Risk Management Policy

In accordance with guidance from the Texas State Office of Risk Management, it is essential for all business entities—including condominium associations like ours—to have a structured Risk Management Plan in place. This plan not only demonstrates responsible governance but also positions us to meet potential compliance inspections or legal scrutiny.

📋 Required Planning Areas:

1. Evacuation Planning – Procedures for storms, fires, or other emergencies.
   
   

2. Financial Planning – Budgeting, reserves, insurance, and transparent reporting.
   
   

🛡️ Other Key Risk Areas & Applicable Agencies:

• Confidentiality of Owner Records
  ↳ Association Records Requests (Texas Property Code §82.114)
  
  

• Renters' Rights & Owners' Responsibilities
  ↳ Reflected in our Rental Policy
  
  

• Building Codes & Environmental Compliance
  ↳ Guided by Texas Property Code 82 and Aransas County regulations
  
  

• Website Requirements for Associations
  ↳ Required under TPC §82 for associations of our size
  
  

• Insurance Coverage
  ↳ Minimum requirements set by Texas Property Code §82
  
  

• Environmental Compliance
  ↳ Including drought stage awareness in Rockport and related conservation efforts
  
  

✅ Why a Risk Management Policy Matters:

Having a written Risk Management Policy provides a foundational document that shows we’re treating the COA as a business entity with thoughtful oversight. This is a mitigation tool—an initial step toward safeguarding the Board and the Association from unnecessary legal and operational risks.

This first version draws from the Harvard Business Review’s Risk Management for Business principles and will be expanded over time as we refine our policies and procedures.

We should share this policy with owners as a transparent best practice and continue evolving it to reflect the specific risks and responsibilities of our Association.

Sincerely,
RORVP Board of Directors