Risk Management

Risk Management is responsible for effectively managing the City of Chicago's exposures to accidental losses in ways which protect the City's assets and assure continuity of its operations

Objectives

  • To protect the City against the financial consequences of accidental losses of a catastrophic nature.
  • To preserve the City's assets and service capabilities from loss, destruction or depletion. ·
  • To minimize the long-term cost of City activities by the identification, prevention, and control of accidental losses and their consequences. ·
  • To apply risk management techniques to minimize the adverse effects of losses and to serve as a cost reduction center.

 

Functions

In order to achieve its objectives, Risk Management assumes responsibility for, but is not limited to, the following functions:

  • Planning, organizing, directing and managing a comprehensive risk management program to protect the City against catastrophic losses.
  • Formulating and implementing administrative policies and procedures necessary for carrying out City insurance activities.
  • Developing programs to deal with risk through insurance, self-insurance, non-insurance, contractual risk transfer, reduction, prevention and protection.
  • Developing, writing and implementing uniform and consistent terminology for City contracts, leases, permits and any associated agreements in order to minimize risk to the City.

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Supporting Information Facts

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