Estimated Reading Time: 4 minutes
~8.5 minutes | Recorded 12.16.17
Looking back on the NRMC team’s work throughout 2017, one of the hottest topics for our consulting clients and Affiliate Members was risk management maturity. Nonprofit leaders want to know:
These tough-cookie questions have puzzled many a nonprofit leadership team, partly because there are no recognized, published, nonprofit-specific standards on risk management or ERM maturity. With our mission to cultivate risk management leaders and instill effective risk management practices across the sector, the NRMC team realized it was time to step in and address this need.
If you’ve asked yourself the questions above, then order our newest book, World-Class Risk Management for Nonprofits, in which we shared NRMC’s new Risk Management Maturity Model.
Our four-phase model offers an expert benchmark of the effectiveness and sophistication of your risk management program. Risk management maturity advances from phase one to phase four:
Take a peek below at some of the indicators of phase one, which signify emerging or ad hoc risk management capabilities exist in an organization. If you can agree or respond “yes” to most of these indicators, then your nonprofit is probably in phase one now. Though phase one is just the beginning, we know that staff in every nonprofit engage in risk management in some fashion. Celebrate your wins and continue cultivating your world-class risk management program, one maturity phase at a time.
To gauge your risk management capabilities against NRMC’s full Risk Management Maturity Model, order World-Class Risk Management for Nonprofits. World-Class is a perfect holiday gift for the Risk Champion in your life (especially if that’s you!).
Spending less this holiday season? Try our free Risk Benchmarking App to compare elements of your risk management program against those of your peers. Pick one of five benchmarking topics, and answer a couple quick questions to anonymously share your nonprofit’s risk management maturity. Then enjoy instant results of all the benchmarking responses to-date. You can view aggregate results, or view results from peer nonprofits based on their service type (sub-sector), operating revenue, or location of services.
Wishing you a merry and risk management-mature holiday season!
Contact the Nonprofit Risk Management Center team to learn about risk management maturity and our educational resources: 703.777.3504 or info@nonprofitrisk.org.
“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.”
“BBYO’s engagement of NRMC 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 NRMC. 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.
“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.”
“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.”
“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.”
Great American Insurance Group’s Specialty Human Services is committed to protecting those who improve your communities. The NRMC 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!
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