Laserfiche WebLink
City of St Anthony <br />Financial Plan <br />VIII. RISK MANAGEMENT <br />A comprehensive risk management plan seeks to manage the risks of loss encountered <br />in the everyday operations of an organization. Risk management involves such key <br />components as risk avoidance, risk reduction, risk assumption, and risk transfers <br />through the purchase of insurance. The purpose of establishing a Risk Management <br />Policy is to help maintain the integrity and financial stability of the City, protect its <br />employees from injury, and reduce overall costs of operations. <br />POLICY STATEMENT <br />The City will maintain a Risk Management Program that will minimize the impact <br />of legal liabilities, natural disasters or other emergencies through the following <br />activities: <br />a. Loss prevention - prevent losses where possible <br />b. Loss control - reduces or mitigates losses <br />c. Loss financing - provide a means to finance losses <br />d. Loss information management - collects and analyzes data to make <br />prudent prevention, control and financing decisions <br />The City will review and analyze all areas of risk in order to, whenever possible, <br />avoid and reduce risks or transfer risks to other entities. Of the risks that must <br />be retained, it shall be the policy to fund the risks which the City can afford and <br />transfer all other risks to insurers. <br />The City will maintain an active safety committee comprised of City employees. <br />4. The City will periodically conduct educational safety and risk avoidance programs <br />within its various divisions. <br />5. The City will, on an ongoing basis, analyze the feasibility of self -funding and <br />other cooperative funding options in lieu of purchasing outside insurance in order <br />to provide the best coverage at the most economical cost. <br />124 <br />