Managing risk is an essential role for the Club’s Committee. Effective risk management will safeguard the Club’s assets and ensure that the Club Development Plan can be achieved. Managing risk means reducing the likelihood or impact of any identified risk and/or putting in place contingency plans in case a risk materialises. A clear risk identification and monitoring process can help improve strategic and long-term planning.   

It is important that risks are identified early, and the management of such risks are regularly reviewed. This should include considering how best to mitigate the risk identified.   

The Management Group may wish to setup a specific risk working group to conduct this function. There should be a member of the Management Group with overall responsibility for managing risk. It is also advisable to set out a Risk Management Action Plan that can include a statement setting out how the Club handles risk.   

Creating a risk register can be a simple and effective way of recording and managing risk. There are several ways of creating such a document (tables, spreadsheets, computer programmes) but the most crucial factor is the content. Such content should include dates that risks are identified and modified; a description of the risk; an explanation as to what sort of risk has been identified (e.g., financial, operational, strategic); an assessment of the severity/impact of the risk; what has been put in place to mitigate the risk; and finally, who is responsible for managing the risk. 

Guidance on creating a risk assessment can be found HERE.