This study examines the factors at universities classified by the Carnegie system as
Doctoral/Research 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.
This study examines the factors at universities classified by the Carnegie system asDoctoral/Research Universities - Extensive that promote effective risk management. Theresearcher used a mixed methodology approach and theoretically framed the study basedon Bolman and Deal’s Organizational Analysis theory. The research design includedinterviews with five university risk managers who had received the Distinguished RiskManager Award from the University Risk Management and Insurance Association and anelectronic survey that was sent to 171 university risk managers. Descriptive statisticswere used to analyze the survey data. The study identified competencies for riskmanagers and organizational factors that promote effective risk management. The riskmanager competencies that were identified included the importance of knowledge andexpertise, the importance of leadership skills, and the importance of building andmaintaining relationships. Of the 71 university risk managers who responded to thesurvey, nearly half hold a graduate degree and over 50% reported that they held theAssociate in Risk Management designation.The organizational factors identified that support and promote effective riskmanagement included the importance of high visibility for risk management, supportiveleadership, and resources. Visibility was reported to be important for both the riskmanager and the position to whom risk management reports. Supportive leadership wasdefined in terms of mentoring, assisting the risk manager in understanding the culture atthe university, and lending ‘clout’ to the risk manager. The ability for risk management togain resources was identified by all risk managers who were interviewed as being criticalfor practicing effective risk management. The risk managers interviewed noted that themost important resource that facilitated their work was quality personnel, both withintheir risk management department and in the insurance industry that services theiruniversity accounts. This research may be useful for risk managers and universities whowant to promote effective risk management.
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