Title 22 — Foreign Relations and Intercourse
Chapter 103 — Better Utilization of Investments Leading to Development
§ 9651. Establishment of risk and audit committees
Statutory text
In general
To assist the Board to fulfill its duties and responsibilities under section 9621(a) of this title, the Corporation shall establish a risk committee and an audit committee.
Duties and responsibilities of risk committee
Subject to the direction of the Board, the risk committee established under subsection (a) shall have oversight responsibility of—
formulating risk management policies of the operations of the Corporation;
reviewing and providing guidance on operation of the Corporation’s global risk management framework;
developing policies for enterprise risk management, monitoring, and management of strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks;
developing the risk profile of the Corporation, including a risk management and compliance framework and governance structure to support such framework; and
developing policies and procedures for assessing, prior to providing, and for any period during which the Corporation provides, support to any foreign entities, whether such entities have in place sufficient enhanced due diligence policies and practices to prevent money laundering and corruption to ensure the Corporation does not provide support to persons that are—
knowingly engaging in acts of corruption;
knowingly providing material or financial support for terrorism, drug trafficking, or human trafficking; or
responsible for ordering or otherwise directing serious or gross violations of human rights.
Duties and responsibilities of audit committee
Subject to the direction of the Board, the audit committee established under subsection (a) shall have the oversight responsibility of—
the integrity of the Corporation’s financial reporting and systems of internal controls regarding finance and accounting;
the integrity of the Corporation’s financial statements;
the performance of the Corporation’s internal audit function; and
compliance with legal and regulatory requirements related to the finances of the Corporation.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Better Utilization of Investments Leading to Development Act of 2018
Pub. L. 115–254 div. F title IV § 1441 · 132 Stat. 3187
Enacted · 22 U.S.C. § 9651
(Pub. L. 115–254, div. F, title IV, § 1441, Oct. 5, 2018, 132 Stat. 3503.)
Source evidence
Code source credit
(Pub. L. 115–254, div. F, title IV, § 1441, Oct. 5, 2018, 132 Stat. 3503.)Enacted provision · exact public law section
SEC. 1441. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES. (a) In General.— To assist the Board to fulfill its duties and responsibilities under section 1421(a), the Corporation shall establish a risk committee and an audit committee. (b) Duties and Responsibilities of Risk Committee.— Subject to the direction of the Board, the risk committee established under subsection (a) shall have oversight responsibility of— (1) formulating risk management policies of the operations of the Corporation; (2) reviewing and providing guidance on operation of the Corporation’s global risk management framework; (3) developing policies for enterprise risk management, monitoring, and management of strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks; (4) developing the risk profile of the Corporation, including a risk management and compliance framework and governance structure to support such framework; and (5) developing policies and procedures for assessing, prior to providing, and for any period during which the Corporation provides, support to any foreign entities, whether such entities have in place sufficient enhanced due diligence policies and practices to prevent money laundering and corruption to ensure the Corporation does not provide support to persons that are— (A) knowingly engaging in acts of corruption; (B) knowingly providing material or financial support for terrorism, drug trafficking, or human trafficking; or (C) responsible for ordering or otherwise directing serious or gross violations of human rights. (c) Duties and Responsibilities of Audit Committee.— Subject to the direction of the Board, the audit committee established under subsection (a) shall have the oversight responsibility of— (1) the integrity of the Corporation’s financial reporting and systems of internal controls regarding finance and accounting; (2) the integrity of the Corporation’s financial statements; (3) the performance of the Corporation’s internal audit function; and (4) compliance with legal and regulatory requirements related to the finances of the Corporation.
1 of 1 references resolved to an enrolled provision
Credits
(Pub. L. 115–254, div. F, title IV, § 1441, , 132 Stat. 3503.)