Insurance policies with deductibles are a nearly universal example. Many districts self-insure one or two areas of risk and purchase insurance for the rest. Risk-management begins at the top. Risk-management operations should be consolidated and overall responsibility given to one administrator. Splitting activities among several departments results in inefficiency and duplication of effort.
Risk management is a complex field with a specialized technical vocabulary.
Districts should carefully study the issues and seek expert advice before venturing into the field. Nonetheless, its potential ability to save districts money and give them greater control over their financial affairs makes risk management well worth exploring. Risk Management Practices and Accounting Requirements. Cody, Frank J., and John H. Dise, Jr. Manual of Educational Risk Management. Dunklee, Dennis R., and Robert J. Shoop.