We examine whether standalone risk management committee (RMC) is related to audit fees. Using a sample of Australian listed firms between 2010 and 2021, we find that the presence of a standalone RMC is negatively associated with audit fees. Our results are robust to alternative specifications and endogeneity concerns. In addition, we investigate the potential channels through which standalone RMC may affect audit fees. We find that the standalone RMC is associated with lower earnings management, firm risk perceived by the market, and corporate self-identified risks in risk management disclosures. Finally, we find that the effectiveness of standalone RMCs is associated with lower audit fees. Restated, the standalone RMC composition also matters. Overall, our results highlight the importance of standalone RMCs in influencing auditors pricing decision-making.