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Audit, Finance, and Risk

• Dean Staff - Chairperson
• Bob Volk
• Tim Hammond

Purpose
The Audit, Finance and Risk Committee is a standing committee established by the Commission and is responsible for performing the duties set out in this Terms of Reference to enable the Saskatchewan Real Estate Commission to fulfill its responsibilities to provide oversight to:
- The reliability of the accounting principles and practices
- Ensure a risk management program is implemented and reviewed annually
- Effective and reliable IT systems and cybersecurity

Duties and Responsibilities
- Recommend the selection and approval of the external auditor every three years;
- Review and recommend the annual fee paid to the external auditor
- Review the annual audit plan as presented by the external auditor and the plans as they pertain to areas of high risk and control levels;
- Examine any changes in accounting practices and policies;
- Receive and review the management letter prepared by the external auditor and meet with the external auditor without the presence of management;
- Review the annual financial statements and recommend approval to the Commission;
- Review the performance of the investment portfolio and the investment manager and make revisions as required;
- Review and recommend approval of the financial, accounting and investment policies of the Commission;
- Review and recommend approval of the annual budget prepared by management;
- Review and recommend to the Commission the approval of projects from the Interest Bearing Trust Account funds;
- Establish and conduct an annual review of the risk management framework for approval by the Commission;
- Identify, review and report to the Commission any significant risks, assessments, and mitigation strategies;
- Ensure there are effective IT systems and related internal controls which allow the Commission to meet its objectives, including capacity, back-ups, and check-ups;
- Oversee the cybersecurity risk management processes and procedures; and
- Annually review the Committee Terms of Reference, and policies and related Bylaws, and make recommended changes to the Governance Committee, that will in turn recommend to the Commission for approval.

Compliance

• Dean Staff - Chairperson
• Bob Volk
• Tim Hammond

Purpose
The Compliance Committee is a standing committee established by the Commission and is responsible for performing the duties set out in this Terms of Reference to enable the Saskatchewan Real Estate Commission to fulfill its responsibilities to ensure brokerages and registrants comply with the regulations set out in the Bylaws and in The Real Estate Act, its regulations, and the Commission Bylaws.

Duties and Responsibilities
- Ensure the compliance of all brokerage trust accounts and inspection of the records of a brokerage at least once every five years;
- Ensure the audit of new brokerages compliance and inspection of the records of a new brokerage within 18 months of initial registration;
- Review the documentation of the audit inspection process to ensure brokerages and registrants are complying with the Bylaws and The Real Estate Act its regulations, and the Commission Bylaws;
- Review audit inspection timing and procedures for future audit inspection;
- Review the results of the audit inspection, together with staff, for possible concerns and ensure the appropriate follow-up;
- Ensure that the audit inspection serves as an educational tool with brokers; and,
- Review a summary of the complaints and sanctioning of registrants to determine if there are any trends that can be shared with the Education Committee.
- Annually review the Committee Terms of Reference, and policies and related bylaws, and make recommended changes to the Governance Committee, that will in turn recommend to the Commission for approval.

Education Committee

• Kayla McQueen - Chairperson
• Lori Patrick
• Alberta Mak

Purpose
The Education Committee is a standing committee established by the Commission and is responsible for performing the duties set out in this Terms of Reference to enable the Saskatchewan Real Estate Commission to fulfill its responsibilities to regulate, develop and set standards for the real estate registration education as stated in the Bylaws and The Real Estate Act.

Duties and Responsibilities
- Oversee the effective development and delivery of the real estate registration education.
- Consider all matters relating to education qualifications to become a registrant
- Oversee the development of the contents of the registrant examination(s).
- Identify and address issues related to the delivery of the real estate registration education.
- Identify issues concerning the education of registrants, both pre- and post-registration, and make recommendations to the Commission to address the issues.
- Ensure a provider is in place to effectively deliver the education program.
- Gather and reflect input from the Saskatchewan Realtor’s Association and other related stakeholders in the education program and its delivery.
- Annually review the Committee Terms of Reference, and related Bylaws and make recommended changes to the Governance Committee that will in turn recommend to the Commission for approval.

Governance

• Carla Browne - Chairperson
• Anne Parker
• Wayne Bernakevitch

Purpose
The Governance Committee is a standing committee established by the Commission and is responsible for performing the duties set out in this Terms of Reference to enable the Saskatchewan Real Estate Commission to fulfill its responsibilities to:
- Sustain a high-performing, strategy-focused Board
- Ensure Commission and Committee effectiveness
- Effectively report to the FCAA as outlined in the SRO Oversight Policy
- Revise Bylaws and recommending changes to Legislation
- Develop and implement a succession plan for the positions of Chair and Vice- Chair

Duties and Responsibilities
- Oversee the strategic planning process for the Commission
- Monitor and evaluate Commission processes, discussion and decision making to ensure it is functioning independently of management, without any perceived or actual conflict of interest or bias
- Oversee the annual reporting to the FCAA on all matters outlined in the SRO Oversight Policy
- Annually, review the composition of Committees and terms of reference to ensure their continued effectiveness in supporting the strategic priorities of the Commission
- Establish and implement the process for identifying, recruiting and appointing registrant Commissioners. This includes reviewing and assessing the skills and competencies of Commission members related to the needs of the Commission through a skills matrix
- Implement the process for selecting the Committee members, Committee Chairs, Vice-Chair and Commission Chair
- Annually review Committee Terms of Reference and related policies and make recommended changes to the Commission for approval
- Annually review the Terms of Reference and related policies for all the standing committees, and make recommended changes to the Commission for approval
- Conduct an annual evaluation of the Commission and Committees and make recommendations for improvement based on the assessment results
- Develop and implement the orientation and onboarding of new Commission members
- Oversee the continuing education program based on the needs and priorities of the Commission
- Develop and maintain a succession plan for the Chair and Vice Chair
- Monitor best practices in Board governance and make recommendations to the Board for appropriate changes
- Conduct an exit interview for Commission members who are leaving the Commission

Human Resources and Compensation

• Cam Bristow - Chairperson
• Micheal Genest
• Kayla McQueen

Purpose
The HR and Compensation Committee is a standing committee established by the Commission and is responsible for performing the duties set out in this Terms of Reference to enable the Saskatchewan Real Estate Commission to fulfill its responsibilities by providing oversight and policy direction on all Human Resource issues as it pertains to the Commission.
- Monitor and oversee executive succession and development practices;
- Complete the selection and performance evaluation of the Executive Director/Registrar;
- Recommend the total compensation package for the Registrar/Executive Director to the Commission for approval;
- Oversee and approve effective human resources policies; and,
- Ensure appropriate management and staff retention practices are in place for the Commission.

Duties and Responsibilities
- Reviews the setting of goals, measurable objectives and the professional development for the Registrar/Executive Director;
- Recommends the total compensation package for the Executive Director/Registrar, including salary, benefits, incentives, holidays, and presents to the Commission for approval;
- Gathers input from all Commission members to prepare the annual performance review of the Registrar/Executive Director;
- Chair of the HR and Compensation Committee, and Commission Chair meet with the Registrar/Executive Director to deliver the annual performance review;
- Establishes and oversees the process for the annual review of the succession plan. The succession plan to include a short-term plan to immediately fill the vacancy for 3-6 months, and a long-term plan for a permanent replacement;
- Ensures the Commission annually reviews the culture of the organization;
- Annually review the Committee Terms of Reference, and human resources and compensation policies with input from the other standing committees, and make recommended changes to the Governance Committee, that will in turn recommend to the Commission for approval.

Property of Saskatchewan Real Estate Commission