SECTION 3: ROLES AND RESPONSIBILITIES
CHAPTER 10 - RISK MANAGEMENT FUNCTIONS OF THE COUNCIL
21. Functions of the Council with respect to risk management
(1) The Council should take an interest in risk management to the extent necessary to obtain comfort that properly established and functioning systems of risk management are in place to protect the Institution against significant risks.
(2) Responsibilities of the Council in risk management should include:
a) ensuring that the Institutional strategy and objectives are aligned to the government mandate and community’s priorities;
b) insisting on the achievement of objectives, effective performance management and value for money;
c) understand the Institution’s risk profile;
d) being aware of and concurring with the Institution’s risk appetite;
e) understanding the priority risks, especially those where Council can play a role in risk mitigation without interfering with the mandate of the Accounting Officer;
f) obtaining assurance from management that the Institution’s strategic choices were based on a rigorous assessment of risk;
g) obtaining assurance that priority risks inherent in the Institution’s strategies were identified and assessed, and are being properly managed, and
h) assisting the Accounting Officer with fiscal, intergovernmental, political and other risks beyond his/her control and influence.
(3) When other agencies deliver services, Council must retain power and ensure that delegated functions are performed properly within a clear policy framework and legal contracts.