The Nonprofit Risk Management Center: Risk Management Audits
The Nonprofit Risk Management Center, widely known as NoRMaC, provides risk management education, training and information to nonprofits and community based organizations. Its mission is to help nonprofit leaders to identify and appreciate critical risks and take action. It does this by publishing free or affordable publications, offering easy-to-use online tools and providing workshops at events and conferences.
The purpose of this grant was to help nonprofit leaders create custom risk management plans for their organizations. NoRMaC did this by creating a risk management plan template that could be modified and used by nonprofits.
The grant helped nonprofit leaders create custom risk management plans for their organizations. The template enables nonprofits to craft thorough risk management plans that are well thought out and cover the many different aspects of risk management. The template includes detailed information on the identification of possible loss exposures, how nonprofits will implement and monitor actions to reduce risks, and how it will report the results of actions taken.
Every nonprofit, from the largest to the smallest, should take time to look into the future and predict both downside and upside risks. Often, however, time and resources are limited. Measures to address risk should be practical and within the reach of a nonprofit organization,
but prior to funding this project, a standard risk assessment tool did not exist. This tool was
made available to make it easier for nonprofits to create their own risk management plan easily
Since the guide has been implemented, it has been used to help over 3,600 nonprofit organizations in the US and Canada create detailed risk management programs.