Risk Assessment

 

Columbia University’s Risk Management Team seeks to fulfill its mission through five main areas of concentration intended to emphasis a pro-active risk analysis and strategic planning approach to the University’s risk exposures. Our goal is to partner with schools and departments and align our key services with the needs of the University toward achieving a ‘best practices’ level within the ERM realm. If you need help to evaluate a specific risk, please contact the Risk Management.

 

We achieve these goals through:

  • Continual Risk Identification
  • Surveys and data collection
  • Personal meetings with functional leaders
  • Committee and staff meeting participation
  • Industry publications and external research
  • Collection, Refinement and Dissemination of Risk Profile Information
    • Casualty losses
    • Exposure data
    • Loss trending and forecasting
    • Management reports
  • Serve as Subject Matter Experts
    • Internal knowledge source for risk and risk management related topics
    • Outreach, education and knowledge transfer
  • Develop, Implement and Monitor Risk Financing Solutions
    • Commercial Insurance procurement and management
    • Internal self insurance (simple retentions and funded reserve accounts)
    • External self insurance (captives, RRGs and group purchasing consortiums)
  • Risk Evaluation, Measurement and Analysis
    • Predictive modeling and forecasting
    • Quantitative and qualitative techniques
    • Risk matrix and ‘dashboard’ summaries
    • Loss prevention, avoidance and transfer strategies

Note, however, that the risk management function within the Office of the Treasurer currently is not responsible for creating, implementing or monitoring risk management issues directly involving financial-type risk practices of the University (e.g. liquidity, market/financial, and credit). Please refer to Cash Management and Operations and Capital Planning for more information on these topics.