Chapter 05.09 - Risk Services

REGENTS’ POLICY
PART V – FINANCE AND BUSINESS MANAGEMENT
Chapter 05.09 - Risk Services

The board intends to establish a framework within which the university administration can establish and maintain an effective and efficient risk services program.
Risk services at the university and system office levels shall include general risk management, loss prevention, occupational, and environmental health and safety, environmental protection, general emergency management, procurement and administration of insurance, and claims administration. The risk services program is established to facilitate the attainment of the university’s instruction, research, and public service missions with minimal disruptions and adverse events at a reasonable “cost of risk.”

(06-04-21)

The president shall issue university regulation to implement this policy.
The president or the president’s designee shall approve settlement or payment of all claims and related litigation.
The president shall cause to be maintained an effective risk services program. The president may delegate specific responsibilities under this chapter and assign administrative supervision by regulation or delegation.
Risk services shall have full and unrestricted access to all university records, as may be required to carry out their responsibilities under these policies. The system office chief finance officer shall report any matters which in the chief finance officer’s sole opinion warrant their direct attention to appropriate officers of the university and shall escalate matters as needed to the president.

(06-04-21)

In matters directly implicating safety or potential for significant loss, risk services departments shall perform their duties free of influence.

(06-04-21)

Each chancellor shall be responsible for providing sufficient resources to ensure risk services are in place to sustain legal and regulatory compliance as well as prudent risk management and business practices. Minimum standards shall be established by the chief finance officer in consultation with and input from campus risk officers.
The risk services program shall be maintained and funded through a risk allocation methodology developed in accordance with generally accepted standards and principles fo