Item - 2023.PR4.1

Tracking Status

This item was considered by Toronto Parking Authority - Audit and Risk Management Committee on November 2, 2023 and was adopted without amendment.

PR4.1 - Toronto Parking Authority Enterprise Risk Management Update Report

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Committee Decision

The Toronto Parking Authority - Audit and Risk Management Committee recommends that:

1. The Board of Directors of the Toronto Parking Authority receive the report (October 17, 2023) from the President, Toronto Parking Authority for information.

Decision Advice and Other Information

Edouard Bertin-Mourot from KPMG provided a status update on Toronto Parking Authority - ERM Project Update October 2023

Origin

(October 17, 2023) Report from the President, Toronto Parking Authority

Summary

Enterprise Risk Management is a continuous process to identify and assess risks and opportunities at an enterprise level. The Toronto Parking Authority currently does not have a formal Enterprise Risk Management strategy and after the release of a Request for Proposals in the second quarter of 2023, the successful proponent, KPMG LLP (KPMG), was engaged to support the setup of the Enterprise Risk Management Program.

The purpose of this report is for KPMG to provide a status update as of October 17, 2023.

Background Information

(October 17, 2023) Report from the President, Toronto Parking Authority, on Toronto Parking Authority Enterprise Risk Management Update Report
https://www.toronto.ca/legdocs/mmis/2023/pr/bgrd/backgroundfile-240055.pdf
Attachment 1 - KPMG Report: Toronto Parking Authority - ERM Project Update October 2023
https://www.toronto.ca/legdocs/mmis/2023/pr/bgrd/backgroundfile-240122.pdf

Motions

Motion to Receive Item moved by Namby Vithiananthan (Carried)

That the item be received for information.