Risk Identification and Management Committee

The mandate of the Risk Identification and Management Committee is to assist the Board of Directors in fulfilling its oversight responsibilities. The committee ensures that management implements appropriate systems to identify, monitor, and mitigate significant business risks, and incorporates priorities and new initiatives outlined in SOCAN’s strategic plan.

The committee monitors SOCAN’s capital fund and investments to ensure that returns are maximized, within a level of risk determined by the committee, with advice from external financial consultants. The committee also reviews the audited financial statements and then recommends them to the Board for approval, reviews quarterly revenue and expense forecasts to ensure that any issues are being monitored and addressed, and reviews and recommends the SOCAN annual budget to the Board of Directors for approval. The annual financial results are reviewed with SOCAN’s external audit firm to ensure that all information is accounted and reported accurately.

The committee also works with SOCAN’s internal auditor, reviewing ongoing internal procedures within SOCAN, as well as reviewing SOCAN external audits, monitoring compliance among licensees and working with management to fine-tune SOCAN’s business continuity planning and IT security.

Three members of the Risk Committee also form half of SOCAN’s Pension Committee, with the other half made up of the Chief Executive Officer, Chief Financial Officer and Chief Administration Officer.