The Audit and Risk Committee plays an essential role in safeguarding CIM’s financial health, operational integrity, and organizational resilience. Operating under the authority of the CIM Council, the committee provides independent oversight of CIM’s financial reporting, audit processes, and risk management systems.

Purpose

The primary mission of the Audit and Risk Committee is to:

• Promote financial integrity: Ensure CIM adheres to high standards of financial administration, accounting practices, and legal compliance.
• Oversee risk management: Ensure management has effective systems in place to identify, monitor, and mitigate business risks.
• Protect organizational assets: Verify the reliability of internal information systems, reporting, and operational safeguards.

Key responsibilities

To fulfill its oversight role, the committee regularly undertakes several core duties:

• Independent financial audits: Oversees CIM's annual independent audit, reviews audited financial statements to ensure fair and accurate reporting, and reports recommendations directly to Council.
• External auditor relations: Annually evaluates the performance and terms of CIM’s independent external auditors and meets with them privately (without management present) at least once a year.
• Risk and insurance management: Reviews CIM’s comprehensive business risk assessment program, mitigation strategies, and insurance coverage to protect the organization, staff, and volunteers.
• Budget and investment oversight: Reviews the proposed CIM National Annual Budget before recommending it to Council and maintains oversight of the Investment Sub-Committee and CIM’s Investment Policy.
• Internal accountability and expenses: Reviews guidelines governing the monitoring and approval of leadership expense claims and verifies that complaints are handled following established, approved procedures.

Committee Composition

The committee combines internal leadership with independent perspectives to ensure objective governance.

It requires a minimum of three voting members:

• Committee Chair
• CIM President
• CIM President-Elect
• Up to three external members

Non-voting (ex-officio) support:

• Chief Executive Officer (CIM)
• Chief Financial Officer (CIM)
• Committee Secretary (staff support)

Last updated in accordance with the Terms of Reference approved by Council on May 3, 2025.

Learn more about CIM Council