5. Risk acceptance
5.1 Formal Risk Acceptance
No findings noted in this year5.2 Implied Short Term Risk Acceptance
This section indicates those findings for which management is implicitly accepting the risk of not having the control in the short run (from the point of identification until the planned resolution). All findings that are open for more than 1.5 years from the date of the report have been listed under this section as follows:
| # | Audit report | Observation # and name | Retargets | Executive approval from | Rationale | |
|---|---|---|---|---|---|---|
| 1 | WDTC | 51 – Strategic plan not documented | Original Due Date | December 31, 2016 | Chief Executive Officer | There is short-term risk that any initiatives undertaken by the Tunnel will not be sufficiently coordinated and informed. This is mitigated by WDBL’s business plan that addresses its operations, and financial initiatives. |
| Retarget Date | Dec 31, 2020 | |||||
| # of Retargets | 4 | |||||
| Days since Identification | 4 years 6 months | |||||
| Days past Original Due Date | 3 years | |||||
| 2 | Solid Waste | 101 - Agreement Between the City of Windsor and EWSWA | Original Due Date | June 30, 2016 | City of Windsor Chief Administrative Officer | The required changes to the agreement identified during the discussions to date will not result in substantive changes to the financial or operational relationship between the parties. Therefore continuation with the current agreement until the parties can finalize the changes does not pose a major risk to the corporation and is therefore an acceptable risk until such time as the finalization of the revised agreement can be prioritized. |
| Retarget Date | September 30, 2020 | |||||
| # of Retargets | 4 | |||||
| Days since Identification | 4 years 1 month | |||||
| Days past Original Due Date | 3 years 5 months | |||||