September 17, 2013
Staying abreast of threats that can derail a nonprofit is critical to its success. Keeping this in mind, a growing number of organizations are joining enterprise risk management programs. In fact, 63 percent of 1,000 risk professionals that responded to a recent RIMS survey said they have either fully or partially integrated an ERM initiative to get a better feel for the organization's strategic and operational risks.
"Although many organizations are still in the infancy of ERM implementation, it is clear that ERM, and the role of the risk professional has become a valued part of corporate culture and business practices," said Carol Fox, director of strategic and enterprise risk practice at RIMS.
The right questions to ask when assessing risks
While nonprofits are run similarly to for-profit companies, a few things set charitable entites apart. Understanding some of the unique aspects of nonprofits can dramatically increase an organization's potential to fight risks. Here is a list of suggestions from The NonProfit Times for some questions nonprofit decision-makers can ask when trying to assess risks:
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Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.