The federal government announced almost $700,000 in funding Tuesday for the development of an Enterprise Risk Management Information Technology System.

The Yukon government will lead development of the system in partnership with the governments of British Columbia, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut and Saskatchewan.

The risk management system "will provide an inventory of disaster and security risks, enabling decision makers to share information, identify risks specific to their organization and generate reports to support decisions surrounding infrastructure protection,” according to a government release.

Defence Minister Peter MacKay said in a brief interview with the Star the system will help identify risks ranging from natural disasters, to viruses, external threats or attacks, and even cyber attacks.

"When disasters and accidents do come, it's the critical response that often saves lives,” McKay said.

"It's the ability to get there as quickly as possible, to be as co-ordinated and as joined up as possible,” he said.

The Yukon Emergency Measures Organization will also partner on a project led by the Communications Research Centre Canada "to establish a national in-field capability to test and validate public safety broadband wireless systems, focusing on conventional communications infrastructures that could be damaged or eliminated during natural disasters.”

In all, $20 million was invested in 26 projects through the Canadian Safety and Security Program, which was announced in June 2012.

The safety and security venture is led by Defence Research and Development Canada's Centre for Security Science. It has an annual budget of $43.5 million.

"This is a project that deals directly with the public safety and security of our country,” said MacKay.

"It goes to strengthening Canada's ability to anticipate and prevent and mitigate acts of terrorism, crime, natural disasters, accidents.

"This is all about doing everything we can to prepare ourselves for the worst of circumstances.”