The Fiduciary & Investment Risk Management Association, Inc.
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Operational Risk Issues Committee
Mission Statement & Description of Responsibilities
The Operational Risk Issues Committee is a board appointed committee charged with addressing those emerging issues that require a proactive effort of the Fiduciary and Investment Risk Management Association (“FIRMA”). The Operational Risk Issues Committee will address specific risks and other issues impacting FIRMA’s infrastructure or as delegated by the Board of Directors of FIRMA.
Committee participation requires certified or sustaining FIRMA members of good standing. The committee shall be chaired (or co-chaired) by a member of the Board of Directors of FIRMA. A non-Board member may also be appointed to act as co-chairperson of the Operational Risk Issues Committee. The Executive Director of FIRMA will be a sustaining member.
The Operational Risk Issues Committee is established to identify, advise, and address emerging issues arising from the regulatory marketplace as requested by the Board and how those issues impact the administration and operation of FIRMA.
Actions, decisions, or recommendations from the committee may result in changes in the polices and /or practices of FIRMA, expansion of or sharing of ideas and practices, development of conference or training agenda, or recommendations for action of other FIRMA committees.
The Board of Directors of FIRMA has delegated the following responsibilities to the Operational Risk Issues Committee:
- Providing oversight of the operating policies and procedures of the FIRMA offices (virtual or physical) to ensure reasonable levels of business continuity;
- Developing and maintaining a vendor management program to ensure proper oversight over the contractual relationships of FIRMA ;
- Reviewing insurance coverage of FIRMA on an annual basis and making; recommendations to the Board of Directors as appropriate;
- Maintaining a liaison to the Publications Committee to ensure that timely ERIC updates are submitted for the FIRMA FORUM magazine;
- Other duties as may emerge in the performance or conduct of FIRMA business activities.
The Committee will meet no less than quarterly, but as frequently as necessary to conduct its activities. Minutes of the meeting shall be maintained and copies shall be forwarded to the Executive Secretary of the Board of Directors of FIRMA. There are no term limits, but members are asked to attend not less than 66% of the Committee’s meetings.