Risk management is a framework for recognising, analysing, understanding and mitigating risks to your organisation in order to improve performance and reduce threats.
Being properly prepared when disaster strikes can make all the difference – and even save lives, says Jay Patel.
An Oxfam worker is one of the tens of thousands killed in the Haiti earthquake this week.
More builders go bust in recessions. Edward Banyard Smith deconstructs the problem.
Ecclesiastical Insurance has issued a warning to charities that operate out of listed buildings that they could be substanitally underinsured and therefore at serious financial risk in the event of a major buildings claim. Research among 80 new charity customers that operate from listed buildings and joined Ecclesiastical during 2009 showed that on average, small charities were 22 per cent underinsured.
David Philpott, chief executive of the London Air Ambulance charity, has been sacked as he was investigating allegations about conflicts of interest and misuse of funds against some of the trustees.
Christian book and bible charity IBS-STL UK is looking to sell all its operations and wind itself up after the implementation of a new IT system went badly wrong and capped off a succession of financial problems. It is the first time in recent history that a top-250 charity has chosen to wind up.
The recession has put risk management systems through a severe test, says Richard Weighell. The latest PKF/CFDG annual risk management survey, Managing Risk – keeping in control was carried out between May and June 2009. The number of participants in the survey was the highest yet at 466, and finance directors were very much at the forefront of those submitting the responses.
CFDG has said it is worrying how few charities have a contingency plan for a swine flu outbreak, after finding almost half had no plan in the 2009 Charities Risk Survey it has carried out with accountancy firm PKF. “The UK is now facing a pandemic,” the survey warned, “The adequacy of the arrangements is likely to be tested imminently for a number of charities. It is hoped that they will work.”
There is a real sense that the time has finally arrived when the concept of social investment could really take off. As well as a critical mass of vocal exponents approaching it from different but complementary points of view, there are a number of themes of recent times converging to provide crucial momentum.
With funds under pressure, every penny counts. Here are four ideas to help you save money, while reducing risk and improving processes. Cutting recruitment costs I was recruited by Macmillan through an agency. So when I arrived at Macmillan one of my first priorities was to see how the process could be streamlined. I knew there would be scope to improve efficiency and reduce costs. In my previous position at Islington council, I had successfully pioneered the outsourcing of recruitment to a managing company, and I was keen to see how the introduction of a similar system would benefit Macmillan.
The London Metropolitan University fears job losses of up to 800 people if it is forced to repay £36.5m of funding to the Higher Education Funding Council (HEFC). The HEFC has requested the repayment and decided to cut around £10m from the university’s funding indefinitely because the number of students and level of course completion at the university were over-counted, according to Jeremy Corybn, Labour MP for Islington North who led a parliamentary debate on the situation last week.
Nick Hurd, shadow minister for charities, has called for a short-term Treasury loan fund to help charities which face financial difficulty as a result of lost bank deposits.
The Acevo board has agreed to take £20,000 from its reserves to spend on "bolstering services and advice for members facing crisis", according to chief executive Stephen Bubb.
The Baker Tilly Voluntary Sector Governance Survey of 2008 has some interesting findings on mergers and collaborations
Charities should improve their risk management to enable them to take more risks, according to Charity Finance Directors' Group (CFDG) chief executive Keith Hickey.
A toolkit to hammer out the complex relationship between local authorities and their charities.
How charity shops are managing risk
Kate Sayer identifies some tools for assessing financial risk. To make good decisions, you need to understand both the benefits and risks associated with a proposed course of action, either of which could have unforeseen consequences. A good decision-making model will help ensure you gather all relevant information before you make the decision, but also acknowledges that there are a range of possible outcomes.
Disclosures and liabilities: beware the law of inadvertent consequences
A summary of the main issues covered by the 2008 Charity Pension Maze
Why practical risk assessment is the key to protecting overseas staff
Guidestar is working with Experian to develop a charity-friendly credit-scoring process that credit agencies can use to assess organisations bidding for government contracts.
Why the Charity Commission’s ethical investment guidance is likely to generate unnecessary caution
How charity shops can effectively manage risk
Charities have been advised that the key to successful investing is correctly assessing the shifting appetite for risk that drives the market.
An analysis of the major issues around material significance and whistleblowing
How to manage the risk of information security breaches
When considering investment into treasury-style money market funds, it is vital to take into account a number of key criteria
The growing influence of EU procurement law brings a new series of challenges of charities
