In 2020, nonprofit teams faced new risks brought on by the COVID-19 pandemic, social justice issues and even a few familiar risks that persistently to influence challenges- both new and old.
It is obvious that the nonprofit sector is as susceptible to the dangers posed by potential risks as they work to maximize their mission, as are the for-profit business leaders.
For nonprofits to best understand this, at times, fluid environment, board members and business owners must learn how to implement risk management strategies. Simply put, risk management is defined as the process that is adopted to plan for the possibility that events may cause harm to an organization. This focus is specific, as it relates to risk associated with all members of the nonprofit organization.
On a recent episode of A Modern Nonprofit Podcast, Tosha Anderson welcomed Ted Bilich of Risk Alternatives to talk about risk management and the strategies that nonprofits must partake in order to be more resilient.
In 2021, nonprofits will need to know how to navigate what is certainly shaping up to be a busy summer. With more and more COVID-19 vaccinations being distributed to the general public, your organization may find itself needing to host in-person events or reopening its doors (if it hasn’t already). That said, there are added risks to the summer and fall, especially as it relates to hiring processes, volunteer events, donations, etc.
If you’re interested in learning more about risk management for your nonprofit, check out A Modern Nonprofit Podcast.
And if you finally realized that risk management also involves your finances, make sure to schedule a free consultation with Tosha Anderson, CEO and founder of The Charity CFO, here.