Risk Management

Core Objective

Enterprise Risk Management assists the university with identifying, evaluating, and reducing or eliminating risks. When damage or loss occurs, the goal is to protect the university and obtain insurance recovery in a timely manner.

The insurance agency for Utah Tech University is Utah State Risk Management, a division of the State of Utah government. We work within this general oversight to assure business operations are legal, ethical, within institutional policy, are insurable and occur inside an acceptable level of risk (cost vs. benefit).

Utah Tech University (UT) does not carry health insurance for students or visitors. However, it is highly recommended that all students have health insurance coverage either through their family’s medical plan or a privately purchased health insurance plan. Furthermore, accidents and/or liability of incidents should be reported without any admission of fault, error or responsibility so it can be evaluated or investigated and handled by a UT Risk Management official. UT is usually only responsible or liable in a case of negligence.

If an accident, injury, or medical emergency where to happen or is witnessed, please follow emergency procedures and if warranted call 911. Injuries to employees are to be reported via the incident report and refereed to the Human Resources Office immediately. All Worker’s Compensation claims are handled through UT Human Resources.

Enterprise Risk Management (ERM) is a methodology and strategic process from the perspective of the top down and covering the entire university organization. An all-encompassing and/or comprehensive risk management plan. Aimed at identifying opportunities and risks, assessing, and proactively preparing for potential losses, dangers, hazards or other harm to the university’s reputation, operation, goals and objectives (liability, assets, security, financial, business and competition, etc.). The point of this Framework Umbrella is to visually summarize the ERM and the different areas a responsibilities within.