The main function of the newly launched Risk Committee will be to assist the Executive Committee and the Board of Governors in relation to the establishment and calibration of the Authority’s risk appetite and risk management. To this effect, through its risk management policy, this Committee will set the tone for risk management and risk appetite in the Authority and shall indicate how this will support the Authority’s strategy and align its approach to risk.
The Risk Committee is established by the Board of Governors of the Authority as part of the governance structure of the Board responsibilities. While ultimately reporting to the Board of Governors, the Risk Committee shall be independent and shall act independently of the Board of Governors. The Risk Committee shall operate in accordance with the relevant provisions of this Risk Committee Charter.
The purpose of the Risk Committee as an independent committee of the Board of Governors of the Authority is the responsibility for the establishment of an organisation wide risk management framework for the Authority and the oversight of the operations of the risk management framework including the ongoing review of the risk register and the action plans around it. Consequently, the Committee will assist the Board of Governors, who has the ultimate responsibility for risk management, in setting out the risk appetite of the Authority, and in fulfilling the Board’s overall oversight of risk management responsibilities.