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 o f 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 o f 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.