The word “risk” can sound so…. well, risky! Risk often carries a negative connotation, evoking thoughts of danger and uncertainty. However, understanding and managing risk is crucial for the long-term success of any organization.
In this episode, Nancy and Sarah invite you to think about risk and what that means for your nonprofit. We are joined by Ted Bilich, CEO of Risk Alternatives and author of Managing Your Nonprofit for Resilience, to explore how nonprofits can identify, address, and embrace risk. Ted shares practical insights and actionable strategies that will help you turn potential threats into opportunities and strengthen your organization’s foundation. Whether it’s understanding the relationship between risk and insurance, engaging your board in risk discussions, or recognizing the positive side of risk, this episode is packed with valuable advice to help your nonprofit navigate the complexities of risk management with confidence and clarity.
Question to reflect on before you listen:
How do you approach risk related to your nonprofit now?
- What resonated with you about this conversation? What would you like to take back to your organization?
- In his book, Managing Your Nonprofit for Resilience, Ted gives us questions to ask during risk inventories. These fall into these categories:
- Operations
- Information technology
- Finance
- Human resources
- Reputation
- Fundraising
- Planning
- Governance
- Diversity, equity, & inclusion
Which of these categories of risk feel most relevant to your organization in terms of what you might focus on? What is a next step you might take?
Word of the week: Risk
Risk is often considered in a negative context. You want to prevent something bad from happening. Risk can also be framed in the positively– you want to take action to ensure something good happens. What positive risks might your organization consider? What might be a next step to do that?