Board of Directors and CFOs Turning Focus to Risk Management

nonprofit insurance and risk management

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Research conducted earlier this year by two different organizations has revealed that both chief financial officers (CFOs) and board directors are paying more attention to risk management than ever before.

In a poll conducted by the Institute of Internal Auditors, 35 percent of respondents, about one-third of those polled, noted they would like to focus more of their attention on risk management and risk management effectiveness. Risk management came in second only to information technology and compliance and regulatory issues.

Research jointly conducted by American Express and Co. and CFO Research revealed CFOs will “likely have a greater role in risk management in 2014,” attributing this prediction in part to the “enhanced role” CFOs play in business operations. The report also shared that taking on a role in risk management strategies can help foster a CFO’s conflict resolution abilities and develop skills that cater to the unique goals of the organization.

Both board directors and CFOs can play a very important role in an organization’s risk management strategies. They can offer valuable insight other leaders in an organization might overlook or may not even acknowledge. Of course it also helps to have the assistance of a professional who can provide an objective opinion and provide a comprehensive risk management package that helps reduce risks and exposures. This is where Lamb Financial Group comes in.

In addition to various insurance programs for nonprofits and social services organizations, we also offer risk management services ranging from background and motor vehicle records checks and claims consulting to site safety evaluations and more. Those who take a part in their organization’s risk management plans are invited to visit our website for more information on our risk management services, or you can contact us at 1-866-481-5262.

 

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