Risk Management Tools: The Proper Use

Risk management tools needed in your nonprofit.

Nonprofit organizations are on a mission to change or benefit the world in some way. Because they are so different to for-profit companies, they face unique risks that are often overlooked. Since nonprofit directors are often at the helm guiding the organization, risk management can be left unattended for too long. Take a look at these steps to effective implementation and use of risk management tools in your nonprofit.

Establish a committee

If you’re like most nonprofit directors, your schedule is packed with plenty of responsibilities already. Take a load off by creating a group of volunteers to make up a risk management committee. Assign them risk management tasks and have them provide a monthly report for your review and feedback.

Train your team

Schedule a training session with your volunteers to educate them on the purpose, use, and benefits of the new or updated risk management tool. Limit the training to cover one specific tool.

Review effectiveness

Your organization must be flexible in its approach to risk – since new ones are entering the industry all the time. Review new tools 90 days are implementation to identify any needed improvements.

Don’t risk your nonprofit by ignoring the importance of risk management tools. Contact the experts at HUB International Insurance Services in Colorado at 719-546-6827. Make sure that your nonprofit is properly covered. We will work with you to ensure you are getting the most out of your coverage.