Risk Management
Establish an Industry-leading Risk Management Program for Your Cooperative
At GreatCo-Ops, we understand the risks on the horizon for electric cooperatives, and we offer specialized risk management solutions – powered by expertise and AI – tailored to help you be prepared.
Why Risk Management Matters
Today's electric cooperatives need a robust process to identify, understand, and mitigate risks. We empower cooperative leaders with the necessary tools, techniques, and insights to establish a comprehensive risk management process. By partnering with GreatCo-Ops, your electric cooperative will be on the path to fostering a risk-aware culture, achieving long-term success and resilience.
Our Risk Management Approach
Like our strategic planning service, our approach to risk management consulting is comprehensive, AI-assisted, and designed to yield an industry-leading risk management program at your cooperative. This includes:
Document Reviews
Because risk and strategy go hand in hand, we start with a thorough review of your strategic plan, as well as other key documents, such as annual reports, 990s, board meeting minutes, member and employee survey results, and more.
Risk Management Training
We train your leadership team on the essentials of risk management, ensuring they see the value of the process and have the knowledge and tools to integrate risk management into your operations.
Risk Identification
Through a series of virtual sessions, and with help from AI, we work with the leadership team to develop a comprehensive list of key risks that could hinder achievement of your co-op’s objectives.
Risk Assessment
With our guidance, assigned risk owners will use our co-op industry-tested methodology to assess the likelihood and impact of each risk to record in a customized Risk Register.
Risk Mitigation
The risk owners will document current mitigation techniques for each risk and then develop and document additional risk mitigation plans using our templates, to bring risk to acceptable levels.
Risk Management Structure
We will help the co-op develop a risk management policy and an on-going risk management committee to ensure a sustainable, effective risk management process.
Risk Oversight
We can also train the board on their role in risk oversight and share information about risk management best practices.
Throughout the engagement, we provide on-demand support anytime you need it. Plus, we work hard to ensure active participation from your co-op’s senior staff and key employees, equipping them with the skills to manage risks effectively and sustain your risk management program long into the future.
Benefits of Excellence in Risk Management
Electric cooperatives that excel in risk management can expect:
- A higher likelihood of achieving strategic objectives.
- Less uncertainty about the cooperative’s future.
- Cost reductions through effective risk mitigation.
- Enhanced protection of assets.
- Clearer budgetary priorities.
- Strengthened trust between the board and management.
- A proactive risk management mindset among employees.
- Fewer unexpected events.
