Introduction to TTC s Enterprise Risk Management (ERM) Program. TTC Audit and Risk Management Committee
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1 STAFF REPORT INFORMATION ONLY Introduction to TTC s Enterprise Risk Management (ERM) Program Date: September 11, 2015 To: From: TTC Audit and Risk Management Committee Chief Executive Officer SUMMARY This is the inaugural meeting for the Audit & Risk Management Committee (ARM), the attached presentation is an introduction to TTC s Enterprise Risk Management Program. Financial Summary This report has no financial impact. Contact Mohamed Ismail, Principal Risk Advisor Toronto Transit Commission Tel: Mohamed.Ismail@ttc.ca Attachments TTC Enterprise Risk Management (ERM) Program Staff Report for information on TTC Enterprise Risk Management (ERM) Program 1
2 TTC ENTERPRISE RISK MANAGEMENT (ERM) PROGRAM
3 CONTENT 1. Why Do We Need Risk Management? 2. TTC ERM Program Plan and Approach 3. TTC ERM Platform- First Priority 4. ERM & Audit 5. Next Meeting Page 2
4 WHY DO WE NEED RISK MANAGEMENT?
5 BACKGROUND Formal project risk management Vehicle procurement risk management HIRA (Hazard Identification & Risk Assessment) Fragmented efforts Page 4
6 RISK MANAGEMENT Learn from mistakes Historical Data RCA Hindsight Insight Are Controls in Place? Are they adequate? Are they effective? Test the system Challenge assumptions Think outside the box Foresight Page 5
7 WHY RISK MANAGEMENT? Oversight Central system for the management of enterprise risks A consistent methodology for risk informed decision making and capital allocation Ability to direct resources to risks of greatest significance or impact Less Surprises! Page 6
8 OPTIMAL RISK-TAKING Page 7
9 RISK MANAGEMENT PROCESS Page 8
10 PLAN & APPROACH
11 ERM OBJECTIVES Integrate risk management into the TTC`s culture and business processes Monitor and diligently maintain the integrity and effectiveness of risk controls Communicate and provide visibility to risk Inform strategic decision making including the prioritization of capital Page 10
12 TTC ERM ROADMAP Driven by international best practices, APTA s audit report, and feedback received from the Auditor General, the TTC has developed an ERM Roadmap to Maturity. Page 11
13 TTC ERM FEEDBACK APTA: APTA is very much encouraged that TTC is moving in what we see as the right direction on managing commission risk which will include some safety risk at the higher levels. Page 12
14 TTC ERM FEEDBACK Auditor General City of Toronto: There are a number of existing software applications to facilitate enterprise risk management. To our knowledge, (within the city) only the TTC has acquired a software platform to facilitate monitoring, communication, and reporting of their ERM program. Page 13
15 APPROACH Focus on significant risks Top down & bottom up Detailed analysis & tracking Clear risk and control ownership Page 14
16 APPROACH Cover the entire organization between ERM Program status at the end of 2017 Safety risk: department or group levels with safety staff Approached, educated and trained all TTC groups and departments Business risk: department level risk workshops Every group and department would have an assigned risk champion Corporate risk: group level workshops Top risks identified and the majority would be analyzed Page 15
17 TTC ERM PLATFORM - FIRST PRIORITY
18 BENEFITS Provides a central system for the management of enterprise risks Manages risk ownerships and control accountability Monitors control effectiveness Provides a platform for risk communication and reporting Facilitates effective performance monitoring, measurement and review Provides a proven, logical structure to qualitative risk assessment Page 17
19 SOFTWARE EXAMPLE Page 18
20 RISK ANALYSIS EXAMPLE Page 19
21 RISK DASHBOARD EXAMPLE Page 20
22 TOP RISKS UPDATE (EXAMPLE) Page 21
23 ERM & AUDIT
24 INTERFACE OF INTERNAL AUDIT & ERM Internal Audit will use the TTC risk register as a source for the risk-based audit plan Internal Audit will work with RMO to add risks of significance that are not already identified Internal Audit will request verification or evaluation of risk assessments not deemed reasonable Audit findings will be fed back into the ERM Page 23
25 NEXT MEETING
26 NEXT MEETING Risk Governance How TTC scores risk TTC s Risk Appetite TTC s Top Risks Page 25
27 THANK YOU Questions? Page 26
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