§9651 Establishment of risk and audit committees

Summary

The Corporation must set up a risk committee and an audit committee to help the Board do its work. Under the Board’s direction, the risk committee must make and guide risk-management policies, run the global risk framework, set enterprise risk rules for many types of risk (like strategic, reputational, regulatory, operational, developmental, environmental, social, and financial), build the Corporation’s risk profile and governance, and create checks on any foreign entity the Corporation might support so it does not back people who knowingly engage in corruption, knowingly give material or financial support for terrorism, drug trafficking, or human trafficking, or who order or direct serious human rights abuses. Under the Board’s direction, the audit committee must oversee the accuracy of financial reporting and internal finance controls, the truthfulness of financial statements, the work of the internal audit team, and compliance with finance-related laws and rules.