Committees

• Reviewing our financial statements.
• Evaluating our internal controls and procedures, and identifying deficiencies.
• Appointing The appointment of our external auditors, determining their compensation, retention and oversight, and resolving any disagreement that may arise between management and our external auditors.
• Evaluating IFS’s compliance with the Board of Director’s internal regulation, as well as with general principles of corporate governance.
• Informing our board of directors regarding any issues that arise with respect to the quality or integrity of our financial statements, our compliance with legal or regulatory requirements, the performance and independence of the external auditors, or the performance of the internal audit function.
• Establishing procedures for the reception, retention and treatment of complaints regarding accounting, internal controls or other auditing matters, including the confidential, anonymous submission by our subsidiary’s employees of concerns regarding questionable accounting or auditing matters.
• Independently engaging its own counsel and any other advisers it deems necessary to fulfill its functions.
• Establishing policies and procedures to pre-approve audit and permissible non-audit services.

• Approving the policies and organization of the comprehensive risk management system, as well as any amendments to said policies.
• Defining the risk appetite and level of tolerance that each subsidiary is willing to take in its business and the actions needed to implement the required corrective measures necessary to maintain adequate levels of risk tolerance.

• Managing the structure of the company’s financial position considering its profitability and risk targets.
• Proposing new products or operations that contain components of market risk.
• Serving as the communication channel with units that generate market risks.

• Monitoring that the accounting and financial reporting processes are appropriate.
• Evaluating the activities performed by the auditors, both internal and external.

• Defining risk limits for company’s business, approving risk policies and approving required corrective measures necessary to maintain adequate levels of risk tolerance.

• Approving the limits of each security or real estate which could be included in the company’s investment portfolio.

• Monitoring that the accounting and financial reporting process are appropriate.
• Assessing the activities performed by External and Internal Auditors.

• Verify compliance with prudent comprehensive risk management by identifying, evaluating, monitoring, controlling and mitigating the risks to which the Bank exposes and ensuring effectiveness and risk control in accordance with established limits.

• Managing the company’s financial position, considering its profitability and risk targets.

• Reviewing and approving the strategy of the company’s investment portfolio and approving new investment products.

• Responsible for the continuous improvement of the internal control and is created to support and complement the Board of Directors in making decisions for its implementation and improvement.
• Ensuring that the internal control system is duly documented in the policies, processes and procedures, as well as the administration of information and resource management, guaranteeing that they are carried out in accordance with the applicable regulations for the achievement of the Bank's objectives.

• Defining risk limits for company’s business, approving risk policies and approving required corrective measures necessary to maintain adequate levels of risk tolerance.

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Procesos de Medios de Pago (Izipay): Audit committee

Members

The Committee is comprised of three board members who do not fulfil any executive position within the company, being at least one of them an independent director. The Committee sessions can be attended by the Chief Executive Officer, the Audit Manager, the External Auditors and other executives when required.

Main duties