Risk Management and Insurance
Enterprise Risk Management and Insurance exists in order to support the strategic objectives of the University. We are dedicated to this goal and pursue it by identifying potential large risks before they occur, and through the mitigation and transfer of these risks by means of appropriate planning. Working closely with University departments and staff, Risk Management seeks to fulfill the University’s educational mission.
Risk Management seeks to identify all types of risk confronting the enterprise of the University. Such an approach is referred to as “enterprise risk management.” Traditional risk management focuses upon risk that can be addressed with insurance and loss prevention efforts. We seek to go beyond the conventional school of thought by including all of the core risks which might threaten the institution. Included among these risks are those which stem from a lack of compliance with laws and regulations of all sorts, as well as the risks associated with operating basic university services-dining, residence halls, transportation, facilities management, and campus security. Also of concern are those risks which might damage the reputation of the University or which might threaten its finances, due to economic dislocation. In short, we are focused upon the compliance, operational, reputational and economic risks faced by the enterprise of Ƶ, that is, its CORE risks, in order to negate them in advance of a catastrophic loss. We examine how each of these categories of risk interacts, with the assumption that everything is related to everything else.
Although divisions work well within their own walls, there may be times when optimal lines of communication to other parts of the institution are filtered or even overlooked; we seek to build and support bridges of communication, so that risks can be managed more effectively. As a result, the organization is better able to visualize a threat before it occurs.
Since we are all responsible for preserving our scarce resources, risk management is everyone’s business.