The Audit Committee assists the board in fulfilling its oversight responsibility related to accounting policies, internal controls, financial reporting practices and regulatory requirements. This committee's charter details its purpose, objectives, authority, composition, meeting requirements and responsibilities. The charter authorizes the committee to hire and compensate an independent auditor, approve all audits and non-audit services, review audited financial statements and all public financial disclosures, meet privately with internal and external independent auditors and review complaints regarding accounting irregularities and fraud.
The Human Resources Committee reviews and makes recommendations on all matters requiring board action which relate to the CEO’s performance goals, performance evaluation, retention and succession. It also recommends to the board all actions necessary to administer the CEO’s compensation, benefits and perquisites under the terms of the CEO’s compensation plan. This committee recommends to the board the terms and participation of the senior officers’ compensation plan. The committee is responsible for director compensation and for oversight of Northwest FCS’ employee compensation and benefit plans, all board policies applicable to those plans, and other human resource matters not assigned to other committees.
The Risk Committee provides oversight for enterprise risk management practices of the association, including risk definitions, risk metrics, risk appetite statements and risk monitoring for asset liability management, compliance, counter-party, credit default, data management, financial management, information security, and portfolio strategy. The committee reviews the quarterly allowance for credit losses; and recommends to the full board for approval underwriting standards and portfolio and lending limit policies that guide all lending and credit related activities. In addition to monitoring the industries Northwest FCS serves and the portfolio, the committee reviews and approves, or recommends to the full board for approval, related actions that exceed management’s delegated authority. This committee oversees key risk areas associated with Northwest FCS’ financial plan, budget, operations, technology, funding, interest rate, liquidity, capital management and alliance partners and counter-parties.
The Governance Committee reviews, prioritizes and recommends agenda items for board meetings and is responsible for all board policies not assigned to other committees. This committee oversees the director nomination and election processes, director learning and development, standards of conduct and serves as a search committee for appointed director positions. This committee oversees the development of strategic and business plans, marketing, community support, the Local Advisor program and regulatory and legislative activities.