The risks faced by Not For Profit (NFP) organisations come in many different forms. It is the responsibility of your allocated risk manager or risk management committee to look for the processes within your organisation that could cause harm, asking the question “does this task/activity/situation/event have the potential to harm people, property, income or organisational goodwill?”.
Financial risks are one of the key areas that concern Community Underwriting clients. Here is a quick checklist to get you thinking about the financial risks that may be faced by your organisation:
Does your board have access to the information required to make informed business decisions? This might include balance sheets, cash flow reports, Profit and Loss Statements, etc.
Do you have appropriate procedures in place to help prevent or expose fraudulent activities?
Do you have an audit process in place?
Do you have set spending limits for members of your organisation? Are these ...