Enterprise Risk and Audit Services

What is the role of Enterprise Risk and Audit Services?

Enterprise Risk and Audit Service’s mandate is to provide value-added advice, assurance and risk management services that support organizational success. Enterprise Risk and Audit Services does this through:

• Reviewing programs and services to assess the effectiveness of key controls in mitigating risk that may impact the achievement of established objectives.
• Evaluating the risk management processes to determine that risks are aligned with risk appetite and that risk management information is captured and communicated through the Region of Peel.
• Providing advice by assisting and identifying risks and working with management to improve controls and governance.

How is an area selected for an audit?

Each year, Enterprise Risk and Audit Services conducts an organizational risk assessment of Regional services and operations. Risks, controls and mitigating strategies are evaluated and prioritized, and a risk based work plan is subsequently developed. The work plan assists the Audit and Risk Committee discharge their duties by providing assurance that Regional services and operations are being delivered efficiently and are working effectively.

Who oversees the Region of Peel’s Enterprise Risk and Audit Services Division?

The Enterprise Risk and Audit Services division operates independently so that it can be impartial to the audits it conducts and reports to the Audit and Risk Committee. The Audit and Risk Committee was established in 1995 to assist Regional Council and associated Boards and Agencies in discharging their governance, accountability and stewardship responsibilities. The Committee is comprised of the Regional Chair (ex-officio) and up to eight additional members including the Chair and Vice-Chair of the Enterprise Program and Services section of Regional Council and includes at least one Regional Councillor from each of the area municipalities and up to two members of the public with expertise in the areas of technology and finance. Meetings are held a minimum of four times annually and at other times as required.

What are the responsibilities of the Audit and Risk Committee?

The Audit and Risk Committee is responsible to review and advise on:

• The integrity, quality and transparency of the Region’s financial, management and operational information.
• The effectiveness of the financial and management reporting processes.
• The effectiveness of risk management and control processes and practices.
• The performance of the internal audit function and assessing the effectiveness of the external audit function.
• Ethical business conduct and compliance with the Region of Peel’s Employee Code of Conduct

To obtain additional information about the roles and responsibilities of the Audit and Risk Committee, please refer to the Committee’s Charter (PDF).

To obtain additional information about the roles and responsibilities of the internal audit function, please refer to the 
Enterprise Risk and Audit Services Charter (PDF).

For information about upcoming or past meetings, please refer to the Committee’s agendas, minutes and reports