To some, risk may not seem important until you receive a demand letter from your lawyer or a media inquiry about an alleged malicious act.
Risk is everywhere in the nonprofit sector, and nonprofit organizations need eliminate messy and unmanaged risks. To help us better understand risk management, we discuss the issue with Ted Bilich, CEO of Risk Alternatives LLC and expert in board governance, civic engagement, and ethics. Ted defines risk, explains risk assessments, shares ideas on managing risk, and offers three freemiums for organizations to better assess risk management.
Ted’s Website: www.risk-alternatives.com
Nonprofit Risk Inventory Guide: https://risk-alternatives.com/nonprofit-risk-inventory-guide/
Funders Free Report: https://risk-alternatives.com/funders/
Lean Risk Management for Nonprofits Articles: https://risk-alternatives.com/lean-risk-management-for-nonprofits/
Ted’s article in SSIR 2016: https://ssir.org/articles/entry/a_call_for_nonprofit_risk_management
(3:35) Ted defines Risk Management
(5:55) Managing the risk of sexual harassment or other serious workplace issues.
(9:28) Incorporating risk management into HR training
(12:35) Predicting how tax reform might affect fundraising and annual gifts
(15:26) Limitations of mitigating risk through insurance
(16:42) Sharing risks with similar organizations
(19:00) Playing Smart: Verifying the types of insurances your organization has
(21:35) Knowing your staff, executive director and board’s role in risk management
(26:36) Freemium #1: Articles about Lean Risk Management
(29:15) Freemium 2: Ted’s Risk Inventory Report
(32:45) Freemium 3: Ted’s Funder’s Report on Risk Inventory
(38:00) Ted shares the biggest risk he has ever taken
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