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Valentines Dance by Sixty Plus, finance workers job description by CASH

Risk management

Associated downloads

Areas of risk

It is very important that you consider your own organisation and its particular services, its uniqueness and the risks that are associated with it. We cannot produce a list of all the risks that would cover every organisation. The following are just a few pointers.


  • Are you up-to-date with the regulations?
  • Do you have accurate, up-to-date book-keeping? Are all invoices and funder records properly filed?
  • Are there too many cash payments?
  • Can expenditure be tracked to restricted funds and are the requirements of funders being met?
  • Are funders monitoring returns being sent in on time?
  • Are funders’ outputs being achieved?
  • Is there sufficient cashflow?
  • Is the organisation collecting in all the money it is entitled to?
  • When will the funding streams end?
  • Is a finance report circulated to the trustees and does it analyse income and expenditure against the budget and show variances?
  • Are there adequate controls to reduce the risk of theft and fraud?
  • Do you need fidelity bond insurance (covers theft by staff)?
  • Do you need trustee liability insurance – particularly suitable for unincorporated organisations?
  • Will all the preparation for audit or independent examination be completed on time?
  • Do you have and review a set of financial controls and procedures?


  • Are you paying too much? Do you review suppliers on a regular basis?
  • Are goods of the right quality and do they arrive?
  • Should contractors be PAYE employees?
  • Are there approved limits on purchasing? Could the director buy a new car?
  • Is there a staff/trustee code of conduct regarding matters like payments to family members etc?

Services/products for clients

  • Specific legal requirements.
  • Quality and accuracy.
  • Risks to clients.
  • Risks from clients.
  • Staff training.
  • Costs and competition.
  • Level of demand – can you meet it.
  • Insurance – read the policy exclusions.
  • Health and safety.
  • False allegations.
  • Equal opportunities.
  • Promotion and marketing.
  • Sourcing of supplies and trained staff.


  • Does the manager have a good support system with access to solicitors, accountants, reference manuals and helplines when needed?
  • Recruitment procedures.
  • Checks and references on new staff.
  • Supervision and annual appraisal – do they happen and are they of good quality?

Other areas

  • Computers.
  • Other equipment.
  • Health and safety.
  • Buildings.
  • Volunteers.
  • Insurance policies.
  • Policies and procedures.
  • Environment issues.
  • Governance and trustees.
  • Legal issues.

Parts of this factsheet has been inspired by Managing Risk by Caroline Clark, published by NCVO £15.00 (020 7713 6161).

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Last updated: Mon, Mar 31 2008 - 03:55:02 PM

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