Finance and Risk Committee Brief

Purpose:

The Finance and Risk Committee is responsible for overseeing the financial health and risk management of the college. This committee ensures that financial resources are effectively managed and that risks are identified, assessed and mitigated.

Key Responsibilities:

• Financial Oversight:
  • Review and monitor the college's financial performance, including budgets, financial statements, and forecasts.
  • Ensure that financial policies and procedures are in place and followed.
  • Oversee the preparation and presentation of the annual financial report.
• Risk Management:
  • Identify and evaluate risks that could impact the college's operations, reputation, and sustainability.
  • Develop and implement risk management strategies and policies.
  • Regularly review and update the risk management framework.
• Audit and Compliance:
  • Oversee internal and external audits to ensure compliance with legal and regulatory requirements.
  • Monitor the implementation of audit recommendations.
  • Ensure transparency and accountability in financial reporting.
• Investment Management:
  • Monitor the performance of the college's investments.
  • Develop and review investment policies and strategies.
  • Ensure that investment activities align with the college's financial goals and risk tolerance.

<h3>Meeting Frequency:</h3>
<p>Quarterly, with additional meetings as required.</p>

<h2>Membership:</h2>
<p>Comprised of board members with expertise in finance, accounting, and risk management.</p>