PMA Companies released a white paper, “Best Practices in Risk Management for Higher Education”, urging college & university risk managers to address not only the familiar exposures or ones that seem the most relevant to their schools, but also to explore and plan for the “What If” scenarios that their institutions could potentially face.
Authored by Mary Ann Bubka and Paul Coderre, Senior Risk Control Consultants for PMA Companies, the paper is part of an educational series, PMA Insights. PMA Companies is a higher education risk management expert, providing risk management solutions and services to more than 200 colleges and universities.
“The cost of claims to higher education institutions—both financially and from a public image standpoint—can be significant,” Mr. Coderre said. “If a catastrophic loss occurs, media coverage may affect the school’s reputation, posing a threat to future admissions, endowments and financial strength.”
“What If” modeling identifies and details incidents and outcomes that could occur on a campus, according to the paper. The “What If” exposures detailed in the paper include:
· Microbiology and Biomedical Facilities
· Nanotechnology Labs
· Chemical Research and Physical Science Labs
· Fire, Collapse and Environmental Health of Facilities
· Security Threats
· University Vehicle Operations
· Unsafe Crowd Conditions
· Public Health Issues
Ms. Bubka and Mr. Coderre outline six steps that every university can enact to achieve a best-practices risk management status and identify and manage their “What If(s)”.
“Risk managers at universities must be vigilant in protecting the organization’s assets from both direct and indirect loss potentials,” Ms. Bubka said. “By developing and implementing a comprehensive risk management plan, a university will have a dynamic tool that can serve as a road map for identifying and managing risk exposures.”
View the white paper at
About the PMA Companies
PMA Companies (www.pmacompanies.com) provides risk management solutions and services, including workers’ compensation and property & casualty insurance, throughout the United States. Headquartered in Blue Bell, PA, PMA Companies is part of Old Republic International’s family of companies. Old Republic International Corporation (NYSE: ORI) is an insurance holding company that is one of the nation’s 50 largest publicly held insurance organizations.
PMA Companies includes the PMA Insurance Group, specializing in workers’ compensation and other commercial property & casualty insurance products; PMA Management Corp. and PMA Management Corp. of New England, providing results-driven risk management services; and Midlands Management Corporation, a managing general agent with a specialty in excess workers’ compensation, program administration and third party administration services.