Office of Risk Management Annual Conference What is Risk Management?

Office of Risk Management Annual Conference Overview Define Risk Management Define and give examples of Risk Identify and give examples of Exposures Identify Methods of Exposure Identification Implement Risk Management Define and employ ORM’s Mission

Office of Risk Management Annual Conference What is Risk Management? Risk management is a process that helps identify risks in order to minimize losses. It uses a logical method to identify, analyze, resolve and monitor the risks in an organization. The most important step is to IDENTIFY the risks in your agency operations.

Office of Risk Management Annual Conference Risk is anything that: can hinder an organization from functioning efficiently and from achieving its mission can cause harm to the company's employees, assets, or clients can cause a financial loss to an organization What is Risk?

Office of Risk Management Annual Conference What is Risk? Examples of Risk at a State agency: An employee is injured on the job A fire breaks out in a building An employee is involved in an automobile accident A client steals money or property A board makes a wrong decision A former employee sabotages a computer system

Office of Risk Management Annual Conference Managing Your Risk To manage your agency’s risks, identify your exposures. Types of Exposure: People Property Liability Money

Office of Risk Management Annual Conference Exposures: People  Employees  Contractors  Clients  General Public Examples of losses involving people: An employee makes a financial recording error A contractor does not complete a project A client is injured while you were providing services Someone is injured when entering your building

Office of Risk Management Annual Conference  Owned buildings  Number of vehicles  Computer equipment used in your operations Exposures: Property Examples of property losses: Your building burns A vehicle is damaged in an accident A virus crashes your computer system * These types of exposures are reported on your semi-annual property exposure report

Office of Risk Management Annual Conference  Negligence  Products & Services  Premises  Contracts Exposures: Liability Examples of liability losses: Duty to protect the public Duty to provide services accurately and timely Slips and Falls Contracts with outside organizations create liability exposures

Office of Risk Management Annual Conference  Cash on hand  Business Income - $ that could not be collected due to a property loss Exposures: Money Examples of money losses: Petty cash $ Collected (i.e. ticket sales, tuition fees, rental income) Crime – theft by third parties Bond – theft by employee

Office of Risk Management Annual Conference Methods of Exposure Identification  ORM Exposure Reports: - Property- Aviation - Online- Wet Marine  Industry-Specific Checklists  Policies and Procedures Review  Contract Review  Safety Audits/Compliance Reviews  Repeat Claims

Office of Risk Management Annual Conference Implementation of Risk Management  The process of risk management is a joint effort between ORM and each State agency.  Each participant plays a vital role in the process.  Agencies are responsible for identifying and communicating their risks and exposures to ORM.  ORM will assist the agency with risk analysis and recommendations to handle various risks.

Office of Risk Management Annual Conference ORM’s Mission The mission of the ORM is to develop, direct, achieve and administer a cost effective comprehensive risk management program for all agencies, boards and commissions of the State of Louisiana and for any other entity for which the state has an equity interest, in order to preserve and protect the assets of the State of Louisiana.

Office of Risk Management Annual Conference The Office of Risk Management  Administration/Purchasing  Accounting  Contracts  Statistics  IT  Claims  Underwriting  Loss Prevention

Office of Risk Management Annual Conference Melissa Harris Underwriting Manager | (225) | Phone Dodi Langlois Underwriting Supervisor | (225) | Phone Amanda Stein Underwriter | (225) | Phone Mona Propes Underwriter | (225) | Phone Kristy Breaux Underwriter | (225) | Phone Brenda Cain Administrative Assistant | (225) | Phone Contact Us: Underwriting Susan West State Risk Administrator | (225) | Phone

Office of Risk Management Annual Conference Donald Martin Statistics Manager | (225) | Phone Shannon Ball Underwriter | (225) | Phone Contact Us: Statistics

Office of Risk Management Annual Conference Questions?