Risk Management : Colorado State University Global

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Colorado State University-Global (CSU-Global), located in Greenwood Village, offers students 100% online courses to complete a Bachelor’s and/or Master’s degree. Hazard or pure risks exist for this scholarly institution. Traditional risk management allows CSU-Global to assess and treat these risks. Generally, this is accomplished through insurance, specifically property-casualty, which transfers the risk of loss from the policyholder to the insurer. For this university, five loss exposures will be identified and studied using the six-step traditional risk management process. CSU-Global is exposed to loss. A loss exposure is a potential loss associated with risk. Loss exposures are categorized into property, liability, and…show more content…
This analysis consists of four dimensions: loss frequency, loss severity, total dollar loss, and timing (Elliott, 2012). Tornadoes are a natural disaster occurring in Colorado. According to the City of Greenwood Village (n.d.), most tornados are weak with wind speeds less than110 miles per hour, although some may be stronger; occur nine months out of the year, mainly in mid May through mid August. The state of Colorado has had over $67 million worth of damage due to tornadoes (StateMaster.com, 2015). Slips and falls injuring a visitor or employee to campus may happen due to weather, such as rain, snow or hail; a spilled beverage; clutter in a walkway; or a crack sidewalk. An injured employee would file a workers’ compensation claim, at an average cost of $20,000 per claim (Smith, 2013). A visitor to campus, with an injury as a result, will file a case against the university. The majority of incidents are related to slips and falls. Employees participating in activities, such as a college day at a local high school, drive university vehicles. In 2014, 6.1 million police-reported accidents occurred (National Highway Traffic Safety Administration, 2015). If the employee is at fault, costs would be incurred for medical expenses, auto repairs, and/or time missed from work. Cyber risks to technology are increasing. With the amount of personal data stored, protection is the responsibility of the university. Cybercrimes, on average, cost an American firm $15.4
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