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 General Counsel, maintain control over the claims process to assure that claims are being settled fairly, consistently, and in the best interest of the entity.
Role of other managers
The Risk Manager cannot be successful without the assistance of other groups within the organization. At Marquette University, cooperation from departments' and divisions' staff is essential.
- 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 risk control meetings, and, when appropriate, provide any recommended training.