Substantial attention has been placed on how senior-level executives handle a multitude of risk affecting their organizations. Risk taking and systematic risk can lead to catastrophic results if an effective strategy for enterprise-risk management is not in place. Though much of the risk dialogue has been discussed in the for-profit realm, ERM is relevant to not-for-profits as well, especially in light of the tough economy's impact on donations, endowments and grants. This brief discusses the relevance of risk oversight for not-for-profits, developing enterprise-risk awareness and focusing on emerging strategic risk. For more information on risk management, visit the AICPA's Enterprise Risk Management Web page.