Insight
Trustees need confidence and clarity to meet obligations
Many charity trustees are not aware of the extent of their duties in areas like finance and safeguarding.
Charity risk barometer 2020
16 December 2020
Our Charity Risk Barometer uncovers key challenges facing charities, helps you capitalise on opportunities and reap major rewards.
Risks to charities
The charity sector has experienced huge challenges with austerity, political instability as well as attracting and retaining talent. And then the COVID-19 pandemic struck which saw an increase in demand for charity services and a decrease in income. Despite the bleak picture, the charity sector has adapted to these challenges and, as a result, has developed greater resilience and instigated change.
As one of the leading insurers of charities in the UK, we’re passionate about supporting the charity sector. This is why we’ve been working with leading charity experts to create the charity risk barometer to help customers identify and manage their risks as well as providing solutions.
What has the charity risk barometer uncovered?
- Survival for the next six months is more important to charities than planning for the next five years.
- With the increased demand on charity services there is a real risk of employee burn-out.
- The impact of COVID-19 has meant charities have had to adapt by embracing remote working and innovate by using technology to continue to provide services.
- The report also highlights practical steps charities can take including creating a business continuity plan, diversify funding streams and looking at cyber security to name but a few.
Tools to help with some of the key risks
- Benefact Group's Charity fundraising hub which provides key resources including webinars that help charities weather the COVID-19 storm.
- Help to address the balance of diversity on charity boards by helping to create awareness of the role and how to go about becoming a trustee, with this practical guide – produced by Getting on Board.
- Navigate through this volatile risk landscape by taking an Enterprise Risk Management approach. Enterprise Risk Management resources, and tools including Business Continuity guidance and templates.
- Help defend against a potential data breach or cyber attack, we’ve created three guides including a scenario planner to help organisations better understand the threats they face. They define clear actions and controls to help mitigate cyber risks.