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Navigating Risk Management in Higher Education: Strategies for Success in Challenging Economies

In tough economic times, higher education institutions must adapt their risk management strategies to maintain goals and missions. This guide explores various budget reduction techniques and strategic initiatives that can help universities navigate financial challenges. We discuss university-wide and departmental approaches to reallocation, restructuring, and refocusing efforts while emphasizing loss control and safety. Additionally, we highlight the importance of collaboration with partners, building strong broker relationships, and leveraging resources for effective risk assessments and enterprise risk management (ERM) practices.

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Navigating Risk Management in Higher Education: Strategies for Success in Challenging Economies

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  1. UNIVERSITY RISK MANAGEMENT & INSURANCE ASSOCIATIONAchieving Risk Management Goals in Tough Economic TimesP.O. Box 1027Bloomington, IN 47402-1027400 East Seventh Street, #725Bloomington, IN 47405Tel / 812.855.6683Fax / 812.856.3149www.urmia.org

  2. Budget Reductions • Type of Budget Cuts • Operations, Strategic Initiatives • University wide, Departmental • Techniques and Strategies • Accomplishing Goals/Missions • Collaborative Partners • Positive Outcomes • Reallocation, Restructuring, Refocusing • Loss Control/Safety • Influence on Risk Financing (RF) • Broker Relationships • Alternative RF Success Stories/Strategies • Heightened Interest in ERM • Tools, Resources • Risk Assessments

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