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1. Changing Face of Risk with Ecclesiastical Insurance

Many thanks to everyone who attended our Changing Face of Risk CO3 workshop. The workshop provided a great opportunity to engage with CO3 members and present some feedback from the pulse survey we carried out in January.

The survey aimed to gauge the most significant risks facing the third sector today and how prepared we are to face them. Top line results included:

  • Data breach, cyber and economy are deemed the biggest emerging threats/risks to members
  • Most respondents feel they are at least “well protected” against these, and also against reputational and traditional insurance risks
  • Over 60% acknowledge they would benefit from greater risk management support
  • 85% have a risk register – begging the question: is 15% too high a proportion not to?
  • 54% of boards meet at least every 6 months to review their risk register
  • 83% say they have assessed reputational risk and its impact
  • Brexit has yet to impact 75% of charities
  • 85% have taken steps to prepare for GDPR

If interested, we would be happy to supply a full copy of the survey findings to anyone who attended the conference. Please email sarah@co3.bz


What did the workshop touch on?

  1. The third sector is in need of more information around cyber threats and how to mitigate risk
  2. Charities are measured on the basis of utmost trust – reputational risk and the ability to manage crises therefore remain key requirements
  3. Setting out a robust risk register and achieving genuine board engagement/support remains a challenge
  4. Brexit may not yet have had an impact on the third sector, but will once the process begins; whether charities are truly prepared and their interests properly represented remains to be tested
  5. GDPR is a concern, but the requirements are clearly laid out and the expectation is that all need to be fully informed and compliant; the third sector has received support in this regard
  6. Following break out sessions, it was agreed that areas of greatest concern include:
  • Insider threat (areas include abuse/fraud/noncompliance)
  • Contagion (from other charity organisations whose risk management is not up to standard or after an incident occurs that damages all)
  • Risk aversion (occurs when charities are afraid to make a decision or delay a decision)
  • Cyber & data breach


Outputs from the Workshop

  1. Ecclesiastical / Marsh Risk toolkit to be issued to all attendees. This may require further training and can be facilitated if there is demand.
  2. C03 and Ecclesiastical are hosting a Crisis Management workshop in conjunction with Teneo PSG on 24th April 2018.
  3. Ecclesiastical, Marsh and C03 will report back on how we can support the third sector in managing the areas highlighted.
  4. Charities to consider what they can action immediately, within their control, to address these concerns.

Both Ecclesiastical and Marsh are available to help and advise on all of the above.


2. Leading change because management is not enough with Baker Tilly Mooney Moore

In the workshop, Leading change because management is not enough, we shared our views on the difference between change and transformation, noting that transformation is a different beast from normal change and as such requires a different approach in leadership.

Strong leaders in this sector are like a compass. They define an organisation's vision and its direction of travel. They give stakeholders the language to communicate this vision with the wider public. And in times of global scarcity and increasing need, a vision which brings donors closer to your mission has never been more important. Being a leader takes boldness, and in this the third sector is rich. This sector is characterised by a workforce driven by passion, intelligence and determination.

We explored the fact that in the coming years, organisations across the country need to undergo transformational change. In other words, they need to find fundamentally different ways of delivering care to be much more effective and this, in turn, will require new capabilities as well as new processes. The key capability to cultivate will be transformational leadership and the critical success factor of a transformational leader is followership.

If leaders are to create successful organisations they must recognise that followers are the most essential resource the organisation has and that only by understanding the needs of their followers can they achieve organisational success.

So we explored the different types of followers and the style of leadership necessary to motivate successful followership. Having achieved followership with a compelling vision, we further explored the characteristics of what makes an effective transformational leader and highlighted that collaboration was the source of successful transformation.


Some of the key lessons learnt from other successful transformations included;

-       Organisations don't change. People do -- or they don't

-       Some people are naturally more "change-adept.“

-       Treating transformation as an event, rather than a mental, physical and emotional process

And finally, we noted that successful transformation must have followership as its source, because good followers become the catalyst of achievement in an organisation because of their commitment, resourcefulness, co-operation and pro-active participation.


Donal Laverty

Partner, Consulting

Baker Tilly Mooney Moore



3. Attracting funding and identifying key business risks with UCIT

In this workshop, Phelim Sharvin (Associate Director) highlighted the key business competencies and indicators normally assessed by lenders and investors alike. Additionally, Phelim identified the pressure placed on the working capital cycle and highlighted some of the key characteristics of the most successful Social Enterprises.  Finally, there was an opportunity to share how UCIT has tailored its product offering to optimise its support to its client base and the wider Social Economy. To close participants had the option to partake in a valuable one to one business consultation with a member of our finance team.

View the Workshop Presentation Here