Does anyone have a terms of reference for their Information Security Committee that they would be happy to share? We are looking to benchmark our approach.

May you kindly assist with the risks that might affect insurance companies and the audits which can be performed on the insurance companies. 

While I do not have a specific terms of reference for an Information Security Committee, I can provide some general guidance on what such a document might include.

Purpose: The terms of reference should begin with a clear statement of the purpose of the Information Security Committee. This might include statements about the scope of the committee's responsibilities, its authority, and its relationship to other committees or groups within the organization.

Membership: The terms of reference should specify who is responsible for appointing committee members, the term of membership, and the roles and responsibilities of each member. This might include representatives from different departments or business units within the organization, as well as external stakeholders such as auditors or regulators.

Meetings: The terms of reference should outline the frequency and format of meetings, as well as the rules of conduct and procedures for decision-making. This might include guidelines for the submission of agenda items, the distribution of meeting materials, and the management of conflicts of interest.

Reporting: The terms of reference should specify how the committee's activities and recommendations will be reported to senior management, the board of directors, and other stakeholders. This might include regular reports on the state of information security within the organization, as well as updates on any significant incidents or breaches.

Responsibilities: The terms of reference should outline the specific responsibilities of the Information Security Committee. This might include the development of policies and procedures related to information security, the assessment of information security risks, the review and approval of security-related initiatives or investments, and the monitoring and reporting of security-related metrics and KPIs.

Authority: The terms of reference should specify the authority of the committee in relation to information security matters. This might include the ability to make recommendations on security-related decisions, the authority to approve or reject security-related investments, and the power to escalate security-related issues to senior management or the board of directors.

Overall, the terms of reference for an Information Security Committee should be comprehensive, clear, and aligned with the organization's overall information security strategy. It should provide a framework for effective decision-making and communication, while also enabling the committee to meet its responsibilities in a timely and effective manner.