Risk: Opportunities and Cost
Risk – Opportunities and Cost
What are the opportunities?Â
- Increased funding
- Increased participants/clients
- Greater profile in the sector or in the public
- New relationships with partners, funders, institutions
- New space
- Happier staff
What are the Costs?Â
- Damaging your organisation’s reputation
- Losing clients
- Losing funding
- Injuries or harassment of staff, volunteers, clients
- Other environmental dangers posed to staff, volunteers, clients
Mitigating Risk – Develop Tolerance
This is where your Risk Tolerance Policy comes in handy!!!
Certain risks elements can be delegated to sub-committees but regular reports to the board ensure that everyone knows risks are being addressed
Define procedures and expectations around when and how to report to board.
Ownership of risk
All plans and decisions should be approved based on assumed risk factors and response strategies
If the reality is different or changes,
- revisit your decisions,
- re-assess risks, and
- create new strategies
Practicalities
