Risk Management Committee member’s term of office shall be equal to that of their directorship (Up to three years).
Members who complete their terms of office may be reappointed, subject to the Board’s discretion. But they may serve no more than three consecutive terms, or up to a combined total of nine years. There shall be no exceptions.
Duties and Responsibilities
Formulate suitable, effective policy and give recommendations on the management of risks associated with IRPC’s business operations.
Provide oversight for enterprise-wide risk management, starting with identification of risks based on internal and external factors. All units shall conduct risk assessment and rank those risks based on impact and likelihood of them happening, so appropriate risk management measures can be taken.
Develop risk management systems and promote effective use of risk management tools, such as derivatives, futures and hedging, etc.
Supervise, monitor and review the corporate risk management to ensure its effectiveness as well as assessing compliance with the risk management framework.
Report risk management assessment results and risk mitigating activities to the Board on a regular basis, and in the case of risk event that may adversely affect IRPC’s operations, report to the Board immediately.
Provide support for establishment and continuing development of risk management that is constantly in alignment with IRPC’s business plan.
Give advice on risk management for investment projects or activities with considerable technical complications, long-term obligations, and are potentially exposed to significant risks.
Disclose the report of the Risk Management Committee in the annual report.
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