The ultimate benefit is a reduction in the total cost of risk. Additionally, the University is a safer place for employees, students and the public to work, study and congregate. It is the responsibility of the University administration to communicate the Risk Management Policy to University personnel. In so doing University personnel are educated on the concepts of safety and risk management. By demonstrating the ability to analyze exposure to loss and by implementing measures to control these losses the image of the University is improved in the market place and in the community.
Risk is avoided by refusing to assume it.
This is not always wise or possible as it may mean an end to an operation in a specific area. Loss Prevention and Reduction. When a risk cannot be avoided, it can often be reduced and the severity of losses lessened through the proper training of staff, maintenance of equipment, updating of policies and procedures, and the proper implementation of adequate emergency procedures. If a risk cannot be avoided, it can be transferred to others. In negotiating contracts, the risk manager may recommend an insurance clause be included requiring evidence of the other party's insurance coverage.