About Us
Helping higher education risk managers and risk owners build a risk management skill set.
A practical approach to managing complex risk in higher education settings. Enterprise Risk Management Advisory Services for Colleges and Universities.
Educators Risk Management’s mission is to help college and university risk managers and risk owners build a risk management skill set.
What is required for managing complex institutional risk?
Clear and concise summaries of complex institutional risk issues. Timely and impactful adjustments to institutional policies and practices. Avoiding compartmentalized evaluations and solutions when managing complex institutional risk issues. Acknowledging that mitigation responses require resources.
Traditional Risk Management versus ERM for Higher Education
Particularly when considering complex institutional risk issues.
For those who are not risk management professionals, “insurance” is often what comes to mind. To an extent, this is true.
Insurance will reduce financial uncertainty for the policyholder. It is the central part of “traditional” risk management programs for colleges and universities. “Traditional” is used here to mark the distinction between enterprise risk management (ERM) and risk management as it is generally understood.
When discussing how to manage complex institutional risk, it is important to clearly explain the distinction between enterprise risk management and traditional risk management. Here is that distinction.
Traditional risk management focuses on reducing financial uncertainty arising out of hazards and legal liability.
Enterprise risk management focuses on strategic and operational risk issues. These risks have a direct impact on the institution’s ability to achieve its mission. Lessening the likelihood and impact of financial loss plays a part in institutional strategy and operations, only a part. The totality of risk when considering strategic and operational goals and objectives is much broader than financial risk.
Considering the impediments faced by colleges and universities in establishing an ERM for Higher Education process (some of which may be impossible to overcome), a practical approach is needed: Risk:Resolve®.
Manage Complex Institutional Risk.
Educators Risk Management helps colleges and universities successfully manage complex institutional risk.
Frank Karoly is uniquely qualified to guide Educators Risk Management’s successful pursuit of this goal. He developed Risk:Resolve® templates, worksheets, and guidance toward this end.
Frank has over 40 years’ training and experience in risk management. Here is some background information on Frank Karoly and Educators Risk Management.
Frank began providing risk management support services to institutions of higher education in 2004. His career in risk management and insurance spans the period from 1980 to the present. Educators Risk Management launched in 2012. It was established to address the needs of college and university administrators who found themselves directly involved in institutional risk evaluation and mitigation.
Educators Risk Management is a member of the University Risk Management and Insurance Association (URMIA).
Frank Karoly holds the following professional designations: Chartered Property and Casualty Underwriter (CPCU), Associate in Risk Management (ARM), and Associate in Risk Management for Public Entities (ARM-P), all through The Institutes in Malvern, Pennsylvania.
