheries, Oceans and the Canadian Coast Guard in making investments that will make our resource sectors world leaders in the use and development of clean and sustainable technology and processes; and,
  • Work with the Minister of Indigenous and Northern Affairs and the Minister of Employment, Workforce Development and Labour to promote economic development and create jobs for Indigenous peoples.
Infrastructure deficit

Higher capital and operating costs compared to southern Canada resulting from a core infrastructure deficit, including connectivity, constrain opportunities for northern economic development, impacting the effectiveness of CanNor's programming.		 CanNor will continue working with partners to inform and advocate with respect to federal infrastructure priorities. The Agency will make investments in a range of community economic infrastructure.
  1. Community Development
  2. Business Development
  3. Policy and Advocacy
  4. Northern Projects Management
 ISED Mandate letter commitments:.

  • Develop an Innovation Agenda that includes…working with Regional Development Agencies to make strategic investments that build on competitive regional advantages. For those communities that have relied heavily on one sector in the past for economic opportunities, investments that support transition and diversification may be appropriate;
  • Support the Ministers of Environment and Climate Change and Natural Resources in making strategic investments in our clean technology sector;
  • Support the Ministers of Natural Resources, Environment and Climate Change, Indigenous and Northern Affairs, and Fisheries, Oceans and the Canadian Coast Guard in making investments that will make our resource sectors world leaders in the use and development of clean and sustainable technology and processes; and,
  • Work with the Minister of Indigenous and Northern Affairs and the Minister of Employment, Workforce Development and Labour to promote economic development and create jobs for Indigenous peoples
Labour Market

Competition within the limited labour pool in the North carries risks for recruitment and retention and impacts the ability of businesses to grow and diversify.		 CanNor is making investments that support skills development in the North, in order to help strengthen and increase the labour force availability for the private and public sectors.
  1. Community Development
  2. Business Development
  3. Policy and Advocacy
 Whole-of-government priority to create job opportunities and economic growth for Indigenous people.

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