Risk Management for Endowments and Foundations
Endowments and foundations need better tools, defined standards of conduct, and reduced reporting costs in order to stay ahead of the risks they face.
A risk management framework is a system that aims to match information and activity in order to operate a nonprofit for the maximum benefit of its constituents, lighten the load on heavily tasked staff, enable early warning of errors of commission and omission, and avoid investment related oversights.
Our governance, risk management, and compliance (“GRC”) consultations are based on the COSO framework and the fiduciary standards published in the Stewardship Excellence Guidelines for Endowments and Foundations.
COSO is recognized as the leading guidance for designing, implementing and conducting internal control and assessing its effectiveness.
The fiduciary standard was developed by a nonprofit industry task force whose mission achieved a compliance framework for the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”).
Roland|Criss helps nonprofits achieve confident assurance with:
- Risk assessments;
- Gap analysis; and
- Implementation of professional GRC procedures.