Item - 2024.PA9.2

The Board of Directors of the Toronto Parking Authority:

1. Received the report (April 5, 2024) from the President, Toronto Parking Authority for information.

At its meeting on Thursday, April 25, 2024, the Toronto Parking Authority – Audit and Risk Management Committee considered Item PR5.4 and made recommendations to the Board of Directors of the Toronto Parking Authority.

Summary from the report (April 5, 2024) from the President, Toronto Parking Authority:

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.

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 KPMG to provide a report on the completion of the setup of the Enterprise Risk Management Program.