The Office of Risk Management has the responsibility of protecting the resources, both human and financial, of Teachers College through the incorporation of sound risk management practices into all aspects of our operations. We recognize that the College is a dynamic entity, and we can not avoid the changes that will ensue, but we want to acknowledge that planning can be incorporated within every function to minimize loss.
This office actively manages Teachers College's exposures by identifying the types of fortuitous losses faced by the College, analyzing the different types and sizes of these exposures and deciding how to manage and finance these losses through a combination of insurance, risk avoidance, risk transfers and effective claims management. These risks include losses resulting from fire and water damage, liability claims and litigation, and comparable losses.
The Office of Risk Management is responsible for, but not limited to, purchasing Teachers College's insurance, selecting insurance companies and brokers, adjusting and investigating claims, establishing limits of commercial insurance and emergency disaster planning/business resumption. This office collaborates with many other departments in promoting Teachers College's risk management goals and for assessing risk in order to develop practical solutions to problems.
Insurance is purchased to protect the College from all insurable losses which might significantly impact the College's financial condition. Risks are assumed without insurance where they are not considered egregious or where they can be controlled through deductibles. The Office of Risk Management has the responsibility to assess what levels of loss the College can bear without insurance. It is not the College's practice to attempt to insure such foreseeable and bearable expenses if alternatives can be achieved with regard to sound business practices. As such, this office stresses loss prevention and control; however if a loss does occur, please contact this office immediately so that we may mitigate the damage and adjust the loss. If the claim is large enough to involve commercial insurance carriers, we act as the liaison between the carrier and the College.
The Office of Risk Management does not address business risks (those with a chance of gain or loss), worker's compensation or employee benefits (contact Human Resources).