Risk & Asset Management
Risk management covers the practices, procedures, and policies used by charities to identify, reduce, and/or eliminate the potential damages or liabilities which can be expected to arise in the ordinary course of a charity’s activities and operations.
Good risk management practices help an organization and its leadership to protect and advance its ministry. It does so by
- safeguarding the organization’s reputation, credibility, staff, volunteers, and program participants;
- preventing fraud, loss, or damage to property;
- safeguarding future insurability;
- avoiding interruptions to operations;
- providing a positive testimony to the community by adhering to standards that are equal to or that exceed society's requirements;
- demonstrating that charity leaders have exhibited due diligence and care on behalf of the organization;
- avoiding unnecessary litigation that can drain an organization's time and resources and draw the focus away from ministry.