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.
Tongjie (TJ) Zhang, Chair
- 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
- review and make recommendations regarding our insurance requirements and policies
- provide observations to the Governance and Nominations Committee regarding Council structure and functioning
If you’re interested in joining the committee
We’d like to hear from you! If you have questions, send us a message. Tell us which committee you’re interested in and what you’d like to know.
When you’re ready to apply:
- complete the Finance, Risk Management and Audit Committee Application Form
- complete the Declaration of Conflict of Interest
- submit your completed forms to email@example.com
Who can apply?
Anyone. Our registrants and non-members are welcome to join this committee.
What we’re looking for
These are particularly helpful:
- ability to think and plan long term
- understand basic financial statements and budgets
- understand insurance documents and coverages
- understand current economic influences
- demonstrate fiscal responsibility
- related financial experience such as practice administration, inventory control and billing
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. However, they may claim honoraria for attending meetings and other required functions. Our expense guidelines list all eligible expenses and how to claim them. The guidelines are in the appendix of our Governance Policies at A.GP7.1D.