1. Purpose
The purpose of this policy is to establish guidelines and procedures for identifying, assessing, mitigating, and monitoring risks within Esharelife Foundation. This policy aims to ensure that the organization effectively manages risks to safeguard its mission, reputation, assets, and stakeholders.
2. Scope
This policy applies to all staff, volunteers, trustees, and representatives of Esharelife Foundation involved in the management and oversight of organizational activities and operations.
3. Risk Management Framework
Identification: Esharelife Foundation will establish processes to identify and categorize potential risks associated with its activities, including but not limited to financial, operational, legal, reputational, and strategic risks.
Assessment: Risks will be assessed based on their likelihood and potential impact on the organization’s objectives. A risk assessment matrix may be utilized to prioritize risks and determine appropriate mitigation strategies.
Mitigation: Esharelife Foundation will develop and implement risk mitigation strategies to reduce the likelihood and impact of identified risks. Mitigation measures may include implementing internal controls, establishing policies and procedures, obtaining insurance coverage, diversifying funding sources, and conducting training and awareness programs.
Monitoring and Review: The effectiveness of risk mitigation measures will be regularly monitored and reviewed to ensure they remain relevant and responsive to evolving threats and opportunities. Adjustments to the risk management plan will be made as necessary.
4. Roles and Responsibilities
Board of Trustees: The Board is responsible for overseeing the organization’s risk management efforts, including reviewing and approving the risk management policy and framework, providing guidance on risk tolerance and appetite, and receiving regular reports on risk assessment and mitigation activities.
Executive Leadership Team: The executive leadership team is responsible for implementing the risk management policy and framework, including conducting risk assessments, developing mitigation plans, and reporting on risk management activities to the Board.
Staff and Volunteers: All staff and volunteers are responsible for identifying and reporting potential risks within their areas of responsibility, adhering to established risk management procedures, and participating in training and awareness programs on risk management.
5. Communication and Reporting
- Risks and risk management activities will be communicated regularly to relevant stakeholders, including the Board of Trustees, staff, volunteers, and external partners.
- Significant risks or changes in risk profiles will be reported promptly to the Board and senior management for review and decision-making.
6. Compliance
- All risk management activities conducted by Esharelife Foundation must comply with relevant laws, regulations, and industry standards.
- Compliance with this policy is mandatory for all staff, volunteers, trustees, and representatives of Esharelife Foundation.
7. Review and Revision
This policy will be reviewed annually by the Board of Trustees to ensure its effectiveness and relevance. Any proposed changes to the policy will require approval by the Board.
8. Enforcement
Violation of this policy may result in disciplinary action, up to and including termination of employment or termination of volunteer status, depending on the severity of the infraction.