Risk Committee

Purpose: The Risk Committee is a committee of the FSA Board and is responsible for assuring the Board that all aspects of the Agency’s risk management policies and procedures are effective and appropriate.

Membership: Six Members of the FSA Board appointed by the FSA Chair under delegated powers following consultation with the Committee Chair. At least one of those appointed will be a Board Member for Scotland, Wales or Northern Ireland and one of those appointed will be the Chair of the Agency’s Audit Committee. The term of appointment will normally be coterminous with an individual’s term of appointment to the FSA Board.
Chief Executive
Director of Finance (the EMB Risk Champion)
Two from the Chief Scientist, Director of Operations and Director of Policy (or in their absence, their nominated substitute) (with the third in attendance)

Chairman: Appointed from the non-executive membership of the Committee by the Chair of the FSA under delegated powers. The term of appointment will normally be coterminous with an individual’s term of appointment to the FSA Board.

Co-option: The Committee may co-opt additional members (whether members of the FSA Board or not) for a period of up to one year to provide specialist skills, knowledge or experience. Co-opted members will have a right to speak, but not vote. Co-opted members will not be included in any calculation of the quorum.

Quorum: Four, subject to there being at least one member of the executive present and to non-executive members being a majority of those present at all times.
Attendance: The Director of Communications (or, in his absence, his nominated substitute) will be in attendance at all meetings. Other officials will be invited to attend as required.
Reporting: The Risk Committee Chair will provide the Chair of the FSA and, when appropriate, the Board and CEO with a verbal update on the key elements of Risk Committee meetings. The Risk Committee will report formally in writing to the Board annually.
Meetings: The Risk Committee will meet four times a year. The Chair of the Risk Committee will convene additional meetings as necessary.

Responsibilities:
The Risk Committee will advise the FSA Board and Chief Executive on:
1. the assurance framework;
2. the High Level Risk Register (including any identified new risks) and the progress made in mitigating the identified risks;
3. the adequacy of policy and procedures for the identification, assessment and management of risk; and
4. the Committee’s effectiveness having reviewed its own performance on providing risk assurance, its constitution and terms of reference and recommending any changes it considers necessary.
The Risk Committee will consider and, where appropriate, may agree:
1. arrangements for the promotion of good risk management.

Notes:
1. The Risk Committee may ask any official to produce a report or attend all or part of a meeting to assist with discussions on specific issues.
2. The Committee may procure specialist ad-hoc advice at the expense of the FSA, subject to the cost being agreed by the Chief Executive.

¹ For avoidance of doubt the Audit Committee will be responsible for risks relating to financial processes and propriety.

Margaret Gilmore (Chair)
Tim Bennett
Henrietta Campbell
Michael Parker
John Spence
vacancy

Tim Smith – Chief Executive
Chris Hitchen – Director
Terrence Collis – Director
Andrew Rhodes – Director

Attendance: Andrew Wadge – Chief Scientist