Risk Management Committee

The information below represents the jurisdiction of this committee.

 Audit-Related: Approves audit activities of Vice President for Audit with respect to the Annual Risk Assessment and Audit Plan, as well as the audit activities of the external independent auditors:

  • Determines duties and responsibilities of the Vice President for Audit;
  • Makes recommendation to the Board on the selection of the Vice President of Audit with the advice and recommendation of the President and CEO;
  • Oversees the process to select the external auditor and makes recommendations on the process to the Board; and
  • Provides policy and oversight, and reviews audit results (findings, conclusions and recommendations) and monitors the implementation of recommendations.

Internal Controls and Risk Management: Sets policy and provides oversight relating to all internal controls and risk management (unless specifically within the jurisdiction of other committees), including implementation of ERP, insurance coverage and application of Sarbanes-Oxley.

Legal-Related:  Establishes procedures and policies for the engagement of attorneys by the Authority, including rates and other terms of engagement.

Provides litigation oversight and guidance (and approval, when required) regarding:

  • Confidential briefings from staff;
  • Contracts for outside counsel for any significant engagement; and
  • Procurement protests (as assigned by Board Chairman) and makes recommendations to the Board.

The Risk Management Committee was formerly named the Audit-Legal Committee.