Operational risks and uncertainties
We are well prepared for all kinds of situations, even unexpected ones. The risks affecting the Foundation’s operating environment relate to external threats, its reputation and partners, the geopolitical situation, economic developments, and political crises.
External factors
A weak national economy and low consumer confidence are being reflected in donation patterns and funding predictability. Changes in legislation, taxation or reporting requirements pertaining to foundations may also affect the Foundation’s activities.
Reputation
If materialised, risks related to reputation, stakeholders and partnerships could undermine the Foundation’s credibility and ability to operate. The Foundation’s reputation may be endangered as a result of its own actions, its operating environment, or the actions of its stakeholders.
Challenges related to project partners (such as changes in personnel, a lack of trust or schedule delays) can all hinder progress and reduce the impact of project outcomes. We aim to prepare for these risks proactively. The Foundation has an up-to-date crisis communication plan, and we regularly conduct drills based on the scenarios outlined in this plan.
The risks associated with the Foundation’s project work and its impact are mainly associated with project outcomes, strategic priorities and operating models. Failed projects, or a lack of concrete results, may undermine confidence among project funders, and can also jeopardise future funding opportunities. Regular reporting, clear processes and monthly result monitoring are all key aspects of our project work and risk management.
Personnel
We monitor risks related to our personnel’s wellbeing and competence by assessing our employees’ motivation and working capacity twice a year. We aim to respond to any potential issues proactively, and the results of our employee surveys have so far been good or excellent.
Technology and information security
We aim to anticipate any risks related to technology and information security with the aid of training and competence development. The Foundation recognises the opportunities offered by artificial intelligence and other new technologies, but we take our objectives into account when utilising them. Data breaches or leaks may also cause harm to the Foundation’s activities and reputation.
Finances
The Foundation’s assets and investments, including any collections or real estate, are subject to impairment and damage risks, which may affect the Foundation’s financial position and ability to operate. The Management Team updates the risk map on a quarterly basis as part of the Foundation’s ongoing development of risk management.