Page 206 - Demo

The policy should also contain a clear review date so that it is immediately apparent when it was last reviewed and when it is due to be reviewed again. You may want to include review dates for individual actions. In some cases
you may wish to refer to other documents. For example, in the section dealing with nancial risks it may be appropriate to refer to internal nancial control or budgeting documents.
HOW OFTEN
SHOULD WE DO THIS?
Risks change over time. Twenty years ago you would not have considered the potential risks of computer viruses, internet usage and social media, now that could be a signi cant risk. Over time your attitude to risk may change and you may decide that this has a strategic impact on the charity’s activities. For example, you might decide that the risks involved in operating a school or a care home were such that you withdraw completely from that activity. This would require a fundamental change to your risk management policy.
Also, as you implement the changes you have identi ed to deal with each of the risks, this may over time change the potential impact and likelihood of these issues occurring, so scores will need to be adjusted which may alter priority.
You need to consider as part of your policy how often you should carry out a review. In some cases it may be suf cient to review the position annually, but in other cases it will be necessary to do this on a far more regular basis. For example, if you are involved in a construction project, you are likely to want to review the associated risks possibly weekly or monthly.
External factors change as well. For example a one-off political event may occur that has an impact which needs to be managed. Waiting a year to take appropriate steps in response would simply be too long.
It is good practice to carry out a review of the risk management policy on a regular basis, and for this to be a standing item, at least at say, two charity trustee meetings a year. Above all, remember that the policy is a “living” document that should be updated and changed on a regular basis.
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