Risk Management Basics                           

World of Risk (Internally and Externally Driven) Everyone Manages Risk

Hazard Risks
Public Liability
Property Damage
Employee Injury
National Disasters

Financial Risks
Interest Rates
Loss of Funding
Asset Values
Tuition Stability
Cash Flow

Operational Risks
Information Systems
Student Activities
Campus Safety
Compliance
Regulatory Environment

Strategic Risks
Distance Learning
Changes in Student Needs
Alliances
Reputational
Intellectual Capital

The Risk Management Basic Process:

0.  Create a Summary List of Event Activities to run through the RM Analysis Process.  Also include what are the benefits of having this event.

1.  Identify and Analyze Exposures to Loss              

ð      List of what are potential risks for this event  – what could go wrong.


2.  Examine risk management tools to handle exposure

ð      List what can be done to make each exposure least risky and still hold event.


3.  Select the appropriate tool: accept all risk, limit the acceptance, transfer to other, avoid it

ð      Accept all risk for the event

ð      Accept some of the risk for the event. (Identify those activities and risks)

ð      Transfer the risk to other via indemnification language in contract/agreement, releases or waivers, certificates of insurance with additional insured restriction, etc.

ð      Avoid the risk by not doing that activity


4.  Implement the chosen tool

ð      Choose and Communicate what the tool means and what measures to take to ensure it is in place, e.g., contract language, release/waiver, certificates of         insurance  with additional insured process.


5.  Monitor the results of the choice

ð      Monitor Results

ð      Changes to Implement for next time

 

Check List Risk Assessment Process: Identify, Analyze(assess), Select, Implement and Monitor.  (Form download)

University News
August 29, 2014
In collaboration with UnityPoint Health, Drake University is hosting a panel discussion, “Young People, Substance Abuse and Mental Health: Recognizing the effects of marijuana and other drugs on tomorrow’s leaders.”
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