Its primary function is to assist the Board in fulfilling its oversight responsibilities by reviewing (1) the financial information, which will be provided to the shareholders and others; (2) the systems of internal controls and risk management which Management and the Board have established; (3) the audit process; (4) the process for monitoring compliance with significant applicable legal, ethical and regulatory requirements, including CSBI’s Code of Ethics and (5) such other duties as directed by the Board. In doing so, it is the responsibility of the Committee to provide a free and open avenue of communication among Management, Compliance Officer, Internal Audit, the external auditors, BSP examiners and the Committee. To perform his or her role effectively, each committee member will obtain an understanding of the responsibilities of committee membership as well as the Bank’s business, operations and risks.