🔴 Have not developed any formal guidelines or policies, or may have one of them

High risk: Absence of formal policies and guidelines. It may also be not practiced for lack of awareness and underdeveloped process.

No response necessary as we have adequate policies and guidelines at place and they are periodically reviewed.
Review last current policies and guidelines as it has been over a year from the time they were adopted.
How can robust policies and guidelines can actually optimise fundraising and not merely mitigate risks.
We may have basic requirements covered; do we have a periodic and consistent development plan for them.
Not having adequate policies, or a strong culture around its optimal use can harm the organisation.
Do we understand the risks and the upsides as well?
Ask for other FF Partner to share some of their policies etc.
Others -

Identify immediate and must needs in consultation with industry specialist.
Develop comprehensive policies and guidelines - not only to mitigate risks but also to create new possibilities.
Assign the task to a group of internal people.
Develop bare minimum compliance and core value related policies to protect the organisation from any external risks.
Others -

Absence of formal policies and guidelines. It may also be not practiced for lack of awareness and underdeveloped process.
It will be risky to not develop fundraising policies and guidelines and may lead to brand damage. Consider developing a basic one only to mitigate any risks for now. Over a longer period, develop it further to influence fundraising function positively and creatively.
Policies and guidelines are not only control mechanisms, but also a tool for inviting innovations and creativity.