Five College Risk Management is a shared administrative program providing risk management, enterprise risk management, and insurance solutions to the four private colleges in our Five College Consortium: Amherst, Hampshire, Mount Holyoke and Smith Colleges. The University of Massachusetts at Amherst, while an inaugural consortium member, does not directly participate in the risk program. Through interaction with the Colleges and their faculty, staff and students, Risk Management provides administrative support and guidance to safeguard the Colleges’ assets and minimize risks, thereby ensuring the preservation of their academic programs.
Risk Management mitigates the risks associated with the operations of our member institutions through a combination of risk financing, risk transfer, and risk mitigation strategies.
- Administer the Colleges’ Property, Liability, and other insurance policies and programs.
- Investigate and handle self-insured claims in an expeditious manner. Support filing and processing of insured claims with insurance carriers. Coordinate with third-party administrators of claims programs as applicable.
- Perform risk assessments and analysis in cooperation with other departments or programs.
- Establish levels of self-insurance and administer all self insurance programs.
- Manage the Collegiate Catalyst Fund, a captive domiciled in Vermont.
- Collaborate with College administrators to develop policies and procedures to prevent or minimize losses. Risk mitigation programs managed by our office include Driver Credentialing and Minor Safety.
- Review contracts and agreements to ensure that the College bears only its proportionate share of any liability or claims that may arise from the agreement, and to ensure that appropriate insurance and other protective clauses are in the agreement.
- Provide training, written procedures and guidelines to the Colleges within the scope of the risk management and insurance programs.
- Provide Enterprise Risk Management guidance and direct support to member institutions.