Governance
The WCRA Board of Directors and staff are responsible for the management of the Association, but employees of many member companies provide a wealth of expertise by serving on WCRA advisory committees. Six standing committees meet regularly throughout the year to review the Association’s operating practices and to advise the Board on WCRA policies. Committees are chaired by a member of the Board and usually consist of seven to nine representatives from member companies. Here are summaries of the responsibilities of each committee.
The Actuarial Committee reviews the development of the Association’s annual premium rates and advises the Board on actuarial methodologies and assumptions used in the rate development and reserving processes.
The Audit and Financial Compliance Committee monitors the financial operations of the WCRA and makes recommendations to the Board on financial matters, including the annual selection of an outside auditor to audit the WCRA’s financial statements.
The Personnel Committee advises the Board of Directors on issues relating to WCRA benefits, compensation, and personnel policy issues.
The Investment Committee advises the Board of Directors on the development of objectives for the WCRA’s investment policy and formulates guidelines to direct the work of the investment managers, custodian, and WCRA staff.
The Member Advisory Committee monitors and evaluates the services provided by the WCRA to its members, determines members’ needs, and advises the Board of Directors regarding member services.
The IT Advisory Committee advises the Board of Directors on WCRA’s technology platform, products, services, providers, policies, and security.