Risk Management Program
Co-ops that are participating in our Risk Management Program for the first time begin with Phase One. Co-ops that have already completed a Phase of the program can find information on the following Phase below.
Contents
- About the Risk Management Program
- Phase One
- Phase Two
- Phase Three
- Important news about a discount on your insurance rate
- Help is at hand!
CHF Canada’s 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.
CHF Canada’s Risk Management Program is designed to provide you and your co-op with the information and tools you need to develop an annual risk management program that will help keep your co-op safe and reduce the cost of insurance claims.
What is Risk Management?
Risk management is an ongoing process that includes identifying, analyzing, and responding to potential risks that could have an impact on your co-op. It is a proactive approach to control an expensive loss to your co-op before it happens. Effective risk management can also offer your co-op the potential to reduce both the possibility of a risk occurring, and the size of its potential impact.
Risk management is a collaborative effort that includes everyone involved in your co-op—your staff or manager, the members of your Board, and all of your members to help identify potential risks early and work towards reducing or eliminating them.
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.
Get started
Co-ops that are participating in our Risk Management Program for the first time should begin with Phase One.
Co-ops that have already completed a Phase of the program can find information on the following Phases below.
Phase One
In this phase, 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.
Phase One includes:
- A commitment in the form of a resolution by your Board to participate in the Risk Management Program for Phase One and Phase Two
- 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
- A self-assessment by the Board to see what risk management activities you currently undertake in your co-op
Here’s how Phase 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 Phase 2
You can find the resolution here.
Send the signed resolution back to CHF Canada so that we can record your co-op’s commitment to the Risk Management Program. Please send by email to Owen Carnahan, Co-ordinator Insurance and Risk Management, at ocarnahan@chfcanada.coop.
STEP TWO: Risk management online course
Understanding how important risk management is to your co-op is very important as you begin to develop an annual risk management program. In this short course, 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 online and on demand course can be accessed here. To register, click “Sign up” at the bottom of the page. You’ll create an account, and get an email verifying the account. Once you’re verified, you will be able to enroll and take the course. The course will take about 30 minutes to complete.
CHF Canada will record your co-op’s attendance 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 e-learning session, 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.
Using the registration information from the online course, 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 30 minutes 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.
ACCESS THE BOARD RISK MANAGEMENT SURVEY
ACCESS THE BOARD GUIDED DISCUSSION
Phase Two
In the second phase of our risk management program, we will focus on adapting risk management 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.
Phase Two will consist of:
- A commitment in the form of a resolution by your Board to participate in the Risk Management Program for Phase Three
- Education sessions for your Board and for your members
- Unit checklists to be filled out for a third of the number of units in your co-op
- Attendance at an e-learning module that provides training on an annual risk management training template that can then be applied in your own co-op.
Here’s How Phase Two 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 fulfilling the activities outlined for Phase Three
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.
You can send it in any time before the discount deadline of September 15th.
STEP TWO: Risk management or e-learning module
In this one-hour education session, you will learn everything you need to know to complete Phase Two’s requirements of the new Risk Management Program. We will cover this year’s Board resolution, the inspection checklist, a template to create a risk management plan and member education. Throughout, we will give you practical tips and guidance to save you time and effort.
LEARN ON YOUR OWN with the e-learning module
We have developed an e-learning module which board members can take at home, according to their own schedule.
Registration is fast and easy and you will have access to the module immediately.
You register and access the module here: e-learning module
CHF Canada will record your co-op’s attendance at the e-learning module in order to meet this requirement to participate in the Risk Management Program. A majority of the members of your board must attend one or the other
To register, visit chfcanada.talentlms.com and click “Sign up” at the bottom of the page. You’ll create an account, and get an email verifying the account. Once you’re verified, you will be able to enroll & take the course. The course will take about 30 minutes to complete.
STEP THREE: Unit inspection checklist
Inspecting individual units is a very effective way to prevent risks that could result in damage and expensive claims, not to mention keeping your members safe. Engaging members in this activity is very important to understanding their role in an annual risk management plan.
We know that inspecting units takes time and effort. That’s why we’re only asking for a third of the units to be inspected this year. We hope this helps make it a bit easier to meet this requirement, check the units, and prevent those claims!
Unit Inspection Checklist
Online Checklist
Members can fill out the checklist for their own unit!
Click here for a website that members can access, to fill out the checklist online. We will receive a copy of the checklist and forward it to your co-op to review for possible maintenance concerns.
STEP FOUR: Member Education
The best way to engage members in a risk management plan is to educate them on the importance of risk management and what they can do to keep their co-op community safe and claims-free.
Included in this package is a flyer to distribute to all of your members and a poster to put up on your bulletin board.
We also ask that you provide risk management education at an all members meeting and provide members with the information the board has learned from the webinar and the risk management template.
We also suggest that your members register for the e-learning module provided to the board, which explains what risk management means and why it’s important to your co-op. You can find the link to register here: chfcanada.talentlms.com. Please send this out to all members so they can review the module at their own convenience.
