The Office of Risk Management and Insurance is comprised of experts in the fields of insurance, loss prevention and control, risk management, ergonomics, liability, temporary modified duty and workers compensation.
What is Risk Management?
Risk Management is a process that identifies and manages risk. Risk is can be defined as the combination of the probability of an event and its consequences. Risk must include both the positive and negative consequences, including the risk of not being properly positioned to take advantage of favorable consequences. Adequate management of risk does not eliminate risk.
- Risk Identification
- Risk Ranking – assess probability/ likelihood, the impact (individual, financial and reputational), velocity (speed of onset) and weight.
- Risk Treatment – plans to reduce, lessen, or avoid the impact of the risk. Risk Treatment plans are within the risk tolerance of CSU. Cost of implementation of risk treatment plans (if applicable), responsible party, and implementation schedule may be included here. Identify metric to measure success.
- Risk Treatment Measurement – review of risk treatment plans in order to determine success. Adjustment to risk treatment plan may occur here.
- Review and Reassess – may return to risk identification as a first step. Steps 1 through 5 are cyclical to ensure that risks are identified and managed.
Please contact RMI if you would like assistance in performing a risk assessment. Risk assessments can have a number of applications – the can be applied to populations served, unit level operations, programming, projects, future plans or initiatives. Risk assessments should contain the following elements – the identification of the risk, impact, and likelihood of risk occurring, identification of risk treatment strategies and department/ person responsible for implementation of risk treatment strategies, costs associated with risk treatment strategies, monitoring methodology, and frequency.
Risk assessments can assist in planning and allocating resources, understanding impacts of decision making, or “auditing” existing programs in order to plan for improvements.