Waterfront Toronto’s Risk Assessment
Waterfront Toronto is currently undertaking a thorough risk assessment that is being led by KPMG. After a preliminary exercise, we have identified risks of varying degrees associated with the MIDP proposal including, but not limited to, risks associated with project delivery, privacy, project governance, accessibility, funding/financing and partnership.
Waterfront Toronto is seeking the public’s input to inform the next phase of the risk assessment. We want to ensure the public’s concerns are captured, mitigation measures are explored and, where appropriate, conditions under which the public would consider proceeding with the project are identified.
Examples of overarching risks being considered by Waterfront Toronto include:
Feasibility/viability of MIDP proposals in achieving the project objectives: As with any innovative and complex project, we must pay close attention to the likelihood of certain innovations being successful and the roadblocks they may encounter, ensuring the appropriate backstops and mitigation measures are properly considered and included
Private sector vs. public sector interests: Waterfront Toronto was created by three orders of government to work in the public interest. Sidewalk Labs is a subsidiary of Alphabet Inc., which is a publicly traded company with a mandate to generate a profit for its shareholders. There is a risk that the different goals and obligations of the public and private sectors could create issues that make the project, or some aspects of it, untenable for Waterfront Toronto and/or Sidewalk Labs
Data governance and privacy: There is a risk that resident user data is leaked due to a data breach, as well as a risk of secondary, unethical uses of technologies developed/data collected at Quayside
Examples of more specific risks, and questions for the public related to those risks, have been provided throughout the Note to Reader to provoke thought and discussion.