FINANCE NEWS: Broker hits out at legal minefield in risk management

Charities face a legal "minefield

to comply with new requirements in risk management, according to insurance broker Smart and Cook.

The new SORP requires trustees to identify areas of risk for their charity and what procedures they have in place to deal with it.

Smart and Cook's broking director Peter Castle said: "Charities are subject to more legislation and red tape than ever before and are finding it harder to make their way through the minefield alone. Risk is inherent in all organisations and the most successful are those which appreciate that risk is unavoidable but can be effectively managed using a process of identification, evaluation, control, reporting and monitoring together with a tried-and-tested disaster contingency plan."

According to risk management company Marsh UK, charities without such a system in place are now finding it difficult to find insurance cover.

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