A recent survey by Crystal & Co. revealed that 78 percent of nonprofit organizations are operating without a dedicated risk manager. According to the survey, the majority of businesses use their finance team, human resources, operations or legal departments to handle the responsibilities of corporate risk and insurance.
The study reported that nearly 80 percent of the organizations surveyed have handled an independent assessment of their corporate risk and insurance program at least once in the last 3 years, but only 36 percent have assessed their risk within the last year, and 7 percent claim to never have completed an assessment.
Even when organizations do attempt to properly protect against potential risk, many are not spending enough for sufficient protection. Most spend less than 0.25 percent of annual revenue on corporate insurance, when the percentage should be closer to 1 percent for adequate coverage.
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