- To implement and use a risk management process to identify, measure and control or finance risk of loss. The most cost efficient methods will be selected and these will be monitored and adjusted as needed.
- To eliminate or control practices and conditions that cause loss.
- To assume or retain risks of loss of a predictable and non-catastrophic nature that will not adversely impact the operating budgets or financial position of the University.
- To transfer, through contract or insurance, those catastrophic risks that cannot be appropriately financed internally at an acceptable cost, with self insurance retention levels based upon a capacity to bear loss analysis.
Identify and analyze areas of risk/exposure and make recommendations for appropriate levels of risk retention (self-insurance) and risk transfer (insurance) and loss control measures.