Property/Risk Management Committee

Established October 1998*

TODO: Redesign Nav items

The Property/Risk Management Committee is a committee of the Board of Commissioners of the Niagara Frontier Transportation Authority established pursuant to its Bylaws. The membership, operations, authority, purpose and responsibilities of the Committee are described below:

Membership and Operations

 

The membership of the Property/Risk Management Committee shall consist of at least four members of the Board of Commissioners. The Chairman of the Board of Commissioners shall designate the committee members and will appoint a chair and a vice chair of the Committee.

 

Committee members shall serve until the successors shall be duly designated and qualified. Any vacancy in the Committee occurring for any cause may be filled by any qualified Member of the Board by designation of the Chairman of the Board.

 

Authority

 

The Committee shall be granted unrestricted access to all information regarding property management and risk management functions. All employees have been, and shall be, directed to cooperate as requested by members of the Committee.

 

The Property/Risk Management Committee may delegate authority to other subcommittees when appropriate.

 

Purpose and Responsibilities

 

The purpose and responsibilities of the Property/Risk Management Committee shall include:

 

  • reviewing and approving all transactions pertaining to the development, lease, sale, or acquisition of the Authority’s non-public transportation real estate assets to ensure that revenues are being maximized in a manner consistent with regional economic development objectives;

 

  • reviewing and approving the annual operating and capital budget of the Property Group and monitoring performance against budget;

 

  • discussing strategic issues and initiatives related to the Property Group and Risk Management;

 

  • reviewing and providing oversight of overall risk management strategy to minimize loss exposure to the Authority;

  • reviewing the Authority's purchased insurance program and self-insurance program to ensure proper protection of authority assets;

 

  • reviewing and discussing Workers' Compensation claim counts, costs, strategies and trends;

 

  • discussing litigation concerns as they relate to claims against the Authority;

 

  • identification and assessment of risks, risk tolerances, risk prevention and mitigation strategies;

 

  • reviewing Board Action Requests related to Property/Risk Management before submittal to the full Board for approval. In the discretion of the committee chair, reviewing board action requests may be deferred to the full board; and

 

  • reviewing and updating the Committee's charter