The events of 2020 and 2021 have heightened awareness of the need for more and better risk management in the nonprofit sector. Enterprise risk management (ERM) is a long-term investment that improves an organization’s financial strength, operational efficiency, program effectiveness, and resilience during uncertain times.
Sponsored by GRF CPAs & Advisors, Getting Started with Enterprise Risk Management, A Guide for Nonprofits was prepared for the ERM initiative at NC State University. The report outlines the case for ERM; details how to identify/prioritize risks and conduct risk management & monitoring; and demonstrates effective ERM in practice. The templates in the report’s appendix provide valuable guidance for any organization thinking about risk management during these challenging times for nonprofits.