An investment committee is the body that approves a capital commitment after reviewing the underwriting. It decides on the evidence presented, and its decision is recorded with the information it saw.
The quality of a committee's decisions depends on the consistency and honesty of what is put in front of it. A standard memo format, a stated evidentiary standard and a clear separation between measurement and recommendation make decisions comparable over time.
The record of the meeting is part of the decision record: the figures presented, their versions, the questions raised and the terms approved. Later, that record lets the institution test its own process.
An investment committee is not a substitute for measurement and is not bound by a model's output. It decides, and it carries the accountability.
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