This program was recorded on July 12, 2023
Have you been wondering (or worrying!) if you’re doing enough about the risks facing your nonprofit?
Do you understand your D&O insurance policy? We’ll help with both of these questions.
If your Board is asking about risk, readiness and resilience in the face of disruptive events, you’re not alone! For decades most nonprofits have parsed their approach to risk management: the finance team manages finance risks, the development team manages fundraising risks, and so forth. During this webinar, Melanie Lockwood Herman, Executive Director of the Nonprofit Risk Management Center, will introduce and explore a broadly-based conception of risk management called Enterprise Risk Management (ERM). ERM is a holistic approach to risk management that guides leaders to achieving a bird’s eye view of risk. Although ERM has become a familiar discipline in the world of large, for-profit entities, it’s still gaining traction in the nonprofit sector. The good news is that you can embrace ERM without buying anything; Melanie will explain how to think about and act on the top risks you face in a way that truly suits your mission, goals, culture and circumstances.
Melanie has been recognized as a member of The NonProfit Times Power & Influence Top 50 fourteen times. As NRMC’s leader she regularly advises management and governing teams from a wide array of nonprofits operating in the U.S. and internationally. She is known as a thought leader who is able to present risk recommendations that are easy to understand and apply. If you’re wondering how to satisfy your board’s itch for better risk management, you won’t want to miss this webinar.
Turning from the broad conceptual overview of risk management, we will look at some key specifics of directors and officers insurance policies. Lots of nonprofits have purchased D&O coverage, but will the policy you have in place defend you during your hour of need?
Jeffrey R. Lerman, a partner at Montgomery, McCracken in Philadelphia whose practice is centered on insurance coverage matters, will highlight key aspects of a typical nonprofit D&O policy. What should you look for? Who should be covered? What is covered and what is not covered? What is the “insured v. insured” exception? When should you give notice of a potential claim to the carrier? Do you let the carrier appoint counsel for you? What happens if you want to switch carriers? How can you negotiate for better terms? Come with a copy of your own policy to see if it measures up.
Nonprofit Issues® editor Don Kramer, recognized as one of the Best Lawyers in America in nonprofit and charity law, will lead the discussion. Tish Mogan, Standards for Excellence Consultant for the Pennsylvania Association of Nonprofit Organizations, will facilitate. The program is offered in conjunction with PANO.
Pennsylvania CLE & CPE
This program is approved to provide continuing legal and continuing professional education credits for lawyers and accountants in Pennsylvania.
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