The Institute's administration recognizes its role of stewardship over the resources of the Institute, both human and property. The Institute's Risk Management goals are to have the highest possible concern for the safety of its students, faculty, staff and public in combination with maximum protection to prevent financial loss of institutional property. Each member of the Institute community is charged with a responsibility of reviewing his/her own activity with these risk management goals in mind, and whenever they appear to be in jeopardy, reporting it to management or the Associate Risk and Compliance Officer. Specific areas upon which to focus attention include environmental health, employee relations, educational policies and procedures, personal injuries and property loss (personal and real property).
The Institute's risk management program is administered by the Associate Risk & Compliance Officer, a position within Finance and Administration. The risk management process involves identifying areas of risk/liability and recommending to management means for eliminating, abating, transferring or retaining them. It is the goal of the department to make the Institute's risk management program consistent with the Institute's mission, as well as to recommend policy directives, limits of insurance and other financial provisions.
Insurance coverage is purchased in those instances when it has been determined that the Institute cannot eliminate or economically retain a specific type of risk. Insurance does not provide protection to the Institute for intentional acts of misconduct or illegal activity, nor will it protect an RIT employee involved in such activity. It is not the Institute's practice to insure foreseeable and bearable risks if alternatives can be achieved with due regard to sound educational and/or business practice.