Is this a one-off exercise, or should we review risks annually?
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Is this a one-off exercise, or should we review risks annually?
Example question and answer provided by panel member, Julie Mutton, partner at Smith & Williamson – Nov 2012
Risks will change over time so you need to monitor them. Nominate someone to manage and monitor each risk, along with the charity’s response, and provide assurance to the trustee board that the risk is being managed.
Risks also need to be formally documented. This could be a simple table recording the risks and responses. it is important that documentation is easily understood and is straight forward to reassess and revise as risks change over time.
Conclusion
Whatever the size of your charity, trustees should be aware of the major risks facing their organisation, whether and how those risks can be avoided and how any adverse impact can be mitigated.