Risk Management Policy - NMU Policies and Requirements

Risk Management Policy

Katrina Mattila, 506 Cohodas, 906-227-2745

Purpose:

To establish policy for the University's Risk and Insurance Management Program.

Applicability:

All Faculty and Staff.

Policy:

The Risk and Insurance Manager is responsible for managing the University’s exposure to financial loss through the administration of a comprehensive Risk Management Program. This program includes the ongoing identification and analysis of loss exposures; the selection and implementation of appropriate risk management strategies; and the continuous monitoring and adjustment of those strategies to ensure effectiveness.

Risk management techniques for addressing loss exposures include, but are not limited to, avoidance, loss control, non-insurance risk transfer, insurance, and risk retention. The University recognizes its ability to budget for and retain limited, predictable financial losses and will not, as a general practice, insure against such foreseeable and manageable expenses when prudent alternatives exist and align with sound business practices.

Limits on retained risk exposures shall be established by the Vice President for Finance and Administration, based on the recommendation of the Risk and Insurance Manager and with consideration of prevailing insurance market conditions.