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This book provides an introduction to risk management in order to
equip your land trust with information, resources and suggested strategies
for designing and implementing a practical risk management
Chapter 1 is designed to introduce you to key concepts in the discipline
of risk management so that you can prepare your land trust to
develop a risk management plan that meets your organization’s unique
needs. You will learn key concepts, such as risk, risk management and
the legal duties of land trusts, as well as how to lay a good foundation
for managing risk. This foundation includes consulting stakeholders, understanding the consequences of risk taking and creating a culture
that is sensitive to the evolving nature of risk.
The myriad risks and tools for facing them are covered in chapter 2. Common risks addressed include those related to governance, IRS
requirements and other laws and regulations, conflicts of interest, reputation, financial assets, recordkeeping, contracts, employees/volunteers/
contractors, fundraising, project acquisition, stewardship administration, property damage and personal injury. There are a number of tools
available to help mitigate the downside of risk discussed in this chapter. They include recreational use statutes, liability shields, indemnification and charitable immunity statutes.
Chapter 3 brings us to the heart of the issue of risk, covering how to
develop a risk management plan that meets the needs of your land
trust. Creating a committee is the first step in crafting a plan, and the
chapter provides useful tips on selecting and managing your team. The
chapter then goes on to describe a practical process for managing risk
and the different parts of a successful plan. The chapter concludes with
strategies for implementing and updating the plan as necessary.
Insurance is a strategy for financing downside risks, and the book
concludes with an overview of the common types of insurance that
land trusts purchase and their purposes. Chapter 4 also provides tips
on evaluating your land trust’s insurance needs and how to obtain
needed coverage and save money at the same time.
Standards & Practices