A Basic Understanding of Risk

$100.00

Instructor: Dr. William L. Waugh, Jr., Georgia State University

Crises are often precipitated by events that are unfamiliar and unanticipated and require a different set of strategies. This module examines different varieties of risks faced by nonprofit organizations and provides methods for developing appropriate strategies to address each type.

Description

Module 2: October 1, 2021
A Basic Understanding of Risk
Instructor: Dr. William L. Waugh, Jr., Georgia State University

Nonprofit leaders must appreciate the different varieties of risk that they face, so that they can develop appropriate strategies to address each type of risk. These include “normal” statistical risks that are ongoing and relatively predictable from past experience, and can be addressed with well-known mechanisms such as insurance and diversification. But crises are often precipitated by events that are unfamiliar and unanticipated and require a different set of strategies associated with organizational resilience. Risks are also differentiated by their incidence over time. The management of risk requires understanding of how people respond to risk and how risks can be better framed and communicated in order to elicit greater support and adherence to risk management policies. Moreover, some level of risk taking is necessary to achieve desired benefits.

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