In this time of heightened concern about financial risk, many nonprofits and foundations have assigned greater responsibility to their staff and their board's audit committee to undertake regular, thorough reassessments of potential risks. The aim is to develop countermeasures to control risk and prevent, or at least reduce, the harm caused by negative events. In the Commonwealth Fund's 2010 Treasurer's Report, Executive Vice President and COO/Treasurer John E. Craig, Jr., discusses how The Commonwealth Fund has been able to improve its capacity to assess risk and identify areas requiring special attention.
