What I am offering here is 2 lists of top tens. One is produced by an insurer (ecclesiastical) aided by the Institute of Financial Management the other is one conducted yearly by The Institute of risk Management. The first List is from 2017 the second from 2018.
Finance top 10 (charities who said they were concerned or very concerned) from a poll that ecclesiastical haven’t said clearly what the questions were.
- funding 84%
- Impact of Government changes 72%
- Reputational risk 66%
- GDPR/data protection 65%
- Cyber/internet crime 63%
- Grant providers 62%
- Employer liability 53%
- Exposure to social media 51%
- Increased focus on governance 45%
- Impact of Brexit 44%
risk Management top 10
Respondents were asked to pick their top 5 risks from the following list:
- Fundraising, Information governance, Cyber, Safeguarding, Health, safety and security, Loss of public confidence,Trustee governance, Fraud, Financial sustainability, Aging population and giving dynamics, Trustee disconnect to Senior Management Team, Competition between charities and also charities and private sector, Media scrutiny, Crisis management, Brand decline, Volunteer management, People: employee retention and quality, Duty of care, People based overseas, Global compliance with legislation and regulation, Brexit – foreign currency, inflation, uncertainty; fundingsustainability, Service delivery contracts, Organisational resilience and continuity. They delivered:
1. Cyber risk (44%)
2. funding sustainability(41%)
3. GDPR – new for 2018 (41%)
4. People: employee retention and quality (38%)
5. Global compliance:legislation/regulation(33%)
6. Organisation resilience and continuity(28%)
7. Information governance (26%)
8. = Brexit (21%)
= Fraud (21%)
= Financial sustainability (21%)
The questions we must ask is why are they so different? Year to year risks change but where the insurance risk list is heavily weighted toward finance, the risk Management list is weighted evenly between digital, people and organisation. Finance comes 8-10th equal.
There is obviously a balance needed between the demands of finance and the view of that sector and the progressive view on staff well being, digital/information governance and practice.
What is your view
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