May 3, 2013
Nonprofit owners looking to mitigate risk throughout the year may want to consider some potential issues they may run into during the strategic process. In fact, new research from Marsh, a provider of insurance broking and risk management and RIMS, revealed some entities may not be maximizing the potential of their risk professionals.
According to the survey, 47 percent of risk professionals agreed the main reason management is included in strategic planning and executive activities is because there should be as few risks as possible in the strategic plan. This is where risk professionals can step in at nonprofits when the team is creating the plan for the upcoming year, speaking up when they see where a potential problem could disrupt operations.
"This general move toward risk professionals adding more value to organizations' strategic decisions is encouraging," said Carol Fox, director of the strategic and enterprise risk practice at RIMS. "Yet, there is still much room for growth, and gaps remain between what senior leaders and risk professionals expect from the risk function in its delivery of strategic value."
Make strategic planning an asset
Nonprofit owners who have people on staff to pay attention to potential risks is just one way they can improve their strategic planning process. Here are some other tips to making sure the documented approach to the year to can be most effective:
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