Risk Awareness Week
November 2-6, 2015
Our Mission and Purpose
- To foster a collaborative campus environment in which students, faculty, staff and visitors are engaged in a holistic effort to safeguard the health and well being of all while protecting University assets.
- To identify and prioritize risks and to prepare mitigation strategies that coincide with the University’s overall mission.
We will develop a partnership in which the campus community and the community at large work together to create comprehensive and strategic solutions for institutional risks.
What is Risk?
Risk is simply the possibility of something going wrong, resulting in a likely financial or physical loss.
What is Risk Management?
Risk Management is a systematic process in which exposures/risks are identified, analyzed and mitigation plans developed.
UNCW IRM applies six categories of risk, for the purposes of risk management:
What are Some Risk Management Techniques?
- Avoidance – Elimination of the risk in its entirety.
- Loss Control – Usage of safety techniques and precautions to reduce the risk exposure(s).
- Financing – Purchase of insurance for risk exposure.
- Transfer of Risk – Contractually transferring the risk exposure to another source
- Retention –
- Full - Continuation of activity with full acceptance of all associated risk exposures.
- Partial – Acceptance of a portion of the risk exposures by purchasing insurance with an applicable deductible.