| Roles and
Responsibilities in Risk Management Risk
management involves a holistic perspective of an organization. It is a comprehensive and
systematic approach of managing risk. In order to identify, analyze, evaluate, and treat
loss exposures, monitor risk control and effectively use financial resources to mitigate
the adverse effects of loss, risk manager is required to work closely with all divisions
of the University. Risk managers provide the catalyst for cooperation among different
departments to minimize the exposure of the loss.
The Role of the Risk Manager
- Provide a methodology to identify and analyze the financial impact of loss to the
organization, employees, the public, and the environment.
- Examine the use of realistic and cost-effective opportunities to balance retention
programs with commercial insurance.
- Prepare risk management and insurance budgets and allocate claim costs and premiums to
departments and divisions.
- Provide for the establishment and maintenance of records including insurance policies,
claim and loss experience.
- Assist in the review of major contracts, proposed facilities, and/or new program
activities for loss and insurance implications.
- In cooperation with legal counsel, maintain control over the claims process to assure
that claims are being settled fairly, consistently, and in the best interest of the
entity.
- Implement or coordinate a comprehensive loss control training program with departments
and management utilizing internal and external staff resources.
- Develop communication networks to keep management informed of objectives and costs and
statistics that pertain to their operations.
- Prepare a risk management policy statement, procedures, and manual for practical use for
managers and supervisors.
- Provide advice on changes in federal and state legislation that may impact the areas of
insurance and liability.
- Ensure the delivery of quality, economical support services when such service may be
required.
- Prepare an annual report of goals, objectives, accomplishments, financial information
and projections, review of significant claims, and discussion of insurance market
conditions and future topics of concern.
Role of Other Managers
The risk manager cannot be successful without the assistance of other groups within the
organization. At Marquette University, cooperation from directors, chairs and vice
presidents of departments and divisions with the Office of Risk Management is essential.
- Top management officials must support the goals of the program and give the necessary
authority to the risk manager commensurate with the responsibility.
- Other managers must provide information necessary for the risk manager to review and
identify loss exposures.
- Supervisors must be aware of their role in the prevention of loss and be accountable to
follow procedures, attend safety meetings, and, when appropriate, provide any recommended
training.
- Budget resources must be available to prevent loss, provide databases and record
keeping, as well as fund claim payments, reserves and pay insurance premiums.
5counter 0 - 10/24/01619 - 01/23/01
 
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©2000 Marquette University -- Last Update: October 23, 2001
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