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
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