Risk in this policy describes the uncertainty surrounding events and their outcomes that may have a significant impact, either enhancing or inhibiting, on any area of the charity’s operations.
The Charity Commission strongly recommends that charities have a clear risk management policy and process. The charity should have a structured approach to risk management that is appropriate for its size and complexity.
Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their objectives and safeguard the charity’s funds
We must identify possible risks, including risks to beneficiaries or to anyone else connected to Woolly Hugs and any emerging risks on the horizon
We must identify risks and take timely action to make the most of opportunities and develop them with the confidence that any risks will be managed and achieve the charity’s aims successfully
1. Areas of risk
external, operational, financial, legal and regulatory, governance, and data protection
As an example of external risks
temporarily or permanently losing equipment or our storage unit due to extreme weather events, vandalism and ending of hire or lease.
2. Assessing risk.
Is better done not in isolation. Assess both impact and likelihood.
3. Control the risk
Identify longer term plans to reduce the impact and likelihood. Seek advice. Manage and monitor. Review.