Risk Committee

Membership:

The Risk Committee consists of members of the FIRMA Board of Directors. The Board appoints the Chair or Co-Chairs.

Mission Statement:

The Risk Committee identifies, assesses, and addresses emerging risks that may impact FIRMA's infrastructure, operations, membership, and third-party relationships. 

Functions:

• Monitor FIRMA's operating policies and procedures and recommend necessary revisions to the Board.
• Oversee the vendor management program, including due diligence on significant/critical new vendors, annual performance reviews of critical vendors, and recommendations to the Board regarding contract renewals or terminations.
• Oversee the privacy and information security program, including data handling standards, incident response, and notification protocols.
• Review organizational insurance coverage annually and recommend adjustments to the Board.
• Provide updates as needed at the monthly Board meetings regarding matters requiring attention.
• Address additional risk-related matters as assigned by the Board.

Committee Meetings:

The Committee meets at least quarterly. Meetings are held virtually, with one meeting held in person each year when practical. 

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