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City of St Anthor �— 43 <br /> Financial PI4.: <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 /> 1. 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 - reduce or mitigate losses <br /> C. Loss financing - provide a means to finance losses <br /> d. Loss information management - collect and analyze data to make <br /> prudent prevention, control and financing decisions <br /> 2. 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 /> 3. The City will maintain an active safety committee comprised of City employees. <br /> 4. The City will periodically conduct educational safety and risk avoidance <br /> programs 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 /> 12 <br />