Wayne State University

Aim Higher

Policies-8

02-7 University Risk Management Policy

1.0  Purpose

1.1     It is the purpose of this university policy to establish a University risk management policy that defines the risk management program and the amount of uninsured loss the University is willing to retain.

2.0  Definitions

2.1     Risk management is the continuous process of identifying, minimizing and/or controlling exposures to loss, which are created by the University’s activities and selecting the most advantageous means of financing those losses that do occur.

2.2     Insurance management involves responsibility for only those risks which are actually insured against.  Thus, the risk management function includes but goes far beyond the bounds of strict insurance management.

3.0  Policy

3.1     The Administrative Policy and Procedures Manual (section 10.2) should be referred to for specific information regarding the University’s risk management program and the administration of losses.

3.2     The University shall maintain standards of loss prevention and loss control to eliminate or minimize the causes of personal injury, loss or damage to University property.

3.3     Every employee is a manager of the risks within his/her scope of employment, i.e., has the responsibility to continuously identify, minimize and/or control all exposures to loss, personal injury to visitors or employees, trip hazards, fire hazards, etc.

4.0  Office Of Risk Management

4.1     There shall be an Office of Risk Management whose responsibility will be to direct and coordinate all risk functions.

4.2      The Office will be managed by the Director of Risk Management.

5.0  Duration

5.1      This executive order is revocable by the president at any time and without notice.

6.0  Effective Date

6.1      This executive order is effective upon issuance.

6.2       Executive Order 88-1 is hereby revoked.

 

 

Signed by President Irvin D. Reid December 19, 2002