The role of risk management is to reduce the costs and mitigate the risks associated with the operations of the colleges arising from accidental loss, and the financing of such losses. Losses may arise from fire and water damage, liability claims and litigation, employment-related injuries, theft, and other causes.
Five College Risk Management is a shared administrative program providing risk management and insurance services for the four private colleges in our Five College Consortium: Amherst, Hampshire, Mount Holyoke, and Smith Colleges. The University of Massachusetts at Amherst does not participate in the program. Through interaction with the Colleges and their faculty, staff and students, risk management provides administrative support and guidance in an effort to safeguard the Colleges' assets, thereby ensuring the preservation of our academic programs.
- Administer the Colleges' Property, Liability, and other insurance policies and programs.
- Investigate and handle self-insured claims in an expeditious manner. Support filing and processing of insured claims with insurance carriers. Coordinate with third-party administrators of claims programs as applicable.
- Perform risk assessments and analysis in cooperation with other departments or programs.
- Establish levels of self-insurance and administer all self insurance programs.
- Collaborate with College administrators to develop policies and procedures to prevent or minimize losses.
- Review contracts and agreements to ensure that the College bears only its proportionate share of any liability or claims that may arise from the agreement, and to ensure that appropriate insurance and other protective clauses are in the agreement.
- Provide training, written procedures, and guidelines to the colleges within the scope of the risk management and insurance programs.