Charities and Institutions of a Public Character (IPCs) (collectively, “Charities“) must adapt to changing environments and manage risks amid global uncertainty. Having a comprehensive risk management framework is essential to protect the Charities’ assets and resources, minimise operational disruptions, and safeguard their reputation and credibility. In so far as minimising operational disruptions is concerned, the COVID-19 pandemic has taught Charities valuable lessons that they can build upon to manage risks and foster resilience for future challenges.
To help Charities in Singapore enhance their Enterprise Risk Management (“ERM“) practices, the Charity Council, in collaboration with KPMG Singapore (“KPMG“) and the Singapore Institute of Technology (“SIT“), recently launched the Enterprise Risk Management Toolkit for Charities and Institutions of a Public Character (IPCs) 2024 (“Toolkit“).
The Toolkit shares, among others, lessons learnt from the COVID-19 pandemic. It aims to provide the ‘next steps’ guidance to Charities:
(a) Unlocking the values of a mature ERM programme;
(b) Identifying and managing emerging risks (such as cyberattacks, and technological disruptions);
(c) Responding to risk incidents; and
(d) Incorporating climate risk drivers into existing ERM frameworks.
The Toolkit is designed to supplement an earlier toolkit issued in 2016, ERM Toolkit for Charities and Institutions of a Public Character (IPCs), which provides Charities with pointers and practical considerations when starting off their ERM journeys.
Together with the Toolkit, the Charity Council also released The 2024 Risk Management Survey Report for Charities which reports on the results of a survey jointly conducted by the Charity Council, KPMG and SIT in July and August 2023 to assess the current state of awareness and level of understanding on risk management among Charities. The survey also sought to identify the risk management needs among Charities, which became the bases for the development of the Toolkit tailored to Charities.
While the Toolkit serves as a useful reference for developing and implementing an ERM framework, readers are reminded that legislation and statutory regulations (e.g. Charities Act) should take precedence over the principles and guidance set out in the Toolkit, which are not intended to be prescriptive or exhaustive.
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