The role of the Risk Management and Insurance Department is to identify, assess and quantify the risks inherent in the activities of the UofT community in order
to mitigate potential losses and minimize the financial consequences to
Risk Management Fundamentals
Identification and analysis of risk and assessment of loss potential. This requires obtaining information from various divisions within the University, determining possible losses and what protections need to be put in place.
Development and implementation of loss funding and risk financing mechanisms. Once potential losses are ascertained, Risk Management evaluates the costs which would be incurred in order to provide restoration for damages sustained and evaluates funding options to ensure the availability of funds including purchase of insurance.
Eliminating or minimizing risks. Risk Management works with departments to implement loss prevention and safety programs and other mechanisms for risk reduction or avoidance or ways in which risk can be transferred to other parties.
Claims control and litigation management. Once damages have been sustained, Risk Management is responsible for providing restoration in a cost-effective manner and managing litigation that may arise. Risk Management also controls costs by obtaining restitution from legally responsible parties.
We gratefully acknowledge the cooperation and support of Divisions, Faculty, Staff, and Students in our efforts to reduce risk and provide a safe and secure campus environment. Additional information on a particular service or type of coverage can be obtained by contacting John D. Kerr, Director, Risk Management and Insurance Department.