Risk management is the process of identifying potential loss exposures and developing strategies to minimize their negative effects on the organization's mission. Risk management includes prevention of on-campus injuries and property damage. They may include the following situations:
- Injury of UCLA employees
- Damage to UCLA vehicles and other property
- Liability for visitors due to an injury
Insurance and Risk Management (IRM) believes that all employees must manage the risks associated with their unit's operations to avoid unnecessary legal liabilities and costs. IRM provides risk management programs and services to the UCLA campus, including Workers' Compensation, claims processing and training in insurance and risk matters. Below are some common examples of loss exposure:
| Loss Exposure | Adverse Effects |
|---|---|
Injuries to employees at work | Decreased productivity resulting from an employee's time away from work |
Injuries to visitors on UCLA premises | Liability to pay a visitor for medical care and lost earnings due to an injury on campus |
Damage or theft of University property | Increased costs, lost productivity and / or loss of revenue or grant funds resulting from damaged or stolen UCLA property |
Damage to UCLA owned vehicles | Loss of use of University vehicles while being repaired |
