Influencing Risk and Risk Culture

Influencing Risk and Risk Culture

Deriving value from adopting risk management practices in the charity sector.

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Influencing Risk and Risk Culture

In today’s rapidly changing environment, charities need to manage a varied spectrum of uncertainties and risks.

A sound system of risk governance structure and risk management will help to reduce risk ‘blind spots’ and improve the effectiveness and consistency over how risks are managed within a Charity / Institution of Public Character (IPC). A risk awareness culture across all levels of management and staff, and Board in a Charity / IPC is critical, and helps ensure that risks are identified and addressed in a timely manner.

To help raise awareness of what would constitute a sound system of risk management within a Charity, KPMG in Singapore, together with the Charity Council and National University of Singapore Business School, conducted a survey to obtain insights on risk management practices within the Charity Sector.

Key findings include:

  • Risk management adoption levels across the charity sector is still in an emergent stage.
  • There is a general lack of understanding of risk management benefits, and a culture that does not support or place importance on risk management.
  • Greater clarity is required on risk governance structures and who is responsible for risk management.
  • Better education and awareness on risk management policy and procedures is needed.

We have also developed an Enterprise Risk Management Toolkit to guide charities / IPCs on their journey towards better risk management. The toolkit provides a risk management framework that is scalable to suit each charity’s needs, and shares practical insights and best practices. This includes tools to build risk awareness, and sample risk register templates by sectors.

In addition to the toolkit, training programs and workshops will be available to support charities’ adoption of the recommendations in the toolkit. Through training, education and awareness-building, charities will be able to progressively cultivate a risk management culture. Charities can tap on the VWOs-Charities Capability Fund (VCF), which provides grants for training and consultancy needs.

 

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