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Section: 134(3)(n) and 177 and Schedule IV
Rule: The Companies (Meeting of Board and its Powers) Rules, 2014
Approximate Time Saving: 45 minutes
A statement indicating development and implementation of a risk management policy for the company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company;
Every Audit Committee shall act in accordance with the terms of reference specified in writing by the Board which shall include evaluation of risk management systems.
Schedule IV and Section 149(8)
Section 149(8) to the Companies Act, 2013 also casts an obligation on Independent Directors to help in bringing an independent judgment to bear on the Board’s deliberations especially on issues of strategy, performance, risk management, resources, key appointments and standards of conduct and also to satisfy themselves on the integrity of financial information and that financial controls and the systems of risk management are robust and defensible