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5 Important Risk Management Decisions

By anonymous
April 09, 2013

Organizations face a number of risks in their day-to-day operations. The ability to mitigate such threats is of great relevance since it determines the ability of your organization to survive the strong tides and remain sustainable. It is not surprising therefore, to find most organizations with very established risk departments. Most insurance companies would collaborate with your risk personnel and department to provide customized products and services.

The strategies adopted to counter such threat vary from one organization to the other. This could be determined by the organizational specific operations and the internal control systems. Risk management nonprofit organizations could take involve a completely different approach given the fact that profit is never their motivation. Your organization is motivated by the desire to provide social services, engage teens or help the old people in society.

Risk management entails making decisions and selecting approaches that would be cost effective, socially and morally acceptable when dealing with risk factors. There are basic decisions that any organization should make as far as dealing with these issues are concerned.

Volunteer injury

Your organization is engaged in a certain causes. Most of these are usually humanitarian in nature.  They would seek to provide social care, teen protection and healthcare provision. Protecting the volunteers from injury is a crucial aspect. You should have adequate facilities like gates, fences and alarm systems that can protect them from injury. First aid kits would be very appropriate to rescue them in cases of emergency.

Training

Training all the people you deal with is of great importance. This is because it helps them develop a more responsible approach during extreme cases. Safety lessons and procedures for risk management nonprofit organization could be of great help.

 

Public injury

The public is also a key component. Adequate measures should be taken to ensure that they are well protected. When conducting field events, it is important to prevent and contain any accidents. Having ambulances for response services is very important. Your organization can also train the public on their responsibilities and duties under such circumstances.

Misuse of funds by volunteers

Embezzlement of funds can also be a major issue of concern.  Your organization needs to have in place control mechanisms that can reduce any opportunity to rob your organization

Risk transfer

This relates to seeking an appropriate company that can handle your risks concerns. Insurance companies can be of great help.

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