Risk Registry

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’.

Challenges to compliance

The risk:

Inadequate staff capacity or expertise to ensure that organization is compliant with all requirements.

Solutions:

  • Consult with like organizations to determine how they maintain compliance.
  • Seek board members with subject expertise.

Lack of financial stability

The risk:

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.

Solutions:

  • 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.

Liability issues with hosted events

The risk:

Liability risks associated with hosted events.

Solutions:

  • Supply written guide for organizers containing standards to be met.  
  • Use signed hosting contract (NSO-PTSO-Host committee) setting out contractual commitments. 
  • Have risk management and insurance committee driven by staff. 
  • Standardized use of waiver forms. 
  • Build proactive and collaborative relationship with insurer. 
  • Enhance role clarity for event organizers – who has jurisdiction for what aspects of the event. 
  • Offer training to PTSO technical staff to help them deliver well-organized, safe events.
  • Clearly identified financial signing authority for both host and NSO / MSO.
  • Explore national insurance program (to cover all members and partners of hosted events).
  • Develop a financial management policy, budget and reporting templates for use by host. Make the use of these templates a condition of hosting the event.
  • Negotiate performance audits in critical areas to maintain hosting standards.
  • Work with PTSO's to create hosting agreement and realistic financial model.
  • Create an emergency action plan.
  • To optimize attendance at the event, communicate / promote past successes.
  • Establish what the key legacy pieces are for your event.
  • Develop a communications plan clarifying how / who with / when / what information is shared.
  • If few organizations have the capacity to host a national event, develop a business plan to address growth.

Managing competing priorities

The risk:

Not being able to determine or decide which projects or programs to prioritize, and which to decline or discontinue.

Solutions:

  • 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

Managing competing priorities

The risk:

Not being able to determine or decide which projects or programs to prioritize, and which to decline or discontinue.

Solutions:

  • 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

Weak organizational structure

The risk:

Organization is not structured to optimize resource use and stakeholder services.

Solutions:

  • Review and update policies and procedures with regularity.
  • Strike staff or board committee, or sub-committee, to provide guidance and research current structure recommendations.
  • Publish current policies to ensure stakeholders have access.
  • Procure expertise (e.g., legal) to ensure updated policies are aligned.
  • Consider Club Excellence program.
  • Establish a set of corporate values and guidance principles.
  • Examine the actions of the international federation for successes and challenges.
  • Ensure athlete opinions and concerns are considered in decision making and strategic planning.