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’.

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.

Lack of internal processes

The risk:

Operational procedures are not fully developed, consistent or do not meet minimum legal requirements.

Solutions:

  • Schedule a regular review of all internal processes.
  • Create a task force with assistance from an external consultant.
  • Create a staff Standard Operating Procedures (SOP) manual.
  • Develop a protocol and policy to manage intellectual property.
  • Integrate Imagine Canada standards.
  • Conduct risk assessment when stepping outside standard operations or procedures.
  • Use organizational values when making decisions.
  • Create clear job descriptions and organizational chart to ensure confidence.
  • Perform cost benefit analysis between hiring and re-organizing.
  • Ensure all organizational information is secure and is regularly backed-up.
  • Host regular all-staff meetings to share updates and answer questions.
  • Have access to passwords in case of emergency.
  • Have an elected staff member as a representative for compliance regulations.

Lack of strategic planning

The risk:

Failure to use strategic plan to its full advantage.

Solutions:

  • Develop a communications plan for board of directors and general membership.
  • Integrate priority strategic items into operations plan.
  • Use strategic plan as a guide when assessing the feasibility of new projects.
  • Undertake regular environmental scan to monitor and plan for risk.

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 governance and board operations

The risk:

The risk of a weak governance structure at the board level.

Solutions:

  • Create a formalized process of board member training and evaluation.
  • Review sub-board committee structure to ensure alignment to strategic plan.
  • Identify a process of board selection that reflects the organization's vision, mission and values.
  • Identify possible leaders with targeted skills and expertise for board members.
  • Undertake regular environmental scan or SWOT analysis (Strength/Weakness/Opportunity/Threat) to monitor and plan for risk.
  • Create a governance manual which outlines current policies and procedures, as well as relevant job descriptions which carry executive authority.
  • Develop a succession plan for board, senior staff and key volunteers.
  • Develop a communications plan to clearly show how the board makes decisions.
  • Use organizational core values to enhance decision making (Management by Values approach).
  • Consider the Club Excellence Program (www.clubexcellence.com) to enhance club operations and staff training.