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RISK MANAGEMENT COMMITTEE

1. Chhimi Dorji (Chairman)

2. Karma Phuntsho (Vice Chairman)

3. Sonam Zangpo (Member)

4. Kezang Tendar (Member)

Functions & Responsibilities:

1.  Assess and report the financial management related risks (budgetary, expenditure management, revenue collections, fixed asset management, public procurement, etc.) or any other appropriate subject matters in agencies under Cluster Finance Services, Bumthang;

2. Review and analyze the internal control system of the agencies and present the reasonable recommendation for implementation;

3. Review the audit issues of agencies arising from internal, external, revenue, performance or compliance audits and present the recommendation for improvement.

4. Conduct input, output and outcome level risk assessment for the agencies.

Meetings & Procedures:

The Committee shall meet as frequently as necessary to fulfill its duties & responsibilities, but not less frequently than quarterly. The committee shall document and maintain records of its proceedings. The minutes of its meeting approved by the committee and the risk assessment reports shall be reported to the Head of Cluster Finance Services within the given deadline for further review and communication with the agencies for recommending changes or implementation.