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CFTROU 0081: The Business on Church Business: Be Prepared to Manage Risk

Most everything in life involves some element of risk. Risk is an inevitable consequence of running a church. For example, there is the risk of someone getting physically injuredwhile participating in an activity that is hosted by your church. The bigger your congregation and the more activities and ministries you have, the greater your exposure to risk will be. Our Family Church Business Administrator and CFO, Scott Crawford, educates us on taking calculated risks. This process includes performing a risk assessment, determining your risk tolerance, and creating a plan to mitigate risk. We discuss when it makes sense to take a risk and what to do when something goes wrong. We also talk about the role insurance plays in the comprehensive plan a church should create that balances risk and cost.

Key Points:

  • The different types of risk involved with running a church.
  • How intentionality as the forefront when it comes to risk management. 
  • What calculated risk looks like. 
  • Aspects to consider when assessing risk and who should perform it. 
  • What risk tolerance is and how to determine this at your church.
  • The role an attorney and insurance agent can play in reducing risk
  • Examples of how internal controls mitigate risk when handling church finances. 
  • The importance of oversight in finances and why multiple people should be included.
  • What to consider when figuring out how much insurance you need.

Life with no risk is no fun. Click To TweetEverything you do in life includes some element of risk. There is no way to avoid that. Click To TweetWe encourage that you insure as much as you can afford. Click To Tweet

Links Mentioned in Today’s Episode:

George Patton

Brotherhood Mutual

GuideOne

Church Law & Tax

Scott Crawford on Twitter

Leslee Bennett on Twitter

Jimmy on Twitter

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