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Risk Management Systems Evaluating and Prioritizing Risk Insuring Against Risk What is risk? : What is risk? Risk is virtually anything that threatens or limits the ability of a community or nonprofit organization to achieve its mission. It can be unexpected and unpredictable events such as destruction of a building, the wiping of all your computer files, loss of funds through theft or an injury to a member or visitor who trips on a slippery floor and decides to sue. What is risk management? : What is risk management? Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen and setting up procedures that will avoid the risk, or minimize its impact, or cope with its impact. It is basically setting up a process where you can identify the risk and set up a strategy to control or deal with it. Risk management begins with three basic questions: : Risk management begins with three basic questions: 1. What can go wrong? 2. What will we do to prevent it? 3. What will we do if it happens? Why should we bother with risk management? : Why should we bother with risk management? There are a number of reasons why a community or non-profit group should put some time into considering risk management and it does go beyond the recent issue of rising insurance premiums. Slide 7: 1. For your own safety 2. For the safety of the people you are trying to help 3. The threat of possible litigation Risk Management Systems : Risk Management Systems Setting up risk management systems is about preparing some written procedures to be put in place to ensure you know what, how, and when action has been undertaken or is to be undertaken - and by whom. Slide 9: Step One: Make somebody responsible for risk management If you're a very small organization, appoint a risk manager. If you're slightly larger, set up a risk management committee with representatives. Step Two: Review your group and identify the risks Have the person or the committee review your premises, your financial procedures, your equipment, your human relations practices, and your client operations to identify any risks, risky behavior or practices. Identifying risk : Identifying risk Risks come in two kinds; Risks that apply to every workplace or organization, and Risks that come from doing the particular work you do Standard risks : Standard risks Occupational health and safety risks Check: • your physical surroundings • your work practices • your transport policy) • your hazard management training Financial and administrative risks Check: • your financial controls • your investment risks • your record maintenance • your legal status Unique risks : Unique risks Professional liability Non-profit groups are set up to service, to assist, to entertain, to support communities but with any special service that your group provides, there is the margin for things to go wrong. General liability Your employees, or your volunteers, may be dangerous in themselves - child abusers, or prone to hit people, or abusive. Litigation You may be perfectly in the right, and someone may sue you anyway, and you may have to spend a hundred thousand dollars to defend yourself. Slide 13: Step Three: Fix what you can fix. Change your systems, your procedures, your physical plant, or your attitudes to address the hazards. Have the risk manager or the risk management committee, check that the changes have been made. Evaluate the effect of the changes. Review them regularly and modify them when needed Evaluating and prioritizing risk : Evaluating and prioritizing risk Managing risk : Managing risk You also have to look at: • the balance between risk and benefit • the balance between risk and cost or convenience Slide 16: Avoiding risk Advice on risk-minimizing procedures. Ensuring that any contractors that come onto your premises are covered by their own insurance policy will also help you avoid risk. Minimizing risk One possible way of minimizing the risk of litigation is by having your clients sign waivers before entering your service Insuring against risk Insurance is not a substitute for risk management. Getting insurance only comes into the picture when you've done all you can to minimize risk. DISCLAIMER While all care has been taken in the preparation of this material, no responsibility is accepted by the author(s), its staff or volunteers, for any errors, omissions or inaccuracies. Slide 17: THE END You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.