Singapore

Risk Management Solution for Charities

NPO RiskMgmt Charities Banner

 

Key findings of the Charity Council Risk Management Survey 2017

  • 50.9% of respondents do not have a formal approach to managing risk, or are unsure if a policy exists.
  • 59.4% of respondents stated that they either do not understand or are unsure of the benefits of proper risk management.
  • The survey discovered that respondents were not sure who is responsible for risk management – the Board, CEO or CFO, Audit Committee, Internal Audit, or Board Risk Committee.
  • Charities placed the most importance on their finances and viewed IT risks as the least important. This is despite them operating in an increasingly digital world.

 

Top risks affecting charities

  • Strategic risks
  • Financial risks
  • Operational risks
  • IT risks
  • Compliance risks

 

How we can help charities address the gaps identified in the survey

  • Organise workshops to create risk awareness and promote accountability
  • Develop Risk Management Manual that includes risk strategy, governance structure, policy, process and templates to institutionalise risk management in key decision-making process and to enable continuous reporting & monitoring
  • Establish roles and responsibilities for Board, Committee, Management, Risk Function, and Internal Auditor
  • Establish risk appetite statements, risk tolerance limits as well as set key risk indicators for effective monitoring
  • Assess adequacy and effectiveness of risk mitigations
  • Generate report of risk profile and action plan

 

Charities will receive:

  • Risk management manual
  • Register of risk universe
  • Risk register of top risks and key indicators
  • Risk heat maps
  • Risk appetite and risk tolerance
  • Summary risk Report for the board

 

Our approach

We rely on internationally-recognised enterprise risk management frameworks to help charities identify, analyse and manage risks.

  • 3 Lines of Defense
  • ISO 31000
  • COSO ERM

 

Talk to our experts:

Woo E-Sah
Partner & Industry Lead, NPO and Healthcare Practices
T +65 6594 7843
eswoo@RSMSingapore.sg

Sovann Giang
Senior Director, Risk Advisory
T +65 6594 7892
sovanngiang@RSMSingapore.sg