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.