Finance, Risk Management & Audit Committee

Our Finance, Risk Management and Audit Committee (FRMAC) is a governance committee that helps us run our organization. This committee reports and makes recommendations to Council but does not have authority to make decisions.

The FRMAC indirectly supports our regulatory work by overseeing finance, human resources and risk management.

Committee Members

Ayodele Adediran
Waqar Ahmed
Sheri Gervais, Chair
Elaine McKay
Susan Nicoll
Lisa Rahimi
Tongjie (TJ) Zhang

Committee Activities

• review and make recommendations regarding our risk management program
• review and recommend an annual operating budget prepared by management; the budget includes staff compensation, professional development and achieving our strategic plan goals
• oversee the integrity of our operational systems including financial, human resources and risk management
• review and recommend policies for human resource management, financial administration, information technology, security, capital acquisition and asset management
• monitor trends in revenue and expenses
• monitor compliance with legislation including employment standards, occupational health and safety, privacy and human rights
• review our audited statements with financial auditors
• recommend appointment of auditor
• provide observations to the Governance Committee regarding Council structure and functioning

Committee Structure

This committee is typically populated by members of our College’s Council as follows:

• the Vice-Chair Finance and Risk Management (appointed as Chair of this committee)
• at least two other Council members

Meetings

The FRMAC typically meets virtually two to four times a year. Meetings take place in spring for budget planning and summer for reviewing the audited financial statements. The FRMAC may also meet before Council meetings if needed.

Expenses and Compensation

Committee members may claim expenses, including travel, accommodation and salary replacement. Committee members are not employees of our College – this is a volunteer role. However, they may claim honoraria for attending meetings and other required functions. Our expense policy lists all eligible expenses. It is in our Governance Policies at GP7.1.1.