JCBE/POLICY FILE: 728.31

Approved: 8/30/79

RISK MANAGEMENT PROGRAM

Because the Jefferson County Board of Education holds property in trust for the public, it has a duty to protect the property against accidental loss which could affect substantially the Board's ability and obligation to fulfill its responsibilities to students and the public. Therefore, the Board adopts the risk management theory and will apply its principles in administration of Board finances.

The purpose of risk management is to identify and deal with insurable and noninsurable risks. It includes systematic and continuous identification of loss exposures, analysis of these exposures in terms of frequency and probable severity and application of sound risk control procedures. Funding of risk management must conform to the limits of the Board's adopted budget, but long-term cost to the Board is a primary factor to be considered.

Appropriate risk management techniques, as part of a system for minimizing losses, claims, insurance premiums and other risk costs will be designed, approved by the Board and maintained in coordination with existing systems.

Procedures will be established for reassessing fluctuating exposure to loss, the Board's capacity for 1088 and its available financial resources, including insurance, and these matters will be reported to the Board periodically.