| The purpose of this study was to highlight effective risk management practices in higher education. The study used a set of core questions related to Educators Legal Liability (ELL), General Liability (GL), trends in higher education risk management, and change management methods to develop qualitative responses from twenty effective risk managers and three industry experts. Snowball sampling was used to obtain references from those who had received the University Risk Management and Insurance Association (URMIA) Distinguished Risk Manager Award to interview effective risk managers from public and private institutions of higher education.; One of the basic assumptions of the study was that each risk management program had unique characteristics. This assumption negated a best practices approach and directed the research to those practices that were effective within the context of each college and risk manager. This assumption was validated in every interview. Each risk management program was as unique as a fingerprint and these differences were a significant finding in the research. Effective risk managers identified these unique characteristics and customized their risk management programs to meet them.; The study developed a listing of effective practices for loss prevention and control, as well as advice from key industry experts. Effective risk managers shared their concerns about current trends and offered recommendations for keeping up with a rapidly changing set of risk management requirements.; The researcher also noted specific skills and abilities that were evident in effective risk managers. These skills included the ability to influence others, technical expertise in risk financing, proactive loss prevention techniques, and innovation.; The risk management field has gained increased attention in education administration, yet only ten percent of colleges and universities have a formal risk manager. The remainder have administrators who perform risk management activities as a secondary responsibility. This study provided a summary of effective risk management practices for these generalists in both public and private college settings. The study also noted a knowledge void in the area of higher education risk management and provided an initial set of information as a resource for others. Finally, as a baseline effort, this research set the stage for further investigation and more detailed study in the area of risk management in higher education. |