STEP FIVE: Risk Management Plan Template
Please note: This template is included in order for our members to practice with it. You will not be required to provide an example of a completed template until Phase Three.
The risk management plan template is a very important tool that we will provide you in order
to prepare your own individual risk management plan. During the e-learning module we will show you the template that we have developed in collaboration with our partners at Co-operators.
This template is very easy to use, and when you use it to develop your own plan, it will provide a place for you to note any risks you found or any repairs that need to be done in your co-op. You will also be able to print it out and have a handy maintenance repair schedule.
Find the Risk Management Plan Template here.
For this Phase, we are showing you the template and how it works. We strongly encourage you to take it away and discuss how it can be adapted for your own co-op. You will be using this template to prepare your own Risk Management plan which will be a requirement for Phase Three participation in the new Risk Management Program.
Phase Three
In Phase Three, the co-op will complete unit inspections for one third of their units (33%) and use the education, assessment of current practices, and unit inspection results to create its own risk management plan. CHF Canada provides training and a template to walk you through the process. We are also available to provide additional assistance if needed. The co-op continues to qualify for the risk management discount by updating its plan annually moving forward. If your co-op already has a risk management plan in place, this can be used to meet the requirement.
Phase Three will consist of:
- A commitment in the form of a resolution by your Board to participate in the Risk Management Program for Phase Three.
- Attendance by a some of the members of your co-op Board at either a webinar or online course that provides training on an annual risk management plan questionnaire, or template, that can then be applied in your own co-op.
- Unit checklists to be filled out for one third of the number of units in your co-op (Note: the checklists do not need to be returned to CHF Canada this year. Any major risks that are identified during inspections in Phase Three are to be recorded on the Risk Management Plan.)
- Completing the Risk Management Plan template that will create a document that the co-op can use to follow up on any risks that they may have identified.
Here’s how Phase Three 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 Phase Three
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.
You can send it in any time before the discount deadline of September 15th.
STEP TWO: Risk Management e-learning module
Risk Management Program: Starting your own Annual Risk Management Plan
In this one-hour education session, you will learn everything you need to know to complete Phase Three’s requirements of the Risk Management Program. We will cover this year’s Board resolution, the inspection checklist, a template to create a risk management plan and member education.
Throughout, we will give you practical tips and guidance to save you time and effort. Attendance at an in-person risk management workshop like the one held at the CHF Canada AGM, will count towards having completed the Phase Two or Phase Three learning and education component of the risk management program.
There are two ways to access this information on Building Your Risk Management Plan.
LEARN ON YOUR OWN with the e-learning module
We have developed an e-learning module that contains the same information as the webinar, which board members can take at home, according to their own schedule.
Registration is fast and easy, and you will have access to the module immediately.
You register and access the module here: chfcanada.talentlms.com
CHF Canada will record your co-op’s attendance at the webinar or the e-learning module in order to meet this requirement to participate in the Risk Management Program.
STEP THREE: Unit inspection checklist
Inspecting individual units is a very effective way to prevent risks that could result in damage and expensive claims, and it helps to keep your members safe. Engaging members in this activity is very important to understanding their role in an annual risk management plan.
We know that inspecting units takes time and effort. That’s why we’re only asking for a third of the units to be inspected this year. We hope this helps make it a bit easier to meet this requirement, check the units, and prevent those claims!
Unit Inspection Checklist
Online Checklist
Members can fill out the checklist for their own unit!
Click here for a website that members can access, to fill out the checklist online. We will receive a copy of the checklist and forward it to your co-op to review for possible maintenance concerns.
STEP FOUR: Member education
The best way to engage members in a risk management plan is to educate them on the importance of risk management and what they can do to keep their co-op community safe and claims-free.
Another great way to engage your members with risk management is to provide some risk management education at all members meetings along with updates on the co-ops risk management efforts.
We also suggest that your members register for the e-learning module provided to the board, which explains what risk management means and why it’s important to your co-op. You can find the link to register here: chfcanada.talentlms.com. Please send this out to all members so they can review the module at their own convenience.
STEP FIVE: Risk Management Plan online template
The risk management plan template is a guide your co-op can use to prepare your own annual risk management plan. During the webinar/e-learning module we will show you the template that we have developed in collaboration with our partners at Co-operators.
This template is very easy to use, and when you use it to develop your own plan, it will provide a place for you to note any risks you found or any repairs that need to be done in your co-op. You will also be able to print it out and have a handy maintenance repair schedule.
For this phase, we are showing you the template and how it works in the education session. We strongly encourage you to take it away and discuss how it can be adapted for your own co-op. You will be use this template to prepare your own Risk Management plan which is a requirement for Phase Three participation in the Risk Management Program.
Click here for the Risk Management Plan template.
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 either Phase One, or Phase Two, by September 15th, will receive a discount of 5% on their insurance rate the following renewal year.
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 materials and activities, in order to qualify for the discount is September 15th.
Help is at hand!
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