CHIEF RISK OFFICER.

SEC. 8724. CHIEF RISK OFFICER. Section 1413(f) of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9613(f)) is amended— (1) in paragraph (1)— (A) by striking “who—” and inserting “who shall be removable only by a majority vote of the Board.”; and (B) by striking subparagraphs (A) and (B); and (2) by striking paragraph (2) and inserting the following: “(2) Duties and responsibilities.—The Chief Risk Officer shall— “(A) report directly to the Chief Executive Officer; “(B) support the risk committee of the Board established under section 1441 in carrying out its responsibilities as set forth in subsection (b) of that section, including by— “(i) developing, implementing, and managing a comprehensive framework and process for identifying, assessing, and monitoring risk; “(ii) developing a transparent risk management framework designed to evaluate risks to the Corporation’s overall portfolio, giving due consideration to the policy imperatives of ensuring investment and regional diversification of the Corporation’s overall portfolio; “(iii) assessing the Corporation’s overall risk tolerance, including recommendations for managing and improving the Corporation’s risk tolerance and regularly advising the Board on recommended steps the Corporation may take to responsibly increase risk tolerance; and “(iv) regularly collaborating with the Chief Development Officer and the Chief Strategic Officer to ensure the Corporation’s overall portfolio is appropriately balancing risk tolerance with development and strategic impact.” .