The Executive Council of the International Association of Deposit Insurers (IADI) has appointed Philippine Deposit Insurance Corporation (PDIC) President Cristina Que Orbeta as Chairperson of the IADI Audit Committee during the recently concluded Executive Council meeting held at the Bank for International Settlements in Basel, Switzerland on June 2, 2015. President Orbeta was elected as member of the IADI Executive Council in 2014.

The Audit Committee monitors the financial reporting process, and internal control and risk management systems in support of IADI's objectives and financial operations. It also supports the IADI in ensuring that its financial resources are exclusively used to pursue its mandates and solely applied to the operating cost of the IADI and constitution of adequate reserves.

The Audit Committee is among the seven standing committees of the IADI, which include committees on Governance, Data and Survey, Finance and Planning, Membership and Communications, Research and Guidance, and Training and Conference.

IADI is a non-profit organization established in 2002 to promote international cooperation and guidance in the field of deposit insurance. It provides a venue for sharing best practices in deposit insurance and proactively issues guiding principles to assist all deposit insurers all over the world. The 79-member IADI is based in Basel, Switzerland, with PDIC as one of its founding members.

The PDIC received the Deposit Insurance Organization of the Year Award in 2013 from the IADI in recognition of its significant achievements in bank resolutions and payouts; compliance with the IADI Core Principles and international participation; and deposit insurance system improvements.

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