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<br />IX. RISK MANAGEMENT <br />A comprehensive risk management plan seeks to manage the risks of loss encountered in the operations <br />of an organization. Risk management involves such key components as risk avoidance, risk reduction, risk <br />assumption, and risk transfers through the purchase of insurance. The purpose of establishing a Risk <br />Management 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 /> <br />Policy Statement: <br />1. The City will maintain a Risk Management Program that will minimize the impact of legal liabilities, <br />natural disasters or other emergencies through the following activities: <br /> <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 prudent prevention, control <br />and financing decisions <br /> <br />2. The City will review and analyze all areas of risk in order to, whenever possible, avoid and reduce <br />risks or transfer risks to other entities. Of the risks that must be retained, it shall be the policy to <br />fund the risks which the City can afford and transfer all other risks to insurers. <br /> <br />3. The City will maintain an active safety committee comprised of City employees. <br /> <br />4. The City will periodically conduct educational safety and risk avoidance programs within its various <br />divisions. <br /> <br /> <br /> <br />75