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Risk governance in NPOs: Is your organization ready?
February 19, 2020
Authored by RSM Canada LLP
Tony McGregor, CPA, CA shared this article
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Strong risk governance and internal control practices can be a key component in building trust between external stakeholders and not-for-profit organizations (NPO), including charities and associations. Some organizations may shy away from implementing risk practices due to budget constraints without understanding the possible benefits or the severity of consequences. In fact, risks faced by NPOs can be different than those encountered by for-profit organizations, requiring non-profit CFOs and boards to develop a carefully balanced risk framework. Only in doing so, the organization will be in a better position to achieve its mission effectively.
RSM Canada’s Catharine Dutt, risk advisory partner, Joan Valente, NPO partner, and Cheryl Lemieux, CFO at CUPS Calgary Society spoke on:
- Understand general risk governance and internal controls principles
- Common risks within not-for-profit organizations
- Identify your NPO’s position in adopting a risk and controls framework, giving consideration to appropriate budgets
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Source: RSM Canada
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