Board Risk Committee

Sr. No.	Name & Designation	Role
1	Mr. Imran Sarwar	Chairman
2	Mr. Fouad Farrukh	Member
3	Ms. Risha Mohyeddin	Member
4	Mr. Shahid Alam Siddiqui	Member

Terms of Reference:

The Board Risk Committee (BRC) is a sub-committee of the Board of Directors of Pakistan Mortgage Refinance Company Limited (PMRC).

Role: The BRC has been established to provide independent oversight of the implementation and effectiveness of PMRC’s risk management framework. The Committee oversees the management of key risk categories including credit, market, liquidity, and operational risks, and related strategic risk matters. In fulfilling its mandate, the BRC supports the Board in defining, approving, and monitoring PMRC’s overall risk appetite, policies, and key risk exposures.

Authority & Resources: The BRC derives its authority from the Board and has delegated authority to perform its TOR functions. It may investigate matters within its remit, obtain information from any director/officer/employee, and recommend engagement of independent professional advisers at the PMRC’s expense (subject to Board approval).

Composition, Chair & Secretariat

Chair: A Private Sector Nominee Director or an Independent Director appointed by the Board; no casting vote.
Members: Three members (the Chairman of the Board may also serve as a member).
Secretary: CRO/Head of Risk Management serves as Secretary and attends all meetings; in CRO/Head of Risk absence, the Company Secretary may act as Secretary.
Tenure: Appointment up to three years, extendable by the Board.
Frequency: At least four meetings per year (and as required).

Key Responsibilities: The BRC’s responsibilities include, among others:

Reviewing and recommending risk management policies, strategy, and changes to the Board; overseeing implementation.
Reviewing and recommending risk limits/thresholds and ensuring alignment with business activities.
Ensuring adequate tools, resources, models and systems for effective risk management.
Reviewing key risk reports (“risk pack”), Capital Adequacy/ICAAP findings, counterparty credit limits, and restructuring/rescheduling proposals (as applicable).
Reviewing the Compliance Function Pack and recommending compliance-related policies/frameworks for Board approval.
Reviewing Cyber Security & IT operational risk updates and recommending IT/information security policies for Board approval.

Monitoring and reviewing sustainability-related risks and opportunities and submitting a report to the Board at least once a year.

Board Risk Committee

Board Risk Committee

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