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| The Agency, from time to time, is required to establish committees and empower them to establish procedures for the receipt, retention, and treatment of complaints regarding personnel inappropriate behaviours, misconduct, accounting, internal controls, or auditing matters, as well as confidential, anonymous submissions by employees of concerns regarding questionable practices, behaviours, conducts, accounting and auditing matters. |
Reporting Requirements. The reporting requirements of The Agency are very comprehensive. It requires a detail ed breakdown of the various activities of the counter party’s entity, which includes, but is not limited to, the facility, division, country and business cycle, identified control and compliance strengths and weaknesses, global market trends, their approach in developing and executing control procedures to address compliance issues, and so forth. |
Risk Management Governance. A well structured risk management program enables The Agency to assess risks continuously, to identify the steps it can take and the resources it needs to allocate for it to overcome or mitigate a given risk, and to provide reasonable assurance about the achievability of Infrabanx’ objectives. To address the overall risk, the Risk Management Committee begins with an evaluation of the environment in which The Agency operates its strategy for achieving its objectives, the cultures, and acceptable risk. The subsidiaries are required to ensure that a good control system is in place, which includes management’s philosophy, integrity and ethical value, oversight pertaining to human resources policies and practices, commitment to competence; assignment of authorities and responsibilities and organization structure. In addition, they are required to review with management specific risks and possible worst case scenarios at least once annually and develop regular review crisis management plans, in order to prepare The Agency to defend itself against the various risks through mitigation options, such as avoidance, assignment, transfer, or retention programs. |
Internal Auditing. Internal auditing has an important role to play in testing and validating The Agency ’s assessment of its readiness for risk events. |
Built-in Intelligence. The Board, in accordance with the adopted Risk Management Policy of The Agency must ensure that adequate systems mechanisms have been built-in the central core of the respective Infrabanx, including, but not limited to its nerve system, which permits only accurate risks intelligence information to permeate throughout The Agency in a timely manner, and in the right useable format. The management policies and procedures and communication mechanisms are required to enable Infrabanx to use built-in information tools, risk analysis and modeling, and management-training capabilities to aid in its fight against risk and non-compliance. |
Management Accountability |
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To achieve The Agency ’s commitment, Infrabanx Corporation establishes and maintains fix ed paradigms in respect to its management philosophy by employing the S.M.A.R.T. Management™ Program. It ensures that the presiding Management addresses key issues, such as the issues set out below in a timely, prudent and transparent manner. |
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The Agency, from time to time, requires that the committees that are established within The Agency voluntarily assume greater responsibility in an effort to fulfill Infrabanx’ strategic partners, investors, governmental officials, and all miscellaneous stakeholders, and society expectations and protect their respective interest. The committees, from time to time, must undertake to obtain information and best practices relevant in executing their respective duties and responsibilities. The respective committee shall maintain benchmarking information to determine whether they are focused on the right areas, receiving the right information, in the right way, at the right time, and spend adequate time fulfilling their respective duties and responsibilities in accordance with the prevailing rules, regulations and codes of conduct. |
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Audit Committee Pre-approvals of No-Audit Services. All services provided by Infrabanx auditors must be pre-approved by the Audit Committee. Under no circumstances shall auditors who are providing audit services to The Agency be permitted to carry-out any advisory services in respect to non-audit services. |
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Notwithstanding, where it is deemed necessary that a division of the Auditors’ firm carryout conducts a required service, any such service must be duly approved by the Audit Committee prior to the initiation thereof. |
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Adoption of prevailing Policy and participant. Where the prevailing policy of The Agency thereof, is not inline with internationally accepted policy, the Audit Committees shall adopt such prevailing internationally accepted policy and practice without prejudice to the local laws. |
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Audit Committee Qualifying Positions. The Agency’s qualifying positions include, but are not limited to a principal financial and accounting officer, controller, charter/public accountant, auditor, or experienced individual in one or more positions that involve the performance of such functions. |
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Quarterly Information. The Agency’s Committees, from time to time, shall focus on improving the quality and transparency of financial and non-financial information that are, or will be, provided to stakeholders (investors, participating financial institutions, partners, taxation officials, and the like). |
