28 Oct Religious Institution Risk Management: Are You Prepared?

Religious organizations serve as houses of worship, fellowships, educational centers, and sites of community service. While they act as a safe community space, the operation of these organizations carries certain risks which may be associated with people, property, finances, or stability of the organization as a whole. Risk management can help your organization be prepared for the worst.

Understanding Common Exposures

The types of exposures which religious organizations can face include:

• Property Damage: Natural disasters, fires, and any other accidental damages can be caused by unexpected events. Property valuations and continuity plans will help organizations to manage costs incurred as a result of the loss.
• Youth and Volunteer Safety: Due to the lack of proper screening and education, organizations may face abuse allegations and any other liability risks.
• Cyber Liability: Data breaches can occur in relation to members’ information, financial data, or any other sensitive data.
• Premises Liability: Slip and falls as well as property hazards that were not handled properly can cause injuries and lead to liability.
• Financial and Operational Exposures: Employee theft, employment practices, and organizational changes may become sources of exposure.

Understanding such exposures will help you develop an efficient risk management plan.

Evaluate the Risk of Your Organization through IQRM

Gilbert’s Risk Solutions offers religious organizations the IQRM Effectiveness Risk Audit that starts with the 15-statements survey which will help assess the risk management practices of your organization.

It involves assessing the key areas, such as property, financial preparedness, cybersecurity, youth safety, claims management, emergencies, and internal controls.

Once completed, your organization gets its own IQRM Effectiveness Risk Audit Score based on your answers.

Assessment Leading to the Right Actions

We can help you deal with identified gaps and enhance the risk management practices of your organization and analyze if your current insurance coverage meets your requirements.

Depending on the exposures of your organization, your coverage considerations might be property insurance, general liability insurance, directors and officers liability insurance, abuse and molestation liability insurance, cyber liability insurance, and crime insurance.

Ready to see where your organization stands? Take our free Intelligent Quotient for Risk Management assessment – a quick non-invasive tool that takes less than 5 minutes to complete. You’ll receive a free evaluation score that uncovers your organizations risk.

TAKE ASSESSMENT NOW

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