CHAPTER 22 - RISK MANAGEMENT FUNCTIONS OF THE BOARD OF DIRECTORS
33. Functions of the Board of Directors with respect to risk management
(1) The Board of Directors of a municipal entity is responsible for the overall governance of risk by, inter alia:
a) setting direction for how risks should be approached and addressed;
b) approving risk management policy, strategy and plan;
c) ensuring that risk consideration is integral to decision making;
d) providing oversight on risk management;
e) providing direction on setting risk appetite and agreeing on the risks to be taken in pursuit of strategic objectives;
f) ensuring that strategic risks are appropriately and adequately managed, and
g) ensuring that an independent assurance on the effectiveness of risk management is provided.