Purpose:
The purpose of the Risk Management Policy is to ensure that Global Breakthrough Ministries LTD identifies, assesses, and manages risks that may impact the achievement of its mission. This policy provides a structured framework for risk management to protect our resources, reputation, and people, ensuring the long-term sustainability of the organisation.
1. Scope
This policy applies to all board members, employees, volunteers, and contractors involved in Global Breakthrough Ministries LTD’s operations. It outlines how risks are identified, managed, and mitigated to minimize their impact on the organisation and its activities.
2. Risk Management Framework
Global Breakthrough Ministries LTD follows a structured approach to risk management, which includes:
- Risk Identification: Recognizing potential risks that could negatively affect Global Breakthrough Ministries LTD’s operations, people, reputation, or finances.
- Risk Assessment: Evaluating the likelihood of each identified risk occurring and the potential consequences if it does.
- Risk Mitigation: Developing strategies to manage or mitigate the risks, including reducing, transferring, accepting, or avoiding the risks.
- Monitoring and Review: Regularly monitoring the risks and reviewing the effectiveness of the mitigation strategies in place.
3. Types of Risks
Global Breakthrough Ministries LTD recognizes that it may be exposed to various types of risks, including but not limited to:
- Financial Risks: The risk of financial loss, mismanagement of funds, or insufficient resources to meet commitments.
- Operational Risks: Risks related to the day-to-day operations, such as equipment failure, logistical challenges, or issues related to event management.
- Reputation Risks: Risks that could negatively impact Global Breakthrough Ministries LTD’s reputation, including negative publicity, failure to deliver services, or misconduct by representatives of the organisation.
- Legal and Compliance Risks: The risk of non-compliance with laws, regulations, or contractual obligations, including governance standards and reporting requirements.
- Health and Safety Risks: Risks that could affect the health and safety of staff, volunteers, and the people we serve, especially during public events and outreach activities.
4. Roles and Responsibilities
Board of Directors
The board is responsible for overseeing the risk management framework and ensuring that appropriate systems are in place to identify and manage risks effectively. They are also responsible for reviewing major risks and ensuring that mitigation strategies are in place.
Executive Team
The executive team, in collaboration with department heads, is responsible for implementing the risk management framework and ensuring that risks are regularly monitored and reported to the board. They must also ensure that all employees and volunteers understand the importance of risk management and their role in identifying and mitigating risks.
Staff and Volunteers
All staff and volunteers are responsible for identifying potential risks in their areas of work and reporting them to their supervisors. They must follow all procedures and guidelines to help manage risks and ensure the safety and success of Global Breakthrough Ministries LTD’s activities.
5. Risk Mitigation Strategies
Global Breakthrough Ministries LTD employs the following strategies to manage and mitigate risks:
- Financial Controls: Strict financial controls, including budgeting, internal audits, and regular financial reporting, are in place to minimize financial risks.
- Health and Safety Protocols: Health and safety procedures, including risk assessments for events and activities, are followed to minimize accidents or injuries.
- Legal Compliance: Global Breakthrough Ministries LTD ensures compliance with relevant legal obligations, including those related to governance, financial reporting, employment laws, and safeguarding.
- Reputation Management: A communications strategy is in place to manage public relations and address reputational risks. This includes media management, responding to concerns, and ensuring that events run smoothly.
- Insurance Coverage: Global Breakthrough Ministries LTD maintains appropriate insurance coverage, including public liability insurance, to protect the organisation from potential claims.
6. Reporting and Escalation of Risks
Any identified risks or incidents must be reported to the executive team or the Risk Manager (if applicable). Depending on the severity of the risk, it may be escalated to the board for further review and decision-making. The process includes:
- Immediate Reporting: Risks or incidents that pose an immediate threat to health, safety, or the reputation of Global Breakthrough Ministries LTD must be reported as soon as possible.
- Documentation: All risks and incidents must be documented in Global Breakthrough Ministries LTD’s risk register, including details of the risk, the response taken, and any follow-up actions required.
- Regular Reporting: Risk management will be a regular agenda item at board meetings, where updates on identified risks and mitigation strategies will be provided.
7. Monitoring and Review
Risk management is an ongoing process. Global Breakthrough Ministries LTD will:
- Review the risk register quarterly to ensure risks are being managed effectively
- Conduct annual risk assessments for all major events and programs
- Evaluate the effectiveness of risk mitigation strategies and update them as necessary
- Provide regular training to staff and volunteers on risk identification and management
8. Review of the Policy
This Risk Management Policy will be reviewed annually by the board to ensure that it remains effective and aligned with Global Breakthrough Ministries LTD’s evolving operations and risk environment.
Contact Information:
For any questions or concerns about this policy, please contact:
Global Breakthrough Ministries Ltd
PO Box 598
St Ives NSW 2075
Damien Poulsen
info@globalbreakthrough.org
