Fraternities, Sororities, and their related Organizations operate by governing principles just as other nonprofits and businesses do. To ensure the health and sustainability of the organization, leaders should periodically review key elements of their financial policies and procedures, insurance and risk management approach, and corporate governance, operations, and stewardship. By designing an operational checklist, your organization can create a working document to guide leadership through these periodic check-ins.

In part two of our three-part series, Favor & Company will build on the operational checklist, exploring areas that can contribute to the minimization of loss. Fraternal organizations, foundations, and national housing entities can all benefit from these checklists.

Some of the risk control checklist items we will discuss include:

• Developing a communication schedule with chapters and house corporations

• Claims review

• Insurance renewals

• Human resource risks

• Board policies

• Cyber risks

• Leases and property risks