Risk management is the process of identifying, evaluating and controlling risks. The aim is not to eliminate all risks entirely (this would be very difficult and not cost effective), but rather to reduce the risk to a level that the charity is comfortable with (the risk appetite).
Voluntary organisations should regularly review and assess the risks they face in all areas of their work and plan for the management of those risks. Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their key objectives and safeguard their charity’s funds and assets.
This short session will outline the basic principles and strategies that can be applied to help charities manage their risks. It should help organisations establish a risk framework that allows them to:
• identify the major risks that apply to their charity
• make decisions about how to respond to the risks they face
• make an appropriate statement regarding risk management
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