(Adopted May 4, 1994, updated as of July 1, 2011)
In support of the Colleges' purpose of education, research and public service, the mission of the Five College Compliance and Risk Management Program is to assist the Administration of each participating school and the consortium to maximize the combined resources of the participating institutions in their compliance and risk management activities. This support is provided through the use of individual and combined programs, which may include insurance, loss prevention and control, third party claims administration, web and data base support, training, staff, and consultants. It will use established Risk Management principles, as outlined below.
- Identify the potential risk of loss from any sector, including strategic, operational, financial (including physical losses), regulatory or reputation.
- Determine the most cost effective means of managing the risks faced by each institution including but not limited to:
- Non-insurance risk transfer (contracts, waivers or other legal risk transfer)
- Financial management (self insurance)
- Loss prevention (safety)
- Loss control and claims management
- Avoidance of risk
- Compliance with federal, state or local laws, rules or regulations
- Implement compliance and risk management strategies through each college's administrative structure, including and involving, but not limited to, the office of the Treasurer, Physical Plant, Human Resources, Security, and the Academic Deans.
- Review and monitor the results of the implementation of the compliance and risk management strategies for cost effectiveness, reduction of loss and minimization of exposure.
- Continually improve the Compliance and Risk Management program by integrating compliance and risk management principles throughout all college activities as a means to manage resources and create a high quality, safe and healthy environment for students, faculty, staff and visitors at the Five Colleges.
The Compliance and Risk Management Program will address only compliance aspects of Employee Benefits or other compensation issues and/or as they may relate to the institutions' Educators Legal Liability, Workers' Compensation Coverage and related insurances. The Program will address only compliance matters pertaining to any investment risk management issues.