Overview: Function and Purpose of Risk Management
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact these risks impose.
Traditional risk management has focused on loss by accidental means but not business risks. To the extent possible and when economically advantageous, CCPC transfers risk, the payment of losses, through the purchase of insurance. All retention levels are reviewed by the Enterprise Risk Management AVP and approved by the VP Finance and Administration.
These objectives will be achieved by:
- Establishing clear roles, responsibilities, and reporting lines for risk management
- Providing opportunities for shared learning on risk management across the organization
- Providing a framework for allocating resources to identified priority areas
- Reinforcing the importance of effective risk management as part of everyday work through employee awareness
- Incorporating risk management considerations into planning
- Monitoring the effectiveness of risk management strategies on an ongoing basis
- Developing procedures for procurement of insurance and assignment of contracts
Enterprise Risk Management has oversight for:
- Securing and managing Corporate or Commercial Insurance to mitigate and or transfer risks through insurance
- Contracts Management and Compliance ensuring laws, guidelines and legal
- Claims Management- timely knowledge of, reporting and monitoring for speedy resolution.
- Business Continuity Plans-- A Business Continuity Plan (BCP) is a comprehensive written document to maintain or resume business in the event of an unplanned disruption (emergency) ensuring critical business functions will be available to students, customers, suppliers, regulators and other entities that must have access to those functions.
- Select software to manage plans—currently manual and require duplicative efforts by plan owner and administrator
- Attend training - Director and Analyst
- Select critical functions based on Business Impact