Marquette University prioritizes risk management, extending beyond insurance to become vital to its success. Through a continuous cycle of identifying, analyzing, evaluating, and addressing potential losses, the university is dedicated to creating a controlled environment where risks are foreseeable and manageable. The scope includes financial, operational, strategic, and other risks, ensuring a comprehensive grasp of potential hurdles.
The Risk Management department spearheads the initiative to maintain effectiveness while balancing costs. They assess the trade-off between the expenses of safety measures and the savings from mitigated losses—a critical aspect in achieving overall fiscal prudence. Provisions for unexpected events are integral to the university’s strategic planning, enhancing its resilience against unforeseen challenges.
Implementing Risk Management Strategies
Marquette University’s risk management approach combines proactive and reactive strategies. It emphasizes loss avoidance, implements measures to cut down on the frequency of incidents, and reduces the impact when losses do occur. The university also seeks to transfer potential liabilities through contracts as part of its protective measures.
For managing financial risks, Marquette employs various strategies, such as planning for financial retention, exploring borrowing options, and utilizing insurance strategically. Instead of relying solely on insurance, it’s a component of a broader approach that aims to be cost-effective. By doing so, Marquette’s risk management seeks to maintain institutional stability and ensure its educational mission proceeds smoothly. This comprehensive risk oversight and active mitigation exemplify the university’s commitment to safeguarding its operations and objectives.
