It is critical to protect and maximize the assets of the College in order to achieve the goals set out in “Whole Self, Whole Life, Whole World”. These assets include the College’s reputation, people, finances, physical structures, and programs. Failure to recognize, assess and properly manage risk will result in compromise to the mission of the College, jeopardizing critical internal and external initiatives.
Institution wide collaboration is key to effectively managing risk. Our goal is to continue to build on the success of collaborative efforts currently in place to create a culture of managing risk throughout all departments and levels of the College. To create a culture in which we wisely plan for strategic risks to reputation, enrollment, mission and finances. To plan appropriately for operational risk by implementing procedures and policy for regulatory compliance, workplace and campus safety, emergency response, and programming consistency.
As a member of Educational & Institutional Insurance Administrators, Inc. (EIIA), Concordia is partner in a 120+ member consortium of faith based institutions. Through EIIA we ensure appropriate risk transfer via an insurance program that covers all property and programs of the College. Benchmarking data developed jointly between EIIA and Concordia Risk Management is used to analyze loss control measures.
Cyber risk in the form of hacking, viruses, malicious codes and data security breaches present a constant threat across the academic, enrollment, finance and development divisions. New and innovative programs create opportunities for the College while at the same time creating risk that must be assessed as these programs are developed and implemented.
As we emphasize global citizenship for Concordia students, our global programs must be planned with safety and security in an increasingly complex world. In a time of economic anxiety, demographic and financial pressures, and increasing competition in higher education it is crucial that Concordia continue to properly assess both threats and opportunities in order to boldly carry out its mission. Concordia’s Risk Management department exists to guide and facilitate this ongoing process.