ON THE NATURE OF RISK AND RISK MANAGEMENT IN NON-PROFIT ORGANISATIONS: FROM THE EXPERIENCES OF A POLISH FOUNDATION – PART 2.

Purpose: This two-part publication aims to outline the issues related to risks and risk management in non-profit organisations, making references to activities carried out by a foundation. More specifically, part two constitutes an attempt to present the framework of a risk management process and the selected methodical aspects in this respect. Risk management in non-profit organisations in Poland, including foundations, should be analysed not only in the context of theoretical knowledge but also from the practical point of view. Design/methodology/approach: The main research method employed here has been participant observation carried out in a foundation. In addition, when doing the research on risk, a questionnaire has been used as a research tool, based on a prior review of the literature in the field. Apart from that, the authors have used a case study, synthesis and deduction. Findings: The research findings presented in the paper amount to an empirical verification of the theoretical content found in the scientific literature. Research limitations/implications: The publication identifies the category of risk only in relation to the selected foundation which operates locally in the Silesian Voivodeship in Poland. The authors’ deliberations concern also the way in which a risk management process is carried out in organisations of this type. The fact that the paper presents only the selected methodical aspects of risk management which is specific for such organisations is due to a very broad scope of the issues researched herein. To gain a broad understanding of these issues, a reader is encouraged to get acquainted with the contents offered in both parts of the publication. Practical implications: The publication presents the theoretical knowledge (theory-cognitive dimension of knowledge), which has been verified empirically by conducting research into risk management. In addition, the paper indicates the utilitarian value and the applicability of the knowledge, which is referred to – both in scholarly literature and in practice – as Non-profit Risk Management (NRM). It also contains some recommendations on how to implement an integrated risk management formula in practical operations of a foundation in Poland. Originality/value: The discussions contained herein are intended to cast some more light onto the unique character and the mechanism of risk in non-profit organisations and, to be more specific, in foundations, but also onto the methodical and process-related aspects of risk management. A benefit they may be seen to offer is the fact that the authors look at how foundations operate in today’s uncertain and volatile environment. The authors’ deliberations may also be seen as an encouragement to carry out a wider scope of studies in this field in the future. [ABSTRACT FROM AUTHOR]