Description of Risk
Institute assets may be put at risk should the unit incur liability above the Institute’s self-insured limits.
Insurance and Claims Management Policies are written for the faculty, staff, and students of Georgia Tech. These policies may be accessed via the Policy Library at http://www.policylibrary.gatech.edu/campus-use-facilities/insurance-and-claims-management. They are intended to assist those who may have questions concerning risk, liability, insurance coverage and workers compensation. Final approval of all claims rests with the Georgia Department of Administrative Services. In addition, all suits and legal actions become the responsibility of the Board of Regents and the Department of Law.
Insurance and Claims Management is responsible for protecting the assets and resources of the Georgia Institute of Technology. This involves the identification and evaluation of potential exposure to loss. It includes the reduction of the loss potential and the selection of the most appropriate technique for treating the loss exposure.
The importance of this subject is to ensure that campus units are taking adequate measures to protect the physical and financial assets of the unit by ensuring that appropriate insurance needs are met, and associated risks are identified.
- Empower one person with the responsibility and authority to oversee this process
- Communicate the importance of loss prevention and control to the entire unit, enlisting their full cooperation and compliance in this matter
- Identify areas of risk for the unit and develop a plan to control these areas of risk
- Develop internal policies and procedures on risk management and disseminate to the entire unit to promote compliance in this area
- Determine proper insurance coverage exists for normal and extra-curricular activities sponsored by the unit
- Develop a process for issuance and control of door keys and access cards
- Report all incidents that present a risk to the Institute
Delegation and Authority Empower one person with the responsibility and authority to oversee this process. The first basic step is for the Dean, Chair, or Director to decide on one person that can be entrusted to exercise the care and attention needed to accomplish adequate oversight over risk management. The person has to be given BOTH the responsibility AND the authority to oversee the entire process.
Communication Communicate the importance of loss prevention and control to the entire unit, enlisting their full cooperation and compliance in this matter. This may be accomplished by development of an awareness campaign. It begins with management’s communication about risk management and dissemination of internal policies and procedures. Management establishes the tone from the top that will affect how the entire unit handles risk management in the day-to-day operations.
Identify and Control Risks Identifying perils and risk exposures is probably the most important step in the risk management process. If a poor job of exposure identification is done and risk exposures are not recognized, the entire risk management program will suffer. Therefore, it is extremely important that a thorough job of exposure identification is accomplished. The process of identifying risk exposures is a continuous one. Organizations are dynamic, and the composition of the organization's employees, programs, resources, and environment are in a state of constant change. Because of these dynamics, the organization is constantly subjected to changing exposures. Consequently, a single effort to identify risk exposures simply provides a "snapshot" of the exposures at one point in time. Subsequent risk exposures may not be included in the snapshot. Periodic updates of risk exposure identification must be conducted.
Several methods could be used to identify risk exposures, such as:
- Checklists, surveys, and questionnaires
- Professional expertise
- On-site inspections
Unit Sponsored Activities Determine whether proper insurance coverage exists for normal and extra-curricular activities sponsored by the unit. The unit should define what “normal” and “extra-curricular” activities. Insurance and Claims Management Services may require a certificate of insurance, and/or signed release and waiver of liability when formalized activities, groups, concerts, shows, performances, athletic events, and presentations require the use of campus facilities. This applies especially to outside parties.
Any Institute group, department, or individual contemplating any activity described above, or involved in activities promoted by others must call Insurance and Claim Management Services at 404-894-3483, or write Risk Management Services mail code 0259 as soon as it is reasonably convenient. An events questionnaire must be completed to determine all risk factors and needs. Finally, take a step back and examine these processes even if your current methods have remained the same for some period of time.
Access to Unit Develop a process for issuance and control of door keys and access cards. Ensure the inventory of unissued door keys and access cards is secured. Documentation should exist for all door keys and access cards issued to faculty, staff, and students. For access cards, periodically obtain a list of the individuals who have access cards and review their access privileges.