Item - 2024.AU7.6

The Audit Committee:

1. Received the report (November 25, 2024) from the Director, Internal Audit for information.

This report provides an update on the implementation and development of the City-wide Enterprise Risk Management program, including the completion of an Enterprise Risk Management Framework that will contribute to enhancing the risk culture at the City of Toronto.

The report also outlines the next phase of the Enterprise Risk Management implementation involving the communication and education / training of the Enterprise Risk Management framework across the City. Future phases will include the formal integration of risk management into the organization’s strategic planning, decision making and reporting processes.