Audit of Enterprise Risk Management, Semi-Annual Report on Follow-Up Procedures, and Audit Charter
Ottawa – Today, Auditor General Nathalie Gougeon tabled the Audit of Enterprise Risk Management (ERM). ERM involves establishing enterprise-wide processes and practices to assess, manage and report on risks to the successful achievement of organizational objectives.
The audit found that the City has sound processes in place to support the identification and management of the most significant risks to the organization. However, the Auditor General made a number of recommendations to improve and strengthen current practices across the City, which included:
- determining the appropriate level of corporate risk information to be provided to Council;
- creating and delivering risk management training for Council members as well as individuals with specific risk management responsibilities; and
- developing risk appetite statements and risk tolerance levels for the City.
There are seven recommendations and management agreed with all of them.
Mme Gougeon tabled a Semi-Annual Report on Follow-up Procedures. The following are the key results noted within her report:
- since the last report to Audit Committee in September 2021, the Office of the Auditor General reviewed 93 recommendations, of which 90 have been closed; and
- although there are no areas of significant risk noted at this time, implementation of certain recommendations is behind schedule as a result of additional pandemic-related priorities.
Due to the upcoming municipal election, the next semi-annual report will be presented to the Audit Committee and Council in early 2023.
An annual review of the Office of the Auditor General Audit Charter was also tabled. The Charter was originally approved by Council in June 2021. No changes were made to the Charter as a result of this review.
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