RISK MANAGEMENT A method for organizations to: identify potential dangers and threats, and take steps to eliminate or reduce the chances of them happening. Risk management helps ensure that adverse effects are minimal to none. Pro-Active
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Presentation Transcript
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RISK
MANAGEMENT<br>
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A method for organizations to:
identify potential dangers and threats, and
take steps to eliminate or reduce the chances of them happening.
Risk management helps ensure that adverse effects are minimal to none.
Pro-Active WHAT IS RISK MANAGEMENT?<br>
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Types of Risks Loss of organizational reputation — by members, donors, community partners Safety – of members, Soroptimist event and activity participants, property Financial – assets taken over through internal or external scams, cyber crimes<br>
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Manage Risk Solution 1 Solution 3 Solution 2 Understanding risk in your region and geographical location Strong internal controls, procedures, processes External assistance such as insurance There is no one-size-fits-all solution to managing risk!<br>
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General commercial liability – trips, slips, falls*
Abuse and molestation*
Liquor liability*
Professional liability* (Errors and omissions for the business)
Directors and Officers (Management liability) – protects personal assets
Cyber
Crime<br>
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General liability – required coverage, SIA buys the policy and it is shared by all U.S. regions/club, and paid by members through a per-capita fee
https://soroptimist.imgix.net/05-for-members/club-management/club-region-insurance-overview.pdf
Directors and Officers (Management liability) – required coverage for U.S. regions, voluntary coverage for U.S. clubs, paid directly by the clubs and regions; protects personal assets<br>
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SIA Procedures, F. Procedures Governing Regions, 8. b. All regions outside of the U.S. and its territories are required to purchase all appropriate insurance policies as is necessitated by the country they operate in. These insurance policies are to be purchased by the region with an insurance broker of their choice. All regions (whether within or outside the U.S.) are to forward certificates of insurance (in English) to SIA headquarters when each insurance policy issues or is renewed or upon request of SIA headquarters.<br>
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Do not sign contracts for activities or events that transfer risk or insurance provisions to the region/club with consultation with insurance brokers and/legal counsel.
If alcohol is to be served at an event, require proof of the event site or the catering company liquor liability coverage.
If Soroptimist members are serving alcohol, all members serving must be TIPS (Training for Intervention Purposes) trained or have local/state alcohol board training.
SIA needs a copy of each member’s training certificate.<br>
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Follow all local laws/provisions and SIA procedures required for working youth.
Be aware of and follow any other local laws or facility requirements for interacting with any other vulnerable adult populations.<br>
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Update/follow region/club procedures on who has authority to access financial and banking information, including statements, accounts, how access is permitted, expenses approved, etc.
More than one individual should have access, and transactions should be monitored by more than one officer regularly
Use multi-factor, biometric, or passkey access rather than passwords
Contact financial institution fraud department and local law enforcement immediately if there are any concerns that your accounts may be compromised.<br>
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Lisa Mangiafico (lisa@soroptimist.org) 215-893-9000 x107
In U.S., Pacific Ag Insurance (located in California)
559-584-3391
Ask for Jessica Henderson or Joanna Acosta<br>
