Once a risk management tool(s) has been chosen, implement the tool according to developed procedures. Since the University System is self-funded for many of the various exposures, it is in our best interest to use risk control, risk avoidance, and risk transfer as much as possible to reduce the cost of retention. Risk Retention–decide to bear the risk at an acceptable level.Risk Transfer–via insurance or contractual language.

Risk Control–reduce chance or size of loss, or make the likelihood more certain.Risk Avoidance–eliminate the exposure completely.Measurement of loss exposures through analysis of the probable frequency and severity of loss can help to reduce the uncertainty involved and lead to corrective action.Īlternative risk management tools or remedies exist for every exposure that the institution faces. The institution risk manager must analyze the variety of property, liability, income, and personnel exposures at the institution. Identification of loss exposures can be achieved before a loss occurs through the use of surveys of operations, inspection of facilities, and questionnaires. Five basic steps in managing the exposures to loss are as follows: Institutions must, therefore, learn to manage those exposures to risk which could destroy or deplete their assets or cause harm to persons. Preservation of assets and protection of personnel is a responsibility of each institution. It is the policy of the University of Wisconsin System to preserve the assets of the institution and protect the physical well-being of students, employees, and the general public involved in activities occurring both on and off campus. The President of the UW System, along with SRM, charges each institution chancellor and the institution Office of Risk Management with the following responsibilities. In order to achieve these objectives, delegation of the various risk management functions from System Administration to the institution level is necessary. Since the general objective of the University of Wisconsin System is for the efficient delivery of educational services to the people of this State, it follows that the objective of SRM is to maintain smooth operations and peace of mind in the face of risk, as well as an environment which promotes safe and enjoyable learning. The ultimate goal of risk management is the preservation of the physical and human assets of the organization for the successful continuation of its operations.

Risk management is the process of identifying, measuring and treating property, liability, income, and personnel exposures to loss.

The System Risk Manager reports to the Director of the Office of Risk Management, located organizationally in the Office of Finance, Division of Administrative Services, UW System Office.Īn institution risk manager is designated by the chancellor at each of the UW System institutions, including UW-Extension and UW Colleges, to carry out the risk management responsibilities, and therefore, is the chief contact for the UW System Risk Managers in carrying out the systemwide responsibilities. This includes establishing policies and guidelines for risk management programs throughout the twenty-six institutions of the UW System to ensure that the basic objective of risk management - the preservation of System assets (both human and physical) by the minimization of loss at all institutions - is met at the least possible cost to the System and the State. System Risk Management (SRM) is responsible for administering Sections 16.865 and 20.865, 895.46 and 893.82 of the State of Wisconsin Statutes.

Risk manager responsibilities