The Risk Management Committee charter for First Takaful Insurance Company administers the practices of the Risk Management Committee including its role of oversight and review of risk management activities across the organization.
- The committee shall comprise of at least three directors appointed by the Board. The Board shall designate one Member as the Chairman of the committee.
- Its chairman shall be a non-executive Board member.
- If a member of the committee retires, resigns or is removed from the position, the vacancy shall be filled in by the Board.
- It is forbidden for the chairman of the BOD to be a member in this committee.
- Also, there should be a Secretary of the committee.
Responsibilities of the Risk Management Committee
- Prepare and review the risk management strategies and policies before approving it from the BOD, and ensure implementing these strategies and policies, and that it is in line with the size and activities of the company.
- Ensure the availability of adequate resources and sufficient systems for risk management.
- Oversee the design and implementation of risk management in conjunction with existing business processes and systems, to manage the Company’s material business risks.