What’s Inside the Higher Education Risk Manager Toolbox? Hint: It’s written URMIA: Risk and Insurance

Courtney Davis Curtis, CPCU, ARM-E is associate vice president of risk management and resilience planning at the University of Chicago. She is the president-elect of the University’s Risk Management and Insurance Association (URMIA), a member of the Underwriters Advisory Board of United Educators Insurance, and a member of the Board of Directors of Trulen Insurance SPC Limited.

When risk managers hold jobs in the higher education sector, their new desks don’t have a toolbox on top with their names engraved on it.

But many of those offices an act It comes as a member of the University’s Risk Management and Insurance Association (URMIA), which is one in many respects – URMI The Toolbox opens a little differently and always has room for more tools, including its community.

More than 2,700 risk managers at universities around the world come into their URMIA toolkit regularly to teach, collaborate, and inspire to help them manage the infinite number of risks that are being found and emerging on higher education campuses today.

URMIA combines the experiences of members of higher education institutions and examples in a variety of risk settings with what professionals in the risk and insurance industry (such as insurers, brokers, TPAs, restoration companies, etc.)

The organization then presents a number of opportunities for all aspects of the risk and insurance industry to learn and thrive.

The Organization’s Risk Inventory is a good example of how information from all aspects of the industry is taken and aggregated into a tool that URMIA members can access at least annually.

The URMIA Risk Inventory helps members identify common risks for colleges and universities.

The living document divides 23 categories of risk into different risk areas divided into five common risk classifications: strategic, operational, reporting, compliance and reputation.

Members can easily create individual risk records at any level and then share these records with others in their organization – from corporate leadership to departments to different functional areas regardless of whether a formal Enterprise Risk Management (ERM) program is in place.

The URMIA Risk Inventory can be used to:

  • Create risk records for the organization or department.
  • Enterprise risk review at the enterprise level to assess risks that have been identified, documented, mitigated, or not currently addressed.
  • Highlight the risks facing different departments or sectors in the organization (eg research, student affairs, human resources, crisis management, etc.) to better assess, manage and mitigate those risks.
  • Clarify risk ownership by giving non-risk staff a tool to help them assess progress in mitigating risks and communicate needs to ERM and leadership.
  • Estimate the various risks that may affect the industry or are inherent to certain types of organizations.

How does information from risk management and the insurance industry complement this tool?

Inventory risk is reviewed regularly to determine if risks arising on campus, particularly those identified by affiliates or corporate members of URMIA, need to be added to the ratings. These industry professionals lead talks and educational sessions about trends that have already found their way onto campus or are expected to occur in the near future.

The URMIA Toolbox also includes a “water cooler area”, where members communicate with each other through discussion boards and virtual meetings. These mechanisms provide the opportunity for risk managers to collaborate outside some of their traditional ties to reach out to other colleagues and learn how their organizations are dealing with the management of a particular risk or insurance issue.

The URMIA community also includes hundreds of professionals who are featured in Affiliate Service Manual So that members can find each other. These industry professionals help higher education stay ahead of the risks that are likely to find their way onto campus.

In addition, the URMIA Toolbox includes a Scheme – our core competency model that frames individual characteristics, including knowledge, skills, abilities, and behaviors, that define competency and excellence at various professional levels and within the profession in general.

By outlining the profession’s core competencies, URMIA hopes to codify the broad skill set required in higher education risk management and the insurance profession, ultimately making a positive impact on outcomes and performance in higher education institutions.

The core competency model is just one of the thousands of documents in the URMIA library that help risk managers protect their schools.

For most URMIA members, knowing that they are not alone in facing the challenges of risk, finding colleagues who are willing, willing and able to share their experiences and suggestions, and being part of another fellow’s professional network are enough reasons to keep URMIA tools close at hand. Reach. &

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