Anything that could adversely affect your charity carrying out its plans or achieving its purpose is a risk.
Trustees are required to ensure risk is managed so that the charity is not exposed to undue risk. To assist Trustees the Charity Commission has produced this guidance, click here to access.
This document uses the following steps to assist Trustee’s with managing risks:
- Establish a risk policy
- Identify what could go wrong (risks)
- Assess how likely these are to occur and how serious they would be
- Evaluate what action can be taken to mitigate risk (avoid / transfer / insure / accept)
- Review and monitor risks
In getting to know your charity your auditor or examiner will ask to look at your risk register or risk assessment documents to satisfy themselves that appropriate processes are in place; in addition your Trustee Report will need to disclose your risk management statement and again the auditor / examiner will want to be satisfied that a formal process is in place.
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