Risk Management Policy P.O.I.N.T. Inc. is subject to certain risks that affect our ability to operate, serve our clients and protect assets. These include risks to employees and volunteers, liability to others, and risks to property. Controlling these risks through a formal program is necessary for the well-being of the organization and everyone in it. The jobs and services the organization provides, safety of the workplace and other benefits all depend to an extent on our ability to control risks. Management has the ultimate responsibility to control risks. Control includes making decisions regarding which risks are acceptable and how to address those that are not. Those decisions can only be made in participation with the entire workforce, because each of us understands the risks of his or her own tasks better than anyone else in the organization. Each is responsible for reporting any unsafe conditions they see. Also, each is encouraged to suggest ways in which we can operate more safely. We are committed to the careful consideration of everyoneâ€™s suggestions, and to taking appropriate action to address risks. The performance of each POINT employee and volunteer will be evaluated, in part, according to how he or she complies with this policy. Goals The safety of personnel receiving or engaged in delivering services sponsored by P.O.I.N.T.Inc.shall at all times be regarded as a top priority and this emphasis shall be communicated throughout the organization to ensure its understanding. P.O.I.N.T. Inc. seeks to involve appropriate personnel, whether board or staff, at all levels of the organization in the identification of risks and creation of practical strategies in order to make certain that the organizationâ€™s approach to risk management considers diverse perspectives and that staff understand their responsibility to protect the confidentiality of our clients, the safety and security of our facilities, the integrity of our reputation, preservation and future growth of assets, as well as, the fulfillment of our mission.
Risk Management Policies and Proceduresâ€“ Jan 2018
Responsibility for Risk Management - Board of Directors The overall objective of the Risk Management Committee is to oversee risk management across POINT. Its role is to ensure: Identified risks continue to be properly managed as per the ‘specific objectives’ below. Specific Objectives: • To advise the Board on the co-ordination and prioritization of risk management issues within the organization and develop a strategy for risk management for approval by the Board. • To encourage and foster greater awareness of risk management at all levels of POINT. Duties: To provide the Board with a Risk Management Strategy and annual risk management report. To liaise with all other Committees to ensure that issues of common concern are addressed appropriately. To provide the Board with regular assessments of the risks facing POINT and an overview of the management of identified risks. To identify and make recommendations to the Board on the necessary management structure and the resources required for risk management within POINT. To promote risk awareness and give advice to the Board on the information, instruction and training requirements of staff. To consider urgent and ad hoc issues and where appropriate to refer them to the Board with risk action plans. Guidelines for Minimizing Risk of Liability Risk is anything that threatens the ability of the organization to accomplish its mission. Risk Management Policies and Procedures– Jan 2018
The POINT Board of Directors is responsible for ensuring that: a. All major risks that the organization is exposed to are identified, b. Appropriate policies are put in place to minimize the risk of loss, and c. Such policies are monitored for compliance. This responsibility is addressed through the Risk Management Committee of the Board in accordance with its Terms of Reference. In general terms, the primary identified risks have been identified by POINT as: · Loss of money, securities and other property, either unintentionally or by fraudulent means · Intentional or unintentional injury to an employee in the workplace or to a third party while engaged in a program or event sponsored by P.O.I.N.T. Inc. · Claims against an employee, officer or director for a wrongful act, real or alleged · Penalties for breach of regulatory, tax, employment, privacy and other legislation affecting the organization · Breach or violation of a contract by the organization · Loss of major funding sources such that the organization cannot continue to operate as a going concern and pay its employees · Retention of qualified and committed staff In addition, there are more specific risks associated with the nature of the organization’s programs (and any changes thereto) that must be identified and addressed. An important source of risk minimization is the purchase of various forms of insurance, including Directors’ and Officers’ liability insurance and commercial and general liability insurance; however, this is not a substitute for establishing and maintaining proper policies and operating processes and procedures Managing Risks Steps that the POINT Board of Directors has taken to prevent losses and to manage risks: · We have Workplace Safety and Insurance coverage. · Directors’ and Officers’ Liability coverage · Additional Insured - United Way Toronto. Risk Management Policies and Procedures– Jan 2018
· · · · · · · · · · · · · ·
· · ·
Commercial Insurance to Cover Contents of Office when off-site events, i.e., Yonge-Eglinton Mall additional insurance. We have two million dollars liability insurance. We file charitable returns on time. All government documents filed on time. Bills paid promptly. We have a Chair, Treasurer and Secretary of the Board of Directors and an Executive Director who works with the Board of Directors. We have a Fundraising Committee who are working to supplement our funds. We work on having a balanced budget each year with no deficit. We have a reserve fund to cover operating expenses for 9 months. We have a Bookkeeper and a Treasurer. The Treasurer makes reports to the Board of Directors monthly on our financial position. We have a Finance Committee and Investment Committee to oversee the P.O.I.N.T. Inc. Endowment Fund. The Endowment Fund is managed by Cumberland Asset Management which is not associated with P.O.I.N.T. Inc. We have an outside Audit firm which conducts the annual audit of P.O.I.N.T.’s financial records and internal financial controls. We have in-service and training for staff and volunteers, and external workshop training opportunities, subject to funding availability. Strategic HR management links directly to an organization's strategic plan and that means that staff have meaningful roles tied to the strategic direction of the organization Clear communication between the manager and the employee about what s/he is expected to accomplish Provide on-going, constructive feedback on performance We strive to maintain an environment where people feel welcome and safe from harassment and discrimination.
Risk Management Policies and Procedures– Jan 2018