C.R.S. § 24-30-1509

(1) The board shall have the following powers and duties: (a) To oversee the management of the risk management fund created in section 24-30-1510 ; (b) To compromise or settle claims on behalf of the state in the amounts authorized in section 24-30-1515 (2)(a)(V) and pursuant to the procedures set forth in section 24-30-1515 ; (c) To adopt rules to govern its own organization and proceedings; (d) To determine whether to recommend to the general assembly that the general assembly, by bill, authorize all or any portion of an additional payment to a claimant in accordance with the provisions of section 24-10-114 (5)(b).