Logo - CHF Canada

Risk Management Program

Brick archways at Windmill Line Co-op, with colourful shrubs in front of them

Download this document as a PDF

Contents

  1. We are pleased to launch Year One of our NEW Risk Management Program
  2. Important news about a discount on your insurance rate
  3. Year One
  4. Year Two
  5. Help is at hand!

 

We are pleased to launch Year One of our NEW Risk Management Program

Common insurance and safety risks can be found in any co-op. Many are caused by members, and most are preventable. If they are not identified and managed, the number of claims made to your insurance company can increase quickly and the cost to manage those claims will continue to rise. This becomes expensive and time consuming and can have a very negative effect on the long term sustainability of your co-op and the safety of your co-op community. A co-op that has an annual risk management program in place, and follows it consistently, will find it easier and more cost-effective than having to deal with unexpected crises or situations after they happen.

An annual risk management program is also important to the overall commercial insurance program. Claims are increasing and costs are rising. It is important that all co-ops participating in CHF Canada’s insurance program do their part to reduce the number of claims to keep insurance rates and premiums down, and the program sustainable.

The new program is designed to provide you with the information and tools you need to develop an annual risk management program for your housing co-op that is less time-consuming and involves everyone in the process. We are doing this over a three-year period in order to give your Board and management the time they need to build risk management into your co-op’s daily routines.

Important news about a discount on your insurance rate

All co-ops that participate in the new Risk Management Program will receive a discount. So your co-op
can stay safe, prevent risks, and save money.

Co-ops that complete the activities required for Year One participation, outlined below, by September 30, 2022 will receive a discount of 5% on their insurance rate.

Risk management is important and our goal is to get as many co-ops as we can to participate in our new Risk Management Program so that they can develop risk management practices in their own co-ops, and identify and fix risks that are preventable. The more risks that are eliminated will help lower premiums for you and the other co-ops in our commercial insurance program.

The deadline to complete and return Year One material and activities in order to qualify for the discount is September 30, 2022.

Year One

In the first year of the program, we will work with you and your Board to fully understand what risk management means. We want you to commit to the program and assign a contact person on the Board who will work with staff as the program gets developed. We want your Board to understand the basics of risk management and the benefits to your co-op when you implement good risk management practices.

Year One will consist of:

  1. A commitment in the form of a resolution by your Board to participate in the Risk Management Program for Year One and Year Two
  2. Education sessions for your Board so they can learn what risk management means and how important
    it is for the successful operation of your co-op
  3. A self-assessment by the Board to see what risk management activities you currently undertake in your co-op

 

Here’s how Year One works:

STEP ONE: Board resolution

Have a discussion at the Board level and approve the resolution, including:

  • Noting the two contacts for the co-op (both staff and Board)
  • The commitment to Board education
  • The commitment to complete the Board self-assessment tool
  • The commitment to fulfilling the activities outlined for Year Two

You can find the resolution here.

Send the signed resolution back to CHF Canada, by email to Owen Carnahan, Co-ordinator Insurance and Risk Management, at ocarnahan@chfcanada.coop so that we can record your co-op’s commitment to the Risk Management Program.

Please note: if the board is not able to sign the resolution before the webinar date, don’t worry—you can send it in any time before the discount deadline of September 30, 2022.

More resources coming soon!

CHF Canada is also working on an enhanced Risk Management website, which will include many resources and more tools to help with the risk management in your co-op, including:

  • Roles and responsibilities of the Board and members
  • Templates to help with supplier contracts
  • More information on your insurance policy
  • Educational materials for your board and how to engage your members
  • A place to ask questions, and read about best practices
  • And much more!

Watch for information about the website coming later this year!

STEP TWO: Risk management webinar

Sign up for an upcoming webinar on: Risk management: What does it mean, and why is it important?

Understanding how important risk management is to your co-op is very important as you begin to develop an annual risk management program for your co-op. In this one-hour webinar, we will explain what risk management is and what it means to your co-op members. We will discuss the essentials of a risk management program, and how to engage your board and members in order to identify preventable risks in your co-op to make your co-op community safer.

The webinar is currently scheduled for these dates:

Please select the date of the webinar that you would like to attend. More dates will be added in May as needed.

Please note: All webinars will be the same so board members only have to sign up for one.

CHF Canada will record your co-op’s attendance at the webinar in order to meet this requirement to participate in the Risk Management Program. A majority of the members of your board must attend.

STEP THREE: Board risk management self-assessment

After attending the webinar, we will ask you to have a discussion at a board meeting about what you’ve learned and how risk management applies in your co-op. This should start the conversation at the board level about what risk management means to your co-op and what activities your co-op currently performs. It will also provide a structure to discuss ideas to identify and prevent risks, as well as engage your members in the process.

Using the registration information from the webinar, we will send you a link to the self-assessment survey which will have a few short questions about your current risk management practices. We will also send a Facilitation Guide and link to a survey with a few discussion questions for your board to start talking about risk management in your co-op.

This survey and the questions should only take your Board about a half an hour to complete.

CHF Canada will download your co-op’s responses to the self-assessment survey in order to meet this requirement to participate in the Risk Management Program.

Information about Year Two

In the second year, we will focus on adapting risk management program basics into the way you operate your co-op, and help you work on the development of a full risk management program specially designed to work for you. We will provide a program template, and further education resources and tools. We also want to involve your co-op members to ensure that they understand how important risk management is to them and learn what their role is in making the program a success and their community a safer place to live.

Year Two will consist of:

  1. A commitment in the form of a resolution by your Board to participate in the Risk Management Program for Year Three
  2. Education sessions for your Board and for your members (minimum of two hours for the Board and
    one hour for the members)
  3. Unit checklists to be filled out for half of the number of units in your co-op and returned to CHF Canada
    with a plan to fix any serious risks identified
  4. Attendance by a majority of your Board members at a webinar that provides training on an annual risk
    management training template that can then be applied in your own co-op.

Please note: The deadline to complete and return Year One material and activities in order to qualify for the discount is September 30, 2022.

Help is at hand!

Owen, a white man with short hair and a big smile. He wears a blue button down shirt and is standing against a plain wall

We know this is new and we’re here to help every step of the way. Owen Carnahan, our Co-ordinator, Insurance and Risk Management, is dedicated to the Risk Management Program and supporting co-ops as they go through the process.

If you have any questions at all, please feel free to email or call:
Owen Carnahan
ocarnahan@chfcanada.coop | 613-230-2201, ext. 236

 

 

 

Download the Risk Management checklist – not required for 2022, but offered for your reference.