Risk Management and Insurance Overview

An award given by the Canadian Risk Management Council for exceptional contributions in risk management. It is named after Don Stuart.

A designation awarded after completing three courses at Simon Fraser University, specializing in risk management.

The Insurance Reciprocal that provides insurance coverage to 169 local governments in British Columbia.

A fully owned insurance subsidiary of Translink that provides insurance coverage for transportation related risks.

The organization that provides professional development and training for local government managers in British Columbia and other regions.

A process that helps organizations identify, analyze, and manage potential risks to minimize their impact. It involves identifying potential losses, evaluating their likelihood and severity, and implementing strategies to mitigate or transfer those risks.

The specific assets, activities, or areas within an organization that are vulnerable to potential losses. Examples include property, liability, personnel, and net income.

This involves analyzing the susceptibility of each exposure to various risks. It helps determine the likelihood and potential severity of a loss.

Strategies implemented to reduce, eliminate, or transfer the impact of potential risks. They can include avoiding the risk, reducing the likelihood of loss, transferring risk to others, or accepting the risk.

Insurance plays a vital role in risk management, but it's only one part of the process. The primary aim of risk management is to minimize losses regardless of whether they are insured or not.

Identifying all the resources an organization uses to achieve its goals in each department and service, including assets, liabilities, personnel, and revenue.

Tangible items an organization owns, such as buildings, equipment, and land.

Non-physical assets like brand reputation, goodwill, and outstanding customer payments.

The potential for financial or operational losses due to events like accidents, lawsuits, or natural disasters.

The process of determining the potential frequency and severity of future losses based on historical data.

The legal obligation to act with care to avoid causing harm to others.

Laws that specify how businesses should protect people on their property, often focusing on safety.

Potential losses related to lawsuits, accidents, or other events that create legal responsibility.

The process of identifying, analyzing, and managing risks that could potentially harm an organization or its assets.

The practice of using various methods to minimize the impact of potential losses, including loss prevention, loss reduction, and risk avoidance.

A planned response to an emergency situation, outlining recovery procedures and alternative resources in case of a major event.

The process of determining the level of risk an organization is willing to retain and the level it will transfer to an insurer.

This involves examining internal policies and procedures and comparing them to external standards to identify potential weaknesses and areas for improvement.

The analysis of past incidents to identify patterns and recurring issues, which can help in forecasting future losses.

A systematic examination of the methods employed to minimize the frequency and severity of losses.

The goal of risk finance is to ensure that an organization has enough funds available to operate smoothly even after a loss has occurred.

The final step in risk management is to check how well the plan is working and if anything has changed. This includes identifying potential losses, analyzing if incidents are reduced, and whether changes in programs, personnel, laws, or technology affect risk.

Legal documents that can limit liability by explicitly stating the risks and responsibilities of participants. They define the causes of loss associated with an activity.

Legally binding contracts that transfer liability from one party to another. They are often used when an organization doesn't have full control over a service or activity.

A legal requirement in British Columbia for property owners and occupiers to maintain a safe environment. It extends to activities taking place and the behavior of individuals on the premises.

In cases where an organization doesn't control an activity, user groups should be responsible for any losses caused by their negligence. They should also provide insurance that covers the organization.

Insurance that protects an organization from liability arising from the actions of a related party, like a user group. It covers situations where the organization is indirectly responsible.

A legal document signed by parents or guardians for minors participating in high-risk activities, acknowledging the risks and responsibilities.

The legal right of a minor to be protected from liability waivers. Parents and guardians can't sign away a minor's legal rights.

Regular, routine, and documented inspections help protect the organization against claims by providing evidence of due diligence.

It's essential to have a written policy for regular inspections to prove that they occur consistently. Simply saying you have an inspection program isn't enough.

Additional Insured status does not transfer the responsibility of the facility owner for losses to the User Group's insurance.

This type of risk management aims to minimize potential losses before they happen by implementing preventative measures.

Wet floors, inadequate lighting, and blocked exits are examples of common liability risks in facilities.

Equipment breakdowns, weather damage, and structural issues pose financial risks to a facility.

Risk management can help extend the lifespan of a facility's assets through regular maintenance and inspections.

Risk management is a disciplined approach to minimizing losses and protecting the organization's assets and income, as well as the well-being of the public.