Managing Risk for Your Nonprofit - with Sophie von Laer
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Notes:
Today on 7-Figure Fundraising, host Trevor Bragdon, is joined by Sophie Von Laer. Sophie is a certified executive coach and systems engineer. Trevor begins the conversation by asking Sophie about her early life being born and growing up during the Iran/Iraq war. She shares the sense of uncertainty and things not being normal that surrounded her early life, and relates it to the similar feelings she has during the pandemic. Circumstances may change, but human needs remain the same. Her family left Iran when she was sixteen, fleeing the country overnight, and all she took with her was her books. Sophie had finished high school in Iran, and when she arrived in the United States, she was adamant about going to university. Iranian women could not study electrical engineering in Iran, but now in the United States, Sophie started her degree in electrical engineering at George Mason University.
Creating a Risk Management Plan
Sophie has an incredibly diverse background of education and experience. Trevor begins digging into her work in risk management. Sophie believes that risk management is all about proactively planning for success. High probability risks should be managed, and low probability risk should be watched, so organizations can be aware of what could go wrong. Trevor asks Sophie what mindset organizations should be in while trying to plan the next six months during the uncertainty of COVID. Sophie explains that managers and leaders should be asking the right questions. She explains that as if/then questions that explore the possibilities your organization could face during COVID. She believes someone should be in charge of risk management, and engage with small groups to talk through the possibilities. She stresses that risk management should always be tied to organizational objectives, otherwise it should not be done.
Managing and Updating Your Risk Management Plan
Sophie recommends coming up with a risk management plan that sorts your risks into high, medium and low categories with a maximum of three to five risks. She also explains that revisiting the risk and the plan is key, because the categories and priorities could shift or change. In uncertain situations, like COVID, communication is key. Once you’ve identified the people affected by risk, if any changes are made, a process should be in place that notifies them. Be sure you’re telling your team:
What could go wrong.
What solutions are in place.
Any changes to the solution.
Every time you meet, Sophie also recommends asking open ended questions and taking notes on any issues your team brings up. For most teams, they’re already having risk management conversations, Sophie suggests using them as a jumping off point to begin formalizing your risk management process.
Trevor and Sophie wrap up their conversation by discussing the positive side to risk management, which is asking what could go right. Sophie explains that spending time to discuss these good organizational happenings, referring to this process as appreciative inquiry. She leaves listeners with the advice to put relationships above tasks.
Key Takeaways:
0:24 - Trevor introduce Sophie and her work
2:40 - Sophie shares her experiences growing up in Iran
6: 30 - Trevor asks Sophie about how her family came to the United States
11:29 - Trevor asks Sophie about her history in risk management
19:36 - Sophie explains a risk management plan
29:20 - Trevor asks what the final step should be for leaders looking to implement a risk management plan
30:16 - Trevor and Sophie discuss appreciative inquiry