Risk Mitigation Plan for a Nonprofit Organization to Meet Mission Requirements

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  • Topic: Risk management, Management, Non-profit organization
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  • Published : August 15, 2009
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It’s Never Too Late to Begin Anew Report

By Susan H. Davenport

The article, It’s Never Too Late to Begin Anew, was published by Melanie L.

Herman in Risk Management Essentials, 2007 Risk Management Resolutions, Volume

16, No. 1, Jan/Feb 2007 edition. The article is focused on improving the good health of a

nonprofit organization and increasing the odds that the organization will be successful in

advancing the organization’s mission. There are three risks identified and mitigated

for the organization in this report. The risks presented in the article are: 1) the insurance

vendor is not a partner, 2) a risk report is not a part of the Board’s agenda, and 3) the

policies for the charitable organization are out of sync. The risk mitigation plan is

discussed below for each risk identified.

The first risk mitigation plan is: Turn the Insurance Vendor into a Partner.

This solution refers to an insurance professional and should be a valued business partner

who can help the staff and board appreciate current and emerging risks and exposures,

alert the organization’s key personnel to appropriate safety and risk management

measures, shop for the most comprehensive coverage at an afford price, advise leaders

about the need for high limits or additional lines of coverage, serve as an effective

advocate and advisor when the organization files a claim, and assists the leaders of the

organization in understanding the nature and details of the insurance program since

precious resources have been spent.

The second risk mitigation plan is: Get the Board on Board: Add a Risk

Report to the Board’s Agenda. The boards of registered charities in the United Kingdom

are required to understand and review the major risks facing their organizations. There

must also be a system in place to manage the risks. Strategies for bringing the topic of

risk to the board’s attention include adding a...
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