April

Emergency response: plan now or pay later!

Copyright Lee Cannon
Copyright Lee Cannon 

By Joseph Desplaines, Business Continuity & Crisis Response Consultant for Districts Mutual Insurance.

On Sunday, November 1, 2014, a fire occurred in a 7,200-square-foot facilities garage on the campus of Northeast Wisconsin Technical College (NWTC) located in Green Bay, Wis. Fortunately, no one was injured. While the claims process is ongoing, it appears the estimated losses will total $600,000.

The NWTC response to this fire event demonstrates the benefits of applying “best practices” and “lessons learned” from other crises, as well as incorporating both into emergency response planning.

Tim McNulty, security and safety manager, is one of the key emergency response leaders at NWTC; with almost 24 years of police, fire and rescue experience as a retired public safety officer. McNulty has been at NWTC for eight years and is the architect of the emergency response plan (ERP). Discussion with McNulty revealed the following six best practices that significantly influenced the response to this fire.

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The importance of risk management and insurance education

Copyright Center for Teaching Vanderbilt University 
Copyright Center for Teaching
Vanderbilt University

By Fred Travis, Director of the Risk Management and Insurance Program and Assistant Teaching Professor of Finance, Trulaske College of Business, University of Missouri.

For many years, risk management was a field in search of respect. Trade publications in the 1960s and early 1970s debated whether risk management was a “profession” in the same sense as accountants and attorneys.

At that time, the American Society of Insurance Managers had not yet changed its name to the Risk and Insurance Management Society, and only a few large companies had a “risk manager” position. Temple University, the University of Pennsylvania, the University of Georgia and Florida State University were prominent among just a handful of colleges and universities offering risk management and insurance (RMI) courses and degrees.

Fast forward to 2015: most larger financial services organizations now have a “chief risk officer” position reporting to the CEO or even the board of directors, and many other large global companies are adopting a similar structure.

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 Copyright Merrimack College
Copyright Merrimack College

By Barbara Vitkauskas, Vice President of Partner Development for iJET International.

As the global demand for higher education continues to increase, an integrated risk management approach is necessary as leaders of colleges and universities develop business strategies for the 21st century. This holistic approach necessitates assessing strategic, operational and financial goals, with an eye towards meeting duty of care obligations.

Keeping students safe from harm and balancing risk with learning opportunities is crucial to the continuity of study abroad programs, as is maintaining the reputation of the university. This article seeks to highlight a university’s duty of care towards its students, faculty and staff and offers recommendations for decreasing threat exposures, as well as managing associated risks with study abroad travel programs.

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Board corner: report from URMIA's International Committee

Copyright Kenneth Lu
Copyright Kenneth Lu

By Lisa Zimmaro, Esq., Assistant Vice President of Risk Management and Treasury for Temple University.

The URMIA International Committee (IC) is pleased to report on its internal efforts to fulfill the mission of URMIA and its collaborative efforts with peer organizations.

We have continued our collaborative efforts with NAFSA: Association of International Educators by holding a conference series titled Developing your International Risk Management Action Plan. Conferences have been held in Phoenix (October 2013) and San Diego (May 2014), both of which experienced sold out attendance, and in Louisville (September 2014). Fast approaching is the final conference of the series being held in Boston (May 2015). URMIA’s collaboration with NAFSA remains an ongoing part of this committee’s key objectives. You will continue to receive updates about the new learning opportunities going forward.

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Copyright Thomas Edwards 
Copyright Thomas Edwards

Each year, URMIA hosts in-person regional and annual (national) conferences around the country, as well as online webinars designed to minimize your cost and time away from the office while maximizing your educational and networking opportunities. Read on to learn about the next Developing Your International Risk Management Action Plan workshop, ISO 31000 training from URMIA and PRIMA, and sponsoring URMIA's premier risk management compendium, the URMIA Journal.

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 Copyright Brenda Clarke
Copyright Brenda Clarke

Each month, this article provides some of the latest risk management resources, as well as a calendar of upcoming events, webinars, conferences and other learning opportunities in which you or your campus colleagues may be interested.

Risk Management Resources

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URMIA members in the news

 Copyright John Ragal
Copyright John Ragai

Help us welcome our newest members, and see what professional updates your colleagues have to share from the last month.

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Have an article or news to share? Send it to the editor!

FEATURED ARTICLE

URMIA survey shows members increasingly maintain cyber liability insurance

By Jennifer Jasinski, Director of Business Services and Risk Management, Arkansas State University – Jonesboro and Glenn Klinksiek, Knowledge Center Content Manager, URMIA.

Introduction
URMIA surveyed its members in March 2015 to find out what the current practices are for purchasing cyber liability insurance (Cyber) in higher education. The goal of this survey was to provide the URMIA membership with an understanding of:

  • The frequency that URMIA members purchase Cyber
  • The limits and deductibles chosen by members and the reasoning behind these choices
  • The rationale behind the purchasing decision
  • Differences in Cyber purchased among colleges and universities, between public and private Institutions, and between smaller and larger institutions
  • Show whether URMIA members are purchasing Cyber more frequently now than in recent years

From the 109 survey responses, the key findings of the survey are:

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News Briefs

AIG approved to use drones as a risk assessment tool
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NYU professor barred from United Arab Emirates, raising concerns about academic freedom
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Managing the risks of text shorthand: OMG, job applicants, know your audience!
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Brown University's sexual assault task force recommends creating a unified policy in its final report
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Darmouth College bans hard liquor
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Announcements

Annual conference registration opens May 1
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Join us for the return of "Developing Your International Risk Management Action Plan"
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URMIA and PRIMA offering ISO 31000 workshops in 2015
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Sponsor the 2015 URMIA Journal
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Upcoming Events