The Canadian Sport Risk Registry contains a number of common risks and is updated following each Risk Management Workshop. The risks and solutions are presented generically and anonymously, to provide insight for sport leaders to think differently about the risks that are ‘keeping them up at night’.
Lack of financial stability
Cash flow difficulties and inadequate resources result in board and staff time being spent managing short-term financial problems, versus working towards long-term solutions and more important objectives.
- Establish a credit line to bridge short-term financial needs.
- Budget conservatively at all times.
- Establish strong internal financial controls.
- Institute an audit committee and give it the expertise and authority it requires to oversee finances effectively.
- Develop an investment strategy to ensure maximum leveraging of existing assets.
- Review staffing structures to ensure optimal use of human resources.
- Recruit board members with financial experience.
- Pursue alternative funding sources through fundraising, merchandising, marketing, corporate sponsorship, alumni giving, crowdsourcing or IP leveraging.
- Look for financial savings through collaborative or cost-shared programs such as insurance.
- Explore staff secondment opportunities through corporate partners.
- Clearly articulate and communicate member benefits to boost membership.
- Look at potential membership areas currently not tapped, and alternative partners (industry, municipalities, schools).
- Review strategic plan to determine if it is aligned with current reality – may need to change expectations and performance objectives.
- Review programs / services and eliminate those that provide little value to members.
- Establish an appropriatea small surplus and reserve fund.
- Undergo a brand strategy development process to better align with potential partners / funders.
- Consider Club Excellence Program participation for access to financial management audit and review
- Apply an ethical code of standards to accounting and fundraising practices.
Managing competing priorities
Not being able to determine or decide which projects or programs to prioritize, and which to decline or discontinue.
- Use part-time staff, temporary staff, or contractors when appropriate.
- Explore partnership opportunities with PTSOs to complete projects.
- Invest only in programs that further the organization’s mission and vision.
- Review strategic plan to reconcile which current priorities are