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Risk Management

6 Steps to Risk Management in Churches & Charities

Good risk management enables churches and charities to maximise the achievement of their goals. It requires understanding what could go wrong, and opportunities that could be missed, and then taking the right actions to respond. Implementing these 6 steps to risk management in churches and charities provides a structured approach to do this effectively.

Risk Management

Why Risk Management is Necessary in Churches and Charities

Good risk management is good stewardship and helps churches and charities make informed decisions and take advantage of opportunities. Risks are a part of everyday life, but they can stop or hinder an organisation if they are not identified and managed effectively. It starts with understanding what risks are and why good risk management is necessary in churches and charity organisations.

Internal Control

How to Prevent and Detect Collusion

Collusion can compromise the best of internal controls, and is responsible for 51% of frauds worldwide. Knowing how to identify, prevent and detect collusion is therefore a must for churches and non-profit organisations, that want to protect their valuable assets and funds from fraud and misappropriation.

Internal Control

How Collusion Derails Internal Controls

Churches and non-profit organisations need sound internal controls to guard their valuable funds and assets. However, collusion can derail the best of internal controls, with 51% of all frauds perpetrated by two or more people in collusion. Understanding what collusion is and what makes people prone to it helps in looking out for it or guarding against it.

Internal Control

How Segregation of Duties protects Church Finances

Church fraud is growing yearly at 5% per annum and predicted to reach $70 billion globally by 2025. Putting a single person in charge of all aspects of a critical financial process puts them and the organisation in a vulnerable position. Errors, deliberate acts of misappropriation, and fraud would be hard to detect until the consequences are felt. The antidote to this is proper segregation of duties.

Internal Control

Why Churches Need Really Good Internal Controls

Churches need good internal controls because they tend to operate in an environment of trust, which increases their vulnerability to impropriety, fraud and errors. Implementing effective internal controls is therefore a must for churches to thrive and fulfil their mission.