Risk Management Services assists the university’s operating units, faculty and staff with managing and balancing risk created by programs and activities. We provide resources, counseling, training and insurance designed to protect against or mitigate losses to the people, facilities, and other assets of the campus community. Risk Management's functions include:
Identification and analysis of risk and assessment of loss potential
This requires obtaining information from various units within the university and determining the possible losses and what protections need to be put in place.
Eliminating or minimizing risks
Risk Management works with departments to implement loss prevention and safety programs, other mechanisms for risk avoidance or ways in which risk can be transferred to other parties.
Implementing loss funding and risk financing mechanisms
Once the potential losses are ascertained, Risk Management evaluates the costs which would be incurred in order to provide restoration for damages sustained and evaluates funding options to ensure the availability of funds. To that end, in 1986 the university formed its own captive insurance company, Veritas, to provide an efficient and cost-saving subsidiary.
Claims control and litigation management
Once damages have been sustained, Risk Management is responsible for providing restoration in a cost-effective manner and managing litigation that may arise. Risk Management also controls costs by obtaining restitution from legally responsible parties.
Additional Information and Assistance
Please contact us for more information.
Commitment to Service
Risk Management strives to provide financial protection and support services to all departments, faculty, staff, students, patients and visitors. The success of the department in fulfilling its responsibilities requires close coordination with, and cooperation from, the total university community for identification of potential risks and prompt notification of claims for losses sustained. Coverages described in this website do not extend to personal property or activities not associated with University of Michigan business.