Sec. 401. Establishment of risk and audit committees
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/bill/117/s/2662/is/section-401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of enactment of this Act, the Corporation shall establish— a risk committee; and an audit committee. The purpose of the committees established under subsection
(a)shall be to assist the Board in fulfilling the duties and responsibilities of the Board under section 201(a). Subject to the direction of the Board, the risk committee established under subsection
(a)shall be responsible for— formulating risk management policies of the operations of the Corporation; reviewing and providing guidance on the operation of the global risk management framework of the Corporation; developing policies for enterprise risk management, risk monitoring, and the management of strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks; and developing the risk profile of the Corporation, including a risk management and compliance framework and governance structure to support such framework. Subject to the direction of the Board, the audit committee established under subsection
(a)be responsible for— the integrity of— the financial reporting of the Corporation; systems of internal controls relating to finance and accounting of the Corporation; and the financial statements of the Corporation; the performance of the internal audit function of the Corporation; and the compliance of the Corporation with legal and regulatory requirements relating to the finances of the Corporation.