Factors that promote effective risk management at universities classified by the Carnegie system as Doctoral/Research Universities - Extensive

This study examines the factors at universities classified by the Carnegie system as Research/Doctoral Universities - Extensive that promote effective risk management. The researcher used a mixed methodology approach and theoretically framed the study based on Bolman and Deal's Organizational Analysis theory. The research design included interviews with five university risk managers who had received the Distinguished Risk Manager Award from the University Risk Management and Insurance Association and an electronic survey that was sent to 171 university risk managers. Descriptive statistics were used to analyze the survey data. The study identified competencies for risk managers and organizational factors that promote effective risk management. The risk manager competencies that were identified included the importance of knowledge and expertise, the importance of leadership skills, and the importance of building and maintaining relationships. Of the 71 university risk managers who responded to the survey, nearly half hold a graduate degree and over 50% reported that they held the Associate in Risk Management designation.;The organizational factors identified that support and promote effective risk management included the importance of high visibility for risk management, supportive leadership, and resources. Visibility was reported to be important for both the risk manager and the position to whom risk management reports. Supportive leadership was defined in terms of mentoring, assisting the risk manager in understanding the culture at the university, and lending 'clout' to the risk manager. The ability for risk management to gain resources was identified by all risk managers who were interviewed as being critical for practicing effective risk management. The risk managers interviewed noted that the most important resource that facilitated their work was quality personnel, both within their risk management department and in the insurance industry that services their university accounts. This research may be useful for risk managers and universities who want to promote effective risk management.