Third-party firm looking into efficiency and effectiveness of organization that manages more than $11 billion in investments
The Ontario government has launched an independent audit of the Workplace Safety and Insurance Board (WSIB).
Provincial Labour Minister Chris Bentley said a third-party audit firm is being hired to assess the WSIB, an arm’s-length trust agency overseen by the minister. The WSIB is responsible for providing insurance for workers, promoting health and safety and facilitating the return to work of injured workers.
“The WSIB plays a central role in worker health and safety in this province,” said Bentley. “Both the board of directors of the WSIB and I agree that with a total administration budget of nearly $700 million and responsibility to manage more than $11 billion in investments on behalf of workers and employers, it is essential that it operate at peak efficiency. This audit will assess various aspects of the WSIB and make appropriate recommendations for improvements.”
The audit firm will be required to complete its work by May and report on:
•the efficiency and effectiveness of WSIB corporate and administrative services;
•controls in place within the WSIB to ensure that investment practices are aligned with the business objectives and mandate of the organization;
•expenditure, effectiveness, efficiency and overall management of information services, including strategic planning and project management with regard to information technology; and
•the overall effectiveness of the WSIB’s controllership processes.
