No one wants to be surprised by a risk that suddenly becomes a reality. The risk landscape is constantly changing for not-for-profit organizations, so we set out to learn more about hot topics in risk management to help guide your 2020 risk planning.
Topics: not-for-profit, NFP, risk, risk management, Not-For-Profit Risk Management, risk mitigation
It is not possible for not-for-profit organizations and higher education institutions to prepare for all the risks they could face in the coming year. At some point, you have to make decisions about which risks have the highest chance of occurring or would have the highest monetary or operational impact if the risks happened.
Topics: not-for-profit, NFP, risk, risk management, Not-For-Profit Risk Management, risk mitigation
Your not-for-profit organization’s internal and external stakeholders are growing more sophisticated. They want to know that your not-for-profit is managed responsibly, meets its mission and that it is both efficient and resilient to its risks. Board members, employees, donors—and even to an extent, the public and the media—want to see how well your organization is being run.
Topics: enterprise risk management, not-for-profit, NFP, risk management, Not-For-Profit Risk Management, ERM
Audit committees for not-for-profit organizations do much more than what their name suggests. In addition to their primary focus of overseeing all aspects of the audit process, they are increasingly tasked with oversight of the not-for-profit’s enterprise risk management process and other risk mitigation activities.
Topics: Audit Committee, Non-profits, Not-for-Profits, NFP, audit risk, Not-For-Profit Risk Management, ERM
Adapted with permission of The CPA Journal, Copyright © 2016, April, 2016.
Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many committees are asking broader questions about risk and risk oversight. In fact, audit committees are increasingly charged with understanding overall risks, assessing which risks are the most important, and making sure that the existing management and governance structures are designed to mitigate, manage, and oversee these risks. This evolution corresponds to changes in the not-for-profit risk environment as a whole.
Topics: accounting, Non-profits, NFP, Mike Burns, risk management, The CPA Journal, Not-For-Profit Risk Management