Item - 2025.TTA1.2

The TTC Audit & Risk Management Committee:

1. Received this report for information.

The Audit & Risk Management Committee (ARMC) Terms of Reference establishes the ARMC as having oversight responsibility for compliance with laws and regulations. As such, it is the responsibility of the TTC CEO and ARMC to maintain the public’s trust by demonstrating transparency and accountability over legal compliance to reduce the risk of liability to the organization, its employees, officers, and directors.

To support the ARMC in fulfilling its governance responsibilities over legal compliance, the Audit, Risk and Compliance Department (ARC) collaborated with the Legal Department to provide the CEO and ARMC a mechanism for demonstrating Executive accountability for compliance with statutes and by-laws through formal compliance assertion reporting. As such, the Executive Compliance Certificate (ECC) was implemented in October 2020 and identifies statutes that have an organization-wide impact, and which represent sources of significant responsibility for the TTC.

By completing the ECC, Executives identify any non-compliance matters arising during the period of assertion not already reported through an existing policy, procedure, or process. They may also highlight any areas they believe would benefit from further assessment and possible procedural improvements. ARC’s role is to initiate discussions on reported matters with the purpose of facilitating the development and completion of comprehensive Management Action Plans (MAPs).

All TTC Executive members completed their Certificates for the period covering January 1, 2024 to December 31, 2024. Each Executive reported that they had exercised due diligence to meet the obligations set out in the statutes, regulations, and by-laws by ensuring that appropriate policies, procedures, and processes are in place to govern compliance and report non-compliance issues.

This report summarizes the results and insights derived from ARC and the TTC General Counsel’s review of signed 2024 ECCs and provides an overview of the various ECC-related enhancements and education activities conducted throughout 2024.