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RISK MANAGEMENT RESPONSIBILITIES To achieve adequate protection against losses, the Risk Management Services is responsible for: Identification and analysis of risk and assessment of loss potential. This requires obtaining information from various units within the University and determining the possible losses and what protections need to be put in place. Development and implementation of loss funding and risk financing mechanisms. Once the potential losses are ascertained, Risk Management evaluates the costs which would be incurred in order to provide restoration for damages sustained and evaluates funding options to ensure the availability of funds. Eliminating or minimizing risks. Risk Management works with departments to implement loss prevention and safety programs, other mechanisms for risk avoidance or ways in which risk can be transferred to other parties. Claims control and litigation management. Once damages have been sustained, Risk Management is responsible for providing restoration in a cost-effective manner and managing litigation that may arise. Risk Management also controls costs by obtaining restitution from legally responsible parties. We gratefully acknowledge the Units, Faculty, Staff, and Students for their cooperation and support. It is not the intent of this booklet to provide detailed information on all services and coverages provided by the Risk Management Services, but to provide a reference and guide. Additional information on a particular service or type of coverage can be obtained by contacting: Risk Mangement Services: Phone: (734) 764-2200 Fax: (734) 763-2043 Work~Connections Employee-Centered Illness & Injury Program: Phone: (734) 615-0634 Toll Free: (877) 869-0643 Fax: (734) 936-1913 Coverages described in this booklet do not extend to personal property or activities not associated with University of Michigan business. |
MISSION STATEMENTThe mission of the Risk Management Department is to minimize the adverse effects of loss due to accidents or other unforeseen events which may be inflicted upon the physical and human assets of the University of Michigan. COMMITMENT TO SERVICE Risk Management strives to provide financial protection and support services to all departments, faculty, staff, students, patients and visitors. The success of the department in fulfilling its responsibilities requires close coordination with, and cooperation from, the total University community for identification of potential risks and prompt notification of claims for losses sustained. |
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