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Not for Profit Insurance

Risk management means different things to different people but basically it is a documented system that focuses attention on the risks and challenges facing an organisation in its everyday activities and setting in place a set of procedures that will help to prevent or minimise the effect of those risks.

Risks can be many and varied; from a visitor to your premises tripping on an uneven step to a volunteer handling chemicals; from harassment in the workplace to inadequate driver training; from a fireworks show at a fundraising event to unsafe machinery. The list is virtually endless.

The risk management process involves five major steps as outlined in the Australian Standard AS/NZS 4360:2004:

1. establish the context - objectives; stakeholders; criteria; key elements
2. identify risks - what can happen? how can it happen?
3. analyse risks - review controls; likelihood; consequence; level of risk/significance
4. evaluate risks - evaluate risks and opportunities; rank risks and opportunities; screen out minor issues
5. treat risks - identify options; select the best responses; develop risk treatment plans; implement

By implementing a risk management programme you are showing that you have an interest in safeguarding your assets as well as your employees, visitors and volunteers wellbeing, thereby offering a professional image to your clients, members and the wider community. The process of identifying, analysing and evaluating risks will improve your organisation's ability to make educated decisions.

In addition to presenting a professional image, risk management will make your organisation a more attractive risk to insurance companies, resulting in more competitive premiums and wider coverage.

In fact, one of our major underwriting partners in the Not for Profit sector, Suncorp Metway Limited, are offering Not for Profit organisations a premium reduction on Public Liability insurance provided the organisation has implemented a risk management programme in accordance with AS/NZS 4360:2004.

We can assist your organisation to achieve this by enabling your organisation to access a unique internet based risk management programme developed specifically for Not for Profit organisations.