Item - 2024.PA12.2

The Board of Directors of the Toronto Parking Authority:

1. Received the report (October 22, 2024) from the President, Toronto Parking Authority for information.

At its meeting on November 5, 2024, the Toronto Parking Authority - Audit and Risk Management Committee considered Item PR8.2 and made recommendations to the Board of Directors of the Toronto Parking Authority.

Summary from the report (October 22, 2024) from the President, Toronto Parking Authority:

Enterprise Risk Management (ERM) is a continuous process to identify and assess risks and opportunities at an enterprise level. The Toronto Parking Authority completed the setup of the Enterprise Risk Management program in April 2024.

With the support of KPMG, in line with industry good practices, Toronto Parking Authority has designed and implemented an Enterprise Risk Management program following a five-step risk management process of:

1.     Risk Identification

2.     Risk Prioritization

3.     Risk Assessment and Treatment

4.     Risk Governance Structure

5.     Risk Monitoring and Reporting

The purpose of this report is for the Executive Leadership team to provide a semi-annual Enterprise Risk Management update report to the Audit and Risk Management committee on the status of ongoing and completed action plans (mitigation strategies).