§ 1305. Risk management. The board shall annually prepare, or cause to\nbe prepared, and adopt a written statement of investment policy that\nincludes a risk management and oversight program. This investment policy\nshall prohibit the board and the program from borrowing for investment\npurposes. The risk management and oversight program shall be designed to\nensure that an effective risk management system is in place to monitor\nthe risk levels of the program, to ensure that the risks taken are\nprudent and properly managed, to provide an integrated process for\noverall risk management, and to assess investment returns as well as\nrisk to determine if the risks taken are adequately compensated compared\nto applicable performance benchmarks and standards. The board shall\nconsider the statement of investment policy and any changes in the\ninvestment policy at a public hearing.\n
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