New Year, New List: Establish a Risk Management To Do List
Estimated Reading Time: 2 minutes
By Melanie Lockwood Herman
Executive Director
It’s a new year, and here at the Center we’ve got a whole year’s worth of tips and trainings for you. Our web site currently features a new issue of Risk Management Essentials kicked off with an article by Melanie Herman, Executive Director of the Center, that is designed to help you focus on practical, affordable, do-able steps you can take NOW to prepare your staff and organization for the challenges ahead in the coming year. Check out the new issue, featured on the first page of our Web site, as well as the topics covered in our monthly Webinars and remember that the Center and answers to your risk management questions are just a phone call away!
Excerpted article from Risk Management Essentials:
Rather than getting bogged down in an impossible list of risk management ‘to dos’, consider creating a short list of practical action items for the current calendar year. This short list of resolutions may be a starting point, or it may inspire the identification of other doable steps, such as scheduling regular safety briefings for volunteers prior to all upcoming special events. Remember to include on your list the commitment to take advantage of free and affordable resources that were designed to help you better understand and cope with risk in your nonprofit. NRMC’s Web site, is a great place to start. Another item you might want to put on your list is the creation of a concise summary of your insurance program. At NRMC we call this invaluable summary a “Schedule of Insurance.” The schedule, often created in a spreadsheet program such as Excel, ideally includes the following information: policy type, policy period, policy #, carrier, deductible/retention, annual premium and special policy conditions or exclusions. If creating the summary feels daunting, ask your agent or broker to prepare a schedule for you. Remind them to include a notation about any policies they have recommended but have not been purchased.
Melanie Lockwood Herman is the Executive Director of the Nonprofit Risk Management Center. She welcomes questions and concerns at Melanie@nonprofitrisk.org or 703.777.3504.
“First let me congratulate you on a conference well done. I had a great time at the Nonprofit Employee Benefits Conference and walked away with some valuable tools and questions that we’ll need to be addressing in both the short and long term. Thanks to you and your staff for all you do to provide us with quality resources in support of our missions.”
— Scott Brown, Mohonk Preserve
“BBYO’s engagement of the Center to conduct a risk assessment was one of the most valuable processes undertaken over the past five years. Numerous programmatic and procedural changes were recommended and have since been implemented. Additionally, dozens (literally) of insurance coverage gaps were identified that would never have been without the work of the Center. This assessment led to a broker bidding process that resulted in BBYO’s selection of a new broker that we have been extremely satisfied with. I unconditionally recommend the Center for their consultative services.
— Sidney Abrams, BBYO
“Melanie Herman has provided expert, insightful, timely and well resourced information to our Executive Team and Board of Directors. Our corporation recently experienced massive growth through merger and the Board has been working to better integrate their expanded set of roles and responsibilities. Melanie presented at our Annual Board of Director’s Retreat and captured the interest of our Board members. As a result of her excellent presentation the Board has engaged in focused review which is having immediate effects on governance.”
— Pamela Mattel, Basics Promesa Systems Inc
“The Nonprofit Risk Management Center has been an outstanding partner for us. They are attentive to our needs, and work hard to successfully meet our requests for information. Being an Affiliate member gave us access to so many time- and money-saving resources that it easily paid for itself! Nonprofit Risk Management Center is truly a valued partner of The Community Foundation of Elkhart County and we are continuously able to optimize staff time with the support given by their team.”
— Jodi Spataro, Community Foundation of Elkhart County
“The board and staff of the Prince George’s Child Resource Center are extremely pleased with the results of the risk assessment conducted by the Nonprofit Risk Management Center. A thorough scan revealed that while we are a well run organization, we had risks that we never imagined. We are grateful to know that we have now minimized our organizational risks and we recommend the Center to other nonprofits.”
— Marti Worshtil, Prince George’s Child Resource Center
Great American Insurance Group’s Specialty Human Services is committed to protecting those who improve your communities. The Center team has committed to delivering dynamic risk management solutions tailored to nonprofit organizations. These organizations have many and varied risk issues, hence the need for specialized coverage and expert knowledge for their protection. We’ve had Melanie speak on several occasions to employees and our agents. She is always on point and delivers such great value. Thank you for the terrific partnership and allowing our nonprofits to focus on their mission!