Are the selected risk control and risk financing options achieving their expected results?

If not, make adjustments where/when needed

Example:

Update values in the property insurance policy, they may have changed substantially

Benefits include:

• Identification of new or changing risks and methods to treat them
• Accumulation of evidence to support assumptions and results of analysis
• Development of a more accurate portrait of risks
• Reduction of costs associated with improper or redundant risk control measures

Operational Recommendations

• Conduct audit of ongoing operational risks
• Review, design and implement policies/procedures
• Empower and train personnel to address risks
• Ensure Board of Directors receive regular updates
• Review insurance regularly
• Investigate and keep records on all claims – incident reports
• Review all legal agreements to identify their risks
• Use waivers, risk assumptions, disclaimers, indemnifications to transfer risk
• Establish and enforce required risk management procedures – before, during and after all activities, events or programs
• Ensure contractors have adequate insurance – require Certificates of Insurance as proof

Organizations with active risk management plans report:

• Improved relations with clients, volunteers, staff and their communities
• Better planning and preparation
• Stability among employees and volunteers
• Greater credibility in their community

Don’t get overwhelmed

• Risk management is never the responsibility of one person - involve others in your efforts
• It is the application of healthy doses of common sense and sound planning
• The simpler the strategy, greater likelihood it will be applied and sustained
• Risk management is a process, not a task
• Constantly review what you are doing
• Celebrate when things work
• Analyze the reasons behind a setback
• Adjust where and when needed
• Break the process into manageable steps
• Set priorities and realistic goals
• Create a timeline for developing your risk management practices
• Don’t attempt to do it all at once
• Connect with other organizations that have already gone through this process to get support and recommendations

Benefits

Accident-prevention programs are good due diligence:

• They ensure personnel and financial resources are put to their best possible use instead of being diverted to pay for accident-related losses
• Early, aggressive detection and management of risk is typically easier, less costly, and less disruptive to implement
• Strong quality-control improves goods, services, activities, reputation and credibility
• Reducing the potential for lawsuits conserves resources – financial and personnel
• Quick response to situations/circumstances, if left unattended they can cause devastating affects
• Advance agreements with lenders offers access to cash when its most needed – in a crisis
• Effective contingency planning: service continues following adverse events

SPORT4ONTARIO would like to thank Volunteer Alberta for the information contained in this section.