Item - 2026.TTA6.5

The Audit, Finance and Risk Management Committee:

1. Approved the updated Toronto Transit Commission Enterprise Risk Management Framework (Attachment 1).

The Audit, Risk and Compliance Department (ARC) has been tasked with progressing the maturity of the Enterprise Risk Management (ERM) Program at the TTC and reports to the Audit, Finance and Risk Management Committee (the Committee) on the status of the ERM Program and changes in the organization’s risk profile. The purpose of this report is to provide the Committee with a progress update on key ERM Program initiatives.

Key updates to the framework for 2026 include:

• Alignment with the Audit, Finance and Risk Management Committee Terms of Reference.
• Updates to the Roles and Responsibilities section.
• Clarifications on the Five-Step Risk Management Process.